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Clinton Portis files for bankruptcy

Former Washington Redskins starting running back Clinton Portis had filed for Chapter 11 Bankruptcy Protection after months of financial problems, according to reports from late November.

Portis filed for bankruptcy on November 5 at the United States Bankruptcy Court in the Northern District of Florida, and he cited a total of $2.5 million in debt, including outstanding balances on his car, home, credit card loans, income taxes, and gambling debts.

The filing showed a $1 million debt to Residential Credit Solutions for his mortgage, a $390,000 debt of back taxes to the Internal Revenue Services balance, a $287,000 debt to the MGM Grand Hotel in Las Vegas, a $200,000 debt for an Alabama foreclosure, a $170,000 debt to an Atlantic City casino, $111,000 for a home equity line credit, and a total of $210,000 for car loans.

If you are struggling through debts with your personal or business finances, our attorneys at Gagnon, Peacock & Vereeke, P.C. can help you understand your options and find relief. Call our Texas office today at (214) 824-1414 to learn more about what we can do for you.

Former Olympic skater Debi Thomas now broke

The 1986 figure skating World Champion and 1988 Olympic bronze medalist Debi Thomas is now broke and living in a trailer. She appeared on the final episode of “Iyanla: Fix My Life,” a popular show that airs on the Oprah Winfrey Network, and gave details of her life story in an interview.

After her success as a figure skater, Thomas became an orthopedic surgeon. Thomas opened her own practice and ran the business for two years, but she was forced to close the doors after a serious financial blow caused by two divorces. Her first divorce, she explained, happened because of her former husband’s inability to deal with her fame and success. The second resulted in a legal battle that left her unable to recover financially and keep her practice running.

While Thomas is working to get her finances back on track, her story serves as an example that even successful individuals can suffer the extreme consequences of unexpected financial hardships. At the law offices of Gagnon, Peacock & Vereeke, P.C., in Forth Worth, our attorneys help clients deal with overwhelming debt through bankruptcy. To discuss your options today, call (214) 824-1414.

American Apparel closes Lower East Side branch after bankruptcy

Famed clothing store American Apparel filed for Chapter 11 bankruptcy on October 5, just a year after CEO and founder Dov Charney was fired by the board in 2014 due to a scandal in the workplace. The company has about 8,500 employees at six factories and 230 stores in the United States and seventeen other countries.

American Apparel recently closed their longtime Lower East Side branch in Manhattan after the bankruptcy news came out weeks ago. The storefront windows were lined with paper and displayed a note that directed customers to their branches in the NoHo and SoHo Manhattan neighborhoods.

A spokesperson for American Apparel said that the closure of the store is the “next step in implementing our previously announced turnaround plan, which includes closing underperforming locations and investing in new stores in promising areas.”

If you or your company is on the verge of bankruptcy, consult with our legal team of bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C., to discuss the legal options that are available to you at this time. Call us today at (214) 824-1414.

RadioShack’s Chapter 11 plan approved

In the first quarter of this year, Fort Worth, Texas-based electronics chain store RadioShack filed for a Chapter 11 Bankruptcy Protection plan. The company struggled selling their products once consumers started buying electronic goods online for convenience. RadioShack warned of possible bankruptcy September of last year but was given funding. The store has $1 billion in debt and does not have enough assets to repay all of their debts.

Recently at a United States Bankruptcy Court in Wilmington, Delaware, Judge Brendan Shannon announced that he would sign off on both settlements and a Chapter 11 plan for the company. The company’s liquidation proceeds will be distributed to the junior creditors.

If you are in Texas and you find yourself or your company in an impending bankruptcy situation, do not hesitate to consult with a legal team and talk about how to gain the best scenario. Discuss your situation with our bankruptcy lawyers at Gagnon, Peacock & Vereeke, P.C. and we will gladly assist you. Call us today at (214) 824-1414.

Forest Park Medical Center files for bankruptcy protection

According to Dallas Business Journal, Forest Park hospital in Frisco, Texas has filed for Chapter 11 bankruptcy protection. The lawyers representing the hospital gave a bankruptcy notice to Collin County last Tuesday, September 22. Based on the reports, the hospital owes a total of $14 million to its loaners.

Todd Furniss, the chairman of The Management Company at Forest Park Medical Center, said that filing for bankruptcy protection was necessary because of financing challenges and reductions in the out-of-network payments from insurance companies. Mr. Furniss said, “It’s a sad day, but the board felt this is the best action to move forward… They want to do the best they can for the physicians to continue serving patients.”

Filing for Chapter 11 bankruptcy protection allows companies to regroup their finances in order to become profitable again. Our bankruptcy lawyers at Gagnon, Peacock & Vereeke, P.C. in Dallas offer insightful legal assistance for your bankruptcy needs. Call our office at (214) 824-1414.

What you need to know about dischargeable debts

When filing for bankruptcy, individuals facing financial difficulties can regain control of their finances by cancelling some of their debts. Although there are some debts that are too important to be wiped out, such as domestic support obligations, there are debts that can be completely eliminated with this process- called dischargeable debts.

Typical examples of dischargeable debts include personal loans, utility bills, and credit card debts. Medical bills, social security and veterans assistance overpayments are also usually categorized as dischargeable debts. However, you must keep in mind that not all types of bankruptcy wipe out the same debts. Chapter 13 bankruptcy, for instance, offers a wider selection of debts that can be discharged compared to Chapter 7.

Bankruptcy can help you realign your finances and help you get back on track. To know more about dischargeable debts, and to seek help in filing for bankruptcy in Plano, speak with our team of bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C. by calling (214) 824-1414 today.

1 in 6 NFL stars file for bankruptcy

Studies have shown one in six NFL players declare bankruptcy soon after entering retirement, according to an article from Ventura County Star.

In an article published in 2009, 78% of ex-NFL players either declared bankruptcy or experienced some sort of financial difficulty two years into retirement. On the other hand, a recent study by the National Bureau of Economic Research found that 16% of players drafted between 1996 and 2003 went bankrupt during their first 12 years of retirement.

Financial experts claim that divorce and child support payments can cause ex-NFL players to lose some of their wealth. Unsound financial advice and overspending have also been cited as reasons for NFL player’s money mismanagement.

Bankruptcy allows you to realign your finances during difficult times. If you are considering securing your financial welfare through bankruptcy but are unsure how to file in Dallas, consult with our team at Gagnon, Peacock & Vereeke, P.C. to learn more about the process. Talk to us today by calling (214) 824-1414.

ANRZ files for bankruptcy

U.S. coal producer Alpha Natural Resources (ANRZ) has joined the ranks of three other coal companies that filed for bankruptcy in a span of 15 months, CBS News reported on August 3.

ANRZ, which operates approximately 60 coal mines in the country, seeks bankruptcy protection amid plummeting prices of coal used for electricity. The drop is mainly because of the improved liquefied natural gas (LNG) drilling processes and technologies, which boosted the production of LNG. Players in the coal industry are also having a difficult time due to more stringent clean air regulations.

The company filed for bankruptcy with the U.S. Bankruptcy Court for the Eastern District of Virginia. It hopes that the move will allow it to proceed with its operations as normal.

At this time of financial hardship, filing for bankruptcy may allow you to protect your business from creditors while you are restructuring your business to make it profitable again. The team at Gagnon, Peacock & Vereeke, P.C., can help you with your bankruptcy needs. Call our Dallas office at (214) 824-1414 today, and tell us about your situation.

50 Cent files for bankruptcy as a precautionary measure

Rapper and entrepreneur Curtis Jackson III, popularly known as 50 Cent, filed for Chapter 11 bankruptcy on July 13, according to a report by USA Today.

The renowned entertainer said his filing for Chapter 11 bankruptcy was made as a precautionary measure to protect his wealth. His bankruptcy documents show that his assets and debts range between $10 million and $50 million. 50 Cent’s attorney stated that applying for bankruptcy protection allows his client to proceed with his work as a businessman and entertainer while taking care of his fiscal affairs.

His decision to file for bankruptcy came after a jury ordered him to pay $5 million to a woman who filed a case against him over a video that was posted without her consent.

Bankruptcy is not just a means to manage your financial problems; it can also be an effective way to protect your assets and secure your financial welfare. Our team of bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C., can help you make an informed financial decision. To learn more about the process of filing for bankruptcy, call our Dallas offices at (214) 824-1414 today.

Caesars Requests an Extension to Prepare for Bankruptcy Case

Caesar’s Entertainment Operating Company (CEOC), the owner of Caesar’s Palace and Harrah’s, is in the middle of filing for Chapter 11 bankruptcy, and the company is quickly approaching their May 15th deadline to come up with a reorganization plan.

Caesar’s released a statement claiming that their Chapter 11 filing is extremely complicated and that because of this they will require more time than the 120 days they were given. CEOC is asking to extend their deadline to come up with a plan to November 15th.

At the United States Bankruptcy Court in Chicago they officially requested an extension to solicit votes on their proposal to January 15, 2016. The deadline is currently set at July 14th.

In order for this to pass, CEOC needs the approval of Judge A. Benjamin Goldgar. Traditionally, judges typically approve these kinds of requests.

Filing for bankruptcy can get complicated, and is almost impossible to handle on your own. If you are thinking about filing for bankruptcy, the experienced team of Dallas bankruptcy lawyers at Gagnon, Peacock & Vereeke, P.C., is ready to help. Call us today at (214) 824-1414 to discuss the specifics of your situation in more detail.