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Home  >  Archive by category "Bankruptcy" (Page 2)

City of Stockton, CA, to file for bankruptcy

With California’s fiscal year coming to a close, the city of Stockton, California, is facing bankruptcy.

The state requires all cities to have balanced their budgets by July 1 of every year. As of now, Stockton has a $26 million deficit. Over the past three years, it has been addressing the deficit by cutting various programs from its budget, including a quarter of the police force, nearly a third of the firefighters, and 43% of all other city employees.

If the city continues on its current path, it will be the largest city in US history to go bankrupt.

There are many common reasons bankruptcy situations may arise. If you are facing bankruptcy, contact the bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.


Iowa’s joblessness rate improved since last year

Despite losing 3,300 jobs between April and May, Iowa has gained 13,400 jobs compared to this time last year, the vast majority of which are in manufacturing.

While the national unemployment rate rose slightly over last month, Iowa’s stayed about the same according to Iowa Workforce Development. Iowa is ranked seventh in the nation for joblessness, with an unemployment rate of 5.1 percent.

Nationally, Iowa was one of 18 states that did not see a change in its unemployment rate this month. A total of 14 states improved their unemployment rate, while the remaining 18 lost jobs.

Losing your job can put you in a stressful financial situation, potentially leading to bankruptcy. If you are considering filing for bankruptcy, it’s important to know which debts will be dischargeable and non-dischargeable. Contact the bankruptcy attorneys of Hong Law, PLC, to learn more.

Reasons your bankruptcy may not be giong as quickly as you’d like

Sometimes, people fill out all of the necessary paperwork to file for bankruptcy and pay their attorney fees, but do not hear back about their cases. In some instances, this happens because a lawyer may be acting inattentively, but a lot of the time there are valid legal reasons why an attorney may delay filing your bankruptcy in court.

During some seasons, an individual filing for bankruptcy may be working more than other times of the year. The extra income may disqualify them for Chapter 7 bankruptcy so the bankruptcy lawyer may be waiting for the busy season to end to protect the client’s eligibility for Chapter 7.

There have been cases where a person has assets that need to be protected. Delaying the bankruptcy can help the client hang on to these important assets after the bankruptcy. A person may only file for bankruptcy once every eight years. Another reason to delay filing a bankruptcy is because this eight-year period has not been exhausted.

Be sure to stay in contact with your attorney after filing for bankruptcy to remain informed on where your case is. If you’re in dire financial straights, contact the bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

Senate Judiciary Committee approves small business bankruptcy bill

The Senate Judiciary Committee recently approved a bill that is set to make the Chapter 11 bankruptcy process less stressful for small businesses.

The current Chapter 11 regulations are allegedly geared more towards large, publicly-traded corporations. The Small Business Reorganization Efficiency and Clarity Act will double the amount of time (from 45 days to 90 days) small businesses have to confirm their plans for bankruptcy.

The bill also aims to eliminate certain requirements that end up wasting attorney time, resulting in unnecessary fees. It also has a provision that allows firms who are bankrupt to continue being represented by familiar attorneys who have small claims against them.

This new bill will add to the advantages of Chapter 11 bankruptcies. If your small business is running too deep in the red, consider contacting a Chapter 11 bankruptcy lawyer from Hong Law, PLC, to help you begin restructuring and clear your overwhelming debts.

Citizens of Coralville upset about public debt

A group of citizens in Coralville, Iowa, is calling itself Citizens for Responsible Growth and Taxation and is protesting the town’s runaway debt by posting signs blasting the vast sum of money the city owes. Many of the hundred or so signs the group has placed around town have been removed.

Coralville has a population of just under 19,000 people, but is $277 million in debt according to the remaining signs. That equates to more than $14,500 of debt per citizen.

The group fears that if Coralville doesn’t get its spending under control, the town will go bankrupt. City officials claim to have a plan in place to begin reducing the debt.

There are many common causes of bankruptcy. If you are facing insurmountable debt, contact the bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

Virginia slavery museum delays bankruptcy court date

The U.S. National Slavery Museum in Fredericksburg, VA is hoping to delay its federal bankruptcy court date. It will make its request in a hearing later today in U.S. Bankruptcy Court.

The non-profit organization responsible for erecting the museum has been facing financial crises almost its entire life. Its debts total more than $7 million. The hearing for its reorganization plan is scheduled for June 6, but the museum’s attorney is hoping to push it back to June 27, citing professional reasons.

The slavery museum is the brainchild of former Virginia governor L. Douglas Wilder. He still hopes it will one day become a reality.

If you are facing overwhelming debt, the bankruptcy lawyers of Hong Law, PLC, can help you determine when to file. Contact them at 319-632-1400.

Bankruptcies down for first quarter of 2012 in Waterloo

The city of Waterloo has published a report this week comparing changes in major economic indicators between now and this time last year. Its findings show economic improvement in many of the measured categories.

For example, compared to this time last year, Waterloo’s unemployment rate decreased while the number of vehicle registrations increased.

Notably, bankruptcies declined drastically between years, from 87 in the first quarter of 2011 to 45 in the first quarter of 2012.

While bankruptcies may be on the decline, it is still important to know that it remains an option for those who need help escaping from crushing debts. If you feel overburdened by debt, contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

President talks debt with University of Iowa students

President Barack Obama continued his tour of colleges and universities today at the University of Iowa where he spoke with a handful of students about his first job after college.

The Commander-in-chief said he made $10,000 at that job, which would amount to approximately $18,000 accounting for inflation. Many of the students are poised to graduate with $30,000 or more in debt. Many students fear being unable to pay back their debts and worry they will be financially overwhelmed for years to come.

The president will speak to a crowd of thousands of people later today. One of the topics he is poised to discuss is federal loan rates.

If you are facing overwhelming financial difficulties, the Cedar Rapids personal bankruptcy lawyers of Hong Law, PLC, can help you get your debts back in order. Contact us at 319-632-1400 to learn more about how we can help.

Bankruptcy filings down 11 percent in Utah

The number of bankruptcy filings in the state of Utah have dropped by nearly 11 percent.

According to the officials in the U.S. Bankruptcy court, the court has received a total of 4,149 filings this year so far. This number is lower than the same time period for this year which was at 4,639.

Officials have stated that they are down as of the beginning of the year, but it is unknown how the rest of the year will turn out. The American Bankruptcy Institute stated that the rest of the U.S. has also seen a decrease and it is currently down 12 percent in the first quarter.

If you or a loved one has been considering filing for bankruptcy, you need representation on your side that may be able to help you through this process step by step. Contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, by calling 319-632-1400 today.

Warren Sapp files for bankruptcy protection

Former NFL star and television personality, Warren Sapp, has now filed for bankruptcy protection in order to cover back child support and other debt.

According to court documents, Sapp owes nearly $6.7 million to creditors. Sapp’s monthly income is said to be at $116,000 and his total assets are close to $6.4 million. Officials have stated that all of the assets including, shoes, a watch and a lion skin rug, will all be liquidated in order to pay his back child support.

His child support payments total to almost $75,000 a month. A study done by Sports Illustrated Magazine stated that nearly 78 percent of NFL players file bankruptcy, or have serious financial issues,  within two years of retirement.

If you or a loved one has been considering filing for bankruptcy, you need representation on your side at this time that will be able to discuss your options with you. Contact the Cedar Rapids personal bankruptcy lawyers of Hong Law, PLC, by calling 319-632-1400.

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