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 "chapter 7 bankruptcy"

En Vogue member facing foreclosure

Maxine Jones, American music artist and member of the R&B quartet “En Vogue,” is being threatened by foreclosure after defaulting on her monthly mortgage, The St. Louis American reported on February 4.

Reports said Jones, 53, failed to pay her mortgage on her Virginia house October and November of last year. Though the singer filed for Chapter 7 Bankruptcy on December 18, her home was not spared after a federal judge recently approved the bank to start the foreclosure process. Jones reportedly filed for bankruptcy after her debts reached almost $300,000. Jones remained with the R&B quartet until 2012.

The lawyers of Hong Law, PLC in Cedar Rapids understand that many homeowners are being threatened with losing their home due to financial hardships. If you are in such an awful situation, our skilled foreclosure lawyers may possibly help you defend your property from being taken away from you. Learn more about your legal options from us today by calling (319) 294-5853.

Debts that can’t be discharged in Iowa

When filing for Chapter 7 or Chapter 13 bankruptcy in Iowa, a person may be able to discharge, or get rid of, certain debts; however, there are also certain debts that cannot be discharged.

A person who files for bankruptcy is responsible for paying back debts that can’t be discharged. Such debts include those dedicated to family support, like child support and alimony obligations. Debts from personal injury or death caused by driving under the influence must also be paid, in addition to fines and penalties for violating the law, tax debts, and any other debts that a person forgot to list in their bankruptcy papers.

Discharging debts is a critical aspect of filing for bankruptcy in many cases. As such, it is extremely beneficial to understand what kind of debts you have that may be discharged. To better understand this facet of bankruptcy and discuss your debt options, call the lawyers of Hong Law, PLC, at (319) 632-1400.

G&R Feed and Grain Co. Files for Bankruptcy

Dozens of creditors stand to lose millions of dollars after a grain and feed company in Portsmouth, Iowa filed for bankruptcy.

The company, G&R Feed and Grain Co., filed for Chapter 7 bankruptcy in federal court earlier this month. About 60 creditors, mostly individuals from Shelby County, were listed as creditors in related court documents. At this time, debt estimates for the company are between $1 million and $10 million, while the company’s assets are estimated at $50,000.

A creditors meeting will take place next month on February 19th at 1 p.m.

If your company is facing bankruptcy, make sure that your rights and interests are protected throughout bankruptcy proceedings. Contact the experienced business bankruptcy lawyers of Hong Law, PLC, today by calling (319) 294-5853.

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.

Iowa City and Coralville Office Location: 845 Quarry Rd #130
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office