American Apparel expecting to seek bankruptcy protection

Los Angeles-based clothing company American Apparel Inc. might file for bankruptcy a second time. The revelation comes just months after the company exited an earlier bankruptcy filing last year, a report of Bloomberg stated on October 27.

Bankruptcy is under consideration again by American Apparel so they can potentially cut down portions of their retail operations by exiting leases. The company completed bankruptcy procedures last February after they filed in October last year. American Apparel’s first filing was made after its founder and longtime CEO Dov Charney was accused of misconduct that got him fired. Sources, who requested anonymity, stated that the new management failed to reinstate the brand based on their plan.

If you decide to seek bankruptcy protection, working with a skilled legal team is critical, especially if you need the best deal to get your financial footing back. Call the legal team at the Bradford Law Offices, PLLC in Fayetteville today at (919) 758-8879 to learn more about your options.

NC wallboard manufacturer seeks bankruptcy protection

A construction material manufacturing company recently decided to seek Chapter 11 Bankruptcy protection in the Western District of North Carolina.

Reports revealed that the company, Kaiser Gypsum, Inc., was facing 38,000 lawsuits from people who claimed to develop illnesses from asbestos exposure. The company reportedly manufactured drywall and wallboard that contained chrysotile asbestos. Kaiser claimed to have settled millions of dollars in the last four decades, but roughly 14,000 asbestos lawsuits were still open before the company filed for bankruptcy. 

Chapter 11 Bankruptcy can be a potential solution to severe economic problems. If you are in such situation in Fayetteville, an attorney at the Bradford Law Offices, PLLC may guide you through the filing process. Learn more about your options today by calling (919) 758-8879.

Things examiners do in Chapter 11 Bankruptcy cases

In some instances of Chapter 11 Bankruptcy, the court may appoint an examiner to the  case to provide assistance to the trustee. Below are the following roles that an examiner could have in a bankruptcy case:

  • Monitor and conduct investigations regarding the debtor’s business or the case itself.
  • Submit a report to the bankruptcy court.
  • Act as a mediator between debtor in possession and creditors to solve conflicts or even file a reorganization plan.

Business owners who have filed for Chapter 11 Bankruptcy should know that the examiners appointed in the case only do functions that are assigned to them by the court. While examiners could be assigned to do things that the trustees do, they should not be mistaken as trustees.

Filing for Chapter 11 Bankruptcy is a complicated process that can leave many business owners confused. However, if this is happening to you, a skilled lawyer may offer you legal assistance to make sure you get the best deal in the whole process. Discuss your situation with a Fayetteville Chapter 11 bankruptcy lawyer of the Bradford Law Offices, PLLC in Fayetteville today by calling (919) 758-8879.

Ex-NBA player Darius Miles sought bankruptcy protection

After making millions in the NBA, former LA Clippers member Darius Miles recently filed for bankruptcy after several unfortunate events in his life, Belleville News-Democrat reported on September 16.

Reports said the 34-year-old ex-Clippers forward sought bankruptcy protection in June. Court documents revealed that Miles had liabilities worth $1.57 million, while his assets declared totaled $460,385. Reports revealed in addition to suffering incapacitating injuries, Miles made some bad investment decisions and got into trouble with the law.

In Fayetteville, lawyers at the Bradford Law Offices, PLLC understand that many individuals are also dealing with financial problems. We may offer you other legal options that could help you recover from overwhelming debt. Speak with us today by calling (919) 758-8879.

Struggling Aéropostale expected to complete Chapter 11 Bankruptcy

American teen clothing company Aéropostale is expected to exit from Chapter 11 Bankruptcy, giving them a possibility to improve their business, an article of Fortune reported on September 13.

Reports said Aéropostale will continue to operate with 229 outlets after a federal judge gave them a go signal to maintain 7,000 employees and continue operations. The struggling clothing company filed for bankruptcy in May. Landlords Simon Property Group and General Growth Properties made a $243 million bid to save most of the stores from being liquidated. Though Aéropostale was given a relief in the process with much smaller operations, they will need to adjust to their direct competitors who have established their names in the clothing industry.

Chapter 11 Bankruptcy, fortunately, is a viable option for entrepreneurs who want to improve their financial footing. If you are in such situation, we may be able to offer you legal options so you can recover from your burden. Find out how the attorneys at the Bradford Law Offices, PLLC may advocate on your behalf today by calling (919) 758-8879.

Cities Bar and Grill seeks bankruptcy protection

Winston-Salem-based restaurant “Cities Bar and Grill, Inc.” had recently filed for Chapter 11 Bankruptcy protection in the U.S. District Court, an article of Winston-Salem Journal reported on September 7.

Reports said, vice president Sammy Ballas on August 25 forwarded their bankruptcy papers and its owners were given a December 23 deadline to file their restructuring plan. Though the Ballas’ family did not comment on the bankruptcy filing, documents showed that they have liabilities worth $3.01 million, while their assets listed were $3.29 million. The bulk of the company’s debt, $2.91 million were in the form of secured property claims. The filing revealed that Cities Bar and Grill had started to experience a reduction in gross revenues since 2015.

The lawyers of the Bradford Law Offices, PLLC represent Fayetteville business owners who have decided to file for Chapter 11 Bankruptcy. We strongly believe that every person deserves to have a second chance to become successful with their chosen venture. Call our office today at (919) 758-8879 to find out how we may legally assist you in the filing process.

Understanding Chapter 12 Bankruptcy

Unlike any other types business bankruptcy, Chapter 12 Bankruptcy is designed for financially distressed families who own and runs either farm or fishery business. The goal of this process is to give business owners a chance for them to settle their debts as their business growth is often unpredictable in nature.

Business owners who have filed for Chapter 12 are asked to make a realistic plan and time frame on how they would settle their debts through installments with creditors. Though the usual time frame given to debtors is between three to five years, there are some situations when they could ask for a much longer time frame. Unlike Chapter 11 and 13 Bankruptcy, Chapter 12 is more efficient, easier, and cheaper to file. Business owners should have a stable income every year before they could be allowed to file for Chapter 12 so the court may know if they are capable of repaying their debts.

The Fayetteville Chapter 12 Bankruptcy attorneys of the Bradford Law Offices, PLLC represent struggling business owners who want to recover from their financial footing. If you are in such situation, we may help you in the filing process for you to possibly get the best deal. Learn more about your options today by calling (919) 758-8879.

Understanding Chapter 7 Discharge

Individuals who have decided to file for Chapter 7 Bankruptcy should know that the primary purpose of the process is for them to have a “fresh start” by discharging some of their debts.

During a discharge, debtors are released from being liable to settle some of their financial obligations. The process also legally protect debtors from any actions that could be done to them by their creditors who are seeking payments. Usually, most of the debts of a person are discharged under Chapter 7. Individuals who are considering this course of action should bear in mind that the court in some cases may deny them of having a discharge. Since a discharge at some point can be complicated, individuals who are seeking for debt relief are advised to seek legal help from a skilled bankruptcy attorney.

In this situation that you are looking forward to having a fresh financial start by filing for Chapter 7 Bankruptcy, an attorney of the Bradford Law Offices, PLLC in Fayetteville may advocate for you. Find out how we may work on your behalf today by calling (919) 758-8879.

Gawker Media Files Chapter 11 Bankruptcy

Gawker media has announced that it will be seeking chapter 11 bankruptcy protection as the company has recently been involved in several expensive lawsuits that resulted in hefty fines for the media giant. The most notable of these lawsuits was a $140 million verdict awarded to Hulk Hogan over Gawker leaking Hogan’s personal video.

Gawker Media will continue its normal operations as prescribed under the chapter 11 Bankruptcy Code. Gawker has also recently announced that the company’s assets will be liquidated in order to fund the appeal of Hogan’s trial. The company and its seven main media brands are expected to be sold at auction later this year to several interested media corporations. The parent company of Gawker Media states that this liquidation will preserve Gawker Media Groups’ other assets as well as save Gawker Media jobs.

If you or someone you know is considering filing chapter 11 bankruptcy, the legal professionals of Bradford Law Offices, PLLC are here to help. Our attorneys are dedicated to helping people make the most out of the bankruptcy system. Contact our office at (919) 758-8879 today!

Logan’s Roadhouse plans to reorganize through bankruptcy

Popular steakhouse chain “Logan’s Roadhouse” announced on August 8 that they filed for Chapter 11 Bankruptcy in Delaware so they could improve their profitability by reorganizing the business, Knoxville News Sentinel reported.

Reports said at least 18 Logan’s restaurants with poor performance are going to be shut down. Although Logan’s has 256 locations in several states, including North Carolina, they saturate the Nashville area. The bankruptcy filing did not identify which stores are affected. Logan’s said that employees in the stores shutting down will either be reassigned to other branches or receive assistance finding other jobs. Court documents revealed that Logan’s listed $12. 9 million worth of assets while their liabilities amounted to $525.4 million. They have worked with their creditors since June to attempt to settle their debts.

Filing for business bankruptcy is a great opportunity for struggling businesses to improve their finances and reinvent themselves. If you decide to restructure through bankruptcy in Fayetteville, get in touch with the Bradford Law Offices, PLLC. Find out how we may work for you today by calling (919) 758-8879.

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