The Pilgrim's Pride headquarters in East Texas will be closed. According to a company press release, the headquarters in Pittsburg, Texas will be shut down and will be consolidated with the JBS USA headquarters. 

JBS purchased a 64 percent ownership stake in Pilgrim's Pride, when the company filed for bankrupty last year. The headquarters shutdown will likely result in a number of layoffs that could cost the East Texas town more than a hundred jobs. 

If your company has questions about a bankruptcy filing, contact the Austin bankruptcy attorneys of Slater Kennon LLP, at 512-338-1100. 

Individuals are able to protect a portion of their IRAs from creditors during a bankruptcy filing. However, that same protection may not apply to inherited IRAs. 

In a recent Texas court case, a judge ruled that a woman's inherited IRA was not protected. The judge reasoned that the IRA was not protected because it was not under her name. 

If you have questions about your bankruptcy filing, contact the Austin personal bankruptcy attorneys of Slater Kennon LLP, at 512-338-1100.

Lone Star Park in Grand Prairie, Texas will likely change operators at some point this season. The racing track's current operator, Magna Entertainment Corp., filed for bankruptcy last year. 

Magna later agreed to sell Lone Star Park to Global Gaming Solutions, a subsidiary of Chickasaw Nation of Oklahoma. The sale, however, is still waiting approval by the Texas Racing Commission. 

If your company has questions about its bankruptcy filing, contact the Austin bankruptcy attorneys of Slater Kennon LLP, at 512-338-1100.

When individuals file for Chapter 7 bankuptcy, the filing fee is $200 in most cases. If filers are unable to pay the fee in full, they also have the option of paying the fee in installments. 

However, the full amount of the fee must be paid wthin 120 days of the filing, unless filers can receive an extension from the court. If filers do not pay the fee, then the case could be dismissed, and filers will not receive discharges. 

If you or anyone you know has questions about a Chapter 7 bankruptcy filing, contact the Austin Chapter 7 bankruptcy lawyers of Slate, Kennon, & James, LLP, at 512-338-1100. 

Bosque Power Co., LLC, filed for Chapter 11 bankruptcy protection last week. According to reports from a Texas bankruptcy court, the filing for the U.S. electricity generator included assets and debt between $100 million and $500 million. 

Bosque Power borrowed more than $400 million in January, 2008, and its senior debt was downgraded by Standard & Poor earlier this month. The bankruptcy filing was made in the U.S. Bankruptcy Court in the Western District of Texas. 

If your company is considering filing for Chapter 11, contact the Austin Chapter 11 bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

Bosque Power Co. filed for bankruptcy Wednesday. According to court reports, the U.S. electricity generator made the filing in a Texas bankruptcy court. 

The bankruptcy filing was largely a result of debt that resulted from a 2008 borrowing. Through bankruptcy proceedings, the company will attempt to restructure its debt. 

If your company is considering a Chapter 11 filing, contact the Austin Chapter 11 bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

As the baby boomer generation begins to enter retirement and old age, the percentage of IRAs handed down to children is expected to increase. The question posed by creditors and heirs alike is: If an individual inherits an IRA from a parent and later goes bankrupt, can creditors seize the inherited IRA to apply its funds towards the debt owed?

A person's own IRA is protected under bankruptcy law, because this is money that has been saved for retirement. An IRA inherited from someone other than a spouse, however, is typically not protected by bankruptcy law and can be seized by creditors. A recent ruling in Minnesota suggests that bankruptcy protections may be extended to IRAs inherited from parents. A federal judge ruled that a woman who filed for bankruptcy has the right to keep a $63,000 IRA that her father left to her.

This change in the law may allow individuals to file for bankruptcy without putting assets such as IRAs at risk, even if the IRA was not originally their own.

If you are considering filing for bankruptcy and have questions regarding bankruptcy law, contact the Austin personal bankruptcy attorneys of Slater Kennon LLP, today at 512-338-1100.