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Home  >  Posts tagged "Chapter 7 bankruptcy attorney"

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.

NFL star files for bankruptcy

The Baltimore Sun reports that former Baltimore Raven Jamal Lewis is entangled in federal bankruptcy court in Georgia today, after filing for bankruptcy in April.

Today’s hearing will determine if his case will go on as a Chapter 11 case, which would be controlled by him and his attorney, or a Chapter 7 case, in which a trustee would sell his assets to his creditors.

Lewis’ filing claims $10.6 million in debts while showing $14.5 million in assets. He is facing trouble after a string of failed investments.

Jamal Lewis was trying to do good with his money, but unfortunately ran into some bad luck, as many people do. If you’re struggling under a great financial burden and can’t seem to make any headway, you may want to begin considering bankruptcy. Contact the bankruptcy lawyers of Hong Law, PLC, at 319-623-1400.

‘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.

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