The Journal Times reports that the former chairman of the Bank of Elmwood has filed for bankruptcy, following lawsuits his employees filed against him accusing him of ruining their stock.

The bank’s stock fell to zero when it was shut down by state and federal regulators in 2009. Half of the bank was owned by its employees, four of which are suing the bank’s former chairman for their losses.

In a self-interested move, the ex-chairman and CEO of the bank, Jess Levin, filed for Chapter 7 bankruptcy. Chapter 7 offers a wide range of protections, including staying, or preventing, the action of new and existing lawsuits against you.

If you are facing innumerable financial burdens, filing for personal bankruptcy may help. If you are considering filing for bankruptcy, contact the Chapter 7 bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.

Nearly six years after attorneys for the Davenport Diocese filed for bankruptcy, the Chapter 11 case has come to a conclusion.

The diocese had to file for bankruptcy after settling cases of alleged child molestation at the hands of its priests. The $37 million settlement has been distributed among over 165 individuals. The church had to sell some of its land in its restructuring, but has since bought it back.

The judge who presided over the decision said the diocese has followed its bankruptcy plan faithfully, but must continue being complicit with the non-monetary conditions outlined in the plan, including posting information about the accused abusers on its website.

If your business is facing crushing financial difficulty, you may find relief in Chapter 11 bankruptcy. Contact the bankruptcy attorneys of Hong Law, PLC, at 319-623-1400 to learn more.

With California’s fiscal year coming to a close, the city of Stockton, California, is facing bankruptcy.

The state requires all cities to have balanced their budgets by July 1 of every year. As of now, Stockton has a $26 million deficit. Over the past three years, it has been addressing the deficit by cutting various programs from its budget, including a quarter of the police force, nearly a third of the firefighters, and 43% of all other city employees.

If the city continues on its current path, it will be the largest city in US history to go bankrupt.

There are many common reasons bankruptcy situations may arise. If you are facing bankruptcy, contact the bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.

Colorado solar panel manufacturer Abound Solar is almost prepared to file its plans for bankruptcy.

The company received a $400 million loan from the federal government, but it only utilized $68 million before the government rescinded its funding. The company revealed in February that it closed its factory.

Abound Solar had planned to utilize an alternative to silicon, but after the costs of silicon fell, the competition from Chinese solar energy companies was too much for the Colorado company.

Bankruptcy protection can help businesses recover from tough economic times. If your business needs protection, contact the business bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.

Despite losing 3,300 jobs between April and May, Iowa has gained 13,400 jobs compared to this time last year, the vast majority of which are in manufacturing.

While the national unemployment rate rose slightly over last month, Iowa’s stayed about the same according to Iowa Workforce Development. Iowa is ranked seventh in the nation for joblessness, with an unemployment rate of 5.1 percent.

Nationally, Iowa was one of 18 states that did not see a change in its unemployment rate this month. A total of 14 states improved their unemployment rate, while the remaining 18 lost jobs.

Losing your job can put you in a stressful financial situation, potentially leading to bankruptcy. If you are considering filing for bankruptcy, it’s important to know which debts will be dischargeable and non-dischargeable. Contact the bankruptcy attorneys of Hong Law, PLC, to learn more.

Danielle Staub, of Real Housewives of New Jersey fame, has filed for bankruptcy.

Her Chapter 7 filing lists $1.9 million in liabilities but shows an income of only $63,791 this year, the majority of which came from an appearance on VH1.

Staub’s most expensive asset is her $899,000 mansion, which she has been trying to sell for several years. She unfortunately owes more than $180,000 in taxes to the IRS and New Jersey. Staub does not seem to receive royalties for her book, The Naked Truth, but Staub does seem to be making an effort to  improve her financial woes.

Bankruptcy is one of many ways available to help a person overcome overwhelming amounts of debt. If you’re stuck in an inescapable debt cycle, contact the personal bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

Before it could bring 300 new jobs to Webster City, car maker Auto Manufacturing Systems, Incorporated had to file for bankruptcy. The company was hired to build battery-powered cars and fill a jobs hole left by the closure of the Electrolux plant last year.

Unfortunately, it filed for Chapter 7 bankruptcy this week, despite being loaned $790,000 by the city to fund the project.

Normally businesses file for Chapter 11 bankruptcy to reorganize their debt while keeping as many of their assets as possible. A Chapter 7 bankruptcy includes a liquidation of assets to help forgive debts, and probably the end of the business.

If you are struggling to keep up with your financial obligations, you may be eligible for Chapter 7 bankruptcy. Contact the bankruptcy attorneys of Hong Law, PLC, at 319-632-1400 to learn more.

Sometimes, people fill out all of the necessary paperwork to file for bankruptcy and pay their attorney fees, but do not hear back about their cases. In some instances, this happens because a lawyer may be acting inattentively, but a lot of the time there are valid legal reasons why an attorney may delay filing your bankruptcy in court.

During some seasons, an individual filing for bankruptcy may be working more than other times of the year. The extra income may disqualify them for Chapter 7 bankruptcy so the bankruptcy lawyer may be waiting for the busy season to end to protect the client’s eligibility for Chapter 7.

There have been cases where a person has assets that need to be protected. Delaying the bankruptcy can help the client hang on to these important assets after the bankruptcy. A person may only file for bankruptcy once every eight years. Another reason to delay filing a bankruptcy is because this eight-year period has not been exhausted.

Be sure to stay in contact with your attorney after filing for bankruptcy to remain informed on where your case is. If you’re in dire financial straights, contact the bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

The Baltimore Sun reports that former Baltimore Raven Jamal Lewis is entangled in federal bankruptcy court in Georgia today, after filing for bankruptcy in April.

Today’s hearing will determine if his case will go on as a Chapter 11 case, which would be controlled by him and his attorney, or a Chapter 7 case, in which a trustee would sell his assets to his creditors.

Lewis’ filing claims $10.6 million in debts while showing $14.5 million in assets. He is facing trouble after a string of failed investments.

Jamal Lewis was trying to do good with his money, but unfortunately ran into some bad luck, as many people do. If you’re struggling under a great financial burden and can’t seem to make any headway, you may want to begin considering bankruptcy. Contact the bankruptcy lawyers of Hong Law, PLC, at 319-623-1400.

The Senate Judiciary Committee recently approved a bill that is set to make the Chapter 11 bankruptcy process less stressful for small businesses.

The current Chapter 11 regulations are allegedly geared more towards large, publicly-traded corporations. The Small Business Reorganization Efficiency and Clarity Act will double the amount of time (from 45 days to 90 days) small businesses have to confirm their plans for bankruptcy.

The bill also aims to eliminate certain requirements that end up wasting attorney time, resulting in unnecessary fees. It also has a provision that allows firms who are bankrupt to continue being represented by familiar attorneys who have small claims against them.

This new bill will add to the advantages of Chapter 11 bankruptcies. If your small business is running too deep in the red, consider contacting a Chapter 11 bankruptcy lawyer from Hong Law, PLC, to help you begin restructuring and clear your overwhelming debts.