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'Octomom' bankruptcy case thrown out

by Administrator 16. May 2012 07:33

Nadya Suleman's bankruptcy case was thrown out by a judge yesterday.

Suleman, who is best known as the 'Octomom' for giving birth to octuplets in 2009, failed to file a dozen financial documents that show her inability to pay the $1 million she owes. This glaring irresponsibility has resulted in her Chapter 7 bankruptcy case being thrown out. 

Suleman, a single mother, has 14 children and owes money to over 20 creditors including a Christian school and her father. She is unemployed, but has made money by selling her family photos to tabloids.

If you are buried under a mountain of debt, a Chapter 7 bankruptcy lawyer from the Harmon Law Office, LLC, can help you file for bankruptcy in as little as three easy steps. Contact our experienced bankruptcy lawyers at 480-829-0494.

American Airlines bankruptcy to cause job loss in Arizona

by Administrator 1. May 2012 07:56

American Airlines plans on shutting down call centers based in Arizona as part of its bankruptcy restructuring. The airfare company plans on cutting over 14,000 jobs overall nationwide.

Its Tuscon reservation center employs more than 1,400 people. Many of them will be able to begin working from home or from other offices. The company filed for Chapter 11 bankruptcy last Fall.

It is now working out ways to void its union contracts in order to begin new ones. The company hopes to cut $1.25 billion in labor spending over the course of its bankruptcy.

If you are feeling overwhelmed by your debts, contact an Arizona bankruptcy attorney from the Harmon Law Office at 480-829-0494 to begin the process of overcoming your them. 

President discusses student loan rates

by Administrator 26. April 2012 06:21

This week, President Barack Obama spoke at three college campuses over the soon-to-rise cost of federal student loans. The current interest rate of 3.2 percent is scheduled to double on the first of July if action is not taken in Congress.

This is a major issue for many college students, who graduate with over $20,000 of debt on average. An increase to the loan rate makes that mountain of debt even more burdensome. 

Student debt is categorized in the same way as child support and court-mandated fines, meaning they cannot be forgiven through bankruptcy. Many students go on to graduate with overwhelming amounts of debt and then cannot find jobs, making paying them down incredibly difficult. There are considerations to change this rule, but nothing incredibly solid has been released just yet. 

If you are trapped under your debts, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, by calling 480-829-0494 today. 

Another packaged-ice company files for bankruptcy

by Administrator 17. April 2012 01:05

Earlier this year, the packaged-ice company, Arctic Glacier, sought bankruptcy protection for their business. Now, Reddy Ice Holdings Inc. has done the same thing after the two companies lost more than $300 million in two years. 

The packaged-ice industry took a hit when several large retailers began making and selling their own ice. Retailers are the main customers in the industry, and therefore these ice-producing companies began to struggle. By the end of 2011, Reddy Ice claimed to have $530.8 million in liabilities and only $434 million in assets. 

The company has different creditors that have already stepped forward, and Reddy Ice believes that they will possess roughly $50 million in financing after they come through the bankruptcy process. They hope to be done with bankruptcy after 45 days. 

If your company is considering filing for bankruptcy, please contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494 today. 

Warren Sapp loses Super Bowl ring, files for bankruptcy

by Administrator 9. April 2012 01:57

The former defensive tackle for the Tampa Buccaneers, Warren Sapp, has opted to file for Chapter 7 bankruptcy in order to deal with his $6.7 million in debt. The ex-NFL player, who has four children with three different women, has fallen behind on payments to several creditors as well as on child support payments. 

He reveals his entire financial situation in the bankruptcy papers, and details his assets, as well as his liabilities. He also mentions that he lost his 2002 Super Bowl ring as well as his National Championship ring.  In the paperwork, his assets are set at $6.45 million, and that amount includes a large collection of Air Jordan sneakers, a De Grisogono watch, and a lion skin rug. 

Sapp is currently working for the NFL Network as an analyst, but his contract is up in August. He has told the media he is unsure of his contract renewal with the network. He filed the Chapter 7 bankruptcy protection paperwork in Florida on March 30.

Please contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494 if you or someone you know is considering filing for Chapter 7 bankruptcy.  

Bankruptcy filings surround 'pink slime' controversy

by Administrator 5. April 2012 01:20

Another meat processing company has filed for bankruptcy due to the "pink slime" controversy that has been popularized by the media. This controversy came to light when the texture and color of a processed meat filler was revealed to the public. People were upset by the appeal of the substance, and were not interested in consuming meat that contained it. 

As a result of the negative outlook, meat processing companies were told they had to remove the filler from their products. AFA Foods, Inc. only dealt with ground beef, and their ability to remove it from their products was not successful. They claim that this controversy was the reasoning for seeking bankruptcy protection. On Monday afternoon in Delaware they filed the necessary paperwork to gain protection.

The company's 2011 revenue totaled $958 million, and yet their assets were listed at $219.6 million. Their liabilities were comparable to their assets at $197.3 million.

If your company is considering Chapter 11 bankruptcy protection, please contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494 today. 

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