Posted on April 12th, 2010
General contractor Brian M. Marshall has asked the courts to dismiss his bankruptcies or convert them to liquidation cases under Chapter 7, following a $691,000 loss in equity by Initech, one of his many companies. Marshall filed for Chapter 11 bankruptcy for his now defunct Fireline Restoration Inc., Initech Restoration, Marshall Investments LLC, Marshall Aviation LLC, and numerous others.
The North Carolina-based Branch Banking & Trust Co. has filed lawsuits to foreclose on much of Marshall’s real estate. BB&T is also attempting to repossess a Ferrari, Porsche, Bentley, and Land Rover, according to court records. This follows the repossession of Marshall’s 45-foot SeaRay by BB&T, as well as his Gulfstream jet last year by another lender. BB&T is seeking to collect $21 million in loans.
Marshall’s actions follow the discovery that his companies had executed a “fantasy land of fraud” to increase stock prices for his various company’s shares, according to the Securities and Exchange Commission.
If you are suffering financial difficulties and want to discuss your options when it comes to repossession, or in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.
Posted on April 8th, 2010
Consumer bankruptcy filings have not been curbed despite the recent economic upturn. Chapter 7 bankruptcy filings were up 14% in February of 2010 compared to February of 2009. This number was also an increase of 9% from the number of filings in January, indicating an uncomfortable trend.
According to Samuel Gerdano, American Bankruptcy Institute executive director, this is the result of years of overspending and increased debt-stress catching up with individual customers.
Stricter bankruptcy laws implemented in 2005 were meant to decrease the number of Chapter 7 bankruptcy filings by requiring those with a regular income to repay their debt in full or in part over a period of several years under Chapter 13 bankruptcy. Instead, Chapter 13 bankruptcy filings have decreased by 3% from the number of filings this time last year.
If you are suffering financial difficulties and need consultation in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.
Posted on April 1st, 2010
Individuals who file for Chapter 13 usually are able to switch to a Chapter 7 bankruptcy filing. In order to make the switch, individuals should consult their attorney and notify the court.
However, some individuals are not qualified to make the switch if they have filed for Chapter 7 in the last 8 years. If they are not qualified, they still have the option of canceling their Chapter 13 by notifying the court.
If you or anyone you know is considering switching from Chapter 7 to Chapter 13, contact the Milwaukee Chapter 13 bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on March 26th, 2010
A Wisconsin auto dealer filed for Chapter 7 bankruptcy last month. According to court reports, the man owed more than $80 million and had assets of less than $8 million.
Many of the liabilities were obligations to creditors. The auto dealer apparently will sell off certain assets to help pay off his outstanding debt.
If you or anyone you know has considering filing for bankruptcy, contact the Milwaukee Chapter 7 attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on March 5th, 2010
VitalMedix Inc. of Hudson filed for Chapter 7 bankruptcy this week. The Wisconsin biotech company moved from Minnesota last fall.
However, the company was unable to fix its debt problems and was forced to file for Chapter 7 in a Minnesota court. The bankruptcy filing was meant to give the company relief from some of its debts.
If you or anyone you know has considered filing for bankruptcy, contact the Milwaukee Chapter 7 bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on February 18th, 2010
While filing for bankruptcy can help individuals discharge a number of debts, some debts cannot be discharged. Repaying these debts is treated differently under Chapter 7 and Chapter 13 bankruptcy.
Non-dischargeable debts include most income taxes. These taxes, however, may be discharged if the tax is more then three years old and the tax return was filed on time and correctly.
If you are considering a personal bankruptcy filing, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on February 4th, 2010
Milwaukee officials say that recent job losses have contributed to a recent rise in foreclosures in the city. The increase in unemployed citizens, coupled with the loss of unemployment benefits for many out-of-work individuals can be linked to the rising foreclosure rates. City officials say that the foreclosure crisis affecting the city can have a serious effect on it’s financial outlook. Milwaukee has received federal money to help with homebuyer assistance and other programs to help boost the economy and slow down the increasing foreclosure rate.
If you are struggling to make regular payments on your important debts, you may wish to consider filing for bankruptcy. For assistance with your claim, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office at 414-377-0518.
Posted on January 22nd, 2010
A discharge releases a debtor from personal liability for certain types of debts. When a discharge is initiated, the debtor usually no longer must repay his or her obligations to certain creditors.
However, not all debts may be discharged. The types of debts that may be discharged often depends on state law and the type of bankruptcy.
If you have questions about your bankruptcy filing, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on January 22nd, 2010
When individuals file for bankruptcy, they are often worried about the long-term consequences. One consequence is that a notification of a bankruptcy filing will stay on their credit report.
This length of this notification depends on the type of bankruptcy. The notification will stay on a credit report for 10 years under Chapter 7 and 7 years under Chapter 13.
If you or anyone you know has considered filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on January 6th, 2010
Bankruptcy filings rose 32 percent in 2009 compared to 2008. According to statistics from the National Bankruptcy Research Center, 1.3 million individuals and businesses filed for bankruptcy.
The uptick in bankruptcy filings was largely a result of the economic recession. As the recession caused many individuals to lose their jobs and other sources of income, many individuals and families had trouble paying off their debts and were forced to file for bankruptcy.
If you or anyone you know has considered filing for bankruptcy, contact the Milwaukee Chapter 7 bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.
