Bankruptcy, Foreclosure & Loan Modification Blog

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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Caesars Entertainment Bankruptcy Could be Finalized Soon

For two years, Caesars Entertainment Corporation has been in and out of court with creditors over who must pay to repair the company's operating unit, which cannot repay its $20 billion debt on its own. As of September 2016, it appears that Caesars' bankruptcy battles could soon be over....
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Hanjin Shipping Company Bankruptcy Leaves Ships Stranded at Sea

South Korean shipping giant Hanjin Shipping Co. filed for bankruptcy in August 2016. Since its filing, the company has run into many issues with ports around the world. Many refused Hanjin ships access to their docks, leaving ships and their cargo stuck in the ocean, waiting for further instruction. In many of these cases, the ports refused the ships’ access because they feared Hanjin Shipping Co. would not pay them for the use of their properties....
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Exploring Your Bankruptcy Alternatives

When you feel like you cannot get your personal debt under control, filing for bankruptcy can be an attractive option. For many individuals, bankruptcy is the key to having their debts discharged and moving forward with their lives. Although bankruptcy can be a great tool, it is likely not your only option. Depending on your circumstances, you might be better suited to one of the bankruptcy alternatives discussed below....
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When is Filing for Bankruptcy Not a Good Idea?

When you are unable to handle your debt load, whether that debt load is personal or business debt, you might consider filing for bankruptcy. Bankruptcy is a legal process through which an individual or company in debt can have that debt discharged, either through the liquidation of assets (Chapter 7), a repayment plan (Chapter 13), or a reorganization of the company (Chapter 11). Other chapters exist as well, such as Chapter 9, Chapter 12, and Chapter 15, but these are for niche purposes and only utilized by specific groups....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL
  • Lawyer.com