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The holding company for two national restaurant chains file for bankruptcy relief on December 28.  The same day, the companies requested that the bankruptcy court allow them to only notify certain parties, mainly the major creditors, of the bankruptcy filing as notifying everyone would be costly and was not necessary.  The bankruptcy court approved this request so employees of Garcia’s Mexican restaurants and Garfield’s restaurants were not notified of the bankruptcy. The US Trustee’s Office … [Read more...]

The real estate market in Chicago has not fared as well as some other markets.  While other markets are seeing home prices rise, Chicagoans are still watching home prices in their city decline.  Part of this may be blamed on the large number of foreclosed homes waiting to be sold.  Chicago’s foreclosure rate is higher than the national average and homes are unable to move due to the judicial backlog of cases waiting to be heard by the courts. For more details on this story you can read, … [Read more...]

Finding the perfect home is stressful enough without then facing the fees and closing costs associated with buying your dream home.  In order to save money on closing costs, you must work a little harder.  However, the result of this work is lower closing costs.  Get multiple quotes from mortgage lenders rather than accepting the terms offered to you by the first lender you approach.  The same is true for your homeowner’s insurance - - shop around for low rates. For three more ways to save on … [Read more...]

Prior to filing bankruptcy, debtors are required to participate in a credit counseling program. This pre-bankruptcy counseling is designed to evaluate the debtor’s personal financial situation and discuss alternatives to bankruptcy. It also helps the debtor complete a personal budget plan. Before filing, the debtor must have a certificate. The post-filing financial management class provides the debtor with information on preparing a budget, managing money and using credit wisely. This … [Read more...]

There was a time when the real estate industry fought technology because it prided itself on being a “people” business providing individualized service to each person involved in the real estate transaction. However, because more individuals are using smart-phones and mobile devices to shop for homes, look for rental units and shop for mortgage rates, the real estate industry is scampering to provide apps targeted at this group. To see some of the newest apps for the real estate market, you can … [Read more...]

The creditors of the New England Compounding Center, including victims of a meningitis outbreak, are looking into the possibility of reclaiming, clawing back, salary and shareholder payments.  In a Chapter 11 bankruptcy, creditors can go back two years from the date of the bankruptcy filing to reclaim payments that are improper or fraudulently conveyed.  Reports show that the largest shareholder received $9 million in 2012 while the chief pharmacist received $3.2 million in addition to what his … [Read more...]

With the last minute changes to the tax code, choosing the right tax preparer for your 2013 tax returns is very important.  Even though you may use a tax preparer to prepare your tax returns, you are legal responsible for everything that is on your tax returns.  Therefore, the Internal Revenue Service has given taxpayers tips on how to choose the right tax preparer.  The ten tips cover everything from the preparer’s qualifications to how to report abusive tax preparers. For all ten tips from … [Read more...]

Most people assume that filing for bankruptcy is the worst thing in the world and that they will loose everything they own - - this is not the case.  While it may not be the best move for everyone, anyone owing $1,000 or more without the assets to pay off the debt can file for bankruptcy relief.  Some individuals are now seeking to solve their credit problems with consumer proposals. For more information on consumer proposals read, “Bankruptcy a last resort, but not the end of the world, … [Read more...]

U. S. Bankruptcy Trustee, Joe Womack, received a tip that a debtor was hiding assets from the court.  Acting on this tip, Womack requested that the debtor, Philip Keith, give him a key to a safe deposit box located at Stockman Bank.  Keith did not submit the key requested by Womack so the trustee requested an order form the bankruptcy court allowing him to drill open the safe deposit box.  Upon having the lock drilled, Womack found $77,250 including $36,000. For more details on this story … [Read more...]

The famous video maker has filed for bankruptcy relief under Chapter 11 in an effort to break ties from its French parent.  Atari S.A. is burdened with debt; therefore, Atari U.S. filed for bankruptcy relief in hopes of finding a buyer for the US division.  Atari has gotten a commitment for debtor-in-possession financing to continue operations and to continue releasing games.  It is not clear yet if the company will be sold in its entirety or if it will be broken up and sold in pieces. For … [Read more...]