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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.

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.

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.

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.