The names Clark and Rameker may not ring a bell but if you are gathering financial and asset documentation in preparation of petitioning for protection under Chapter 7 bankruptcy, it may be in your best interest to contact an experienced Illinois bankruptcy attorney to learn how these names just may set the precedent for your day in court.
Bankruptcy is a difficult decision to make but sometimes it is the only option. If you having a difficult time paying your bills on time or at all, then bankruptcy should be a real consideration. But before you file any paperwork to begin the process, try these other options first.
According to a recent story in the TV Guide magazine, former CSI actor Gary Dourdan is blaming CSI for all of his financial woes. He initially filed his Chapter 11 personal bankruptcy case back in August of last year. In filing his bankruptcy case, he stated that he had approximately $1.8 million in assets while his debt equaled about $1.73 million.
As posted earlier in our blog, Hostess Brands Inc., the maker of Twinkies, is going through bankruptcy proceedings. The company filed for Chapter 11 in January, and the case is still unresolved. Now the company is trying to impose a contract on a bakery union to keep the company from going out of business. Reuters did a story on the case.
Waste and Recycling News reports that One Source Recycling has shut its doors due to Chapter 7 Bankruptcy. Residents who depended on the recycling service provided by One Source Recycling were surprised and concerned. There was already difficulty in locating nearby recycling centers and residents who traveled to the facility to drop off recyclables will have to find a new place to process the items. The change in service was quite sudden and there was no advance notice to customers.
Mark Shale, one of Chicago’s oldest specialty retailers, has filed for Chapter 11 bankruptcy, says a story in the Chicago Tribune. If the company fails to find financing or a buyer, liquidation is a possibility, they told the Tribune.
The second-largest newspaper publisher in America, Tribune Co., filed for bankruptcy in December 2008. It was the biggest bankruptcy ever in the history of the American media industry. The company has been in the process of emerging from a Chapter 11 bankruptcy protection and was granted approval of a reorganization plan that would enable this emergence. However, some creditors have opposed the settlement of legal claims stemming from the company’s 2007 buyout and the way some bondholders are treated in the reorganization plan.
According to the United States Department of Justice website, the United States Trustee Program “seeks to promote the efficiency and protect the integrity of the Federal bankruptcy system”. Basically, the trustee’s job is to oversee the bankruptcy process, detect and eliminate fraud, and ensure that all involved parties abide by the law.
Reuters reported a story about a vote regarding a pension plan of bankrupt U.S. aircraft maker Hawker Beechcraft. The vote will be on a plan to prevent termination of an existing plan worth $195.3 million in pensions that Hawker is liable for paying.
Hawker is negotiating with China’s Superior Aviation Beijing Co on their plans to buy the company for $1.79 billion.