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With A Stick, Inc. filed for Chapter 11 relief in August of 2012 due to financial troubles of the company and its owner.  The company owns Cocktail, a popular gay bar in Chicago.  Because of the failure to comply with bankruptcy court orders, the case was dismissed on January 8, 2013.  The dismissal allowed the landlord to seize the assets of the bar to collect over $85,000 owed to the landlord in rents. The owner, John Zaharakis and the corporation are defendants in various lawsuits alleging … [Read more...]

Dealing with money issues can cause feelings of sadness, grief and shame.  Many people forget that filing for bankruptcy relief is an emotional process.  Often people concentrate on compiling the necessary forms and information required for filing bankruptcy and neglect to acknowledge that there is an emotional aspect as well.  The mental burden of filing bankruptcy can be overwhelming for some people and can affect relationships in negative ways. For more information on the emotional toll of … [Read more...]

A previous bankruptcy and foreclosure typically prevent an individual from obtaining another mortgage to buy a new house. However, some lenders are viewing “extenuating circumstances" as a reason to grant some individuals a mortgage to buy another home.  The circumstances must be out of your control such as the loss of a job, a serious illness or the loss of a spouse who was the wage earner to qualify for the new loan.  You must also have good credit for a certain number of months after the … [Read more...]

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...]