Boston-based book publishing giant Houghton Mifflin Harcourt filed for Chapter 11 bankruptcy on Monday.

The company claims to be $3.53 billion in debt in the filings it made, while listing $2.68 billion in assets. It cites decreases in sales of physical books (due to the rise of e-books) and reduced government funding for its increasing financial strife.

The publisher has a long history, releasing the works of authors such as J.R.R. Tolkien, Ralph Waldo Emerson, and Mark Twain. The Chapter 11 bankruptcy filing will help restructure the company’s finances while allowing it to remain in business.

If your business is deeply in the red, you may consider filing for bankruptcy to help protect against certain debts. Contact the Chapter 11 bankruptcy lawyers at Hong Law, PLC, at 319-623-1400.

A group of citizens in Coralville, Iowa, is calling itself Citizens for Responsible Growth and Taxation and is protesting the town’s runaway debt by posting signs blasting the vast sum of money the city owes. Many of the hundred or so signs the group has placed around town have been removed.

Coralville has a population of just under 19,000 people, but is $277 million in debt according to the remaining signs. That equates to more than $14,500 of debt per citizen.

The group fears that if Coralville doesn’t get its spending under control, the town will go bankrupt. City officials claim to have a plan in place to begin reducing the debt.

There are many common causes of bankruptcy. If you are facing insurmountable debt, contact the bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

The U.S. National Slavery Museum in Fredericksburg, VA is hoping to delay its federal bankruptcy court date. It will make its request in a hearing later today in U.S. Bankruptcy Court.

The non-profit organization responsible for erecting the museum has been facing financial crises almost its entire life. Its debts total more than $7 million. The hearing for its reorganization plan is scheduled for June 6, but the museum’s attorney is hoping to push it back to June 27, citing professional reasons.

The slavery museum is the brainchild of former Virginia governor L. Douglas Wilder. He still hopes it will one day become a reality.

If you are facing overwhelming debt, the bankruptcy lawyers of Hong Law, PLC, can help you determine when to file. Contact them at 319-632-1400.

Nadya Suleman, better known as the ‘Octomom’ for giving birth to octuplets in 2009, has had her bankruptcy filing thrown out of court. Estimates show that she has accumulated $1 million in debt.

The single mother of 14 children filed a Chapter 7 bankruptcy case that was thrown out because she failed to file several important financial documents with the court. The dismissal of her case means her creditors can now move to claim what they are owed.

Suleman owes money to as many as 20 individual parties, including her father and a Christian school. To help make money, she has sold photos of herself and her children to tabloids.

Having an experienced bankruptcy lawyer can greatly increase the chances of a successful bankruptcy claim. If you need to have your debt forgiven, contact the Chapter 7 bankruptcy lawyers of Hong Law, PLC, today at 319-632-1400.

New York billionaire Philip Falcone’s wireless communications start-up, LightSquared, is going through some difficult times.

After receiving a conditional waiver from the FCC and investing billions of dollars into a nationwide 4G wireless network, the project is being postponed indefinitely. The FCC claims the network may interfere with crucial GPS systems and has since retracted LightSquared’s waiver.

The company may be facing bankruptcy unless a deal to appease its creditors is reached. One of the conditions of such a deal includes Philip Falcone stepping down as the company’s public figurehead. Mr. Falcone, a registered Republican, is accused of receiving preferential treatment from the Obama administration.

Not everyone has the luxury of avoiding bankruptcy by working less. If you are overwhelmed with debt, contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC at 319-632-1400.

The city of Waterloo has published a report this week comparing changes in major economic indicators between now and this time last year. Its findings show economic improvement in many of the measured categories.

For example, compared to this time last year, Waterloo’s unemployment rate decreased while the number of vehicle registrations increased.

Notably, bankruptcies declined drastically between years, from 87 in the first quarter of 2011 to 45 in the first quarter of 2012.

While bankruptcies may be on the decline, it is still important to know that it remains an option for those who need help escaping from crushing debts. If you feel overburdened by debt, contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, at 319-632-1400.

President Barack Obama continued his tour of colleges and universities today at the University of Iowa where he spoke with a handful of students about his first job after college.

The Commander-in-chief said he made $10,000 at that job, which would amount to approximately $18,000 accounting for inflation. Many of the students are poised to graduate with $30,000 or more in debt. Many students fear being unable to pay back their debts and worry they will be financially overwhelmed for years to come.

The president will speak to a crowd of thousands of people later today. One of the topics he is poised to discuss is federal loan rates.

If you are facing overwhelming financial difficulties, the Cedar Rapids personal bankruptcy lawyers of Hong Law, PLC, can help you get your debts back in order. Contact us at 319-632-1400 to learn more about how we can help.

A Cedar Rapids monk plans on telecommuting to his bankruptcy hearing, where he hopes to challenge the sale of Buchanan Abbey’s assets. The man, the abbey’s former head, is in Illinois and cannot leave the state due to criminal charges he is facing there.

After the monk failed to attend his initial hearing, the presiding judge, Paul Kilburg, suggested that he participate by phone from Illinois. He concluded the case could carry on in this manner because modern technology has reached a point where it is powerful enough to allow it.

The other parties involved with the case will present evidence in person in the courtroom.

Facing bankruptcy is difficult. If you are in financial trouble, the Cedar Rapids bankruptcy lawyers of  Hong Law, PLC, can help you take the right steps toward setting your finances back on track. Contact our experienced bankruptcy lawyers at 319-632-1400 for a confidential case evaluation.

The number of bankruptcy filings in the state of Utah have dropped by nearly 11 percent.

According to the officials in the U.S. Bankruptcy court, the court has received a total of 4,149 filings this year so far. This number is lower than the same time period for this year which was at 4,639.

Officials have stated that they are down as of the beginning of the year, but it is unknown how the rest of the year will turn out. The American Bankruptcy Institute stated that the rest of the U.S. has also seen a decrease and it is currently down 12 percent in the first quarter.

If you or a loved one has been considering filing for bankruptcy, you need representation on your side that may be able to help you through this process step by step. Contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, by calling 319-632-1400 today.

Reddy Ice Holdings, Inc has now filed for bankruptcy protection after struggling financially since 2007.

In 2007, the government began to investigate Reddy Ice along with competitors, Arctic Glacier and Home City for trying to eliminate rivals by keeping the prices above market level.

Reddy Ice and Arctic Glaciers both face heavy debt from battling these government lawsuits. Officials have always expected that these two companies would merge because they are the two largest distributors in ice industry. Combined, the companies have lost nearly $300 million in stocks.

Arctic Glacier, based out of Canada, filed for bankruptcy earlier this year, and has been searching for a buyer. Officials have thought that it would make the most sense for Reddy Ice to purchase the company because of they distribute to similar geographic regions and have similar business objectives. Reddy Ice listed assets totaling to $434 million and debt totaling to over $530 million.

If you or a loved one has been searching for  a way of debt, you need representation on your side that can help you decide your best options. Contact the Cedar Rapids business bankruptcy lawyers of the Hong Law by calling 319-632-1400 today.