Home /
Archive by category 'Bankruptcy'
Written by: Timothy McFarlin | Publish date: May 20th, 2012
There are many different situations which can lead to a business bankruptcy filing including a reduction in revenues, loss of customer base, increased competition and increased business costs. Small business owners know all too well that a slight disruption in revenues can have major ramifications if not managed carefully. Of course in some cases, a business owner is left with no choice but to seek the protection of the bankruptcy court by filing a business bankruptcy. Business Bankruptcy Signals The first signs of trouble for a small business typically come in the form of a “bad month” in which business [...]
Written by: Timothy McFarlin | Publish date: May 9th, 2012
With foreclosures at all time highs throughout the county, many homeowners are asking how to stop foreclosure and save their home. There is so much questionable information circulating today about how to stop foreclosure and save homes, we thought it would be a good idea to put together a list of your most likely options to not only stop foreclosure, but also to save your home in the process. Keep in mind, none of these options are guaranteed, but rather a list of possible options that may accomplish your goal to stop foreclosure and save your home. Loan Modification to [...]
Written by: Timothy McFarlin | Publish date: April 2nd, 2012
A consumer filing Chapter 7 bankruptcy is entitled to certain “exemptions” in order to allow them to retain assets required for a fresh start after bankruptcy. The idea is, a consumer would not be able to live their normal life and rehabilitate their financial situation without certain items, such as a car (to get to work), household items, clothing, tools of the trade, etc. It is not the objective of the bankruptcy court, or the bankruptcy system in general, to completely decimate a consumer filing bankruptcy, but rather to assist them in starting over without the burden of creditors aggressively [...]
Written by: Timothy McFarlin | Publish date: March 30th, 2012
As an Orange County and Los Angeles bankruptcy attorney, many people ask me, “Will bankruptcy stop foreclosure?” or “Does bankruptcy stop foreclosure?” The good news is, bankruptcy will stop foreclosure. There are two common ways a homeowner can file bankruptcy, chapter 7 and chapter 13. Foreclosure is affected differently by each, but will stop once the bankruptcy is filed. Will Bankruptcy Stop Foreclosure? Chapter 7 Chapter 7 bankruptcy will stop foreclosure once it’s filed. It is somewhat common for a homeowner to file chapter 7 right before their scheduled foreclosure sale date (within a few days), in order to stop [...]
Written by: Timothy McFarlin | Publish date: March 25th, 2012
As an Orange County, CA bankruptcy attorney, many people ask me about the chapter 7 bankruptcy requirements, and more specifically, can I file bankruptcy? Despite recent changes in the bankruptcy requirements, for most consumers in California, the answer is “YES” you fit the chapter 7 bankruptcy requirements, and can file bankruptcy. Chapter 7 Bankruptcy Requirements There are two issues that cause clients to not qualify, or not fit the requirements for chapter 7 bankruptcy: too much income, or too many assets. It would be difficult to get into all the specifics of how income is qualified for chapter 7, but [...]
Written by: Timothy McFarlin | Publish date: March 1st, 2012
Falling behind on your payments or having a delinquent account can be a very stressful situation for most people. The majority of people want to pay their bills on time, pay their credit cards off, and maintain a good credit score. However, sometimes things that are out of our control leave us financially unable to make our payments. The loss of a job, or a medical emergency might be the reasons behind your late or absent payments, but the debt collectors don’t care about what your reasons are. All the creditors want to know is when you will be making [...]
Written by: Timothy McFarlin | Publish date: February 29th, 2012
The Grubb & Ellis Company, one of the nation’s largest commercial real estate services firms, has filed for bankruptcy protection as part of a deal to sell the majority of its assets to commercial real estate services company Newmark Knight Frank’s parent company, who happens to be their rival. Grubb & Ellis has experienced operating losses for the past several years, and they have been negatively affected by the real estate downturn. As part of Grubb & Ellis’ Chapter 11 bankruptcy process, the proposed sale to BGC Partners Inc. will require approval by the bankruptcy court. “We are pleased to [...]
Written by: Timothy McFarlin | Publish date: February 24th, 2012
The Fuller Brush Company has filed for bankruptcy protection. This filing comes as a bit of a surprise to many, coming just two months after the company had “completely rebooted itself.” The Fuller Brush company salesmen made a name for themselves by popularizing door-to-door selling of personal care, and household cleaning products. In 1906, 21-year-old entrepreneur Alfred C. Fuller, established The Fuller Brush Company, and set out to make, “the best products of their kind in the world.” Fuller followed three basic rules that he felt would ensure success: make it work, make it last, and guarantee it no matter [...]
Written by: Timothy McFarlin | Publish date: February 16th, 2012
Actor and reality show star Gary Busey has filed for Chapter 7 bankruptcy in California. Aside from listing more than $500,000 in estimated personal debts, and a dozen creditors Busey’s bankruptcy filing leaves few details. Gary is known for his roles in movies such as; “Point Break” and “Lethal Weapon,” but in recent years he has appeared on several reality shows including “Celebrity Apprentice” and “Celebrity Wife Swap.” Although Busey did not state the specific reason for his bankruptcy filing, the 67-year-old is said to have less than $50,000 in assets. Busey’s manager Ron Sampson wrote in a statement that [...]
Written by: Timothy McFarlin | Publish date: February 10th, 2012
Big Boy Restaurant Chain Possibly the most well known restaurant chain on our list is Big Boy restaurants. The chain is famous for the double-decker hamburgers they specialize in, and the little boy on their logo. The owner of the chain, the Elias Bros. Corp., filed for bankruptcy after experiencing financial difficulties, and money issues with their expansions. The company closed 43 restaurants just a month before their bankruptcy filing. From 2001, to 2010 the number of Big Boy locations dropped from to 405 to 141. Change in sales (2001-2010): -68.6% Sales 2001: $580 million Sales 2010: $182.25 million Change [...]
Page 1 of 1312345»10...Last »
