Tag Archives: Bankruptcy

American Apparel Files for Chapter 11 Bankruptcy

Earlier today, American Apparel filed for Chapter 11 bankruptcy.  The LAist published a post with further details about the filing available here.  The article cites to the company’s debt issues and the legal bills related to the sexual harassment lawsuits, defamation, corporate shareholder disputes, and an unlawful termination lawsuit involving their former CEO, Dov Charney, as the root of the need for a bankruptcy filing.  With a lack of liquid assets and huge amounts of debt resulting in significant interest payments, the corporation created a financial restructuring model which they hope to have accepted by the Delaware bankruptcy court and trustee.  Read more about the bankruptcy details in this recently published LA Times article.

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Dealing with Debt

Remember to seek out resources when you are dealing with your New Year resolutions.  If your 2015 goal is to deal with your debt, check out these helpful websites (listed below) and articles that offer a different way of thinking about money.

Mohammad Majd’s Article on CNN Money About Investing

Federal Trade Commission’s Guide on Dealing with Debt

Equal Justice Work’s Student Debt Relief Webinars

Department of Education’s Repaying Your Student Loans Website

National Student Loan Data System’s (NSLDS) Website for accessing a full list of your public, not private, student loans

Free credit reports through AnnualCreditReport.com from Equifax, TransUnion, and Experian (Please note that at the time I did this posting, the AnnualCreditReport.com website was down… hopefully, it will be back up soon.)

Harvard’s Guide and Descriptive Chart to Bar Exam Loans that is helpful for anyone in need of a bar loan

The links I listed above are free.  However, if you are overwhelmed and you would rather pay someone to help you with your debt problems there are two agencies I am aware of that are not scams.

The first agency is Student Loan Giant.  This company helps graduates deal with their student loan debt by either reducing it, consolidating it, or offering debt advice.  If you are eligible for a payment reduction on your loans or loan forgiveness, then they do the paperwork for you for a fee.  The company is based out of Florida, but they help graduates across the nation and in most states.  I heard about this program when I need a bankruptcy consult.  I spoke with one of the masterminds behind Student Loan Giant, Ric Feinberg, who is an expert in bankruptcies.  While he no longer practices law because he fully dedicates his time to assisting graduates with their student loan debt, my conversation with him was very insightful and informative.  I am happy to say this is one of those companies that is not a scam.

The second agency is Valley Credit Repair.  This company helps people repair their credit for a fee.  Kim Carpentier, the owner of Valley Credit Repair, is based out of Andover, Massachusetts, but he deals with debtors across the entire state.  He spoke at a Worcester County Bankruptcy Bar event and he talked about the different ways to repair a person’s bad credit.  Also, this company is not a scam.  So, if you need to repair your credit, he can be a good resource.

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New Bankruptcy Filing Fees for Massachusetts

Effective December 1, 2014, the U.S. Bankruptcy Court of Massachusetts will be increasing some of their fees.  Most notably, the Bankruptcy Court emphasized these two changes in an email message:

  • An increase to $207 upon acceptance of a direct bankruptcy appeal to the Court of Appeals.
  • A new $25.00 fee to file a Motion to Redact Previously Filed Records in a Bankruptcy Case.

A full listing of bankruptcy fees can be accessed here.

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NCLC Consumer Law Conference Nov. 7-10, 2013

I want to draw your attention to the National Consumer Law Center‘s (“NCLC”) Annual Conference scheduled for November 7 to November 10th in Arlington, Virginia.  NCLC is well known for their extensive guidebooks on consumer law ranging from topics about student loans to foreclosure law to credit reporting.

The organization just released the agenda for the Consumer Law Conference and the program is filled with hot topics about class actions, the new Consumer Financial Protection Bureau (“CFPB”) regulations, maximizing damages, loss mitigation, litigating debts, and much more.  A full schedule with speaker bios and panel names is available here.  If you want to register for the NCLC Conference, click on this link here to access their website.  NCLC will also offer, for an additional fee on top of the regular registration fee, a one day symposium at the end of the conference on either bankruptcy for distressed homeowners or class actions in consumer law.

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Casey Anthony Files for Chapter 7 Bankruptcy

On Saturday, NBC News reported that Casey Anthony filed for Chapter 7 Bankruptcy in Florida.  Disregarding all the publicity that she has received and the recent Casey Anthony Lifetime Movie, Anthony alleges that:

[S]he had only $1,084; here are her main debts, according to the Sentinel report:

  • About $500,000 to defense attorney Jose Baez
  • $145,660.21: Orange County Sheriff’s Office
  • $68,540: Internal Revenue Service
  • $61,505: Florida Department of Law Enforcement
  • $10,283.90: to the Metropolitan Bureau of Investigation.”

In total, according to the Daily Beast article, Anthony owes “roughly $792,000” and the majority of the debt is for her defense attorney.

Even though Anthony’s criminal trial is over, she still has three active civil lawsuits.  The jury found Anthony not guilty of the murder of her two year old daughter in her infamous criminal trial.

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