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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.

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.

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.

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.