Newspaper article THE JOURNAL RECORD

Bankruptcy Court Adopts Procedure on Agreements

Newspaper article THE JOURNAL RECORD

Bankruptcy Court Adopts Procedure on Agreements

Article excerpt

Bankruptcy Court Adopts Procedure on Agreements A new procedure requiring written requests for hearings on reaffirmation agreements was adopted Monday by the U.S.

Bankruptcy Court for the Western District of Oklahoma. Reaffirmation agreements are those in which the debtor agrees to pay the debt. Standard Order Number 12 requires debtors represented by attorneys to make written requests if they want a hearing on a reaffirmation agreement. Agreements for debtors without attorneys will not be deemed valid unless a hearing is held at the request of one of the parties to the agreement, but that rule does not apply to agreements involving consumer debt secured by real property. For cases that have already been discharged, notices of reaffirmation agreements and requests for hearings must be entered within 10 days of the discharge, and a hearing must be held.

Ranger Investments Files for Chapter 11 Ranger Investments Inc., which owns three apartment complexes, including Windsor Hills Apartments, filed for Chapter 11 bankruptcy protection Monday. The company, located at 7625 S. Douglas Ave.

in Midwest City, also owns Copperwood Apartments and Continental Terrace Apartments. The petition, filed at the U.S. Bankruptcy Court for the Western District of Oklahoma, listed assets of $600,000 and liabilities of $1 million. Most of the debt was listed as secured and owed to six creditors. Only $61,000 was listed as unsecured, and it was owed to five creditors. The court document stated that Ranger had 3,000 shares of common stock held equally by Roger Engstrom and Stan Finberg.

Court Approves Increased Line of Credit for Anthonys C.R. Anthony Co. received bankruptcy court approval Monday to increase its line of credit with General Electric Capital Corp.

in anticipation of the upcoming Christmas season. The Oklahoma City-based retailer was given permission by the U.S. Bankruptcy Court for the Western District of Oklahoma to borrow against 45 percent of its eligible inventory, up from a previous cap of 40 percent. …

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