Gun Maker Files Bankruptcy after Trafficking Charge in Kansas City

A Nevada-based gun manufacturer was sued by Kansas City, MO after the city filed a lawsuit over weapons trafficking charge last month. In the Chapter 7 bankruptcy petition filed Feb. 10, Jimenez Arms listed assets of less than $50,000 and outstanding liabilities that surpass $1 million, KCUR-FM reported. Recovering compensation could prove difficult for the city should it win the lawsuit.

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Kansas City – which has one of America’s highest homicide rates – filed the lawsuit against Jimenez in January, alleging that the gun trafficking created a public nuisance in the city. Mayor Quinton Lucas said it’s the first such lawsuit filed against the gun industry in more than 10 years.

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Hospitals in Missouri, Kansas file for bankruptcy

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On Feb. 12, Pinnacle Healthcare System filed for Chapter 11 bankruptcy protection for itself and its hospitals in Missouri and Kansas. The Pinnacle Regional Hospital in Overland Park, formerly known as Blue Valley Hospital, entered bankruptcy with assets totaling up to $50 million and liabilities within the same range, according to bankruptcy court documents. After it was discovered the hospital did not “primarily engage” in providing inpatient care, a requirement for Medicare participation, the hospital lost its Medicare contract in 2018. Pinnacle Regional Hospital in Booneville, Mo., also entered bankruptcy Feb. 12, after the hospital abruptly shut down in January. The hospital closed a month after the Missouri Department of Health and Senior Services inspector cited the facility for sterile processing procedures. According to a report from KCUR, the health department ordered the hospital to stop performing surgery until the sterile processing unit was upgraded. Hospital officials ultimately decided to close the facility instead of making the repairs.

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Bar Louie Files Chapter 11 Bankruptcy

Bar Louie, announced that its lenders will serve as a stalking horse purchaser in its upcoming Chapter 11 bankruptcy filing. A stalking horse purchaser allows a guaranteed bid on the company’s debt to increase the value of the company in bankruptcy court.  The company will continue to operate its more than 90 locations across the United States in the normal course of business, according to a report from PR Newswire.

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Bar Louie, announced that its lenders will serve as a stalking horse purchaser in its upcoming Chapter 11 bankruptcy filing. A stalking horse purchaser allows a guaranteed bid on the company’s debt to increase the value of the company in bankruptcy court.  The company will continue to operate its more than 90 locations across the United States in the normal course of business, according to a report from PR Newswire.

Bar Louie has filed voluntary petitions for relief under Chapter 11 protection of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Daily operations will continue as normal through the bankruptcy process. The Company expects the Chapter 11 process to last at least 90 days.

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Filing taxes 101: Common errors taxpayers should avoid

Mistakes can result in processing delays, which can mean it takes more time to get a refund.

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Some easy ways to avoid mistakes are tofile electronically – the electronic system can immediately mark errors that would normally not be caught until reviewed a later date. In addition, using a reputable tax preparer – including knowledgeable tax lawyers at our offices – can also help avoid errors.

Here are some common errors to avoid when preparing a tax return according to the IRS:

Missing or inaccurate Social Security numbers. Each SSN on a tax return should appear exactly as printed on the Social Security card.

Misspelled names. Likewise, a name listed on a tax return should match the name on that person’s Social Security card.

Incorrect filing status. Some taxpayers choose the wrong filing status. The Interactive Tax Assistant on IRS.gov can help taxpayers choose the correct status especially if more than one filing status applies.  Tax software also helps prevent mistakes with filing status.

Math mistakes. Math errors are one of the most common mistakes. They range from simple addition and subtraction to more complex calculations. Taxpayers should always double check their math. Better yet, tax prep software does it automatically.

Figuring credits or deductions. Taxpayers can make mistakes figuring things like their earned income tax credit, child and dependent care credit, and the standard deduction. Taxpayers should always follow the instructions carefully. The Interactive Tax Assistant can help determine if a taxpayer is eligible for tax credits or deductions. Attach any required forms and schedules.

Incorrect bank account numbers. Taxpayers who are due a refund – direct deposit is the fastest way for a taxpayer to get their money. However, taxpayers need to make sure they use the correct routing and account numbers on their tax return.

Unsigned forms. An unsigned tax return isn’t valid…period. In most cases, both spouses must sign a joint return. Exceptions may apply for members of the armed forces or other taxpayers who have a valid power of attorney Taxpayers can avoid this error by filing their return electronically and digitally signing it before sending it to the IRS.

Filing with an expired individual tax identification number. If a taxpayer’s ITIN is expired, they should go ahead and file using the expired number. The IRS will process that return and treat it as a return filed on time. However, the IRS won’t allow any exemptions or credits to a return filed with an expired ITIN. Taxpayers will receive a notice telling the taxpayer to renew their number. Once the taxpayer renews the ITIN, the IRS will process return normally.

Is the IRS taxing your nerves? We can help! Contact our office at 816-524-4949 or visit our website: www.hoorfarlaw.com to schedule a consultation today!

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Bed Bath and Beyond Shares Fall by 26% after Releasing Earnings Report

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Shares of Bed Bath & Beyond tumbled after the retailer reported disappointing earnings Tuesday evening. Facing stiff competition from other retailers like Target, falling foot traffic, and glaring inventory management issues, Wall Street believes a true turnaround is going to take more time than what was originally anticipated. The store reported a 20% increase in online sales; however, in-store sales fell by 11%. The stock was on pace for its worst day ever. The company who has a market cap of about $1.4 billion had shares down by more than 25% by market close on the 13th of February.

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90 Day Tax Payment Relief Due to Coronavirus

On March 18th, 2020 it was announced that the IRS would extend the due date of federal tax payments from April 15th to July 15th because of the growing Coronavirus crisis. This extension applies to individual taxpayers owing up to $1 million and corporations owing up to $10 million. The Treasury Department and IRS made this joint decision while also releasing a website to continue COVID-19 updates for taxpayers: IRS.gov/coronavirus.

Need help filing your taxes? Contact our office at 816-524-4949 or visit our website at hoorfarlaw.com to set up a time to speak with an attorney.

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Trump Approves Coronavirus Relief Legislation

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A recent bill, introduced by Congress, was passed in order to expand relief to those suffering hardships from the coronavirus. This bill includes expansion of Medicaid, free virus testing, and paid sick leave and childcare leave for some employees. Benefits for sick leave and paid leave for childcare are being offered to businesses that range from 50 to 500 employees.

At this time there is no leave time paid for health providers and healthcare workers or Americans who are self-employed.

If you are suffering financially due to this pandemic, call our offices at 816-524-4949 or visit our website at hoorfarlaw.com to discuss your options.

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Kansas Utility Shutoffs Stopped Amidst Pandemic

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In a recent release from the Governor’s office, it was announced that there is a suspension of disconnecting service for Kansas residents. This comes after a State of Emergency was declared in both Kansas and nationally. This suspension will take effect immediately and continue through May 1st, however, this stay can be extended as needed with the growth of COVID-19 cases. The Governor claimed that this was to alleviate any financial hardship experienced due to closures from the virus and is directly in line with putting the interests of public health first. This applies to all utilities and internet shut offs not regulated by KCC.

Additionally, KCC has extended cold weather rule through April 15 and the City of Topeka has water shutoff moratorium through April 15.

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Newspaper Giant McClatchy Files for Bankruptcy

Newspaper giant McClatchy Co. — which owns the Kansas City Star and 29 other newspapers in 14 states — has filed for Chapter 11 bankruptcy protection and said it expects reorganize as a privately held company with debt holders taking over the equity. The company’s total debt is over $700 million. Under terms of the chapter 11 filing, first lien debt holders holding $218 million in debt will be exchanged for new-first lien notes at a sky-high interest rate of 10 percent. Second and third lien debt holders would swap their debt for equity.

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The plan also calls for the PBGC to take over the pension plan, for the newspaper publisher of give the board 3 percent of the equity in a newly reorganized company, and to make pension contribution of $3.3 million a year to the PBGC for ten years.

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Tough Mudder Creditors Try to Pit the Race Company into Bankruptcy

Tough Mudder Inc. creditors are attempting to push the organizer of extreme obstacle races into bankruptcy over $855,000 that they say the company owes them, Bloomberg News reported. The firm is facing claims from Valley Builders LLC, Trademarc Associates Inc. and David Watkins Homes Inc., all of which provide general contractor or building services. The trio filed an involuntary petition for Chapter 11 in Delaware, court papers show.

Tough Mudder was founded in 2009 by Guy Livingstone and William Dean, according to a pending breach of contract lawsuit filed by Livingstone. Signs of distress have plagued Tough Mudder – losing money every year except for 2015.

If you are facing debt or considering bankruptcy, contact our office at 816-524-4949 or visit our website at www.hoorfarlaw.com

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