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.

Nadya Suleman, known in the media as “Octomom,” filed for Chapter 7 bankruptcy this week. According to her court filing, she owes more than $1 million to DirecTV, the city’s water department, her father, her children’s school, and at least $30,000 in unpaid rent.

The mother of 14 states that she has only $50,000 in assets. Her Chapter 7 filing will require a trustee to liquidate her assets in order to pay off her creditors, and a foreclosure auction is scheduled for next week.

Suleman, who already had six children before she gave birth to octuplets, has relied on food stamps and Social Security disability payments to get by.

If you have fallen into debt and want to know if Chapter 7 bankruptcy is right for you, contact the Chapter 7 bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. by calling 713-973-6650.

Sean Larkin, the former business manager for the Black Eyed Peas, filed for Chapter 7 bankruptcy in Los Angeles last week. According to Larkin’s bankruptcy petition, he owes between $500,000 to $1 million.

The music mogul was fired by the Black Eyed Peas after they discovered he had not filed state or federal returns for several years. The group’s guitarist and a television executive are also suing Larkin for breach of contract, which has added to his financial troubles.

Although Larkin received five percent of the Black Eyed Peas’ income, records show he is broke. He owes over $1 million in taxes and an undisclosed amount on his condo and car.

If you or someone you love is considering filing for Chapter 7 bankruptcy, contact the Chapter 7 bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650.

Former NFL player Warren Sapp has filed for Chapter 7 bankruptcy in Florida. According to court documents, Sapp owes $6.7 million to various creditors, including several hundred thousand dollars in child support and alimony payments, but only has $6.45 million in assets.

Sapp says he owes $853,000 to the IRS from back in 2006 and an additional $89,000 for 2010. His assets include a $540,000 salary for his deal with the NFL Network, 240 pairs of Jordan sneakers, a lion skin rug, De Grisogono watch, Nike golf clubs, and boxing gloves signed by Muhammad Ali.

His 2002 Super Bowl ring he won when he played for the Tampa Bay Bucs and his National Championship ring he won while he played for the Miami Hurricanes are not listed in his assets after he says he lost them.

If you are considering filing for Chapter 7 bankruptcy, contact the Chapter 7 bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. by calling 713-973-6650.

The State Fair of Virginia, Inc., the non-profit organization that puts on the annual State Fair of Virginia, has been forced from Chapter 11 bankruptcy protection into Chapter 7 liquidation.

SFVA, Inc. proposed to purchase the 360-acre  Meadow Event Park where many of the events are held, to emerge from Chapter 11, but the group of lenders rejected the offer. Because the lenders did not accept the offer, SFVA, Inc. was forced into liquidation.

The fate of events such as the 156 year-old tradition of the state fair, the Meadow Highland Games & Celtic Festival, and the Strawberry Hill Races will be determined by the outcome of the Chapter 7 process.

If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Chapter 7 bankruptcy lawyers of the Russell Van Beustring P.C. at 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.

Leigh Steinberg, famous sports agent and inspiration for the movie “Jerry Maguire,” filed for Chapter 7 bankruptcy last week in California.

Steinberg has represented professional athletes such as football players Warren Moon, Troy Aikman, Ben Roethlisberger, and boxer Oscar De La Hoya. In a memo he sent to family, friends, and newspapers, Steinberg states that his struggle with alcoholism had delayed him from filing for bankruptcy for some time.

The former sports agent says his lawyers are currently totaling all of his debt. Steinberg currently has a lawsuit against him for $1.4 million he owes to Irvine Co. for an office space he rented in Newport Beach.

If you are struggling financially and considering filing for Chapter 7 bankruptcy, contact the Houston Chapter 7 bankruptcy lawyers of the Russell Van Beustring P.C., at 713-973-6650.

A bankruptcy judge converted the Chapter 11 bankruptcy filing by Nashville-based rapper, Young Buck, to Chapter 7 liquidation this week.

Young Buck, real name David Darnell Brown, allegedly owes $11.5 million to nearly two dozen creditors, including 50 Cent’s G-Unit Records. As part of the Chapter 7 liquidation case, Brown could lose his trademark on Young Buck. In Chapter 7 liquidation, assets are sold in order to pay back debts.

The rapper was unable to reorganize his debt through Chapter 11 bankruptcy after G-Unit Records and Universal Music Group refused to modify his recording contract, which would have helped Brown pay off creditors. $10 million of his $11.5 million debt is owed to G-Unit Records.

If you are struggling with bankruptcy and are considering filing for Chapter 7 bankruptcy, contact the Houston Chapter 7 bankruptcy attorneys from the Russell Van Beustring P.C., at 713-973-6650.