San Francisco Bankruptcy Attorney Blog

San Francisco Bankruptcy Attorney comments on Boston Blackie’s bankruptcy filing:

Since it's St. Patty's Day, I could not resist discussing something green, or rather the lack thereof - even though by all means it is no laughing matter. The fact that it involves actual "pattys," well that's just dumb luck. Boston Blackie’s, the Chicago-based hamburger chain, recently filed chapter 11 bankruptcy. The company reported that they have over $6 million in debt, compared to only $17,000 in assets. There are currently eight Boston Blackie’s locations in the greater Chicago area. Their largest debt is $5.9 million owed to General Electric Capital Corp. Their other debts included $84k owed to the IRS, $200k owed to Charter One, and $95k owed to Peerless Building Partnership.

The company has faced financial hardship after they decided to take on rapid growth. They had two locations that were successful for about 20 years, at which point they decided it was time to expand. Apparently the six extra locations they opened up were more than they could handle, as they found their cash flow running out. Some employees even had paychecks bounce, but fortunately they will be paid soon and the restaurants will continue to operate normally.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

San Francisco Bankruptcy Attorney discusses $525k mortgage wiped out by court:

As a San Francisco bankruptcy attorney, I can see both sides of this story that scores one for the consumer. Suffolk Judge Jeffrey Spinner made Long Island Couple Diane Yano-Horoski and Greg Horoski quite happy, having wiped away their $525,000 Mortgage. The judge was outraged by the behavior of OneWest, the bank holding the mortgage, and sought to punish them with this ruling.

The plaintiff in the court case spouted that they had sent a forbearance agreement to the defendant, but eventually conceded that it had not been sent until too late. They also refused to consider a loan modification or any of the other solutions offered by the defendant and the court.

In the judgment, Judge Spinner wrote that “[The Plantiff’s] affirmative statements made it abundantly clear that no form of mediation, resolution or settlement would be acceptable to Plaintiff.” He went on to say that “Regrettably, the Court has been unable to find even so much as a scintilla of good faith on the part of Plaintiff. Plaintiff comes before this Court with unclean hands yet has the insufferable temerity to demand equitable relief against Defendant.”

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

San Francisco Bankruptcy Attorneys discusses American Express credit card policy change regarding late payment...

This San Francisco bankruptcy attorney couldn't help but notice the 2010 American Express announcement on their new policy for certain co-branded rewards cards. When you are late for a payment on an American Express card, you will now not only have to pay a late fee, you will now also lose rewards points unless you pay an extra $29 to get them back. The cards affected by this policy are Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels.

Americans are already facing trouble keeping up with their credit cards more and more with the current economic crisis. When a person is as little as a day late on a credit card, they are affected not only by the late fee but by an increase in interest.

It is not uncommon for someone to have a 0% promotional interest rate on a high-balance card, and then have their interest rate jump to 29% and their minimum payment increase dramatically. This then often happens over a few cards at once for someone who has recently become unemployed or faced a hardship, and facing all of these increased payments at once can become a real struggle.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco Bankruptcy lawyer reflects on the state of affairs of the auto industry...

San Francisco bankruptcy attorneys may or may not agree, but It appears as though things may be improving, or at least not getting worse, for the troubled auto industry. Auto companies GM, Ford, Toyota, and Honda all said that their sales were roughly the same as they were last year. This is the second month in a row that auto manufacturers have been reporting this stability.

Chrysler’s sales, meanwhile, dropped 25 percent. Chrysler exited bankruptcy protection in June. Over the year their sales have decreased 38 percent. It would be difficult to blame the economy for this, since other auto manufacturers are doing so well. It seems the bankruptcy may not have been enough to save the company.

Hyundai’s sales actually increased a substantial 46 percent. This may be an indicator of an increased demand for inexpensive alternatives brought on by the economic downturn.
Sales in November were the highest they’ve been since the Cash for Clunkers program in July and August. Many believe this is a clear sign that the economy is improving.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco bankrutpcy attorney discusses the bankruptcy of AmTrust Financial Corporation...

Recently, AmTrust Financial Corporation filed for bankruptcy. Amtrust has stated that the reason they are filing bankruptcy is because they had invested in home loans that had lost value during the recession. AmTrust Financial Corp is the parent company of AmTrust Bank, however the bank will not be included in the bankruptcy.

Peter Goldberg, CEO of AmTrust, pointed to the economic downturn, mortgage availability, and devalued homes as some of the main factors involved in the need to file bankruptcy. The company is filing for Chapter 11 reorganization, and listed over $169.5 million in debt. Altogether the company has about $11 billion in assets and roughly 1,700 employees.

AmTrust listed debts in the millions of dollars to companies such as Bank of NY Mellon, Allstate Life Insurance, Midland National Life Insurance Co., US Bank, and Phoenix Life Insurance Co. Many private stockholders were also listed.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

A San Francisco bankruptcy lawyer comments on Palm Beach Finance Partners LP's bankruptcy filing...

From my San Francisco bankruptcy law office, I read that Palm Beach Finance Partners LP has recently filed for bankruptcy due to the ponzi scheme lead by Thomas Petters. Petters is currently on trial for running a ponzi scheme where he received money from investors for non-existent deals, and kept a large amount of the money for himself and his business partners.

The scam is estimated to have cost investors more than $3.5 billion. Palm Beach Finance Partners LP said that they lost over $1 billion to the operation themselves, and that this loss is the reason for filing bankruptcy.

Petters blamed his business partners who are also defendants in the case, claiming that he had no idea that they were committing fraud. The other defendants testified against Petters, while he claims they were lying in the hopes of being let off a little easier.

Palm Beach Finance Partners LP claimed assets up to $500 million and debts up to $50 million in Chapter 11 papers filed yesterday in bankruptcy court. An affiliate, Palm Beach Finance II, said assets and debt each ranged from $500 million to $1 billion.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!