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Home  >  Archive by category "Chapter 7 Bankruptcy"

Concert promoter files for bankruptcy protection

Steven Brill, a concert promoter who left his job as a program director in Greater Des Moines radio business, has recently filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Iowa in Des Moines.

According to the Chapter 7 bankruptcy filed on March 26 by Brill and his wife Deanna, they had unpaid bills to various country and rock music acts. The couple cited debts that were mostly business-related and reached $1.3 million, stating that they owed money to artists such as Adam Lambert and Joan Jett.

The couple declared $606,821 of assets in their West Des Moines residence, and rental and business properties in Indianapolis, Omaha, and St. Louis.

The bankruptcy filing said Brill now works as a special events director for the Arthritis Foundation in West Des Moines.

In many cases, filing for bankruptcy is the best option to get out of debt. Thus, if you are facing mounting debts, call (319) 632-1400 and learn more about the benefits of bankruptcy. Our legal team at Hong Law, PLC, can help you decide what steps to take next.

Big Island Carbon LLC Files For Chapter 7

On November 5, the Hawaii-based company, Big Island Carbon LLC, filed the necessary paperwork in order to seek Chapter 7 bankruptcy protection. The company, which manufactures carbon from macadamia nut shells grown in Hawaii, has already laid off several employees, including the CEO of the company.

The U.S. Bankruptcy Court documents show that the COO and the Controller of Big Island Carbon LLC were also let go amidst the bankruptcy filing. The papers indicate that the Big Island Carbon project grew to be too expensive, and the funds and grants that were coming in were not enough to fuel the plant’s production. The plant is near completion, and needs approximately $5 million more to be considered finished.

A bankruptcy trustee that will be assigned to the Chapter 7 bankruptcy case of Big Island Carbon LLC will more than likely search for a buyer that is interested in the assets of the biomass plant. The buyer may also choose to finish the production of the plant in order to begin operations.

If you are considering filing for Chapter 7 bankruptcy for your small business, please contact the Chapter 7 bankruptcy lawyers of Hong Law, PLC by calling 319-632-1400 today.

Creditors question bankrupt Arkansas coach’s salary

Arkansas’ head football coach John L. Smith, who filed for Chapter 7 bankruptcy in September, could be facing more legal problems after a creditor has called Smith’s finances into question. The coach listed $40 million in debt when he filed for bankruptcy protection, with approximately $600,000 owed to the suspicious creditor, RL BB Acquisition.

Under federal law, all money made after an individual files for bankruptcy is kept by the individual, while all money made before the filing is divided among creditors. According to USA Today, Smith arranged to have most of his $850,000 salary backloaded until after the football season was over, which would allow him to keep this money since he would have technically earned it after filing.

RL BB Acquisitions has asked the bankruptcy court for an extension on the case so it can challenge Smith’s financial exemptions. With the exemptions, the coach able to report that he made only $19,800 a month in gross monthly income instead of more than $70,000. Smith’s financial problems stem from real estate deals that backfired when the market crashed.

If you are struggling with your personal finances and are considering filing for bankruptcy, an experienced bankruptcy attorney can inform you of your legal options. To learn if Chapter 7 bankruptcy is right for you, contact the legal team at Hong Law, PLC at 319-632-1400.

Jose Canseco files for Chapter 7 Bankruptcy

Former Major League Baseball player Jose Canseco has filed for Chapter 7 Bankruptcy.

Filing in Las Vegas Tuesday, the 1988 American League MVP listed less then $21,000 in assets with over $1.5 million in liabilities.

Jose Canseco won the World Series twice and hit 462 home runs over the course of his 16-year professional baseball career. He later wrote a tell-all book, titled Juiced: Wild Times, Rampant ‘Roids, Smash Hits & How Baseball Got Big.

Financial hard times can fall on anyone. If you are facing overwhelming financial difficulties, you may be eligible for Chapter 7 bankruptcy. Contact the Cedar Rapids Chapter 7 bankruptcy attorneys of Hong Law, PLC, at 319-632-1400 to learn more.

Former bank executive files for bankruptcy to stay lawsuits

The Journal Times reports that the former chairman of the Bank of Elmwood has filed for bankruptcy, following lawsuits his employees filed against him accusing him of ruining their stock.

The bank’s stock fell to zero when it was shut down by state and federal regulators in 2009. Half of the bank was owned by its employees, four of which are suing the bank’s former chairman for their losses.

In a self-interested move, the ex-chairman and CEO of the bank, Jess Levin, filed for Chapter 7 bankruptcy. Chapter 7 offers a wide range of protections, including staying, or preventing, the action of new and existing lawsuits against you.

If you are facing innumerable financial burdens, filing for personal bankruptcy may help. If you are considering filing for bankruptcy, contact the Chapter 7 bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.

Former reality television star files for bankruptcy

Danielle Staub, of Real Housewives of New Jersey fame, has filed for bankruptcy.

Her Chapter 7 filing lists $1.9 million in liabilities but shows an income of only $63,791 this year, the majority of which came from an appearance on VH1.

Staub’s most expensive asset is her $899,000 mansion, which she has been trying to sell for several years. She unfortunately owes more than $180,000 in taxes to the IRS and New Jersey. Staub does not seem to receive royalties for her book, The Naked Truth, but Staub does seem to be making an effort to  improve her financial woes.

Bankruptcy is one of many ways available to help a person overcome overwhelming amounts of debt. If you’re stuck in an inescapable debt cycle, contact the personal bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

Electric car maker files for bankruptcy

Before it could bring 300 new jobs to Webster City, car maker Auto Manufacturing Systems, Incorporated had to file for bankruptcy. The company was hired to build battery-powered cars and fill a jobs hole left by the closure of the Electrolux plant last year.

Unfortunately, it filed for Chapter 7 bankruptcy this week, despite being loaned $790,000 by the city to fund the project.

Normally businesses file for Chapter 11 bankruptcy to reorganize their debt while keeping as many of their assets as possible. A Chapter 7 bankruptcy includes a liquidation of assets to help forgive debts, and probably the end of the business.

If you are struggling to keep up with your financial obligations, you may be eligible for Chapter 7 bankruptcy. Contact the bankruptcy attorneys of Hong Law, PLC, at 319-632-1400 to learn more.

‘Octomom’ bankruptcy case thrown out of court

Nadya Suleman, better known as the ‘Octomom’ for giving birth to octuplets in 2009, has had her bankruptcy filing thrown out of court. Estimates show that she has accumulated $1 million in debt.

The single mother of 14 children filed a Chapter 7 bankruptcy case that was thrown out because she failed to file several important financial documents with the court. The dismissal of her case means her creditors can now move to claim what they are owed.

Suleman owes money to as many as 20 individual parties, including her father and a Christian school. To help make money, she has sold photos of herself and her children to tabloids.

Having an experienced bankruptcy lawyer can greatly increase the chances of a successful bankruptcy claim. If you need to have your debt forgiven, contact the Chapter 7 bankruptcy lawyers of Hong Law, PLC, today at 319-632-1400.

Monk telecommutes to bankruptcy hearing

A Cedar Rapids monk plans on telecommuting to his bankruptcy hearing, where he hopes to challenge the sale of Buchanan Abbey’s assets. The man, the abbey’s former head, is in Illinois and cannot leave the state due to criminal charges he is facing there.

After the monk failed to attend his initial hearing, the presiding judge, Paul Kilburg, suggested that he participate by phone from Illinois. He concluded the case could carry on in this manner because modern technology has reached a point where it is powerful enough to allow it.

The other parties involved with the case will present evidence in person in the courtroom.

Facing bankruptcy is difficult. If you are in financial trouble, the Cedar Rapids bankruptcy lawyers of  Hong Law, PLC, can help you take the right steps toward setting your finances back on track. Contact our experienced bankruptcy lawyers at 319-632-1400 for a confidential case evaluation.

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