Find out what clients are saying about the attorneys at Hong Law, PLC

read more…

About Our Attorneys

Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

read more…
Home  >  Posts tagged "bankruptcy lawyer"

Former NFL star Clinton Portis files Chapter 11 bankruptcy

The former football star of Washington Redskins fame reportedly filed for Chapter 11 bankruptcy on November 5 in the U.S. Bankruptcy Court in the Northern District of Florida after falling into a debt of over $2.5 million. Portis’ bankruptcy filing halted the foreclosure process of the 7,000 sq. ft. home he built for his mother in Montheocha. The home had a $920,000 unpaid loan, which was believed to be a major factor in Portis’ decision to file for bankruptcy protection. Bankruptcy papers revealed that Portis has listed his assets ranging from $1 million to $10 million; however, he did not include a detailed list of his assets.

If you are struggling to overcome insurmountable debts, a skilled bankruptcy attorney at Hong Law, PLC may be able to offer you the help you need to get through the bankruptcy filing process in order to recover your financial footing. Our legal team offers a number of financial services designed to help you get out of debt. Call our Cedar Rapids office today at (319) 294-5853 to learn more.

Bakers Footwear files for bankruptcy

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.

Elderly woman swindles friends out of thousands of dollars, files for bankruptcy

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 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.

Abound Solar bankruptcy plan nears completion

Colorado solar panel manufacturer Abound Solar is almost prepared to file its plans for bankruptcy.

The company received a $400 million loan from the federal government, but it only utilized $68 million before the government rescinded its funding. The company revealed in February that it closed its factory.

Abound Solar had planned to utilize an alternative to silicon, but after the costs of silicon fell, the competition from Chinese solar energy companies was too much for the Colorado company.

Bankruptcy protection can help businesses recover from tough economic times. If your business needs protection, contact the business bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.

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.

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.