The Real Housewives TV series on Bravo is leading to real life bankruptcy. There have now been a total of four housewives who have declared bankruptcy. The most recent housewife to file for bankruptcy is Danielle Staub who stands to lose assets valued between $500,000 and $1 million. It’s hard to imagine how people who are well off financially end up losing it all. The truth is bankruptcy can happen to anyone, even the rich and famous. People get caught up in the excitement of having money and forget how to manage it properly. Before thinking about filing for bankruptcy,…
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Dewey & Leboeuf, once one of the largest law firms in the world, operating in over a dozen countries including Abu Dhabi and Doha, filed for Chapter 11 protection in May. The firm was conceived in 2007 after a merger between Dewey Ballantine and Leboeuf, Lamb, Green & MacRae, and it seemed to be a promising business in its first few years. However, some say that the greed of former chairman, Steve Davis, ultimately destroyed the colossal firm. Davis was determined to attract the best attorneys from across the world, and he proved successful in the beginning, recruiting thousands of…
After a Long Struggle to Keep the Coyotes in Phoenix, the NHL May Finally Announce Agreement to Sell Tonight at Playoff Game7 May 2012 by arizonabankruptcy | Bankruptcy Process, Chapter 11 Bankruptcy, Filing for Bankruptcy, General Bankruptcy, National News | No Comments
The Phoenix Coyotes moved from Winnipeg where the team played as the Winnipeg Jets. It is said that the team has built up several hundred millions of dollars in debt since the move. The NHL secretly took over control of the team on November 14, 2008 after firing CEO, Jeff Shumway. At the time, it was reported that the Coyotes had lost $73 million in the past three years, including $54 million in 2008 alone. On December 23, 2008, the team pledged all of their assets to SOF Investments LP, a New York Company, to cover a projected debt of $80 million.
Nadya Suleman, known by many as the “Octomom,” filed for Chapter 7 bankruptcy in California on Monday. She admitted that she has accumulated over $1 million in debt, owing money to the city’s water department, Sylvan Learning Center, Whittier Christian School, and her father. A court-appointed trustee will liquidate her assets, estimated at $50,000, before she is discharged from the remainder of her debt. At the time of her filing, Suleman owed 20 times more than her total net worth.
Baseball team owner, Frank McCourt must be having his best week in months. He was able to sell the Los Angeles Dodgers to a group of investors, including NBA Hall of Famer, Magic Johnson for $2.15 billion. Sources say that McCourt was originally hoping for at least $1.5 billion. He is likely glad that he passed on the previous bids offered since the Dodgers were first put on sale last November.
The company responsible for Ho Hos, Twinkies, and Ding Dongs has announced that it has filed for bankruptcy protection. Hostess Brands has filed for Chapter 11 bankruptcy once before, in 2004 when it was under the name Interstate Bakeries Corp. The company recently came out from a financial restructuring process in 2009 with changes that the company now considers as “insufficient.”
Eastman Kodak Co., the notoriously innovative company that was credited with making the camera financially assessable to the greater public, is considering filing for Chapter 11 bankruptcy, according to the Wall Street Journal. How did a company that was once so successful end up in such a rut?
While it may be general practice among other law firms to pass these increased costs along to the client, at JacksonWhite we have elected to absorb some of the miscellaneous costs associated with filing bankruptcy. We hope to keep the total money coming out of your pocket as minimal as possible.
U.S. consumer bankruptcy filings totaled 1,044,722 nationwide during the first nine months of 2011 (Jan. 1-Sept. 30), a 10 percent decrease from the 1,165,172 total consumer filings during the same period a year ago, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). September consumer bankruptcies decreased 17 percent nationwide from
September 2010. The data showed that the overall consumer filings total for September reached 108,517 down from the 130,329 consumer filings recorded in September 2010.
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