Quiznos Corp. follows Sbarro LLC as another fast food chain looks to the bankruptcy court for help as revenues decrease and unpaid bills rise higher. Because competition in the fast food market has increased dramatically in recent years, businesses are forced to find ways to cut costs and increase revenue as consumers abandon their favorite chains in search of new flavors to try. Quiznos will ask the bankruptcy court to approve at $15 million loan from its senior lenders in hopes of continue … [Read more...]
Repaying debts – a necessary evil
March 14, 2014 by
No one likes to think about paying bills but it is a necessary evil for those of us who want a good credit score and want to avoid bill collectors. However, there are smart ways to repay debts that can actually save you money and help you strengthen your finances. For example, if you are trying to pay off multiple debts, knowing which debts to pay first will save you hundreds of dollars in interest verses paying the minimum payments on all debts. For more on repaying debts read Find Law’s … [Read more...]
GM could claim bankruptcy immunity for recent personal injury claims
March 13, 2014 by
As auto-safety advocates urge GM to waive its bankruptcy immunity as to legal claims that may arise from the recall of an ignition switch defect, GM remains silent on its plans regarding those claims. In a polite statement, GM said it has the “safety and peace of mind” of its customers at heart but did not respond to demands that it waive immunity for incidents that occurred prior to the taxpayer-funded, government supervised bankruptcy in 2009. For the full story see, “GM urged to waive … [Read more...]
Ashley Stewart files bankruptcy as it closes 27 stores
March 12, 2014 by
Ashley Stewart, a plus-sized women’s retail store, filed for bankruptcy protection under Chapter 11. The retailer announced it would immediately close 27 stores that it says are underperforming. A statement released by the company reported that the company experienced a decrease in profitability in 2012 but the factors causing the problem have been corrected. Bankruptcy filings show that the company has between $10 million and $50 million in both assets and liabilities. For the full story … [Read more...]
Fans of ABC soaps may have to say goodbye forever to their afternoon shows
March 11, 2014 by
Prospect Park Networks, the company that briefly brought back the popular ABC daytime soaps, “All My Children” and “One Life to Live,” filed bankruptcy this week. The company spent millions of dollars trying to revive the daytime dramas and it alleges that ABC tried to block Prospect from bringing back the long-running shows. Prospect filed suit against ABC in 2013. Viewers will have to wait at this cliffhanger plays itself out in the court system. For the full story read, “Soap opera … [Read more...]
Supreme Court protects bankruptcy exemptions
March 10, 2014 by
In a case that is more than just strange from the very beginning through the very end, including a unanimous Supreme Court opinion written by Justice Scalia himself, the land’s highest court held that debtor’s exemptions under the Bankruptcy Code are protected from surcharge. In layman’s terms, the debtor is entitled to these exemptions even, as in this case, when the debtor’s conduct is boldly and clearly fraudulent. Read more about this case and the facts surrounding 10-year battle at … [Read more...]
Healthcare deadline approaching fast – – what you need to know
March 7, 2014 by
If you are one of the millions of Americans that are still uninsured, you need to get the facts straight before the March 31 deadline under Obamacare. By March 31, most Americans will be required to have health insurance that meets or exceeds the government’s standards for health insurance. If you have not taken The Affordable Healthcare Act serious, now might be the time to take action to avoid penalties for failing to have health insurance. For more about the March 31 health insurance … [Read more...]
How long does it take to file bankruptcy?
March 6, 2014 by
If you are considering filing a bankruptcy case, you may be wondering how long the entire process will take. How long does it take from the time I hire my bankruptcy attorney until my case is filed and I go to court? You may wonder how long it will take after your court hearing until your case is closed. The answers to those questions depend on the chapter of bankruptcy that you file as well as your individual case. While most Chapter 7 bankruptcies are completed in 4 to 6 months, some make … [Read more...]
Can you manage your expenses better to have more money?
March 5, 2014 by
If you have filed bankruptcy, you probably have already taken your required credit counseling and financial management classes. Through those classes, you learned to manage your expenses better so that you would have more money and less debt. If you have not filed bankruptcy, learning how to manage your expenses better may keep you out of debt and help you save money. One of the best ways to manage expenses is to create and live by a weekly or monthly budget. For more ways to manage … [Read more...]
Bankruptcy petition preparer goes to prison
March 4, 2014 by
After violating numerous bankruptcy court orders related to preparing bankruptcy petitions for compensation and working without the supervision of an attorney, Derrick Hills was convicted of five counts of criminal contempt and sentenced to four years in prison. Hills is not an attorney but prepared bankruptcy petitions and was involved in bankruptcy casework in violation of court orders dating back to 2007. While non-attorneys may perform some work, it is very limited and has … [Read more...]
