Recent Blog Posts

Multi-Generational Company Seeks to Convert from Chapter 11 to Chapter 7

San Antonio Bankruptcy Lawyer — Wed, 16 May 2012 01:30:00 GMT

A multi-generational company has been forced to file for bankruptcy after decades of business. Last week it petitioned to have its Chapter 11 bankruptcy converted into a Chapter 7 bankruptcy filing based on its current financial situation and outlook. Fred Hill Materials has been selling concrete materials for over 66 years to customers in the Olympic and Kitsap Peninsulas. The company, which once boasted 130 employees, has already closed for business. Founded in 1946 by Fred Hill, it was continued by his grandsons with success until 2009. At that point, the company owners sold the gravel mining and sand pit portions of their business to another company and filed for reorganization bankruptcy.

The company was able to keep its offices open during the reorganization period, but soon realized that the business would not be able to manage its debts under Chapter 11 bankruptcy. The organization petitioned to have the bankruptcy converted to Chapter 7, a motion which is expected to be heard and decided upon later this month. Do you have questions about Chapter 7 or Chapter 11? Learn which bankruptcy may be best for you by contacting the Malaise Law Firm to speak with a San Antonio bankruptcy attorney from our office!

New Information Released in Lehman Brothers' Bankruptcy Case

San Antonio Bankruptcy Lawyer — Tue, 15 May 2012 03:10:00 GMT

The Lehman Brothers' bankruptcy has been going on for years, yet new information is still being released to the public. A recent report shows that just before its massive collapse in 2008, fifty of its top-paid employees were paid a total of $700 million. So far, millions of pages have been submitted to the federal court system for the company's Chapter 11 bankruptcy filing. The latest documents show that this group of top employees were paid between $8 million and $51 million in stocks and cash. At this time, the total value of stocks cashed in before the company crash cannot be determined.

Although pay packages were not uncommon before the market crashed, even financial experts now believe that the move to pay out $700 million may have been a deliberate one by the highest tier of executives at Lehman brothers. When the company filed for bankruptcy, it would change the course of history. It would become the largest bankruptcy in American history and cause a financial meltdown rivaling the Great Depression. Are you thinking about business bankruptcy in Texas? If so, discuss your financial options with an experienced San Antonio bankruptcy attorney by contacting the Malaise Law Firm now!

Vegas Real Estate Developer Lists Debts at $506.5 Million

San Antonio Bankruptcy Lawyer — Tue, 08 May 2012 19:15:00 GMT

In Las Vegas, Nevada, a well-known real estate developer has filed for Chapter 7 bankruptcy. According to news sources, B.P. told the Bankruptcy Court overseeing his case that he has over $506.5 million in debt. In comparison, he asserts that his assets total $4,738. After much financial hardship, B.P. filed his bankruptcy petition on April 23^rd. Full disclosures of his finances were made to the court earlier this week.

B.P. is infamous for developing major projects, including a $2 billion initiative in Henderson. However, amidst the recession, his development near Las Vegas Boulevard failed and led to a company bankruptcy filing in June 2008. Now, B.P. is pursuing consumer bankruptcy. With this being the case, the court and his creditors must look at B.P.'s personal financial situation versus his company's finances. Are you on the verge of filing for Chapter 7 because you are knee-deep in debt? If so, contact the Malaise Law Firm today to get immediate help and advice from an experienced San Antonio bankruptcy attorney from our team.

One Great Benefit of Chapter 13 Bankruptcy

San Antonio Bankruptcy Lawyer — Tue, 08 May 2012 00:00:00 GMT

If you are thinking about filing for consumer bankruptcy, you will have two options in the state of Texas. The first option is Chapter 7 bankruptcy. This type of bankruptcy allows people to have their debt discharged. However, Chapter 7 also involves the process of liquidation, which means that peoples' assets and property could be sold to repay whatever they owe to their creditors. The other option people have is Chapter 13 bankruptcy.

One of the greatest benefits of Chapter 13, aside from the fact that you can hold onto your property, is that you can repay the debt that you owe over a period of 3 to 5 years. You'll create a feasible repayment plan and submit a single monthly payment to the bankruptcy trustee overseeing your case. The trustee will then make sure that the payment is dispersed amongst your creditors to clear the debt that you owe over time. Do you have questions about Chapter 13 in Texas? If so, contact the Malaise Law Firm now to get answers from a San Antonio bankruptcy attorney today!

Statistics Show More Short Sales Than Foreclosures

San Antonio Bankruptcy Lawyer — Tue, 01 May 2012 23:00:00 GMT

Good news for homeowners - the amount of short sales processed this quarter has surpassed foreclosures for the first time in years. This means that banks are becoming more accepting of short sales in lieu of going through the entire foreclosure process. While a short sale is not ideal for either the bank or the homeowner financially, it can help both parties in different ways. Rather than be forced into foreclosure, a homeowner can put his home up for purchase through the short sale process. This means that the bank must accept an offer that is lower than what is currently owed on the home. In many cases, the final sale price is significantly lower than what is owed. However, short sale prices are usually higher than prices fetched at foreclosure auctions.

Statistics show that in January, houses were sold at a 29% loss during foreclosure auctions whereas short sale homes were sold for 23% less than market value. If you were served with a notice of foreclosure in Texas and want to see what options you have to keep your home, contact the Malaise Law Firm now to get immediate advice from a knowledgeable San Antonio bankruptcy attorney who is well-versed in foreclosure law.

Working with a Lawyer during Your Chapter 13 Filing

San Antonio Bankruptcy Lawyer — Tue, 01 May 2012 01:30:00 GMT

People across America are coming to rely on bankruptcy to tackle their overwhelming debts. In states like Texas, there has been an increase in Chapter 13 bankruptcy filings over the past few months. This type of bankruptcy is preferred for many reasons, and is also a fallback plan for those individuals who do not qualify for Chapter 7 bankruptcy protection. There are many benefits to filing for bankruptcy protection, but only if you follow the rules accordingly. If you are approved for Chapter 13 bankruptcy, you will need to develop a repayment plan that shows the court your good intentions of repaying your debts. In exchange for making all of your bankruptcy payments, a portion of your debts, usually unsecured debts, will be dismissed by a bankruptcy judge.

A repayment plan is constructed looking at several factors, with the most emphasis being placed on earned income. If your income does not support your repayment plan, a judge is not likely to approve the terms you propose and your bankruptcy could be rejected. With this being the case, if you plan to file for bankruptcy in Texas, you may wish to work with a San Antonio bankruptcy lawyer that has experience creating acceptable repayment plans to expedite matters on your behalf. To get help from an attorney, contact the Malaise Law Firm now!

Company Converts Chapter 11 to Chapter 7 Filing

San Antonio Bankruptcy Lawyer — Tue, 24 Apr 2012 16:25:00 GMT

There are times when companies may file for bankruptcy under one Chapter but will later convert it to another. That is what happened for a regional airline that announced its bankruptcy filing just a few months ago. What started as a Chapter 11 reorganization filing has now been converted into a Chapter 7 liquidation bankruptcy filing, also known as "straight bankruptcy". The expedited motion was heard by a federal court judge last week in Massachusetts. The trustee appointed to the case reviewed the terms of the bankruptcy with the judge and explained why Chapter 7 bankruptcy would be more beneficial for most of the parties involved in the filing.

Based on the terms of the bankruptcy, the Myrtle Beach-based airline will no longer be considered a business. The profits of the company's liquidation will be divided up amongst the approved creditors on the filing. The airline's lawyers state that while most of the creditors will receive some funds, they will only be a fraction of what they are actually owed. Do you want to move forward with Chapter 7 in San Antonio but have questions? If so, get answers today by contacting the Malaise Law Firm to schedule a case evaluation with a San Antonio bankruptcy attorney from our team.

Sale of the Dodgers Coming to a Close

San Antonio Bankruptcy Lawyer — Mon, 23 Apr 2012 14:35:00 GMT

The sale of the Dodgers has been in discussion for nearly two years but it seems as though the debate is drawing to an end. A judge has approved the sale of the California baseball team to a group headed by Magic Johnson. However, there was one party that was not completely satisfied with the results of last week's hearing. Frank McCourt, the team's owner, was forced to file for Chapter 11 bankruptcy several years ago. At that point, he was fighting to keep ownership of his team. He finally conceded this year that it would not be possible for him to retain ownership, which led him to start talking to parties interested in buying the famous team. Along the way, he and the court-appointed mediator have been fighting with representatives from Major League Baseball about nearly every aspect of the bankruptcy case.

While McCourt will not get to retain full ownership of the team, he will be given half possession thanks to a deal chartered with Guggenheim Baseball. As it stands now, Guggenheim has agreed to a price tag of $2.15 billion which will take care of most of the team's debts. If your business is facing tough economic times and you want to explore the benefits of Chapter 11 in Texas, contact the Malaise Law Firm today to enlist the help of an experienced San Antonio bankruptcy lawyer from our office.

$2 Billion Solar Project Halted due to Company's Bankruptcy

San Antonio Bankruptcy Lawyer — Tue, 17 Apr 2012 17:05:00 GMT

A solar power company with a $2 billion dollar project in the works has filed for Chapter 11 bankruptcy this month. With its largest stockholder also filing for bankruptcy in Germany, the Oakland-based company was forced to move towards bankruptcy as well. The company has held the rights to the project for several months and was anxious to go ahead with construction as planned. It won a $2.1 billion conditional commitment to build the 1,000 megawatt Blythe Solar Power Project location from the U.S. Department of Energy. However, since the project did not receive a loan guarantee, it is uncertain as to how the bankruptcy is going to change the plans for the project in the future.

Although the company came close to liquidity, this too failed when the majority stakeholder was forced to file for bankruptcy in Europe. Holding 70% of the shares, this company tried to sell its portion to another organization, but that deal also fell through. If you are going to move forward with Chapter 11 so you can deal with your business related debt, make sure you have a legal professional on your side by contacting the Malaise Law Firm to enlist the help of a San Antonio bankruptcy lawyer.

Warren Sapp Files for Chapter 7 in Florida

San Antonio Bankruptcy Lawyer — Mon, 16 Apr 2012 13:30:00 GMT

A former professional football player filed for Chapter 7 bankruptcy earlier this month in Fort Lauderdale, Florida. Warren Sapp, who has played with the Oakland Raiders and the Tampa Bay Buccaneers, claims to be $6.45 million in debt. In his divorce filing, Sapp revealed that he owes $6.45 million, hundreds of thousands of which is for unpaid child support and alimony payments. However, he also lists $6.45 million in assets, including his large collection of Jordan shoes - he is believed to have over 200 pairs of the collectible sneakers. However, Sapp claims to have lost both of his championship rings.

After his retirement from professional football, Sapp went on to become a NFL commentator. He has also appeared on "Dancing with the Stars" and claims to have an annual income of $118,000. Sapp played in the NFL for 13 years, during which time he registered 438 tackles and 96.5 sacks. During his career he was asked to play in seven Pro Bowls. Are you planning to file for Chapter 7 in Texas? If so, contact the Malaise Law Firm to speak with a San Antonio bankruptcy attorney that can be of assistance to you as you address your debt once and for all.

Creditor Called Bankruptcy Applicant 38 Times

San Antonio Bankruptcy Lawyer — Wed, 11 Apr 2012 02:40:00 GMT

One federal judge is sending a message to banks across the country: stop harassing clients who have filed for bankruptcy. The message was inspired by one debtor whose bankruptcy was ignored by the bank and thus made him a target of harassment by the financial institution. Whenever someone successfully files for Chapter 7 bankruptcy, they are granted a debtor's discharge. This means that financial institutions and creditors cannot ask you to make payments on your debts. This allows you to work out the terms of your bankruptcy without fear of creditor harassment, something that you may have already experienced before filing for bankruptcy protection.

In some cases, like the one above, banks disregard discharges and continue to hound their clients. The client above received 38 phone calls from their bank after they received the discharge, an amount that caused the debtor enough concern to hire an attorney. The judge agreed with the debtor and held the bank responsible for its actions. Has a creditor been relentlessly calling you? Contact the Malaise Law Firm now to learn how a San Antonio bankruptcy lawyer from our team can help you stop the abuse once and for all by utilizing the Fair Debt Collection Practices Act (FDCPA).

Foreclosure Rates Remain Relatively Steady in Texas

San Antonio Bankruptcy Lawyer — Mon, 09 Apr 2012 23:00:00 GMT

Foreclosure rates across the country have seen serious fluctuations over the past few years. In some areas like San Antonio, Texas, the rates are remaining relatively steady, experiencing slight inclines over the past few months. According to CoreLogic, a company that tracks foreclosure rates across the country, the San Antonio-New Braunfels area saw a slight incline in foreclosures last month. In January 2011 the rate was 1.36%. Last month, that rose to 1.37%. While this increase is small, it does represent hundreds of homeowners who received their first notices of foreclosure in the mail.

The current foreclosure rate nationally is 3.43%. Compared to that figure, Texas is doing well at 1.48%. In the San Antonio-New Braunfels area, the 90-day delinquency rate is higher than the state average. This is an indicator that shows how many homes are in danger of foreclosure or have already been taken into bank custody. Are you a homeowner who is facing foreclosure in Texas? If so, learn what you can do to prevent foreclosure by contacting the Malaise Law Firm to enlist the advice and assistance of a San Antonio bankruptcy attorney from our team.

How Can Chapter 7 Affect Your Taxes?

San Antonio Bankruptcy Lawyer — Tue, 03 Apr 2012 21:40:00 GMT

With tax season in full swing, you may be wondering how filing your taxes can affect a bankruptcy filing. Whether you have already filed for Chapter 7 bankruptcy protection or are considering it, you should learn more about how filing income taxes can affect your overall bankruptcy proceedings. In most cases, a refund from the Internal Revenue Service will be considered as an asset. As such, your bankruptcy trustee can collect your refund to pay off your debts. However, you may be able to use the "wildcard exemption" if you qualify. In this case, you may be able to keep your refund if you have already filed for Chapter 7 bankruptcy. When you file for bankruptcy, you will be given the option to choose federal or state exemptions. If you had chosen federal exemptions then you will be allowed to use the wildcard option.

There are advantages to filing for bankruptcy before paying your taxes and after. To learn how each could affect you, contact the Malaise Law Firm today to enlist the help and guidance of a San Antonio bankruptcy lawyer from our team. We will take the time to meet with you one-on-one to explain the tax consequences surrounding Chapter 7 as well as how the bankruptcy process works in the state of Texas. Don't wait - schedule your case evaluation now!

"Mortgage Lease Program" Offered in Some States

San Antonio Bankruptcy Lawyer — Tue, 03 Apr 2012 00:00:00 GMT

One bank is trying a new program to save homeowners from being evicted. The "Mortgage to Lease" program is currently open to a handful of states, but the bank has hopes of expansion in the future. The program has been offered to just 1,000 homeowners in the states of Nevada, Arizona and New York. These homeowners are in danger of losing their homes to foreclosure if they do not accept the terms of the agreement. The bank is asking them to relinquish the deeds to their homes. In exchange, the bank will let the homeowners rent their properties at the current market value.

This program is meant to serve as an alternative to mortgage reductions and short sales. In the past, homeowners could attempt to keep their homes by having their monthly mortgage payments reduced or even selling their homes by short sale. When these options do not work, however, the homeowner is eventually forced out of the property by the bank. Are you hoping to stop foreclosure so that you can keep your home in Texas? If so, contact the Malaise Law Firm today to discuss your foreclosure alternatives with a San Antonio bankruptcy lawyer.

Foreclosures on the Rise Once Again

San Antonio Bankruptcy Lawyer — Wed, 28 Mar 2012 00:00:00 GMT

As the backlash of the robo-scandal comes to an end, foreclosures are slowly on the rise once again. According to RealtyTrac, filings fell just 8% in February, the smallest decrease since October 2010. Now that most banks and financial institutions have been given the green light to resume foreclosure filings, the backlog of foreclosures is being tackled across the country. Although several states continue to see declines in foreclosures, there are still hundreds of thousands of properties that are receiving first notices. In California alone there were 206,900 properties that received foreclosure notices in February.

In 26 states foreclosures are steadily on the rise. In many of these states the courts have stepped in to conduct foreclosure proceedings. RealtyTrac reported that there was a 24% increase in filings from the previous year. Of the largest metropolitan areas in the country, half saw increases in filings. Reports show that Miami and Tampa led the group with the highest amount of foreclosure filings. Were you served with a notice of foreclosure but want to keep your home? If so, contact the Malaise Law Firm now to discuss alternatives to foreclosure with a knowledgeable San Antonio bankruptcy attorney from our office.