Bankruptcy Chapters

There a few common myths about bankruptcy that are important to note if you are deciding whether or not to file for it.

First, it is commonly thought it is better for you to transfer assets and property to family and friends so that you can get it back after emerging from bankruptcy. This includes money, cars, and stocks.

Another myth is that you can settle your financial issues by cashing out your 401 (K) plan or IRA.  The reason for this is because those are two of the items that are protected from bankruptcy. Therefore, if you emerge with nothing else, you will still have these.

Also, filing for bankruptcy does not mean that child support and alimony obligations will disappear because you will still have to pay these, regardless if you file for Chapter 7 or 13.

Tags: Bankruptcy, Common Myths

Nadya Suleman, who has been deemed ‘Octomom’ by the media, has sought Chapter 7 bankruptcy protection. The single mother of 14 has been trying to support her large family on food stamps and Social Security disability checks.

Her debt has rapidly increased, and she owes close to $1 million to several different creditors. Suleman listed her assets at $50,000, and claims that she has no way of paying this large amount of debt on her own.

Suleman believes that this filing is the best thing for her and her children at this time. She is hopeful that she will be able to provide for her family after emerging from bankruptcy.

Tags: Bankruptcy Protection, Nadya Suleman

On Monday, about 400 people volunteered with City Year of Milwaukee to honor Dr. Martin Luther King, Jr.s commitment to civil rights and service.  The organization says that MLK Day is their biggest service day of the year.

One of the projects City Year planned involved 5 hours of work to beautify and repair Alexander Hamilton High School.  More than 50 students showed up at the school on their day off to help with the projects.

City Year of Milwaukee used a grant from Volunteer Wisconsin to purchase equipment and materials needed for their MLK Day service projects.  Volunteer Wisconsin helps organize service projects and groups throughout the state.

The Milwaukee bankruptcy lawyers of DeLadurantey Law Office, LLC would like to thank all who participated in service projects to better the community, Milwaukee, and the state of Wisconsin.  Read more about some of the MLK Day of Service events at the Milwaukee Journal Sentinel website.

Tags: Day, Mlk Day

Fruit basket and gifts retailer Harry & David Holdings Inc. has filed plans to exit Chapter 11 bankruptcy protection in late summer.

According to a reorganization plan filed Monday, the Medford, Oregon-based company will be able to convert all of its $200 million in outstanding notes into equity and raise $55 million in equity financing after it emerges from Chapter 11. The equity financing will be used to pay down debt.

The company entered Chapter 11 bankruptcy protection in March after struggling to remain afloat during the recession. Harold & David said the reorganization plan has the support of its official committee of unsecured creditors and about 81 percent of the company’s noteholders.

Tags: 11 Bankruptcy, Bankruptcy, Chapter 11, Chapter 11 Bankruptcy

Michael Vick is close to emerging from bankruptcy after filing for Chapter 11 protection in July 2008. The NFL player had 45 claims against him for a total of nearly $20 million after being convicted of dog fighting. He is now $350,000 away from being debt-free.

His financial comeback is in great part to his $100 million contract with the Philadelphia Eagles. He joined the team in 2009 after being released from prison and brought the team to the playoffs a year later.

Vick also has signed huge endorsement deals since coming back to the NFL. Nike has renewed its contract with him and he has signed endorsements with Unequal Sports, MusclePharm, and Core Syngery.

If you hare struggling with your finances and are considering filing for bankruptcy, contact the bankruptcy lawyers of DeLadurantey Law Office, LLC by calling 414-377-0518.

Tags: Bankruptcy, Michael Vick