On Tuesday, February 19, 2013, the $2.4 billion Revel resort in Atlantic City announced that it plans to file for Chapter 11 Bankruptcy protection in March. The Associated Press reported that the Chapter 11 Bankruptcy “will wipe away about two-thirds of its $1.5 billion in debt by converting more than $1 billion of it into equity for lenders.”
The resort will continue to operate throughout the reorganization process. Also, it has been reported that existing management with remain in place and no layoffs are planned.
Since its’ opening in late spring 2012, the Revel has struggled financially. In January 2013, the Revel ranked 11th among 12 Atlantic City casinos, with less than $8 million in gaming revenue.
The Revel is Atlantic City’s first fully non-smoking casino. It has 10 swimming pools, 14 restaurants with celebrity chefs, a retail gallery, two nightclubs, two theaters, lounges and a spa.
More questions? David Kasen has over 40 years experience with complex Chapter 11 Bankruptcy cases representing both Debtors and Creditors. He is Board Certified as a specialist in Business Bankruptcy Law. Call Kasen & Kasen now to schedule a FREE INITIAL CONSULTATION (856) 424-4144.
Presidents’ Day was originally established in 1855 in recognition of President George Washington, the first president of the United States.
George Washington’s actual date of birth was February 22nd, however as part of the 1971 Uniform Monday Holiday Act, Presidents’ Day is now celebrated on the third Monday of February each year in order to create more three-day weekends for the nation’s workers.
How long does bankruptcy stay on your credit report?
A bankruptcy under Chapter 7 or Chapter 11 generally remains on your credit report for 10 years from the date filed.
A bankruptcy under Chapter 13 generally remains on your credit report for 7 years from the date filed.
Having a bankruptcy on your credit report will not prevent you from getting credit in the future.
As long as you have regular monthly income, you are actually a better credit risk after having filed for bankruptcy, because once you receive your discharge you will have no debt and future lenders will not need to share your income with other creditors.
How to rebuild credit after bankruptcy?
You can start rebuilding your credit immediately after receiving your discharge. Most of our clients begin receiving credit card solicitations shortly after receiving their discharge. One of the simplest ways to improve your credit score is to pay all post-bankruptcy bills on time. Additionally, you may want to start by obtaining a secured credit card. In most cases, these types of credit cards are available as soon as you receive your bankruptcy discharge. A secured credit card can be used just like any other major credit card, however it requires that you place a security deposit with the issuer.
Do not let fear of bad credit stop you from filing bankruptcy. Call Kasen & Kasen now to schedule a FREE INITIAL CONSULTATION (856) 424-4144.