As Longhorn Partners Pipeline, L.P. (LPP) wraps up its bankruptcy hearings, Magellan Midstream Partners, L.P. has been cleared to acquire all of LPP's assets.

Magelan transports, stores, and distributes refined petroleum products. It will pay $250 million plus the fair market value of the line fill to acquire the assets of LPP, which transports refined motor fuel products.

The transaction is expected to close today. Representatives from Magellan said the company plans to finance the acquisition with debt.

If you are considering bankruptcy, please contact the Austin commercial bankruptcy attorneys of Slater Kennon LLP at 512-338-1100. 

Knowing how to file for bankruptcy can be confusing. Although there are six different types of bankruptcy under the Federal Bankruptcy Code, the two most common types of personal bankruptcy are Chapter 7 and Chapter 13. 

Under Chapter 7, an individual surrenders his non-exempt property to a trustee to liquidate the property and distribute the proceeds to the individual's creditors. This liquidation will cover most of the individual's debts, unless the debtor is guity of certain types of improper behavior in regard to his debt.

Under Chapter 13, the individual can retain his property but must promise to pay a portion of his income over a period of time. The payments depend on the amount of the individual's debts and income. 

If you or anyone you know is considering filing for bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100. 

Many people are afraid of being in debt because of the connotation it gets during a recession. However, there is such a thing as a healthy amount of debt. In fact, having the right amount of debt can be beneficial to you.

Your credit is based on how you handle your debt. If you can manage being in debt without letting it overwhelm you, your credit score will improve and you will be able to do more financially. On the other hand, if you let that debt take over, it can lead to bankruptcy or other consequences.

If you are considering bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.

Crescent Resources filed for Chapter 11 bankruptcy protection in June. Recently, however, the real estate developer was granted $110 million debtor in possession credit financing.

In its bankruptcy filing, the Charlotte, North Carolina based company listed assets and liabilities both in excess of $1 billion. It also listed over 5,000 creditors.

If you are considering bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.

Because of the way the economy works, a certain amount of debt is healthy. This amount is different for everyone and is based on their financial situations. Unfortunately, while your financial situation can easily change quickly, your debt most likely will not.

In an economy where people are being laid off and having great difficulty finding work, keeping a handle on debt can be difficult. When you find yourself in over your head, it is important to speak with your creditors before the situation gets out of hand.

If your financial situation has changed, contact the Austin debt negotiation attorneys of Slater Kennon LLP at 512-338-1100.

When a person is severely injured, medical bills tend to stack up. Unfortunately, the injury can also mean less time spent at work or the loss of a job in some cases. The combination of these factors can lead to extreme financial difficulty.

When a situation like this occurs, bankruptcy is often the last place a person can turn. If you are being crushed by medical bills, restructuring your debt might be your best option.

If you are considering bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.

When being foreclosed upon, you have 30 days to come to an agreement with your creditors. This time frame starts as soon as your lenders post notice of intended foreclosure.

Unfortunately, 30 days is not long enough to resolve a foreclosure for most people. However, if you file for bankruptcy, you will receive an automatic stay, giving you more time to negotiate with your lenders and possibly avoid foreclosure altogether.

If you are considering bankruptcy, contact the Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.