Iowa cleaning supply manufacturer Harper Brush Works Inc. has had a proposal to auction off its assets approved by a U.S. Bankruptcy Court for the Southern District of Iowa judge amid accusations that an auction will not raise more funds than an asset liquidation.
The family-owned maker of brooms, floor brushes, and other cleaning tools filed for Chapter 11 bankruptcy in May, listing its assets at $10.4 million with $10 million in liabilities.
The auction is set to open with a bid of $2.2 million for all of the Harper’s current assets. Opposing bids will be due on November 14, with the auction set to take place on the 19th.
Making the decision to auction off your business’ assets in bankruptcy is not easy. If you’re facing overwhelming business debts and are looking for relief, consulting with a business bankruptcy attorney can help you make the right decision for your circumstances.
Bakers Footwear, a national mall-based women’s footwear chain, filed for Chapter 11 bankruptcy today.
The company plans to reduce costs after a year of slumping sales by shutting down up to 25 of its 218 stores. The company is nearly $60 million in debt while listing assets of close to $42 million.
Bakers plans to reduce its operating costs by $7 million and raise $8 million through selling assets. In the meantime, it will focus on its own brand.
Filing for Chapter 11 bankruptcy can allow a business to reorganize its debt while maintaining operations. If you feel like your business is digging itself into a financial hole, contact the Chapter 11 bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.
Last week, The Washington Post reported on an Iowa woman who is filing bankruptcy while being charged with 12 counts of mail fraud after borrowing more than $730,000 from friends and colleagues.
For years, Beverly De Ronde, 60, sent her friends letters asking for loans that she promised to repay later. Under the belief that the money was going to be used for a big anniversary gift for De Ronde’s husband, her friends would loan her the funds.
However, De Ronde instead spent the money on antiques, jewelery, and previous debts. Eventually, she mailed all of her lenders letters saying that she had been spending more than she could and that they should cease all contact with her. De Ronde is filing for bankruptcy protection, and her many debtors are concerned they will not be paid back.
If De Ronde had not decided to fool her friends, commit federal crimes, and continue spending beyond her means, she could have filed for bankruptcy much sooner and avoided the current problems she is facing. If you’re struggling under crushing debts, don’t turn to a life of crime and deceit. Instead, turn to the personal bankruptcy attorneys of Hong Law, PLC. Contact us at 319-632-1400 to learn more about how we can help.
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.
Nearly six years after attorneys for the Davenport Diocese filed for bankruptcy, the Chapter 11 case has come to a conclusion.
The diocese had to file for bankruptcy after settling cases of alleged child molestation at the hands of its priests. The $37 million settlement has been distributed among over 165 individuals. The church had to sell some of its land in its restructuring, but has since bought it back.
The judge who presided over the decision said the diocese has followed its bankruptcy plan faithfully, but must continue being complicit with the non-monetary conditions outlined in the plan, including posting information about the accused abusers on its website.
If your business is facing crushing financial difficulty, you may find relief in Chapter 11 bankruptcy. Contact the bankruptcy attorneys of Hong Law, PLC, at 319-623-1400 to learn more.
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.
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