Articles Posted in Bankruptcy

After over 100 years of being in the mucil instrument business, famed Gibson Guitars has filed fo bankruptcy. The company filed for bankruptcy protection in Delaware, an action many have for some time. The company owes as much as $500 million and that debt has burdened it over the years. According to Bloomberg News, a…

The soup restaurant chain made famous by “Seinfeld” declared bankruptcy in June 2017. Now its former chief finance officer has been sentenced to nine months in prison for tax evasion. He was arrested in May of 2017. Robert Bertrand was sentenced to nine months in a federal prison in early April for a nearly $600,000…

Once you file a Bankruptcy Petition, the law protects you from continued creditor harassment. AFederal Court awarded a debtor $63,000 in compensatory damages and $63,000 in punitive damages when a debt collector continued to harass a debtor after he filed Chapter 7 bankruptcy. This case, In Re Burch v. Bank of America decided on July…

In 2015, the US Supreme Court ruled that Second Mortgages and Home Equity Lines of Credit may not be dischargeable in bankruptcy even if the entire amount of the loan is underwater. By underwater, we mean that the value (FMV) of the home is less than the amount of the first mortgage. Until this recent…

Last week we wrote about how Hartford Connecticut’s mayor signaled to the state legislature that if they didn’t come up with a budget within the next 60 days, he would file for bankruptcy for his city. Now the City Council of Hartford has told the mayor they are against that threat. According to the Hartford…

Mayor Luke Bronin of Hartford told Connecticut legislative leaders and Gov. Dannel P. Malloy that his city will file for bankruptcy protection if they can’t come up with a state budget in 60 days. In a letter to legislators the mayor wrote If the State fails to enact a budget and continues to operate under…

Long Island, N.Y.-based seller of vitamins and nutritional supplements, Vitamin World plans to file Chapter 11 bankruptcy this month with the hope of getting out of what they say are expensive leases for their stores. The vitamin and nutrition supplement seller has 345 stores around the country. Madden told Newsday the company is filing bankruptcy,…

A new study by the Hutchinson Institute for Cancer Outcomes Research in Seattle has found that even though the may have insurance, those suffering from cancer may face bankruptcy . According to the lead researcher, Scott Ramsey, M.D., Ph.D. Bankruptcy may represent a unique and heretofore unstudied potential source of health disparity. In this study,…

The Fragrance company Perfumania has declared Chapter 11 bankruptcy and will shutter 65 of its 226 stores nationwide. The company, known for selling high-end perfumes in malls across the country has said it will focus on online sales and high performing stores. CEO Michael Katz said in a prepared statement, The company has been working…

In a new memoir by twin brothers, Johnathan and Drew Scott, who star in the HGTV show “Property Brothers,” they tell of the hard road they had to drive before they landed their popular TV show. Johnathan was an aspiring magician until his supplies and equipment were stolen and he wound up declaring bankruptcy. His…