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Gary Busey files for bankruptcy with less than $50,000 in assets

Posted on Wednesday, February 8th, 2012 at 8:20 pm    

Yesterday, a statement from actor Gary Busey’s publicist revealed that the actor had filed for bankruptcy. “As with many great American institutions, i.e., General Motors, American Airlines, and others who have utilized the strategic business plan of bankruptcy, Gary’s filing … is the start of a new and clear path toward peace, happiness, and success,” reads the statement.

The actor opted to file for Chapter 7 bankruptcy in California.  Busey’s filing lists assets of less than $50,000, leading many to wonder how the actor, who has been in more than 70 movies and, recently, several reality television shows, has not saved more.  The bankruptcy filing lists debts in the $500,000 to $1 million range, and names creditors like the IRS, Wells Fargo, UCLA Medical Center, and more.

If you are interested in learning more about how filing for Chapter 7 bankruptcy can help your current financial situation, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to speak with one of our experienced bankruptcy lawyers today.

16 percent fewer bankruptcies filed in central Illinois in 2011

Posted on Thursday, February 2nd, 2012 at 4:49 pm    

Last year, 8,821 bankruptcies were filed at the U.S. Bankruptcy Court for central Illinois in Springfield–16 percent fewer than the total number of bankruptcies that were filed in 2010.

10, 498 people filed for bankruptcy in central Illinois in 2010.  Last year’s bankruptcy filings were the lowest in central Illinois in 3 years, when 7,663 bankruptcies were filed in 2007.

1,700 of the bankruptcy filings filed in central Illinois in 2011 were Chapter 13 filings.  Most of the bankruptcy filings were Chapter 7 filings, with more than 7,000 people filing for Chapter 7 bankruptcy at the Springfield court last year.

Nationwide, bankruptcies decreased by 12 percent in 2011.

To learn more about filing for Chapter 7 bankruptcy, contact the Joliet Ch. 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201 today.

Fewer publicly traded companies filed for bankruptcy in 2011

Posted on Monday, January 23rd, 2012 at 6:52 pm    

In 2011, 17 percent fewer publicly traded companies filed for Chapter 7 and Chapter 11 bankruptcy.  In addition, bankruptcies filed by public companies decreased by 58 percent from 2009.

Experts say that the total number of bankruptcies filed by public companies last year was the lowest since 2008, before the recession.  88 companies filed for bankruptcy in 2011 with average assets of $1.2 billion.  These include AMR Corp. and MF Global.

Public companies file for Chapter 7 bankruptcy when they are ready to go out of business, while businesses seek Chapter 11 bankruptcy protection when they want to restructure their debt and continue business.

To learn more about filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201.

Sports agent Lee Steinberg files for Ch. 7 bankruptcy

Posted on Thursday, January 19th, 2012 at 4:59 pm    

Lee Steinberg, the sports agent who inspired the film “Jerry Maguire,” recently sought bankruptcy protection under Chapter 7 bankruptcy.  Chapter 7 bankruptcy allows eligible debts to be discharged, and filers to keep some of their property.

The sports agent says that his struggle to overcome an addiction to alcohol and an employee’s loan from a client negatively affected his financial situation, and led him to file for bankruptcy.  Steinberg’s former clients include major athletes like Troy Aikman, Ben Roethlisberger, and Oscar De La Hoya.

Steinberg’s Chapter 7 bankruptcy filing lists assets in the range of $1 million to $5 million.  Debts were reported to be at least $1.4 million.

If you or someone you know would like to learn more about filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201 to speak with an experienced bankruptcy attorney about your situation.

Rockford developer files for bankruptcy protection

Posted on Wednesday, December 14th, 2011 at 5:39 pm    

A Rockford developer, Chandler Anderson, recently filed for bankruptcy protection.  Anderson is known for his residential redevelopment projects in and around downtown Rockford.

Despite the bankruptcy filing, Anderson states, “I plan to continue to do what I do because people seem to like it.”

According to the developer, a series of unfortunate business decisions he made in the 1990’s caused him to need to seek bankruptcy protection under Chapter 7 bankruptcy.  Chapter 7 bankruptcy allows individuals to liquidate their nonexempt property as a means of paying off debts.

The developer’s Chapter 7 filing lists between $1,000,001 and $10 million in debt and $500,001 to $1 million in assets.

If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy lawyers of The Law Offices of Stuart B. Handelman at 815-722-2201 to learn more about how we can help guide you through the bankruptcy process.

Dental chain lists zero assets in Chapter 7 filing

Posted on Monday, December 5th, 2011 at 3:48 pm    

Allcare Dental Management Inc. recently filed for Chapter 7 bankruptcy, listing $0 in assets and $3.6 million in its filing.  The dental chain had offices in 13 states before suddenly closing them at the end of 2010.

The company currently faces lawsuits from patients in Illinois and several other states.  Since Allcare filed for bankruptcy, a judge involved in the case has asked creditors to withhold from filing claims against the company for the time being.

Under Chapter 7 bankruptcy, Allcare will continue to liquidate its assets and attempt to collect money owed to them from patients and insurers.  The bankruptcy filing shows the company has no cash on hand and does not own any real estate.

If you would like to learn more about the benefits of filing for Chapter 7 bankruptcy, contact the Joliet Chapter 7 bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 815-722-2201 to speak with one of our lawyers today.

City of Harrisburg files for bankruptcy

Posted on Wednesday, October 19th, 2011 at 9:27 pm    

The city of Harrisburg, PA filed for bankruptcy for the ninth time this year due to failure to pay a debt on a trash-to-energy incinerator.  The council made a 4-3 decision against the advice of their Bryn-Mawr based attorney, Mark D. Schwartz.  Schwartz stated, ”This was a last resort…they’re at their wits’ end.”

The city faces a debt burden five times its general-fund budget ranking it the biggest city bankruptcy since Vallejo, CA filed in 2008, according Concord, Massaschusetts-based research firm, Municipal Market Advertisers.

If you or someone you know is considering bankruptcy, it is important you have representation to support you and guide you through this difficult time.  Contact the Joliet bankruptcy attorneys at the Law Offices of Stuart B. Handelman at 815-722-2201.

Bankruptcy causes famous Chicago meat store to close

Posted on Monday, October 3rd, 2011 at 2:39 pm    

A meat store in Chicago that has become an icon after 150 years in business, has announced that it will be closing all four of their locations.

The Moo & Oink stores are located in the West and South side of Chicago and employ nearly 200 people. On Sept. 9, the employees were told that the doors would be shutting and that they would not be getting severance.

An investor group was hoping to buy the company to keep the store intact, but instead a lawyer for the company will be taking over the assets in order to sell them.

If you or a loved one are concerned with your finances, you need experienced representation on your side in order to make this time less intimidating. Contact the Joliet chapter 7 bankruptcy lawyers of the Law Office of Stuart B. Handelman by calling 815-722-2201 today.

Pat & Oscar’s restaurant files for bankruptcy

Posted on Thursday, September 29th, 2011 at 3:55 pm    

The restaurant, Pat & Oscar’s, has announced that they have filed for Chapter 7 bankruptcy. Although, they have filed to liquidate their assets, the franchises of the parent company have stated that they will remain open.

Pat & Oscar’s management took over in 2009 and there are now 11 locations, which are all franchised. The management has been trying to make the business more profitable for quite a few months, but it has not been enough to keep the parent company in business.

The future of each franchise is still in question without a parent company intact. The parent company of Pat & Oscar’s has liabilities of $4.1 million and assets of $331,459.

If you are financially unstable and not sure how to proceed, you need experienced representation on your side. Contact the Joliet chapter 7 bankruptcy lawyers of the Law Office of Stuart B. Handelman by calling 815-722-2201 today.