Crumbs Bakery Files Chapter 11 Bankruptcy

Crumbs Files Chapter Eleven Bankruptcy

Large American Company Files Bankruptcy

The cupcake chain, Crumbs Bake Shop, was forced to shut down its operations this past July after several years of dwindling sales, and rising debt. Crumbs filed for Chapter 11 bankruptcy protection and was recently looking to hold an auction to see if anyone was willing to make a bid to buy the company. This past week a bid was made by television personality Marcus Lemonis and Dippin’ Dots owner Fischer Enterprises. Lemonis and Fischer Enterprises’ bid of $6.5 million dollars was unmatched and eventually accepted. The auction was deemed unnecessary because no other investors came forward with a bid of their own. Suppliers for Crumbs Bake Shop and landlords of closed locations are looking to receive around $870,000 dollars to settle debts, according to court documents.
Continue reading

Can You File Bankruptcy on Taxes Owed

can bankruptcy cover irs taxes

Filing Bankruptcy to Stop the IRS

If you have past due federal taxes and the IRS has begun the collection process, filing for bankruptcy may be a viable option. If you decide to pursue bankruptcy to settle your tax debt, several steps must first be taken.

  1. You you should  file all required tax returns for tax periods ending within four years of your bankruptcy filing.
  2. While your bankruptcy is underway:
    • You must continue to file all necessary returns.
    • You need to pay all current taxes as they are due.

Not all tax debts are dischargeable through bankruptcy. Older income tax obligations with a return due within the past three years are more likely to be discharged. A Chapter 7 bankruptcy wipes out your dischargeable tax debts, with the exception of priority taxes. If you owe priority taxes Chapter 7 bankruptcy will only provide you with temporary relief from IRS collectors while the automatic stay is in effect.
Continue reading

The Biggest Bankruptcy in U.S. History

Bankruptcy protestersA bankruptcy adjustment plan has been voted on by creditors, to determine if the newly constructed proposal satisfies all parties involved in the 18 billion dollar city debt. U.S. Bankruptcy Judge Steven Rhodes was told the tabulation of the adjustment plan votes would be filed on the 24th of July this coming week.

The Detroit bankruptcy case has been increasingly difficult to follow, because of the large variety of entities that must be taken into consideration. While the city of Detroit is hoping to save around 7 billion through their bankruptcy, the longer the trial goes on the more expensive it becomes. A recent expert witness had her services valued at over 400,000 dollars, which Judge Steven Rhodes ordered the city to pay.
Continue reading

Top 10 Bankruptcy Myths

  1. People who file for bankruptcy are financially irresponsible.

    FALSE

    • Individuals and corporations file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy for a large variety of reasons.  These reasons are often related to unexpected, and, in many cases, unpreventable, expenses.
    • For example, individuals may need to file bankruptcy due to unexpected medical bills or a sudden death in the family.  Filing for bankruptcy can also often be necessary after a divorce.
    • Corporations may need to file commercial bankruptcy under Chapter 7 or Chapter 11 because one of their largest customers suddenly went out of business or business slowed down due to sudden changes in their industry such as the financial meltdown in 2008.
  2. Bankruptcy discharges all past debts

    FALSE

    • Not all debts are discharged in bankruptcy.  Certain debts receive a priority in bankruptcy proceedings such as: IRS and Franchise Tax Board liens against real property or certain IRS and Franchise Tax Board debt that was incurred within the last 3 years.
    • Other Debts that cannot be discharged include certain claims for past wages owed to employees, domestic support obligations such as alimony and child support, certain fines or penalties owed to the government, and debts related to fraud or other types of wrongdoing.
    • This is not a complete list of all debts that cannot be discharged in bankruptcy.  For specific questions on whether or not a specific debt can be discharged in bankruptcy, speak to a Los Angeles bankruptcy attorney today.

Continue reading

Bankruptcy Court Fees

Bankruptcy Filing Fees Increased June 1st, 2014

Filing for bankruptcy is an important step many people take to protect themselves from creditors, while also giving them the opportunity to retake control of their financial state. As of June 1st, 2014 many bankruptcy filing fees have changed and increased. The list below was compiled to help keep those curious about filing for bankruptcy up to date.

Petition Fees Increased New Costs Effective 6/01/2014
Chapter 7 Bankruptcy Filing Fees $335
Chapter 9 Bankruptcy Filing Fees $1,717
Chapter 11 Bankruptcy Filing Fees $1,717
Chapter 11, Railroad Filing Fees $1,550
Chapter 12 Bankruptcy Filing Fees $275
Chapter 13 Bankruptcy Filing Fees $310
Chapter 15 Bankruptcy Filing Fees $1,717

As petition fees have increased, so have the conversion fees. These conversion fees are applied when an individual or corporation has decided to convert from one type of bankruptcy to another. To note, not all conversion fees have increased.
Continue reading

I had many doubts at first

I had to post this. I have been working with URE Law Firm for over 1 year now. I did Bankruptcy 13 and it saved my HOME! All I can say is that the customer service I am still getting is AWESOME. They don’t just work with you while you are going through Bankrupt they still help you down the line. Patty and Yolanda are awesome they keep you up to date with any letters they receive. If you need a Bankruptcy Attorney don’t think twice about URE Law Firm!
– Diane, updated post, 1/23/2015

I was days away from loosing my home and now I am one happy Client!!! I had many doubts when I first did the BK-13. My home is now saved and I can now start fresh thanks to this Attorney and his assistant Patty. I have been approved and I could not have done it without these people!
-Diane, updated post, 3/31/2014

I hired this Attorney back in November. I was very scared about many things and honestly, they were really great with me. I had many attorney letters coming through the mail and called everyone of them. When I spoke with Patty with URE, I can honestly say I felt like this office knew what they were doing and did not beat around the bush. I will highly recommend this office to anyone, you can call for yourself!!
– Diane, Chapter 13 bankruptcy

I was about to lose my home

I hired Ure and his firm when I was about to lose my home to foreclosure. I was scared and did not know what to do, so I finally made an appointment, and after meeting with Mr Ure and Patty I knew from that point on I made the right choice. He helped me with filing for Chapter 13, and Patty will make sure you understand the whole process. Whenever you call with a question either Atty Ure, Patty or Yolanda, will return your call or email that same day. I went there in fear of a bad outcome and left knowing I was going to be alright and in good hands. Give them a call, they are really worth an hour of your time.

– Audrey, Chapter 13 Bankruptcy

Light at the end of the tunnel

We knew nothing about Ch 13 until the Ure Law Firm recommended this path of reorganization. The lawyers Tom Ure & David Shevitz did an expert job in getting our plan certified. As a result this is the first year in a long time that we have not had to use credit to pay our annual federal income and state property taxes. The plan is working and we can now see light at the end of the tunnel.

– Greg, Chapter 13 bankruptcy

Look no further for a bankruptcy attorney!

The ugly truth about bankruptcy is not so ugly at all when you hire a professional that explains to you the intricacies and options you face- when faced- with financial disaster.

Tom Ure is that attorney.

I hopped from initial consultation to initial consultation, hearing everything I did not want to hear from other attorneys. Most of the time it was “you must file Chapter 7” or “You are going to loose your house.” One guy even said, when I asked about preserving a certain amount of dignity in the process: what do you care? Well I did care, because I did want to file bankruptcy- but had to. My guess is that’s the situation the person reading this (you) is in as well.

When I met with Tom Ure I felt almost instantly at ease. I talk a lot- and he took the time to listen. He explained options that did not make me feel like just another number, or loser for that matter and that there was hope. I decided to hire Tom after that first meeting. Eventually we started the process and his staff confidently walked me thru the steps, the countless forms, and information that was needed file and proceed. Then Tom stood by me throughout the meetings and more. Clear, concise and confident I felt once again. He successfully got my case approved and it has changed my life. I know for a fact there is no way this process would have been easy one way or another. But with confidence I can say that without Tom’s guidance and ease of which he broke down the entire process for me- and stood by me – I could not have done it without him. Its funny, this bankruptcy ordeal…it changes a person. I am a better person now. Then there’s this tidbit: you find a guy like Tom Ure and want to use him again- but hope you never have to! And so does he!

That said- the very least I can do it is let others know how terrific he is, and I am doing so here.