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Many famous people have been forced to auction their prized possession to pay their debts; however, this may be the grossest item ever to be auctioned off in a bankruptcy case.  Next month, Curt Schilling’s bloody sock is expect to auction for more than $100,000 in an online auction.  The sock was worn by Schilling during the 2004 World Series.  Schilling is the owner of 38 Studios, LLC that had to file for bankruptcy relief. For more items sold during bankruptcy actions read, “Schilling’s … [Read more...]

The Illinois Department of Revenue will follow the federal guidelines for filing 2013 tax returns.  The 2013 tax season will begin on January 30 for both federal tax returns and Illinois state tax returns.  Because of last minute changes to the American Taxpayer Relief Act (ATRA) by Congress, the Internal Revenue Service required additional time to update its systems and forms.  Therefore, the IRS announced that it would be begin processing tax returns until January 30. For more information … [Read more...]

Residents of Louisiana may soon be free from personal income taxes if a proposal by Republican Governor Bobby Jindal takes flight.  The Governor said that he wants to do away with the person and corporate income taxes.  It is unsure how this will be accomplished in a “revenue neutral manner.”  However, one political analyst said that the Governor would raise the state’s sales tax in order to cover the shortfall created by doing away with income taxes. For more you can read, “Louisiana … [Read more...]

Bankrupt Hostess has chosen a new owner for six of its bread brands.  Rival bakery, Flower Foods, Inc., based in Thomasville, GA., put in a bid to buy six of Hostess’ most popular bread brands for $390 million.  Higher bids can still be made for the bread brands.  The final seller and agreement must still be approved by the bankruptcy court.  Hostess expects to announce a buyer or buyers for its other brands in the coming weeks. For more details on this ongoing story you can read, “Hostess … [Read more...]

Comdisco, Inc. filed for Chapter 11 bankruptcy relief in 2001; however, it is still an open bankruptcy case to this day with over 5,100 docket entries.  The company exited Chapter 11 in 2002; however, because of continuing litigation by the trustee, the case remains open at this time.  The trustee is suing from ex-CEOs, Jack Slevin and Philip Hewes, along with other former executives for approximately $40 million.  Related state and federal litigation is also pending including two proceedings in … [Read more...]

The agreement that Congress hammered out to solve the fiscal cliff problem has also given homeowners a boost as well.  The agreement enacted by Congress contains tax benefits for homeowners, buyers and sellers.  Although there are some negative tax consequences for homeowners, buyers and sellers, for the most part they will benefit from the tax benefits included in the fiscal cliff agreement. For more details about how this can benefit you as a homeowner, buyer or seller you can read, “The … [Read more...]

A Highland Park chiropractor, Med-Health Partners S.C., has filed for bankruptcy relief under Chapter 7 in Chicago.  According to documents filed with the bankruptcy court, the practice reports assets under $50,000 and debts in excess of $1 million.  Dr. Marc Strongin has approximately nine companies, one of which is Med-Health.  Dr. Strongin and Med-Health are defendants in two lawsuits seeking to collect a million dollars in debt. For more information about the bankruptcy and the two … [Read more...]

As the assets of Hostess Brands, Inc. gets ready to be sold through the bankruptcy court, Northbrook-based Hilco has been selected to handle the auctions.  Four Hilco companies, each handling a different aspect of the process including security, will work on the liquidation process.  Hilco has been in the liquidation business since it was found in 1987 by Jeffrey Hecktman.  Hilco will be selling Hostess’ real estate, machinery and equipment.  The auctions are expected to be completed by … [Read more...]

VTE Philadelphia LP, a Donald Trump affiliated company, filed for relief under Chapter 11 this week to avoid a foreclosure sale by one of its creditors.  The company, based in Philadelphia, is constructing a luxury hotel and condominiums.  VTE owns land along the Delaware River that was supposed to become Trump Tower PA.  US Bank, the creditor foreclosing on VTE, is the only secured creditor.  VTE hopes to find investors so it can complete the building project. For more read, “Trump Tower … [Read more...]

The alternate-revenue bond allows villages and cities to borrow money without taxpayer approval. It also allows villages to borrow more money than allowed under current property tax caps.  Some villages at the detriment to taxpayers are abusing the chapter of Illinois law that provides this borrowing power.  If the village cannot make the payments on the loans, then property taxes automatically increase to cover the payments. For more on this story read, “Small suburbs exploit tax loophole.” … [Read more...]