Articles Posted in Bankruptcy

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…

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…

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…

Cyril Gordon Lunn is a Nova Scotia man who made it rich in Massachusetts real estate and fled across the border back to Canada on a snowmobile to avoid criminal prosecution. In 2016, a Nova Scotia Appeals Court ruling wrote this about Cyril Gordon Lunn regarding his extradition to the U.S. on charges of bankruptcy…

The Albany Times Union is reporting that the pressures that caused Detroit to go into bankruptcy also exist here in New York State due to “stagnant or shrinking tax base caused by declining population and de-industrialization as well as swelling legacy costs for pensions and health care for retirees.” …the state constitution sets limits on…

Many real estate owners are confronting the worst housing market in decades. Foreclosures and loan defaults are at an all-time high and refinancing is difficult even for creditworthy homeowners. As a result, bankruptcy has become the favorable choice for many property owners facing foreclosure. Here are some of the ways bankruptcy can help: The filing…

You just lost your job, you got divorced or you had a medical emergency. Your money is running out. You are in a panic. What do you do? Most folks think Bankruptcy is the last thing they want to do. Maybe they are right. But, if you are in this situation, here are five things…