Recent Blog Posts

Wipe Out Credit Card Debt with Chapter 7

South Texas Bankruptcy Lawyer — Sun, 13 May 2012 19:30:00 GMT

Do you have a lot of credit card debt? Are you barely able to keep up with your bills because you owe so much on your credit lines? If so, you may want to speak with a South Texas bankruptcy lawyer from our firm about Chapter 7 bankruptcy. Unlike Chapter 13 bankruptcy where you are responsible for repaying your creditors any debt that you owe, Chapter 7 erases your debt. This means that instead of having to pay off the balances on your credit cards, you can start over with a clean slate. For many people, filing for Chapter 7 bankruptcy can provide great relief as they are able to confront their debt once and for all.

If you want to learn more about Chapter 7 in Texas, contact the Malaise Law Firm to arrange an initial consultation. Not everyone can file for Chapter 7 as you must meet state eligibility requirements. By speaking with an attorney, you'll know if you qualify for this type of bankruptcy so you can take appropriate steps to eradicate your debt and regain your financial footing.

Slight Increase Reported for Bankruptcy Filings in Tennessee

South Texas Bankruptcy Lawyer — Sun, 06 May 2012 19:20:00 GMT

Across the nation states are continuing to experience fluctuations in bankruptcy rates. In some areas like West Tennessee, there has been a slight increase in bankruptcy filings over the past few months. According to the United States Bankruptcy Court for the region, there were 3,063 bankruptcies filed in Shelby County during the first quarter of 2012. This includes figures for the three most popular types of bankruptcies - Chapter 13, Chapter 11 and Chapter 7. This represents a 2.8% increase from the same period a year before.

Of those, Chapter 13 bankruptcies saw the greatest increase of 7.5%. This type of bankruptcy, also referred to as "wage-earner" bankruptcy, allows the debtor to restructure debts in order to pay financial obligations off in a more timely fashion. The month of February had the highest number of Chapter 13 bankruptcies filed, 763 in total, followed by March and then January. If you are on the verge of filing for bankruptcy and want to enlist the help of a South Texas bankruptcy lawyer that can protect your best interests financially, contact the Malaise Law Firm to arrange a time to speak with an attorney from our office.

Ice Companies Facing Economic Hardships File for Bankruptcy

South Texas Bankruptcy Lawyer — Sun, 29 Apr 2012 14:30:00 GMT

A packaged ice provider has filed for bankruptcy in an attempt to regain its footing in the industry. After the federal government stepped in during 2007 with several probes and investigations, the company hopes to regain solid ground and enjoy profits once again. At that time, the company, along with two other large-scale companies in the same industry, was accused of working together to eliminate smaller rivals. Millions of dollars later, the company found itself in debt after multiple lawsuits and investigations. Now the business hopes to either merge with a fellow competitor or be purchased outright. In addition to the multiple lawsuits both companies faced, the industry has been met with resistance as consumers have started to make their own ice in an attempt to cut costs.

Due to falling stock prices, the two top packaged ice companies lost a total of $300 million over the past several years. If the deal goes through as anticipated, the companies will be able to emerge from Chapter 11 by the beginning of next year. If you are a business owner that is drowning in debt, take the time to consult a South Texas bankruptcy attorney as soon as possible by contacting the Malaise Law Firm. We can review your financial circumstances and let you know if Chapter 11 is ideal for your organization.

LaGrave Field to go Through Foreclosure Auction

South Texas Bankruptcy Lawyer — Sun, 22 Apr 2012 15:05:00 GMT

A baseball team might be losing its stadium after its owner failed to save it from foreclosure. The Fort Worth Cats will lose LaGrave Field at a foreclosure auction scheduled for next month. Owner Carl Bell was working on a compromise with its largest creditor, Amegy Bank, but the deal fell through. Despite weeks of mediation, Bell has conceded to sell the stadium that he built in order to settle the $12.9 million debts that have led to foreclosure. This came after Bell filed for Chapter 13 bankruptcy in a last-ditch effort to save the property from foreclosure. However, the bank had already claimed the 13-acre property and was intent on selling it.

Although the bank has not stated that it will tear down the structure, the future of the stadium is uncertain. The property itself has been valued at nearly $5 million, which could make it more valuable as land than as a stadium. Facing bankruptcy in the state of Texas? Get immediate legal help and counsel by contacting the Malaise Law Firm to speak with a knowledgeable South Texas bankruptcy lawyer from our office.

Timber Company Facing Financial Loss and Legal Trouble

South Texas Bankruptcy Lawyer — Mon, 16 Apr 2012 02:45:00 GMT

One company is experiencing not only financial loss, but possible legal trouble as well. The Chinese timber company filed for bankruptcy this year just months after being accused of committing fraud. There are already talks of selling the company to bondholders in order to satisfy its mounting debts. Earlier this month the company filed for bankruptcy under the Companies' Creditors Arrangement Act in Ontario. The company is in talks with its bondholders to either sell to an agreeable third-party or to restructure its debts. If the company opts for the second option, the bondholders will retain ownership of the company but significant changes will be made.

The company found itself in trouble with the law when a financial report claimed last year that executives were inflating their profits. When the bondholders read the report, the company lost $3.3 billion in market value over the following months. Once the largest forestry company in China, it has not been able to keep up with the market competition as of late. Addressing business-related debt can be scary and confusing. For this reason, if you are thinking about filing for business bankruptcy, help yourself by contacting the Malaise Law Firm to enlist the guidance of an experienced South Texas bankruptcy attorney that can provide insight, help and representation.

Small Airline Wants to Convert from Chapter 11 to Chapter 7

South Texas Bankruptcy Lawyer — Sun, 08 Apr 2012 21:45:00 GMT

A small airline has decided that it will not be able to resume operations as it had originally planned. The company is now petitioning to have its Chapter 11 bankruptcy converted into a Chapter 7 bankruptcy. The trustee overseeing the bankruptcy case spoke about his concerns with a federal judge this week. He explained that the company did not have enough revenue to resume flights. As it stands now, all flights have been grounded until the bankruptcy has been completed. The trustee went on to say that the company continues to show liabilities, proving that it will not be able to compete with similar airlines in the future.

Should the case be converted to Chapter 7, the airline would then be able to sell off its assets in order to pay creditors. The company stopped flying as of March 12^th, leaving hundreds of passengers stranded in various cities. It had originally planned on resuming flights in mid-May. Wondering if bankruptcy is the right choice for you? Do you want to get your finances back on track? If so, get answers to your pressing questions now by contacting the Malaise Law Firm to enlist the advice and counsel of a knowledgeable South Texas bankruptcy attorney! We can review your financial circumstances and provide you with answers.

Chapter 7 Isn't Always an Option

South Texas Bankruptcy Lawyer — Sun, 01 Apr 2012 18:15:00 GMT

Think that filing for Chapter 7 bankruptcy will take care of all your financial problems? If so, you should know that not everyone qualifies for this type of bankruptcy and those that are eligible have to prove that they need Chapter 7 bankruptcy to help fix their debt issues. Depending on the types of debts that you have accrued, you may or may not qualify for Chapter 7 bankruptcy. Certain debts cannot be discharged, such as alimony, child support or student loans. If the bulk of your debts come from these types of financial matters, Chapter 7 may not be the right choice for you. However, debts that come in the form of late mortgage payments, medical bills, credit card debts and car loans are dischargeable under Chapter 7 bankruptcy law.

Should you not qualify for Chapter 7 due to the types of debts that you owe or your income, you might still qualify for Chapter 13 bankruptcy. This type of bankruptcy will allow you to repay the debt you owe over the course of 3 to 5 years and may enable you to keep your assets as you repay your creditors. If you are considering consumer bankruptcy in Texas, take the time to consult a South Texas bankruptcy lawyer from our team before you file any paperwork. To schedule your case evaluation, contact the Malaise Law Firm now.

Defective Stroller Producer Files For Chapter 7 Amidst Lawsuits

South Texas Bankruptcy Lawyer — Sun, 25 Mar 2012 20:03:00 GMT

A company that garnered national attention after selling faulty strollers quietly filed for bankruptcy this month. News of the Chapter 7 filing is just now making splashes in the blogosphere and mainstream media. The majority of the money that the company owes appears to be linked to seven lawsuits that involve children whose fingers were amputated by the strollers. This is bad news for those families who are involved in litigation with the company since a Chapter 7 bankruptcy filing could mean that any lawsuits against the company could be dissolved by a federal judge.

After the lawsuits started pouring in, the company supposedly stopped distributing its products. However, one of its affiliate companies was recently discovered distributing its products in North America. The company is currently avoiding phone calls from reporters asking about the bankruptcy filing and how it will affect the existing lawsuits with families affected by the faulty baby products. Business bankruptcy is never easy which is why those involved in such filings are encouraged to work with a South Texas bankruptcy lawyer from our team. To enlist our help throughout your bankruptcy case, contact Malaise Law Firm today!

Increase Reported for Companies Filing for Bankruptcy More Than Once

South Texas Bankruptcy Lawyer — Sun, 18 Mar 2012 20:00:00 GMT

Ever heard of Chapter 22 bankruptcy? It is actually a made up term that refers to companies that have to file for bankruptcy protection more than once. Just three months into 2012 there has already been an increase in companies filing for bankruptcy protection for the second time around. Of the seventeen public companies that have filed for bankruptcy protection, four have already been through the process at least once. One company, Filene's Basement, has filed for the third time in the past 12 years.

Financial experts say that companies can use the bankruptcy system to emerge from difficult financial times more easily than trying to confront economic hardships alone. If your company is struggling to make ends meet, it might be time to consider filing for bankruptcy. To learn more about Chapter 11 and the process involved, contact the Malaise Law Firm today to discuss your situation with an experienced South Texas bankruptcy lawyer who will have your best interests in mind.

American Airlines Claims Loss of $234 Million Last January

South Texas Bankruptcy Lawyer — Mon, 12 Mar 2012 02:00:00 GMT

The parent company of a national airline is busy working out bankruptcy agreements with several creditors. The owner of American Airlines announced last week, however, that it lost over $234 million in just January of this year. AMR Corporation is currently under bankruptcy protection. Its team of lawyers is working out plans to restructure debts that number in the tens of millions of dollars. The company currently owes $155 million in aircraft financing and another $15 million for legal fees. As part of a press release issued earlier this month, the company spoke about its revenue of $2.03 billion. However, $601 million of that went to wages while another $704 million was spent on fuel worldwide.

After filing for bankruptcy last November, company officials have announced their intent to cut jobs. A total of 13,000 people are expected to lose their jobs in 2012 in order to complete the bankruptcy filing successfully. Those employees that get to keep their jobs can enjoy cuts in pay and benefits. Going through business bankruptcy is never easy and can be draining not only financially, but emotionally. For this reason, business owners in Texas planning to file for Chapter 11 are encouraged to contact the Malaise Law Firm to enlist the help of an aggressive South Texas bankruptcy lawyer from our office.

Actor Files for Chapter 7 Bankruptcy due to Debt

South Texas Bankruptcy Lawyer — Sun, 04 Mar 2012 17:15:00 GMT

Despite his recent attempts to get back into the limelight, actor Gary Busey is saying he is broke. The aging actor filed for Chapter 7 bankruptcy last week in California. William Busey, better known as Garey Busey, 67, filed for bankruptcy protection last week. In his bankruptcy papers, Busey listed debts of $500,000 to $1 million with assets under $50,000. He has several creditors to consider, including the woman who filed a lawsuit against him last year. This came after Busey reportedly tackled her at a Tulsa airport and caused minor injuries.

His manager is trying to spin the bankruptcy filing in a positive light. He has stated that his client is filing for bankruptcy in order to get past the "unfortunate choices, associations, events and circumstances" that have been linked with the actor over the past few years. When you find yourself unable to make any of your debt payments, it may be time to consider filing for bankruptcy. Contact the Malaise Law Firm today to enlist the help of a South Texas bankruptcy attorney that can help you navigate through your financial options.

Brokerage Firm Accused of Using Customers' Money to Cover Debt

South Texas Bankruptcy Lawyer — Mon, 27 Feb 2012 03:20:00 GMT

A large brokerage firm that filed for bankruptcy last year is running into trouble with its customers. The trustee in charge of the large bankruptcy case recently discovered that the company used customer funds to try and keep the brokerage firm afloat. The company filed for bankruptcy last October. Upon reviewing the financial documents turned in for the bankruptcy filing, the trustee learned that company executives used cash transactions to cover the company's debts. This money, an estimated total of $105 billion, came mostly from customer accounts. While most of this money has been found, $1.5 billion has yet to be located.

Although it will take time, the trustee has plans of reimbursing the customers. However, he must first determine which cash transactions came from customer accounts before deciding who to reimburse. The trustee will then file claims to have the money returned to the customers before the bankruptcy filing has been completed. Have questions related to your bankruptcy filing in Texas? If so, get answers from a knowledgeable South Texas bankruptcy attorney by contacting the Malaise Law Firm.

Tax Preparer to Pay Large Fine Despite Bankruptcy Filing

South Texas Bankruptcy Lawyer — Sun, 19 Feb 2012 19:05:00 GMT

A tax preparer has been ordered to pay over $46,000 for failing to heed a judge's order. As a result, she has filed for Chapter 13 bankruptcy. D.G.B. worked as a tax preparer in Wisconsin for about a year. In 2010, however, she was told that she could not work as a preparer after she failed to provide proper counseling to her clients. She did not heed the warning and continued working with clients. As a result, many of her clients had tax documents that were incorrect or contained many errors.

Since D.G.B. went against the order to stop working, a judge fined her over $46,000 as per federal law. Her own bankruptcy filing is likely to be thrown out, one insider says, since she did not include several vital documents. D.G.B. is one of six tax preparers that have been named in federal cases in Wisconsin alone last year. Filing for bankruptcy is never easy as there are many legalities involved. For this reason, if you're filing for bankruptcy in Texas, contact the Malaise Law Firm to enlist the services of a South Texas bankruptcy attorney from our team so we can offer your assistance.

Bankruptcy Filings Drop in January in South-Central Texas

South Texas Bankruptcy Lawyer — Sun, 12 Feb 2012 19:50:00 GMT

Many areas of the country are seeing a slow return to how the economy was before the recession. One such area, South-Central Texas, saw a significant decline in bankruptcy filings last month when compared to the same period just one year before. According to a bankruptcy court in Texas, there was a 25% drop in bankruptcy filings last month when compared to January 2011. In total, there were 287 bankruptcy filings. Last year 385 businesses and individuals filed for bankruptcy in South-Central Texas alone.

Most of the decline was attributed to a drop in Chapter 13 bankruptcy filings. Chapter 7 bankruptcy filings also dropped about 13 percent in January. Are you considering bankruptcy? This is a serious decision that can affect the rest of your life. Before you make any final decisions, contact the Malaise Law Firm to speak with a South Texas bankruptcy attorney that can guide you through the Texas bankruptcy process.

Stopping Creditors with Chapter 7 Automatic Stay

South Texas Bankruptcy Lawyer — Sun, 05 Feb 2012 22:00:00 GMT

Are creditors calling you day and night? If so, you should consider filing for Chapter 7 bankruptcy so that you can receive an automatic stay. Anyone that is approved for Chapter 7 bankruptcy is given an automatic stay by the court. This legal term means that your creditors are not allowed to contact you during the period of your bankruptcy filing. Should one of your creditors proceed to collect payments on your debt, you have the legal right to file a lawsuit against that person/collection company.

Not everyone who applies for Chapter 7 bankruptcy is qualified. You must show that you qualify for this type of bankruptcy based on your collective debts and current/future financial circumstances. If you are approved for Chapter 7 bankruptcy, the court may ask you to sell off your assets in order to satisfy your debts. Most debts that are deemed to be unsecured, such as credit card debts, will be dismissed upon successful completion of your Chapter 7 bankruptcy filing. Should you have questions related to your Texas Chapter 7 filing, contact the Malaise Law Firm now to get immediate answers from a knowledgeable South Texas bankruptcy lawyer from our office.