Home /
Posts tagged 'bankruptcy attorney'
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: 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 [...]
Written by: Timothy McFarlin | Publish date: February 2nd, 2012
In the past decade, many of America’s most loved restaurant chains have closed. There is a saying that states that in the restaurant business you always have customers, because people need to eat. However, with the poor economical climate a lot of restaurant chains in America, are filing for bankruptcy, and closing many of their locations. In this 2 part blog post, we’ll look at the top 10 restaurant chains in the United States that have experienced the greatest decline in sales from 2001 to 2010. Sadly, the sales of each restaurant chain we discuss have fallen 60% or more [...]
Written by: Timothy McFarlin | Publish date: January 31st, 2012
Hostess Brands, the manufacturer of tasty treats, such as Twinkies, Wonderbread, Ding Dongs, Ho hos, Sno Balls, and more has filed for Chapter 11 bankruptcy protection in the Southern District of New York. Old-fashioned union agreements, legacy obligations, and work rules, have been listed as the main culprits responsible for the Texas company’s bankruptcy filing. Unionized workers make up 83% of their 19,000 workers. Some experts expect the unionized workers collective bargaining agreements to be the first to be dismissed in their bankruptcy proceedings. The new health conscious society has also been blamed for Hostess’ decline. Hostess came out of [...]
Written by: Timothy McFarlin | Publish date: December 16th, 2011
BP Clothing, the former Baby Phat apparel line licensee has filed for chapter 11 bankruptcy protection. The Los Angeles apparel company, which is located in Commerce California, held the license to produce the celebrity endorsed Baby Phat clothing line for stores such as; Walmart, and JcPenny until recently. Scott London, Steven Feiner, and investment company Steel Partners founded BP Clothing, in 2003. On December 12th, the company filed for bankruptcy in a U.S. Bankruptcy Court in New York. BP Clothing’s venture was formed around the Baby Phat brand, which was created by Russell Simmons, a music executive and co-founder of [...]
Written by: Timothy McFarlin | Publish date: December 2nd, 2011
The parent company of American Airlines and American Eagle, has filed for Chapter 11 bankruptcy in New York. American Airlines, the nation’s third largest carrier, cited high labor costs, surging fuel prices, and a volatile economy as their reasons for filing bankruptcy. AMR, which employs 88,000 people, is hoping to restructure their debts with their Chapter 11 bankruptcy, and maintain all business operations successfully through the holiday season. In October, the airlines had a combined 9 million passengers, and they are expecting to have many more throughout the upcoming holidays. Aside from getting their debts in order, the airlines main [...]
