A Chapter 11 filing usually means the end of the road for financial companies since they rely so heavily on customer trust. CIT Group Inc. is hoping that its case will be different. The commercial lender’s trip through bankruptcy reorganization may well be speedy given that it’s already reached agreements with creditors on restructuring its debt. But the real test will come from CIT customers, who could decide to take their business elsewhere.

The Federal Club, with a $9 million Arnold Palmer-designed golf course, opened three years ago with high-profile promise. Today, the club and the surrounding upscale housing development known as Mountain Run off U.S. 33 in Hanover County is in bankruptcy protection. Mountain Run Golf Inc. and Mountain Run LLC filed for Chapter 11 on Tuesday afternoon in U.S. Bankruptcy Court in Richmond. Together they represent the golf club and course and unsold residential parcels.

Max & Erma’s Inc. has filed for Chapter 11 bankruptcy protection from its creditors, listing between $1 million and $10 million in debts.

Holladay House Furniture has failed in its attempt to restructure and will liquidate its assets. The Aylett furniture retailer has asked a federal judge to convert its bankruptcy from Chapter 11 to Chapter 7, clearing the way for its liquidation. The company originally filed for bankruptcy in December 2007. In the past year two years, the company has tried to restructure and generate the money needed to stay afloat, but hasn’t be able to, according to Roy M. Terry Jr., an attorney with DurretteBradshaw PLC, the firm representing the business.

Customers of the now-closed LandAmerica 1031 Exchange Services Inc. are slated to receive between 25 cents and 70 cents on the dollar owed when their claims are settled in bankruptcy court. Who gets what depends on the type of agreement customers had with the company, a subsidiary of Henrico County-based LandAmerica Financial Group Inc.

Bondholders battling Donald Trump for control of Trump Entertainment Resorts’ three Atlantic City casinos have raised their offer to $225 million.

A North Richmond events center that has drawn criticism from neighbors for what they say are large, unruly parties has filed for bankruptcy protection. The Chapter 11 filing in Richmond federal bankruptcy court came Tuesday, four days after neighbors of the Cultural Diversity Center met to discuss their concerns about the facility. The center, which has a sign hanging over its front door describing itself as a “banquet, concert and event facility,“ listed assets of less than $50,000 in its petition to have the bankruptcy court protect it from creditors while the center reorganizes.

Michael Vick runs onto the field before the Eagles’ preseason game against the Jaguars in Philadelphia. Vick is allowed to keep a house in Virginia, a luxury sport utility vehicle and other possessions. PHILADELPHIA—Michael Vick zipped a few passes, ran around a bit and even lined up at wide receiver. In his first action in nearly 32 months, Vick has a new role: do-it-all quarterback.

LandAmerica Financial Group Inc. is auctioning off photos, artwork, posters, prints, lamps, furniture and other items owned by the bankrupt Henrico County-based title insurer. Interested buyers can now bid on the 100 items. The artwork ranges from landscapes and cityscapes, to abstract and impressionist works. The bids range in price—thus far—from $1.51 to $5,000.

Interim fees charged by attorneys and other experts in LandAmerica Financial Group Inc.‘s Chapter 11 case will be paid. U.S. Bankruptcy Court Judge Kevin R. Huennekens approved the fee payments yesterday despite objections from creditors. Nearly three dozen creditors of the company’s LandAmerica 1031 Exchange Services Inc. subsidiary sent written protests to Huennekens objecting to the requests from attorneys and experts for payment of more than $3.8 million in fees and expenses relating to the exchange company’s case.

Reader’s Digest Association says it has filed for prearranged Chapter 11 bankruptcy protection as part of its restructuring plan.

The publisher of Reader’s Digest, the country’s most popular general interest magazine, said Monday it will seek Chapter 11 protection from creditors amid declining circulation, an industrywide advertising slump and large debts.

The corporate owner of the Chicago Cubs is considering having the team file for bankruptcy protection. People knowledgeable about the process say the move would hasten the club’s long-awaited sale by cleaning up its books.

Suspended NFL quarterback Michael Vick has submitted a revised bankruptcy plan that funnels more of his future earnings to creditors, though a judge did not immediately rule on the proposal. Vick filed the new Chapter 11 plan yesterday in U.S. Bankruptcy Court in Newport News. A judge rejected Vick’s original plan in April. The new plan also ensures creditors will get some money even if Vick can’t resume his NFL career.

An attorney for General Motors urged a bankruptcy judge yesterday to approve the automaker’s sale plan, saying that the only other alternative would be a liquidation of the company’s assets that would have “horrific” consequences. But an attorney for a trio of bondholders opposed to General Motors’ sale told the judge to call the government’s bluff and require the automaker to restructure itself through a more traditional Chapter 11 process instead of through the quick sale of its assets.