Debt leads to Truck Operator Suicide

In Mansa, India there was a recent suicide by train.

The 28 year old man by the name Baljinder Singh had recently been overcome in debt.

He was a truck operator with originally 2 trucks, but had to sell one truck 4 months ago and he other truck 20 days ago.

He also acquired over Rs 5 lakh (Or over $7000) in debt from acquaintances that he couldn’t pay back.

If you believe you have an overwhelming amount of debt, feel free to contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Man Drives into Lake over Divorce

Wednesday night at 2 am a couple had crashed into Port Orange Lake in Volusia. The man driving was upset because his wife wanted a divorce, he then intentionally drove off the road and into the lake. The wife has been interviewed by the police and she said they were the only two in the car, leading the police to believe there are no others in the lake. The truck will be removed at a later time; there were no reported injuries, but the husband has yet to comment.

 

If you are facing a divorce and need assistance, contact our office at 816-524-4949 or www.Hoorfarlaw.com.

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Corporate Tax Rates After the New Tax Cuts and Job Act

For years, almost every taxing system was broken down into a bracket system. C Corporations were paying on a tax bracket for up to $50,000 at a rate of 15%,

more than $50,000 to $75,000 at 25%, 34% for incomes ranging between $75,000 and $10,000,000.

From there a flat 35% was applied to any taxable income greater than $10,000,000. The new tax system

allows for diminished incentives to transition a C corporation into an S corporation with a flat

rate of 21% no matter which income range.

If you need tax assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Bunching Gifts after the Tax Cuts and Job Act of 2017

There were several changes in taxation after the enactment of the Tax Cuts and Job Act of 2017, lifetime gifts benefited in most regards.

Bunching allows 2-3 year’s worth of donations in a given tax year which can then be itemized in following years. If you need tax assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

 

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Toys ‘R’ Us, $348 Million in fees over Bankruptcy

In early spring of 2017 the company wanted to refinance roughly $200 million of their $5 billion debt. The company faced low holiday income and had to file for bankruptcy and move to close stores. More than 30,000 company employees are going to be hurt by the fees of the bankruptcy. The nearly $350 million in litigation and professional fees will make

employees suffer without receiving their promised severance. These employees are moving to get protected severance in bankruptcies for future companies in similar situations.

 

If you are wrapped up in a bankruptcy and don’t know what to do, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Applebee’s Franchisee with 150+ Restaurants Files for Bankruptcy

An Atlanta-based Applebee’s RMH Franchise filed for chapter 11 protection. The filing estimates that the company owes between $100 million and $500 million across the 163 restaurants. The restaurants located across 15 states will continue to operate during the bankruptcy period.

If you are thinking of filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Man Behind Bars for Bankruptcy Fraud and Identity Theft

A Connecticut man by the name of Joel C. Riley was recently arrested and charged with conspiracy to commit bankruptcy fraud as well as identity theft. Riley origionally

tried claiming power of attorney for an ill woman in order to file her Chapter 7 bankruptcy with unsecure debt totaling $277,000. He then had a woman with a fraudulent ID come in to file.

The victim of the identity theft and fraudulent filing found out while attempting to check out with a credit card at a store.

If you believe you are the victim of bankruptcy fraud, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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TI’s Restaurant: Pending Lawsuits and Bankrupt

The famous rapper cannot catch a break with his now-closed restaurant; before it was lawsuits from previous employees and now it is the filing for Chapter

7 bankruptcy. Both TI and his business partner own 40% stake in the company with an unknown amount of debt that has been run up by numerous lawsuits from previous employees claiming waging issues. The restaurant had also been sued for eviction; the true cause of bankruptcy appears to be the abundant lawsuits.

If you have a failing business and would like some assistance, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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American Chopper Star Finances Revealed

Paul Teutul, in bankruptcy, recently disclosed some key finances. His assets including his car, boat, trailer, land and gun collection total a worth of over $411,673; his monthly

expenses outweigh his income by roughly $4,000. The TV star has over 8 lawsuits in which he is currently involved as well as $83,841 in claims against him. On top of those he claims to have over $66,000 in business credit card debt.

If you are thinking of filing for bankruptcy, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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Not All Student Related Loans are Nondischargable

Historically, student loan debt is considered nondischargable unless the terms of paying it back are deemed to be an undue hardship. However, recently, there have been ca

ses regarding other forms of student loans that do not directly affect education enhancement which have been ruled dischargeable in Texas courts. These types of ‘exclusionary loans’ include bar exam study loans as well as career training loans. Many bankruptcy courts seem to be more flexible in the consideration of Section 523(a)(8) regarding student loan debt.

If you have questions regarding your student loan debt and would like to speak to an attorney, contact our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.

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