As part of a restructuring plan, Forever 21 is preparing to close 100 stores. The company is currently working on obtaining a financial package that would provide around $75 million for its restructuring. In exchange for an interest in the retailer, company representatives and mall owners have discussed lowering Forever 21’s rent.
If you own a business that is in financial trouble and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
In July 2019, U.S. consumer borrowing hit the highest increase since late 2017. Total credit rose by $23.3 billion from the prior month. Revolving debt increased by $10 billion, the highest since November 2017. The growth of non-revolving debt, which includes loans for school and cars, advanced $13.3 billion after rising $14 billion.
If you are in debt and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
In 2018, Congress funded the Temporary Expanded Public Service Loan Forgiveness Plan to help students having trouble qualifying for loan forgiveness. The U.S. Department of Education accepted one percent (1%) of the applicants in the first year of the program.
If you are in debt and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
The following 18 red flags will help to maximize chances at receiving a denial of a business loan applications:
Although basic financial criteria must be met, overall impression, work style, and the ability for the bank and business owner to develop a trust-based relationship matter.
If you would like to speak to an attorney regarding a business matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
On August 23, 2019, the President signed into law four bipartisan, bicameral bills passed by Congress: the “Family Farmer Relief Act of 2019;” the “Honoring American Veterans in Extreme Need Act of 2019:” the “National Guard and Reservists Debt Relief Extension Act of 2019;” and the “Small Business Reorganization Act of 2019.” The “Family Farmer Relief Act of 2019” increases the debt limit used to determine whether a family farmer is eligible for relief under Chapter 12 of the Bankruptcy Code. The “Honoring American Veterans in Extreme Need Act of 2019” excludes certain benefits paid by the Department of Veterans Affairs and Department of Defense from the calculation of monthly income for the purposes of the Bankruptcy Code’s means test. The “National Guard and Reservists Debt Relief Extension Act of 2019” extends for four years, through December 18, 2023, the exemption from certain bankruptcy means-testing for members of the National Guard and reservists of the Armed Forces. The “Small Business Reorganization Act of 2019” establishes a sub chapter, within chapter 11, under which small business debtors can reorganize using more simplified and expedited procedures.
If you are thinking of filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
Brett Immel, a former Chicago real estate executive, was convicted on August 26, 2019, by a federal jury, of fraudulently concealing income and bank accounts in his 2009 bankruptcy petition. Immel faces up to five years in federal prison for hiding assets. Immel and his wife sought to discharge more than $6 million in October 2009. In his financial disclosures, Immel failed to disclose two bank accounts that he was depositing thousands of dollars a month into. He used these two accounts to pay off his home mortgage, make lease payments on a luxury car, purchase furniture, shop at high-end clothing stores, pay for child and pet expenses, and buy groceries.
If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
The State of Missouri now requires that everyone pay the sheriff $20 for service of any summons, writ or other order of court, in connection with any civil case, and making either a return indicating a service, a non est return, or a nulla bona return. In addition, the sheriff is entitled to receive for each mile traveled in serving any summons, writ, or subpoena a rate prescribed by the Internal Revenue Service for all allowable expenses for car use expressed as an amount per mile. Sheriffs will also receive five percent on $500 and four percent on sums above $500 for receiving and paying money on execution or other process where lands or goods have been levied and advertised and sold. The sheriff will also be allowed for each mile, to and from the courthouse of the county in which he or she resides to the place where the court is held, the rate prescribed by the Internal Revenue Service. The sheriff receiving the reimbursements will pay into the treasury of the county. The funds collected, not to exceed $50,000, may be expended at the discretion of the sheriff for the furtherance of the sheriff’s duties. If the fund exceeds $50,000, the excess will be placed to the credit of the general revenue fund of the county.
If you would like to speak to an attorney about a financial matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
Forever 21 is preparing for a potential bankruptcy filing as the retailer’s cash dwindles and turn-around options diminish. The company was discussing additional financing and was working with a team of advisers to aid in restructuring debt, but negotiations with lenders have stalled. Focus has shifted to securing a potential debtor-in-possession loan to take the company out of chapter 11.
If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
Nearly 50,000 members of the United Automobile Workers union (U.A.W.) went on strike at General Motors’ factories across the Midwest and South. U.A.W. regional leaders in Detroit voted unanimously to authorize the strike, the union’s first walkout since 2007. The U.A.W. is pushing General Motors to improve wages, re-open idled plants, add jobs at others, and close or narrow the difference in pay rates for new hires and veteran workers. General Motors wants its employees to pay a greater portion of health care costs and to increase work-force productivity and flexibility in factories.
If you would like to speak to an attorney about an employment matter, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.
OxyContin maker Purdue Pharma, LP filed for bankruptcy protection after more than 2,600 lawsuits alleged the company helped feud the U.S. opioid epidemic. Purdue reached a tentative deal to resolve lawsuits with 24 states and five U.S. territories, but two dozen states remain opposed or uncommitted to the proposed settlement. The states that oppose the proposed settlement set the stage for contentious legal battles over who is responsible for the public health crisis that has claimed the lives of approximately 400,000 people between 1999 and 2007. Opposing states also want the Sacklers, who would gain control of Purdue in the proposed settlement, to guarantee more of their own money will go toward a settlement. The Sacklers have offered $3 billion in cash and an additional $1.5 billion or more through the eventual sale of another company they own. The Sacklers have declined to revise the offer.
If you are thinking about filing for bankruptcy and would like to speak to an attorney, call our law office at 816-524-4949 or visit our website at Hoorfarlaw.com.