There is something about me..
Wage-Less Recovery...
Archive for the ‘Bankruptcy Help Articles’ Category
Aloha to Honolulu Symphony
In another instance of a U.S. symphony taking its final bow, the 110-year-old Honolulu Symphony has filed for Chapter 7 bankruptcy protection. This followed the orchestra’s previous Chapter 11 reorganization attempt.From KITV, Kimberly Miyazawa Frank, chair of the Honolulu Symphony Society, reported that ticket sales only covered 30% of the orchestra’s $8 million yearly budget, and that, due to the recession, they could not keep raising the necessary millions of donor dollars needed to make up the difference.The Honolulu symphony stopped performing over a year ago, when it filed for bankruptcy reorganization, with its board being unable to come up with a workable operating plan. According to KITV, “the musicians said management asked them to cut their pay by 92 percent with a much shorter season, but the union was only willing to allow a 23 percent wage reduction.”However, painting a somewhat brighter picture, the liquidation of the orchestra could open a door allowing a rebirth of the group under new management. While w
Austin Plumbing Supply, owned by William W. Sullivan Jr. and Terri M. Sullivan has filed Chapter 7 bankruptcy, reporting liabilities of between $1 million and $10 million, as well as having between 200 and 999 creditors and less than $500,000 in assets. The 30-page list of creditors includes vendors, residential customers, builders, remodelers, Mercedes-Benz Financial, Austin television stations KBVO and KEYE, AT&T Yellow Pages, the Small Business Administration and the Travis County tax assessor.
The North Austin company closed its door in June, leaving customers holding the bag for which they had already paid.
In an article on www.statesman.com by Gary Dinges, the business has no plans to reopen according to a local bankruptcy attorney who is not involved in the case.
A bankruptcy trustee will be appointed to oversee the disposition of assets, with any proceeds going to creditors.
Delmarva Rural Ministries, a nonprofit agency that provided health care, housing and other services to low-income residents of the Delmarva Peninsula in Dover, Delaware, has recently filed for Chapter 7 bankruptcy. The organization, which was founded about 40 years ago, listed assets of $11.3 million and liabilities of $4.5 million.
The largest unsecured claims against Delmarva Rural Ministries include approximately $462,000 by the U.S. Rural Housing Service, IRS liens of over $400,000 on the Dover office building and a requested refund of $250,000 by the Longwood Foundation for a donation to an incomplete capital campaign.
Reporting for www.therepublic.com , Randall Chase of the Associated Press, states that the group’s operations included Kent Community Health Center, which was recently closed due to financial issues, and migrant rental housing in Salisbury, Maryland, and Cape Charles, Virginia.
According to www.delawareonline.com , Delmarva reported that poor financial management led to $1.2 million in losses from April 2008 to March 2010.
The housing/mortgage market is as serious and as disheartening as it has been for the past three or four years. Many so-called average working Americans as well as the upper class with their ‘mini-mansions’ are having difficulties paying their mortgages and are facing foreclosure and possible personal bankruptcy.
In an article from the Washington Post/Associate Press, a proposed class-action lawsuit is pending alleging breach of contract by Bank of America NA and its subsidiary, BAC Home Loans Servicing LP. The lawsuit was filed in Los Angeles federal court since BAC is located in nearby Calabasas, California. The suit, states the article, “is among a growing number of legal complaints accusing banks of disregarding what should be binding agreements to reduce the monthly mortgage payments of troubled borrowers”.
The lawsuit, and others like it, signify a spate of protests against banks that have seen much criticism for their unwillingness to modify mortgages and/or foreclosing on mortgagees following trial modifications.
The attorneys at Legal Helpers are fully-informed with the intricacies of mortgage modifications; we may be able to provide you with the resources you deserve for a loan modification on your home.
The suits are seeking to establish permanent modifications via the U.S. Treasury
Even Elmo Knows to Save His Money
For the first time since its initial PBS airing on November 10, 1969, Sesame Street, the iconic children’s educational/entertainment television show, real money is shown being used. Elmo, the furry, red lovable monster, interacts with other denizens in the neighborhood, human and otherwise, to discover how best to spend and save his money.
“For Me, for You, for Later”, “Elmo’s Three Jars”, “Learning to Wait”, “Helping Others”, “Making Choices”, “Job Song” and “Learning to Save” are colorful, fun, non-threatening videos introducing young children to the ways of sound financial management. A mayonnaise jar with a slit cut into its cap substitutes for an IRA but the message remains, deferring some spending and making calculated choices when spending is appropriate makes for fiscal responsibility and a happier life.
“For Me, for You, for Later: First Steps to Spending, Sharing, and Saving”, is a bilingual multimedia program created to help families share experiences in developing financial basics that will impact their children now and in the future, touts the Sesame Street website www.sesamestreet.org. Who knew that, back in the 70’s, Ses
The Chicago area has the eighth-highest negative-equity rate among the top 25 largest cities in the United States, with 45.7% of homes carrying debt now underwater, according to Zillow, Inc., the Seattle-based company that tracks the residential property market.That is up from 38.6% in the last quarter of 2010 and 31.8% fourth quarter 2009. Over four of 10 homes with debt in the Windy City are currently worth less than their mortgages reports an article on www.chicagorealestatedaily.com .In comparison, 28.4% of homes across the country with mortgages have negative-equity, up from 27% in fourth quarter 2010 and 23.3% fourth quarter 2009, reports Zillow.The three U.S. cities with the highest home negative-equity are Phoenix, which ranked first at 68.4%, Tampa, at 59.8%, and Atlanta, at 55.7%. The cities with the lowest percentage of negative-equity homes are Pittsburgh, with 6.8%, Boston at 16.9% and New York City, at 17.1%. If your family is struggling with everyday financial difficulties or if you are facing possible foreclosure of your home, filing Chapter 7 or Chapter 13 personal bankruptcy could help you make a fresh start. Read more…
Good News if You Owe Tax Dollars
In February of this year, the IRS introduced new rules that will limit the harmful effect to your credit score should you get a lien filed against you for a tax debt.
Once upon a time , a tax lien could reduce your credit score by as much as 200 points and remain on your record for seven years. Now, however, explains Tim Chen in Money, “the IRS will grant more taxpayers so-called lien withdrawals that scrub the line blemishes from their credit report as soon as they pay the bill or enroll in an approved payment plan.”
In addition, the feds cannot file a lien unless your total unpaid taxes are over $10,000, an increase from the earlier $5,000. During this difficult economic climate, this could be a welcome relief for already cash-strapped Americans who are trying to make those frayed ends meet.
If you have been thinking about filing Chapter 7 or Chapter 13 personal bankruptcy due to the depressed economy, contact the lawyers at Legal Helpers. We are experienced and knowledgeable in the field of all aspects of personal bankruptcy protection. Cal
International Architectural Group LLC, formerly International Aluminum Corp. of Monterey Park, California, has recently filed Chapter 7 bankruptcy in the Los Angeles U.S. Bankruptcy Court. The suddenness of the filing came as somewhat of a surprise to many companies which had ongoing dealings with the firm, reports Katy Devlin on www.glassmagazine.com.Some employees of International Architectural Group, which is the parent company of United States Aluminum, International Extrusion, International Window Corp. and Raco Interior Products, said that they learned of the bankruptcy filing only the night before or on the day of. Other workers stated that they had recently been informed that the company was for sale, making the bankruptcy filing even more of a shock. Russ Mason, a British Columbia sales rep for US Aluminum stated, “’…The news came as very much a shock to employees and customers alike, as the Langley operation was performing well despite the economic situation. But it is not always easy to see the overall picture and what was going on in the U.S. opera Read more…
Rethinking Retirement Savings
Are you and your spouse pinching pennies instead of enjoying life as you near or are in retirement? Or, are you overly complacent, thinking you have enough money saved to enjoy your retirement years in relative comfort and peace of mind?
These are two all-too-common scenarios for senior citizens as they contemplate their “golden years”, according to an article in the Chicago Tribune by Gail MarksJarvis. Studies show that most Americans retire without really thinking about how much money they will need to live on during their possibly very long retirement years. She writes, “Too often they find later that taxes, inflation and unexpected living expenses are putting them in a precarious position.”
In particular, women, Hispanics, African-Americans and low-income people run a greater risk of outliving their savings. However, in reality, only about 42% of Americans, regardless of incomes, education, race or gender succeed at rationally calculating the amount of savings needed to comfortably retire.
P