Bankruptcy, Foreclosure & Loan Modification Posts in October, 2016

American Apparel is Preparing to File for Bankruptcy for the Second Time in Two Years

American Apparel Inc., a casual clothing brand known for the domestic production of its products, is preparing to file for bankruptcy protection. This would be the second time the company filed for bankruptcy in two years. Its most recent bankruptcy was filed in October 2015 and by February 2016, the company emerged under new ownership by Monarch Alternative Capital....
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Kaiser Gypsum Files for Bankruptcy Amid Asbestos Exposure Claims

Throughout the 19th and first half of the 20th century, asbestos could be found in nearly everything. Paint, shingles, pipes, certain textiles, household goods, and drywall were just some of the many products that contained the heat-resistant mineral. As more and more scientific evidence linking asbestos exposure to illnesses like mesothelioma was released, governments around the world limited and even banned the use of asbestos. Today, asbestos is banned from being used from most, but not all, consumer products in the United States....
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Can a Trust Protect My Assets if I Declare Bankruptcy?

A trust can protect your assets if you have to declare bankruptcy, depending on the type of trust you have. Assets in revocable living trusts can be seized by an individual's creditors if he or she files for Chapter 7 bankruptcy. Assets in an irrevocable trust cannot be seized. This is because of the difference in the assets' ownership in each of these trust types....
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Popular Sandwich Chain Cosi Files for Bankruptcy

Although its stores in the Chicago area remain open, Boston-based fast casual sandwich chain Cosi has filed for Chapter 11 bankruptcy. In total, 29 of the company's 74 corporate-owned locations were closed in September 2016. In addition to these corporate-owned stores, there are 31 franchise Cosi locations in the United States. All of these locations are still open....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com