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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.

Halsey Minor files bankruptcy reinstatement after missing deadline

Posted on Wednesday, June 19th, 2013 at 7:43 pm    

CNET Networks, Inc. founder Halsey Minor is looking to continue his bankruptcy claim after his case was dismissed last month, noting the fault wasn’t his own but rather his attorney’s, who missed the deadline for filing bankruptcy.

Minor filed a personal Chapter 7 bankruptcy claim with the U.S. Bankruptcy Court in Los Angeles on June 7, five years after he sold CNET for $1.8 billion. However, the case was dismissed on June 13 due to a “failure to file schedules, statements, and/or plan.”

The online docket for the case also contained detailed asset lists and a roundup of the debtor’s state of affairs, information which judges require to assess whether or not to grant a bankruptcy.

Minor’s assets were listed as more than $32 million, while his debt was more than $104 million. In his reinstatement claim, he said all the necessary documents for the case have now been filed.

If, like Minor, you need to file for Chapter 7 bankruptcy, don’t hesitate to contact our offices at 713-973-6650 so that you can discuss your options with a lawyer at the Russell Van Beustring P.C.

ATP unsecured creditors demand either trustee or liquidation with the company’s bankruptcy

Posted on Monday, February 25th, 2013 at 2:58 pm    

Houston-based ATP Oil and Gas Corp.’s unsecured creditors petitioned a bankruptcy court in Houston to either delegate a trustee to manage the Chapter 11 bankruptcy proceedings of the company or to have the case changed to a Chapter 7 liquidation.

The motion, which is set to be heard on Feb. 21, states that ATP “now finds itself in a death spiral from which it cannot escape” and that “…rather than preserving value for the benefit of the creditors, management’s (in)actions have diminished the value from which creditors may ultimately seek recovery on their claims.”

ATP filed for Chapter 11 bankruptcy with the Southern District of Texas in July 2012. The company is also facing a lawsuit filed by the U.S. Department of Justice on February 11 for allegedly violating the Clean Water Act on account of discharging oil and chemical dispersant into the Gulf of Mexico.

Not only can filing for bankruptcy be complicated, especially as a business, but it can also be difficult to choose what type of bankruptcy is best for your business’s situation. Speak with a knowledgeable Chapter 11 bankruptcy lawyer from the Russell Van Beustring P.C., today about your options when facing financial difficulties by calling 713-973-6650.

Costs rise for Lehman Brothers bankruptcy

Posted on Monday, November 19th, 2012 at 8:06 pm    

Lehman Brothers Holding Inc., once the fourth largest bank in the United States, received approval from a bankruptcy judge last week to spend an additional $158 million in professional fees. Since it filed for Chapter 11 bankruptcy protection in 2008 at the height of the financial crisis, it has spent $1.8 billion in bankruptcy legal fees.

Lehman Brothers’ bankruptcy is the largest bankruptcy filing in the nation’s history, with the company possessing more than $600 billion in assets. Since it has been in bankruptcy for over four years, its costs to law firms that represent the company as well as financial advisers have caused it to pay astronomical fees to keep them on.

According to Reuters, the $158 million it was recently approved for will be payed to 25 law firms as well as other professionals involved in the case. $80 million alone will go to Alvarez & Marsal, a professional services firm that manages Lehman Brothers assets during bankruptcy. Lehman’s fee committee has conflicted with some of the company’s law firms after they demanded rate increases over the course of the bankruptcy case. A hearing is scheduled at the end of the month to resolve the issue.

If your company is considering liquidating its assets, liquidation is available under Chapter 11 and Chapter 7 bankruptcy. Small businesses may benefit more from Chapter 7 liquidation, but it is important to consult with an experienced bankruptcy attorney before making any decisions.

Former Oakland A’s player Canseco files for bankruptcy

Posted on Wednesday, August 1st, 2012 at 9:34 pm    

Yesterday, the Las Vegas Sun reported that former Oakland Athletics baseball payer Jose Canseco filed for Chapter 7 bankruptcy protection in Nevada. While with the Athletics, Canseco was named Rookie of the Year and American League MVP.

The 48-year-old has nearly $1.7 million in liabilities and less than $21,000 in assets, according to his bankruptcy filing. More than $500,000 of his debt back taxes owed to the IRS. Canseco will liquidate his assets through Chapter 7 bankruptcy to help pay off his debt.

Canseco had a 16-year career with a total of eight major league teams, though he later admitted to using performance-enhancing drugs.

If you are unsure if you qualify for Chapter 7 bankruptcy, consider answering the Chapter 7 means test. For trusted, experienced advice on your bankruptcy needs, contact the attorneys at the Law Office of Russell Van Beustring, P.C., by calling 713-973-6650.

“Octomom” bankruptcy case thrown out

Posted on Monday, May 21st, 2012 at 8:17 pm    

Last week the Orange County Register reported that Nadya “Octomom” Suleman’s Chapter 7 bankruptcy case was thrown out of court after she failed to file at least a dozen documents proving she is $1 million in debt.

The court notified her of her error, but after she failed to make the deadline her case was dismissed. Suleman’s request for bankruptcy protection temporarily halted foreclosure on her La Habra home, but now that her case has been thrown out, the foreclosure process is now allowed to move forward.

This means that other creditors can now start claiming the money they are owed.

If you have questions regarding the qualifications for Chapter 7 bankruptcy, contact the Chapter 7 bankruptcy attorneys from the Law Office of Russell Van Beustring, P.C. today at 713-973-6650.

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