Posted on Thursday, May 10th, 2012 at 8:56 pm
Nearly 200,000 to one million Americans are expected to forgo filing for bankruptcy because they cannot afford the necessary fees. According to the National Bureau of Economic Research, the average cost of filing for bankruptcy is $1,500.
The price of filing for bankruptcy has increased since Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. It was aimed to lower the number of bankruptcy filings, but it has instead added more paperwork, which means more time and more money.
However, the increasing prices should not encourage people to file for bankruptcy on their own. One mistake can have the case denied, which will seriously hurt your credit.
If you are considering filing for bankruptcy protection, contact the bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650 today.
Posted on Friday, April 6th, 2012 at 8:20 pm
Eastman Kodak Co. has asked permission to give out $13.5 million to its employees as bonuses while it is currently under Chapter 11 bankruptcy protection in order to entice skilled employees to stay with the company.
According to the photography company, it is specifically targeting employees with valuable knowledge and skills that will help the company emerge from bankruptcy. At least 119 middle managers would share $8.5 million in bonuses.
The court filing states that many of the employees at Kodak have seen significant pay cuts while their work loads have increased. To keep their employees from taking attractive offers from competitors, Kodak wants to give out bonuses roughly 35 to 50 percent of the employees’ base salaries.
If your business is struggling to financially and you are considering filing for bankruptcy, contact the bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650 to learn about your options.
Posted on Tuesday, March 27th, 2012 at 5:40 pm
A new study by researchers at Columbia University, Washington University in St. Louis, and the University of Chicago found that people typically file for bankruptcy after they receive their tax refunds because they are able to pay filing fees.
The Bankruptcy Abuse Prevention and Consumer Protection Act, passed in 2005, increased administrative and legal fees by 60 percent in order to prevent people from abusing the bankruptcy filing system. The average $921 to file jumped to today’s $1,477.
According to the study, the high price to declare for bankruptcy has actually hurt people who would benefit the most from it. About 3.8 percent of filers would not be able to declare bankruptcy without their tax returns.
If you or someone you know could benefit from bankruptcy, contact the bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650.
Posted on Tuesday, March 20th, 2012 at 5:53 pm
Officials at California State University announced on Monday that they will be freezing enrollment in most of its campuses next fall and spring amid significant budget cuts. In the 2011-2012 fiscal year, CSU suffered a $750 million in funding cuts and expects to lose an additional $200 million next year.
Blocking enrollment to the CSU system, the state’s largest university system, could affect tens of thousands of students. CSU has a total of 23 campuses across the state and only eight will accept a few hundred students transferring from community colleges for spring 2013.
If tax proposals fail this year, CSU is hoping to reduce overall enrollment by three percent, turning away 20,000-25,000 eligible students.
If you are facing financial hardships and are interested in learning about your bankruptcy options, contact the bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. by calling 713-973-6650.
Posted on Friday, March 2nd, 2012 at 10:40 pm
According to the U.S Bankruptcy Court for the Western District of Texas, 39 fewer bankruptcy filings were reported in February 2012 than in February 2011. However, 56 more cases were filed in January of this year than in January 2011.
Over all, bankruptcy filings in South Central Texas dropped 10 percent over a year in February. The drop is due to the 15 percent fewer Chapter 13 bankruptcy filings. 180 Chapter 13 filings were made in February 2012, compared to 2011 a year before. Chapter 7 liquidation also dropped compared to last year.
Four businesses filed for liquidation in February 2011 compared to no businesses last month and only one in January.
If you need help with your bankruptcy case, contact the bankruptcy attorneys at the Law Offices of Russell Van Beustring, P.C. by calling 713-973-6650 today.
Posted on Tuesday, February 21st, 2012 at 6:53 pm
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.
Posted on Friday, February 10th, 2012 at 7:34 pm
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.
Posted on Friday, February 3rd, 2012 at 9:53 pm
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.
Posted on Monday, January 9th, 2012 at 4:15 pm
The 131 year-old photography company, Eastman Kodak Co., could be preparing to file for bankruptcy as early as February, according to the Wall Street Journal.
Kodak is relying on the sale of 1,100 digital imaging patents, estimated at $2 billion to $3 billion, to stay afloat. However, there have been no offers since the company began shopping them around this summer. The company’s shares dropped to 47 cents last week and continued to fall after hours. The NYSE has warned it will be delisted if it stays under $1 for the next six months.
While digital cameras continued to become more affordable to the public, Kodak focused on producing commercial inkjet printers. It expects the printers to have made a profit during the October-December quarter.
If your business is on the verge of bankruptcy, contact the Houston bankruptcy lawyers of the Law Office of Russell Van Beustring today by calling 713-973-6650.