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Rapper “Young Buck” cleared of bankruptcy

Posted on Tuesday, October 1st, 2013 at 1:40 pm    

A fresh start awaits American rapper “Young Buck” after he gets out of bankruptcy, according to a report released on September 19.

The 32-year-old rapper from Tennessee settled a total of $391,333.59 in outstanding debt. As Young Buck exits bankruptcy, some of his creditors will not be paid, including rapper 50 Cent, who lent him $300,000.

An IRS bill totaling to $42,699 was also paid by the rapper, and more than 85 percent of claims against him have already been settled with the New York State Tax Department. The rapper, whose real name is David Darnell Brown, declared bankruptcy in 2010 after agents of the IRS took his personal properties to pay his taxes.

Sadly, many Americans struggle with debt. Bankruptcy may be the best option for eliminating unmanageable debt. If you or a loved one is struggling with financial problems in Houston, please contact an experienced attorney at the Russell Van Beustring P.C. by calling 713-973-6650 today.

Plan to exit bankruptcy by American Airlines delayed by judge

Posted on Saturday, August 24th, 2013 at 4:30 pm    

A New York judge delayed a decision to approve a reorganization plan by American Airlines to exit bankruptcy, according to a report on Thursday, August 15. According to analysts, the decision to delay the reorganization plan is more of a psychological blow, rather than a legal one, that will affect American Airline and its employees.

The decision to delay was made after the U.S. Justice Department and six states filed a lawsuit to prevent the merger of US Airways and American Airlines. A merger between the two airlines will result in higher fares and fees for consumers and will decrease competition, according to the U.S. Justice Department. However, the two airlines said the merger is the only way to compete with larger airlines like Delta and United.

In many circumstances, filing for business bankruptcy is the best option when your business is facing too much debt. Thus, if you are considering your financial options as a business owner in Houston, speak with a lawyer from the Russell Van Beustring P.C., by calling 713-973-6650 today.

The Scooter Store to undergo normal operations even after Chapter 11 filing

Posted on Monday, May 6th, 2013 at 9:39 pm    

New Braunfels, Texas-based Scooter Store Holdings, Inc., which is currently undergoing a financial restructuring, is not letting bankruptcy get in the way of its normal, day-to-day operations. However, the company still expects to report some losses.

Facing debts of more than $50 million, The Scooter Store is planning to sell all its assets, which total less than $10 million, but continue selling it’s power wheelchairs.

According to CEO Marty Landon, the purpose of April 15’s Chapter 11 bankruptcy filing was to search for a financially-healthy provider.

The company is going to hold on to its 300-strong workforce, which in earlier years reached more than 2,400.

The Scooter Store’s headquarters was raided by around 150 federal agents last February, saying the company has been the subject of a civil investigation for many months now, in regards to its “former business practices, including billing and reinforcement procedures.”

Chapter 11 bankruptcy can be an extremely helpful way to overcome a large amount of debt. If your company is in such a situation, call 713-973-6650 today to speak with the legal team at the Russell Van Beustring P.C., about your legal options for getting out of debt.

American Airlines-US Airways merger approved

Posted on Wednesday, April 24th, 2013 at 6:30 pm    

Major carriers American Airlines of Fort Worth, Texas and U.S. Airways, based in Arizona, will become the world’s largest airline with the approval of the two companies’ merger.

New York-based U.S. bankruptcy judge Sean Lane approved of the airlines’ merger Wednesday, March 27, as a form of restructuring plan for AMR Corp., parent company of American Airlines, which has been in a state of bankruptcy since November 2011.

U.S. Airways chairman and CEO Doug Parker said the public can expect more flights and destinations, in addition to no fare increases.

The next step in the restructuring process is to have the Justice Department approve of the merger. If everything goes according to plan, American Airlines is predicted to be out of bankruptcy by September.

Facing bankruptcy as a business can be daunting, unless you have the guidance of a skilled lawyer from the Russell Van Beustring P.C. Understand your options and how you can potentially keep your company while addressing debts by calling 713-973-6650.

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