Former NBA star Allen Iverson could soon be heading for bankruptcy following a Georgia judge’s decision to garnish Iverson’s bank accounts and earnings due to his inability to pay back $860,000 he owes to a jeweler.

Iverson, an 11-time NBA All-Star player, earned an estimated $154 million during his professional career, not including endorsement deals. Financial woes are all too common for professional athletes, especially after retirement. The NBA Players’ Association warns rookies that 60 percent of NBA players go bankrupt five years after their last paycheck.

His financial troubles are believed to stem from his large personal entourage, usually averaging nearly 50 people, hiring a hair stylist to travel with him to games, and buying lavish jewelry.

If you are having problems paying back debts, contact the bankruptcy lawyers of the Law Offices of Russell Van Beustring, P.C. at 713-973-6650.

This week General Motors announced it had made record profits last year, knocking Toyota Motors down to be the world’s largest automaker. In 2011, Toyota beat GM’s seven-decade reign as the best-selling car maker in the world.

GM emerged from bankruptcy two years ago following the highly controversial government bailout. In 2011, GM sold 9 million vehicles world wide, a 7.6 percent increase. The company’s profit increased 62 percent to $7.6 billion. This is the first time in nearly eight years that Ford Motor, Chrysler Group, and GM have all been profitable at the same time.

In lieu of the good news, GM’s stock has increased by six percent today to $26.42 a share.

If your business is on the brink of bankruptcy, contact the business bankruptcy lawyers at the Law Offices of Russell Van Beustring, P.C. by calling 713-973-6650 today.

Actor Gary Busey announced last week that he had filed for Chapter 7 bankruptcy, revealing a debt of $500,000 to $1 million.

The “Lethal Weapon” star, who recently took part in the reality show “Celebrity Wife Swap,” says he owes money to the IRS, various lawyers, Wells Fargo, UCLA Medical Center, and a storage company. A woman who filed a lawsuit against Busey last November for allegedly tackling her in an airport is also listed as a creditor.

According to the bankruptcy papers, he estimates his assets at $50,000 or less. Busey’s rep says the filing has been a years-long process and believes the filing will help him get his career and personal life on the right track.

If you would like to learn more about your rights and options when filing for Chapter 7 bankruptcy, contact the Chapter 7 bankruptcy lawyers of the Law Offices of Russell Van Beustring, P.C. at 713-973-6650.

According to a new report by the National Association of Consumer Bankruptcy Attorneys, the increasing debt of student loans could be the next bankruptcy crisis, similar to the mortgage fiasco.

Student loan debt now exceeds the total credit card debt, totaling $1 trillion compared to $798 billion. The report urges for a change in bankruptcy laws that will help former students plagued by large debts to have the same chance to have a clean start as people filing for bankruptcy.

Some bankruptcy lawyers believe that student debts should be discharged in bankruptcy proceedings and give people a chance to pay off the debts over a longer period of time.

If you have been struggling with debt and are considering filing for bankruptcy, contact the bankruptcy lawyers of Russell Van Beustring, P.C. by calling 713-973-6650 today.

The Kodak Theater has been home to the Academy Awards since 2001, and in its effort to recover from bankruptcy, Eastman Kodak Co. wants to end its 20-year contract with awards show.

According to the company’s financial advisers, having Kodak’s name on the theater is not worth the contract costs. Kodak pays a significant annual fee to have its name on the theater.

Kodak must submit a reorganization plan by February 15, 2013 under its bankruptcy financing terms. The company has also been given permission to borrow an initial $650 million from Citigroup Inc. Some of Kodak’s creditors, which are owed tens of millions of dollars, include Sony, Warner Brothers, NBC Universal, Amazon, and Paramount Pictures.

If you or your business has been struggling financially, contact the Houston Chapter 11 bankruptcy lawyers of Russell Van Beustring, P.C. today at 713-973-6650.

United Retail Group has filed for bankruptcy protection under Chapter 11 earlier this week, citing that high leasing rates for it stores has caused it to struggle.

United Retail owns Avenue, a women’s clothing chain that has over 400 stores nationwide. Versa Capital Management is expected to make a bid on United Retail at a court-supervised auction. Versa Capital has agreed to buy its assets for an undisclosed price and plans on keeping the Avenue stores open.

United Retail plans to keep operations running during the bankruptcy process by arranging a $40 million debtor-in-process financing. It expects the sale to be finished quickly.

If you have been considering filing for Chapter 11 bankruptcy protection, contact the Houston Chapter 11 bankruptcy lawyers of Russell Van Beustring , P.C., at 713-973-6650.

Since the filing of bankruptcy by American Airlines, the airline company has been in the restructuring process. An announcement based on that reorganization came on Wednesday when executives at the company said they would be laying off approximately 13,000 employees.

Employees of the airline are anxiously awaiting the news if they are to be released from the company. The company has roughly 88,000 employees throughout the country. The layoffs will include pilots, management personnel, mechanics, and also flight attendants.

American Airlines filed for bankruptcy in November 2011, claiming that they had accumulated roughly $11 billion in debt since the 2001 fiscal year.

Please contact the Houston bankruptcy lawyers of the Law Offices of Russell Van Beustring, P.C. by calling 713-973-6650 if you or someone you know is in need of expert advice in regards to bankruptcy.

The Internal Revenue Service conducted a nation-wide sweep on identity theft and tax fraud last week, targeting 105 individuals in 23 states. A total of 58 arrests were made, along with 10 guilty pleas, 69 indictments, and four sentencings.

The IRS purposefully conducted the sweep at the beginning of tax season in hopes to thwart others who are considering filing fraudulent tax returns. Last year, the IRS uncovered 260,000 instances of fraudulent income tax returns amounting in $1.4 billion in would-be refunds.

Identity theft is an increasing problem. 2011 saw a 20 percent increase in identity theft from 2010. The IRS also investigated 150 money services businesses to ensure they are not aiding in theft or tax fraud.

If you have been a victim of identity theft, contact the Houston identity theft lawyers of the Law Offices of Russell Van Beustring, P.C. today at 713-973-6650.

Compared publicly traded company bankruptcy filings in 2010, last year marked a 17 percent drop in both Chapter 7 and Chapter 11 bankruptcy filings.

A total of 88 publicly traded companies filed for bankruptcy, compared to 106 companies in 2010 and 211 in 2009. 2011 marks the third consecutive year of business bankruptcy rates declining. Experts expect, however, for corporate bankruptcy filings to increase in 2012. MF Global Holdings Inc. was the largest business to file for bankruptcy last year and marked the eighth largest bankruptcy filing in U.S. history.

The drop in businesses filing for bankruptcy also mirrors the drop in personal bankruptcy filings. According to the National Bankruptcy Research Center, personal bankruptcy filings dropped by 12 percent last year.

If your business is struggling with overwhelming debt, contact the Houston business bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C., today at 713-973-6650.

According to a new study to be published in the Journal of Empirical Legal Studies, African Americans are twice as likely than Caucasians to be encouraged to file for Chapter 13 bankruptcy.

When one files for Chapter 13 bankruptcy, he or she must devote all disposable income to paying back the debts over a three or five year period. Compared to other bankruptcy options, Chapter 7 usually has a higher success rate and can allow debtors to erase their debt in the matter of a few months.

The study suggests that African Americans are being steered towards filing for Chapter 13 while other races, even with similar financial histories, are being directed to file for Chapter 7 bankruptcy.

If you or someone you love is in need of legal advice or representation for your bankruptcy filing, contact the Houston Chapter 13 bankruptcy lawyers of the Law Office of Russell Van Beustring at 713-973-6650.