TaxMasters, Inc. has filed for Chapter 11 bankruptcy protection in a federal court on Sunday.

According to the court documents, the firm stated that they had less than $50,000 in assets and has between $1 million and $10 million in debt. The firm has been involved in multiple legal complaints in recent years.

The most recent was filed by Texas prosecutors and stated that the firm violated the Deceptive Trade Practices Act with their commercial advertisements that featured the company's founder and president. Prosecutors have stated that the commericials encourage consumers to call for a free consultation on tax filing advice, but it is really salespeople who answer that have not been trained to give this advice.

If you or a loved one has been considering filing for bankruptcy, this is a stressful time for you and your family. Contact the Arizona business bankruptcy lawyers of the Harmon Law Office by calling 480-829-0494 today.

Today, a judge at the U.S. Bankruptcy Court in Delaware approved Washington Mutual Inc.'s exit from bankruptcy. The judge previously turned down two of the bank's exit plans.

The approved plan to exit Chapter 11 bankruptcy involves distributing more than $6.5 billion among the bank's creditors. In addition, shareholders should expect to receive recoveries. Debt holders could begin receiving payments from the bank as early as March 8. 

The only portion of WaMu to continue operations after exiting bankruptcy will be a mortgage reinsurance company. Shareholders will take ownership of the business valued at $140 million. 

To learn more about the Chapter 11 bankruptcy process, contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494 today.

Global Aviations Holdings, Inc. has now filed for bankruptcy protection. The company charters flights for the U.S. military and is the largest commercial provider for this in the U.S.

The bankruptcy filing cites that the U.S. pulling out of Iraq along with labor costs, debt and spending cuts on defense efforts has lead to their filing. Global Aviations is the parent company of North American Airlines filed for Chapter 11 bankruptcy.

The U.S. has withdrawn most of the troops from Iraq and have said to end the combat in Afghanistan by 2013. The company lost $60.3 million in revenue in the nine month span that ended in September. Global Aviation currently employs more than 1,782 people and recently told 150 people that they would have to let them go within the next few months. 

If you or a loved one has been considering filing for bankruptcy, you need representation on your side that may be able to help you through this stressful time. Contact the Arizona bankruptcy lawyers of the Harmon Law Office by calling 480-829-0494 today.

Fewer publicly traded companies filed for bankruptcy last year, according to court documents.  2011 was the third year in a row that fewer large companies filed for Chapter 7 or Chapter 11 bankruptcy.

In total, 88 public companies filed for bankruptcy in the U.S. last year.  In 2010, 106 publicly traded companies sought bankruptcy protection, and, in 2009, 211 public firms filed for bankruptcy.  

Notable publicly traded businesses that filed for bankruptcy in 2011 include AMR Corp., Borders Group Inc., and MF Global Holdings Inc.  The average amount of assets listed in bankruptcies filed by public companies in 2011 was $1.2 billion.

Contact the Arizona business bankruptcy attorneys of the Harmon Law Office at 480-829-0494, if you or someone you know would like to speak with an experienced bankruptcy attorney about saving your business through Chapter 7 or Chapter 11 bankruptcy.

The American Airlines parent company has stated that they will be eliminating 13,000 jobs as a part of their bankruptcy protection plan.

AMR Corp. has stated that they plan on elminating 20 percent of labor costs and has stated that they will now begin negotating with unions. 

In the month of December, AMR lost nearly $904 million and officials have stated that the restructing process will help them meet challenges, cut spending and become profitable again. The company has also stated that they will be changing their pension plans. 

If yo of the u or a loved one has been considering filing for bankruptcy, you need representation on your side that may be able to help you with the process step by step. Contact the Arizona business bankruptcy lawyers Harmon Law Office by calling 480-829-0494 today. 

The maker of Twinkies snacks and Wonder Bread, Hostess Inc., may be filing for Chapter 11 bankruptcy protection some time this week. If this does occur, it will be the second time that the company has done major restructuring in recent years.

The private company, based in Irving, Texas, now has a debt of $860 million which is due to rising costs ingredients such as flour and sugar, as well as a high cost of labor. Vendors are owed more than $50 million and many of them have been demanding some payment.

Since the company has sought bankruptcy protection before, they may now have to file for a different type. Another issue that has caused distress for Hostess is that people have switched to whole grain, healthier bread rather than white bread. 

If you or your business is in a similar position and are considering your financial options, this can be a stressful and difficult time. Contact the Arizona bankruptcy lawyers of the Harmon Law Office today by calling 480-829-0494.