Developer Jerry Trooien has been advised by the U.S. Trustee supervising his bankruptcy case to ask the court to convert his Chapter 11 filing to Chapter 7 bankruptcy instead. A similar request to the court was made earlier in the week by GE Capital, one of Trooien's major creditors.

Court documents show that Trooien owes GE Capital in excess of $280 million against the paltry $6.5 million he has claimed in assets. According to the Pioneer Press Trooien is now pushing for liquidation where he would be forced to sell off his assets to go towards his overwhelming debts.

Trooien is being represented by attorney James Baille who wants to keep the bankruptcy case on a track towards reorganization. Braille hopes to answer with a counter filing as soon as next week.

The developer is known for proposing the concept of "Bridges of St. Paul" five years ago. If the plan had been realized a hotel, entertainment destinations and shops would have been erected near the city's downtown area.

If you're facing Chapter 11, contact the Malaise Law Firm to get assistance from a San Antonio bankruptcy attorney.

If you aren't sure which type of bankruptcy will work best for your current financial situation, consider these benefits of Chapter 7 bankruptcy:

One of the most popular reasons why people often choose Chapter 7 bankruptcy is that they can protect some of their assets from sale and seizure. Depending on the state in which you claim bankruptcy there is a list of exemptions that are allowed under Chapter 7 bankruptcy. 

For example, if you live in Texas you can claim these exemptions: the motor vehicle exemption allows the full equity of one vehicle per person, as well as those people who are expected to have the use of a vehicle; the homestead exemption who has domiciled in a home for at least forty months can claim full equity, while those who have been living there for a shorter period of time can take $136,800 in equity; retirement benefits as well as pensions and 401(k)s; $30,000 in personal property; two firearms per home; alimony payments; and equity in rural areas under 100 acres. 

Thinking about filing for Chapter 7?  If so, contact the Malaise Law Firm to get help from a San Antonio bankruptcy lawyer.

In an argument that is certain to last for months, if not years, U.S. House of Representatives Majority Leader Eric Cantor re-affirmed his belief that states should not be allowed to declare bankruptcy. This means that legislation opening the bankruptcy option to states is less likely to make its way through Congress.

This statement came in response to rumors that some Republicans were preparing legislation that would allow states experiencing financial difficulty to declare bankruptcy, rather than coming to the federal government for a cash handout. This option would also allow states to renegotiate contracts with public employee unions.

Yet Cantor is also opposed to public bailouts and doesn't yet have a third alternative for struggling states. He believes that it is not necessary for states to file for bankruptcy since "state governments have at their disposal the requisite tools to address their fiscal ills." Nor do they need bankruptcy to enter into new contracts or collective bargaining agreements.

Bankruptcy is affecting millions of people and businesses across the United States and you could be next. If you are curious about your options contact a San Antonio bankruptcy attorney now to see what legal and financial path would work well for your situation.

Tamarack Resort is back to the drawing board after a federal judge dismissed their case on Tuesday, sending it back to state court. The company had asked the court for Chapter 11 bankruptcy protection but U.S. Bankruptcy Judge Terry Myers denied it, stating that the company had not proven to be capable of finding a buyer or managing the property.

This all fell into the lap of J.P. Boespflug, the majority owner of Tamarack, who has already been offered to be bought out by Green Valley Holdings, an investment group based in Idaho. Their offer of $40 million would have put Boespflug in a nicer place financially, but for some reason, he turned it down. Instead he argued for Chapter 11 bankruptcy, stating that he would be able to dispose of his assets and be able to pay back at least a portion of the money to creditors.

Lawyers for Credit Suisse urged Judge Meyers to convert their Chapter 11 bankruptcy to Chapter 7 bankruptcy or send it back to the state court to begin foreclosure proceedings. After the hearing Credit Suisse declined to make any contents on the results of the judge's decision.

Contact us today if you have questions and would like to speak with a San Antonio bankruptcy attorney.

A part of Wheeling, W. VA's history will see its doors close down early next year after filing for Chapter 7 bankruptcy. Kaufman's Inc., which has been in Wheeling for eighty years, was finally forced to file for bankruptcy after watching its profits decline.

In the bankruptcy petition papers it listed assets of $352,716.80 and liabilities of $883,231.67. This includes an inventory of 1,503 formal dresses and 331 wedding gowns.   These papers were filed in the U.S. Bankruptcy Court last month.  After experiencing three years of financial losses - $26,603 in 2010, $125,534 in 2009 and $74,422 in 2008 - it was time to admit defeat in this already-failing economy.

If your business is feeling the pinches of this struggling economy, you need to hire a San Antonio bankruptcy attorney now to get the legal and financial protection that you need now. Not only do you need to decide what type of bankruptcy to file for but you will need assistance compiling all of the paperwork required to file the bankruptcy petition. Contact the Malaise Law Firm now!

The Great Atlantic and Pacific Tea Company, GAPTQ.PK, is hoping to win an interim approval in court this week from a bankruptcy judge. They are asking for an $800 million loan in which it would be given 18 months for a total overhaul. During this time the store could be forced to close more than 100 of its 395 stores that operate under the names SuperFresh, Pathmark, Food Basics, A&P, Waldbaum's, and the Food Emporium, all in the northeastern United States.

As A&P was forced into bankruptcy due to dwindling cash and looming debt payments, the supermarket chain does not have a pre-arranged plan for ending its bankruptcy status. The company cites warehouse operating companies such as Wal-Mart, Target, and Costco Wholesale Corporation as the reason for its decline; even Whole Foods is included as a detractor from A&P sales.

In order to compete with these cut-rate companies, smaller supermarkets have been forced to control costs like leases or gain scale through size.

Considering bankruptcy?  Contact us as it is important that you discuss your options with a San Antonio bankruptcy attorney.

Irving Picard, the trustee in the Bernard Madoff bankruptcy, has created a long list of high-profile targets for the $9 billion lawsuit against HSBC Holdings Plc and other companies. The complaint, which is 173 pages long, includes HSBC, along with several European financiers, and feeder funds from Europe, Central America, and the Caribbean, that gave investor money to Madoff.

Picard is now claiming that the participants were well aware of the indicators of Madoff's fraud but stood back and let it happen. In fact, some of them hired a consulting company that reported twice to HSBC about the serious risks to the financial service company. He is now suing HSBC in order to get the money back for his clients, the investors. 

He goes on to add that "had HSBC and the defendants reacted appropriately to such warnings and other obvious badges of fraud in the complaint, the Madoff Ponzi scheme would have collapsed."

Need assistance filing for bankruptcy?  Contact us to work with a San Antonio bankruptcy lawyer.

The city council of Vallejo, California just voted on a resolution to end the two-year bankruptcy that the municipality has been fighting against. Located between San Francisco and Sacramento, Vallejo is the most populous city to have filed for bankruptcy in 2008.

Although the five-year "stabilization plan", as Mayor Osby Davis refers to it, calls for a reduction in health care costs, lower benefits for new city workers, and cuts to pension obligations, he believes that "we're doing the best we can with what we have."

As the city emerges from bankruptcy protection it now faces years of tight budgets and the potential of more cuts to essential services. The city is $50 million in debt, for which only $5 million can be set aside right now.

Vallejo is joined by many other cities across the country, like Harrisburg, Pennsylvania, that have been forced to seek bankruptcy protection.

If bankruptcy seems like the only option for your personal or business finances, contact a San Antonio bankruptcy lawyer today to learn more about your options.

In Carson City, it has been reported that a loan modification and foreclosure consulting firm was fined $50,000 by the state of Nevada. The firm received the fine after allegations were made that it had mishandled the money of homeowners.

Additionally, the state Division of Mortgage Lending issued a closure order against U.S. Loan Modification Services, which is owned by Jeff and Gail Strum. 

The new order alleges that the business didn't keep the money of its clients in a separate account. This measure is required by law.  Allegations were also made that the company converted the money from homeowners for the owners personal use.  The company gained its license in January. 

Are you thinking about filing for Chapter 7 or Chapter 13 bankruptcy due to foreclosure?  If so, contact our law firm now to discuss your options with a San Antonio bankruptcy lawyer who can review your case and financial circumstances.

One of the longest running and largest real estate bankruptcy cases has finally ended this week. Chicago-based General Growth Properties, owner of the Steeplegate Mall in Concord and 180 other properties, split into two independent public companies after filing forChapter 11 bankruptcy.  Both companies have started trading on the New York Stock Exchange.

This was accomplished thanks to a reorganization deal spearheaded by several equity investors including the Teacher Retirement System of Texas, Brookfield Asset Management, and Fairholme Funds Inc. Pershings Square Capital Management. As a result GGP was able to pay all creditor claims while restructuring $15 billion in debt and recapitalizing $6.8 billion in new equity capital.

Management also changed in this deal landing Sandeep Mathrani of Vornado Realty Trust the coveted position of chief executive officer.

One of the two companies, the new General Growth Properties, was able to retain its name and made its first public offering of 135 million shares on November 10. The other company, the Howard Hughes Corporation will trade under the ticker name of HHC.

Filing for Chapter 11?  Contact the Malaise Law Firm to speak with a San Antonio bankruptcy attorney who can help.

• Homestead - up to 10 acres in an urban setting or 100 acres elsewhere
• Personal property valued at up to $30,000 (furniture, clothing, food, family heirlooms, jewelry, appliances, livestock, 2 firearms, pets, etc.)
• Certain insurance or public benefits
• Pensions, in some situations
• Alimony and child support

Find out more about how your property may be affected by bankruptcy. For a free, confidential review of your unique financial situation, contact a San Antonio Bankruptcy Attorney at the Malaise Law Firm today.

Councilman for Harrisburg Brad Koplinski hopes that a New York City firm can help his city avoid filing for bankruptcy. The lawfirm of Cravath, Swaine, and Moore has been enlisted to start discussions with the city leaders on the issue of bankruptcy and will hopefully start working with Harrisburg's creditors as well.

While the firm had originally planned on charging $400 to $950 an hour per associate, they decided to do the entire case pro bono. It seems that the big New York City law firm realized that the state capital would not be able to afford its regular fees, and that such a large problem needed to be fixed by a strong legal team.

Harrisburg doesn't get off completely scot-free, however. They are responsible for taking care of the legal team's lodging, travel expenses, photocopies, and other related fees. Councilman Koplinski estimates that this will cost the city about $25,000 that will be taken out of next year's budget.

Going through a bankruptcy filing?  Contact us to get help from a San Antonio bankruptcy lawyer.

The Federal Trade Commission has recently backed a new law that will make debt settlement more legitimate. It will prevent debt settlement companies from asking for fees upfront, but rather allowing them to charge clients when negotiations have been completed and the debt is settled. In this way debtors will know exactly what they are being charged for and the consumer avoids fraudulent cases that could ruin them financially.

In the past customers who have chosen debt settlement had soon realized just how difficult of a process it can become, and wished that they had chosen bankruptcy instead. However, bankruptcy is bad for both the consumer, who does not recoup his losses, and the debtor, whose credit score is hurt.

This new law will help eliminate small debt collection companies who make the bulk of their profits from upfront fees, as well as scam companies and those online that don't offer valid services. Instead, negotiations will be made between the debtor and creditor, in which the creditor knows exactly how much to pay and on what time schedule.

The FTC hopes that this will reinvigorate trust in lending institutions as debtors work to make settlements with them. In this way consumers can reduce their debts by 50 percent on average and, if the company does not help them settle their debts, the consumers do not have to pay any money to them.

Have questions about debt relief?  Contact us to work with a San Antonio bankruptcy attorney!

When people are considering filing for bankruptcy in the state of Texas, they often wonder why they need to enlist the services of a San Antonio bankruptcy lawyer.

While you can certainly file for Chapter 7 or Chapter 13 bankruptcy on your own, it is important to know that the legal system is comprised of importance laws, rules, and regulations. For this reason, it is very easy to make huge mistakes while filing for consumer bankruptcy. Such mistakes may lead to the denial of your bankruptcy petition or delay the process entirely.  When you choose to work with a bankruptcy attorney, you will have a legal professional on your side who understands U.S. bankruptcy and this will expedite the bankruptcy process.

Finally, as you go through bankruptcy you will have to work with your creditors, which is scary for many people. However, when you have an attorney, he or she can negotiate with your creditors on your behalf.  This often makes the process less stressful.

Contact the Malaise Law Firm to learn how we can help you file for bankruptcy with ease.

According to experts, if you are behind on your mortgage payment, one of the best things you can do is contact your lender.  Experts say that lenders may be open to working out a plan with you that will enable you to avoid foreclosure.  The key is that you must act quickly.

Some options for avoiding foreclosure on your commercial or residential property include loan modification, short sale, or bankruptcy.  You can also ask for a forbearance to get your mortgage payments temporarily suspended for a period of time.

Most people are unsure of their options and wait too long to get help when they know they are on the verge of foreclosure and struggling with debt.  Instead of waiting, it is important to confront the situation head on by speaking with your lender or a San Antonio bankruptcy attorney. 

To learn how you can prevent foreclosure, contact us today!

At this time, the Harrisburg city council is looking for bankruptcy advice and is said to be soliciting attorneys as it decides whether or not to enroll in the state's distressed cities program.

According to Harrisburg Mayor Linda Thompson, the program is an alternative to filing for bankruptcy and she supports the decision.  If the city moves forward, it would be the 20^th city in Pennsylvania that is currently enrolled in the program.  Known as Act 47, the program discourages cities from filing for bankruptcy by allowing cities, municipalities and towns to create long-term plans to rebuild their finances.

When asked about the decision, Democratic City Councilman Brad Koplinski said, "It's important to get all the facts on bankruptcies, we've had a great number of mistaken impressions about [them] in general."

Earlier, the council called an emergency session to vote on the sale of $4 million of short-term notes. The sale was later canceled when the council was able to find an alternative way to meet its payroll needs for teachers, transit workers and parking attendants.

Contact the Malaise Law Firm to speak with a San Antonio bankruptcy attorney today!

News sources report that Teresa Giudice's bankruptcy auction, which was scheduled to sell furniture and personal items including her and her husband's wedding ring, has been canceled. Instead, the assets are to be sold privately.

Teresa took to her Twitter account to confirm that the auction has been postponed indefinitely.  She appears on the Real Housewives of New Jersey and has recently authored a best-selling book.

When the Giudices filed for Chapter 7 bankruptcy, they listed $10.98 million in debt. They filed their bankruptcy petition in October 2009 and had tried to put some of their personal items up for auction to pay off their debt. Auction was supposed to take place on August 22^nd, but was later postponed to October 3^rd.

Now, the items will be sold privately and the attorney representing the couple said this measure would ensure the family receives sufficient money for their assets.

If you need help filing for Chapter 7 bankruptcy, contact us to work with a San Antonio bankruptcy lawyer.

Compared to September of last year, the number of personal bankruptcy reorganization petitions increased by 35% in South Central Texas this year.

This week, The U.S. Bankruptcy Court for the Western District of Texas in San Antonio reported that 280 Chapter 13 bankruptcies were filed this past month.  Last year during the same time frame 208 people filed for Chapter 13 bankruptcy and in the month of August, there were 222 filers

In September, there were a total of 453 bankruptcy filings, which shows an increase of 12% compared to one year ago when there were only 403 cases.   In August, this area of Texas recorded 440 cases.

However, the number ofChapter 7 liquidation cases decreased to 164 in September compared to 189 just a year ago.  In August, 211 Chapter 7 liquidation cases were filed.

If you have plans to file for bankruptcy in San Antonio, contact the Malaise Law Firm to speak with a San Antonio bankruptcy attorney today.

Lehman Brothers Holding, the company that is reported as being responsible for the largest banking collapse in the history of the United States, said that its Chapter 11 bankruptcy plan will be accepted within the first few months of 2011.

According to the company, it is "optimistic" that the bankruptcy court will finally approve its reorganization plan in the first quarter of next year.

Allegedly, the company has worked hard to reduce claims on the estate from its creditors and disagreements between its creditors are "narrowing".  Two years ago, the organization filed for Chapter 11 and still the case remains officially unsettled.  However, the company has made progress in reducing claims from $1.2 trillion to $464 billion during the bankruptcy process.

The company told news sources that it will continue to reduce operational costs and will cut its workforce to 500 people by April 11^th. 

Filing for bankruptcy in Texas?  Get immediate help by contacting the Malaise Law Firm and speak with a San Antonio bankruptcy attorney.

Many news sources are reporting on the United States Misery Index, which details the 10 worst cities to live in throughout the country.  The Misery Index considers factors like unemployment rates, bankruptcy rates, crime rates and health data in populous cities throughout the U.S.  and claims life is much harder in some regions than others.

After compiling data, WalletPop claims that the following are the worst cities to reside in:

• El Centro, California
• Cleveland, Ohio
• Detroit, Michigan
• Las Vegas, Nevada
• Oklahoma City, Oklahoma
• Los Angeles, California
• Phoenix, Arizona
• Newark, New Jersey
• Miami, Florida
• Memphis, Tennessee

Due to tough economic times, many people are finding it difficult to make a living, pay their bills and stay out of debt.  If you are struggling with debt and considering Chapter 7 or Chapter 13 bankruptcy in Texas, know that a San Antonio bankruptcy attorney from the Malaise Law Firm can help you explore your options.  To learn more about how we can help you, contact our law office today to set up an initial consultation.

This week, it was announced that two of Tribune Co's creditors have come together to propose an alternative reorganization plan for the financially strapped newspaper publisher. 

In their proposal, Oaktree Capital Management LP and Angelo, Gordon & Co, outlined what they believe is the "next best alternative".  Tribune Co, which is home to the Chicago Tribune and the Los Angeles Times, and its creditors are expected to take part in mediation next week and will try to decide upon a course of action so the company can emerge from Chapter 11 bankruptcy.

If the mediation fails to produce desired results, the recent proposal by the Tribune Co's creditors may in fact be the best alternative.  The company's restructuring efforts unraveled after an investigation into the $8 billion buyout led by financier, Sam Zell.  Now, the bankruptcy has been prolonged due to creditors battling over who is to blame for the company's financial failure.

In court documents, representatives from Oaktree and Angelo, Gordon & Co said they presented their proposal "in the event that the upcoming mediation does not produce a fully-consensual resolution to these cases."

Planning to file for bankruptcy in the city of San Antonio?  Get help from a San Antonio bankruptcy lawyer by contacting the team at the Malaise Law Firm today.

Recently, it was announced that Claim Jumpers Restaurants LLC sought Chapter 11 bankruptcy protection with a plan to sell its business to one of its investors. The restaurant chain operates in California and seven other states throughout the country.

In its filing, the company listed assets of approximately $100 million and debts that exceeded $500 million.  The company filed its Chapter 11 documents in a U.S. Bankruptcy Court in Delaware.

Private Capital Partners agreed to purchase all assets said Claim Jumper in a statement.  The restaurant chain expects to leave bankruptcy within 60 to 75 days with no debt.  The company also told news sources that it filed a motion to set up an asset auction. 

Chief Executive Officer Mark Augarten released a statement that said, "Our operations will continue just as they always have during the sale process."

Are you planning to file for bankruptcy in Texas? If so, get the legal help you need by contacting the Malaise Law Firm and discussing your case with a San Antonio bankruptcy lawyer.

When people are filing for bankruptcy because they have a great deal of medical debt they may wonder if they can just list their medical debt in their bankruptcy petition and not list out their other debt.  Sadly, you cannot pick and choose which debt to list when filing a bankruptcy petition in the state of Utah. 

Even though people may be filing for bankruptcy solely based upon their expensive medical bills, they must include all their debt when filing their bankruptcy petitions.  People who file for bankruptcy swear under penalty of perjury that they have included all debt in their schedules.  However, keep in mind that just because people list all debts in their filing does not mean that they will not be allowed to repay their debts after bankruptcy if they are able to and want to.

If you are thinking about filing for bankruptcy due to your medical expenses, contact us now to review your options with a San Antonio bankruptcy attorney.

In August 2010, TransUnion filed a report that stated credit card debt averages have dropped to less than $5,000.  During the same time period in 2009, the national average was $6,000.  While most people are not surprised that people are spending less than they have in the past few years, what is astounding is that debt has fallen and so too has the number of people seeking credit card debt relief. 

The lower credit card debt average can be attributed to multiple factors.  However, many experts assert that consumers have reduced confidence in credit cards due to high unemployment and are far less likely to spend.  People are more conscientious of their spending and are working hard to lower their debt to avoid foreclosure or filing for Chapter 7 bankruptcy.

Are you struggling with credit card debt and considering filing for Chapter 7 in Texas?  If so, contact our practice and get reliable advice from a San Antonio bankruptcy attorney now!

Recently, Tronox Inc. has reached agreements with its creditors and government agencies that will settle the company's environmental disputes and give the chemical maker enough funds to exit Chapter 11 bankruptcy.

It has been reported that $170 million will be raised by offering 78% of the company's stock in the reorganized company.  Holders of more than 58% of unsecured notes and other creditors have agreed to purchase stock that isn't being sold in the offering.  This stock is available to unsecured creditors with claims of more than $25,000.

The company's legal team wrote the new proposal will, "pave the way for Tronox to confirm a plan of reorganization that -- after months of hard-fought negotiations -- embodies a comprehensive settlement of complex issues among Tronox's creditors."

In 2009, the company which is based in Oklahoma City, filed for bankruptcy.  It reached agreements in August to increase exit financing by $90 million, giving it $468 million in debt upon emergence from Chapter 11.  This month, the U.S. government and state environmental agencies also resolved lawsuits with Tromox.

Are you planning to file for bankruptcy in San Antonio? If so, contact us to speak with a San Antonio bankruptcy attorney today.