Homeowners in the U.S. who have entered the foreclosure process or had their homes repossessed by banks decreased last month, according to RealtyTrac, a foreclosure listing firm.

The company stated on July 11 that the number of homeowners who have entered foreclosure this year is only estimated to be 800,000, compared to 1.1 million from last year. Additionally, this past June, the foreclosure process was initiated by lenders on 57,286 homeowners, which according to the foreclosure listing firm, was the lowest in the last 7.5 years. Steady jobs, low interest rates, improved consumer confidence, and increased housing demand are all believed to have contributed to the recovery of housing in the U.S.

Strict standards for home loan lending also play a part in reducing the foreclosure pace.

Despite this decrease in foreclosures and repossessions, our lawyers at Hong Law, PLC, understand that some homeowners in Cedar Rapids are still struggling to save their homes. If you’re in this situation, call (319) 632-1400 to learn more about how we can help you.

Eligible Iowa homeowners who filed valid foreclosure claims will receive payment checks, the attorney general’s office said on June 4.

Payments worth $1,480 will be mailed to 6,051 eligible homeowners whose mortgages were serviced by one of the five National Mortgage Settlement participant servicers. The five banks are Bank of America, Citi, JP Morgan & Chase, Wells Fargo, and Ally. Eligible homeowners submitted a valid claim and had their home foreclosed between January 2008 and December 2011.

The foreclosure checks are part of the $1.5 billion that was negotiated in the national settlement.

Facing the loss of your home is frightening and stressful. Our lawyers at Hong Law, PLC, understand this and, as such, work to help homeowners in Cedar Rapids take action to potentially prevent this action. Call (319) 632-1400 today to discuss your financial situation with us..      

People diagnosed with cancer are more likely to declare bankruptcy compared to people without cancer, a study recently published in Health Affairs reported.

A research group in Seattle found that cancer patients were 2.5 percent more likely to go bankrupt compared to people without cancer. According to Dr. Scott Ramsey, who led the authors of the study published on May 15, there is strong evidence to linking a cancer diagnosis and the increased risk of filing for bankruptcy. The study also showed that mostly younger and female cancer patients are the ones more likely to file for bankruptcy. This is due to other influences like existing debts and not having financial support to cover daily living expenses.

Suffering from overwhelming debt can be frightening, especially if a person is faced with sudden health problems. At Hong Law, PLC, our attorneys can help you evaluate your debt relief options and choose a path that will get you back to financial stability. Learn more about your options by calling (319) 294-5853.

When filing for Chapter 7 or Chapter 13 bankruptcy in Iowa, a person may be able to discharge, or get rid of, certain debts; however, there are also certain debts that cannot be discharged.

A person who files for bankruptcy is responsible for paying back debts that can’t be discharged. Such debts include those dedicated to family support, like child support and alimony obligations. Debts from personal injury or death caused by driving under the influence must also be paid, in addition to fines and penalties for violating the law, tax debts, and any other debts that a person forgot to list in their bankruptcy papers.

Discharging debts is a critical aspect of filing for bankruptcy in many cases. As such, it is extremely beneficial to understand what kind of debts you have that may be discharged. To better understand this facet of bankruptcy and discuss your debt options, call the lawyers of Hong Law, PLC, at (319) 632-1400.

Steven Brill, a concert promoter who left his job as a program director in Greater Des Moines radio business, has recently filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Iowa in Des Moines.

According to the Chapter 7 bankruptcy filed on March 26 by Brill and his wife Deanna, they had unpaid bills to various country and rock music acts. The couple cited debts that were mostly business-related and reached $1.3 million, stating that they owed money to artists such as Adam Lambert and Joan Jett.

The couple declared $606,821 of assets in their West Des Moines residence, and rental and business properties in Indianapolis, Omaha, and St. Louis.

The bankruptcy filing said Brill now works as a special events director for the Arthritis Foundation in West Des Moines.

In many cases, filing for bankruptcy is the best option to get out of debt. Thus, if you are facing mounting debts, call (319) 632-1400 and learn more about the benefits of bankruptcy. Our legal team at Hong Law, PLC, can help you decide what steps to take next.

A medical student from the University of Iowa met with Governor Terry Branstad the last week of march to promote a plan that would be geared towards helping ease the burden of student loan repayment after graduating from medical school.

27-year-old Shady Henien, a fourth-year medical student at UI Carver College of Medicine introduced a proposal to Gov. Branstad that would utilize private sector investors to finance student loans, decreasing the overall cost of attendance for medical students, which is typically over $150,000. After graduation, according to the plan, students will repay investors in a fixed amount for a predetermined period of time with a 3.4 percent interest rate. This interest rate is half of what medical students paying off federal loans currently face. To draw investors, Henien has proposed providing tax incentives.

Henien hopes to attract the strongest students to under served fields and areas without deterring them with the total cost of attendance of medical school.

While this plan could help many medical students if it was to be instated, the reality is that many former students, including those who were not medical students, currently face mounting financial burdens. While filing for bankruptcy cannot get rid of federal student loan debts, it can help alleviate many other financial burdens a person faces. Thus, if you are in such a situation and need financial assistance, call (319) 632-1400 to explore your options with a lawyer from Hong Law, PLC.

A long time Omaha-based Jewelry chain filed for bankruptcy and plans to close all of its nine stores, including a store in Des Moines, Iowa.

Brodkey’s Jewelers, which has been around since 1880, filed Chapter 11 recently, claiming its stores are under-performing, and in order to pay creditors, they need to liquidate and sell their assets. Brodkey’s assets are between $500,000 and $1 million while its debts are figured to be between $1 million and $10 million. According to court filings, Brodkey’s already had pending court approval to hold sales with a liquidation firm. Brodkey has eight stores in Nebraska and one in Iowa.

Brodkey’s was once cited as Retailer of the Year in 2006 by the Nebraska Retail Federation.

As a business, sometimes filing for Chapter 11 bankruptcy is the best way to reduce your financial obligations. Contact our bankruptcy lawyers at Hong Law, PLC, at (319) 294-5853 to discuss how Chapter 11 bankruptcy can benefit you.

Dozens of creditors stand to lose millions of dollars after a grain and feed company in Portsmouth, Iowa filed for bankruptcy.

The company, G&R Feed and Grain Co., filed for Chapter 7 bankruptcy in federal court earlier this month. About 60 creditors, mostly individuals from Shelby County, were listed as creditors in related court documents. At this time, debt estimates for the company are between $1 million and $10 million, while the company’s assets are estimated at $50,000.

A creditors meeting will take place next month on February 19th at 1 p.m.

If your company is facing bankruptcy, make sure that your rights and interests are protected throughout bankruptcy proceedings. Contact the experienced business bankruptcy lawyers of Hong Law, PLC, today by calling (319) 294-5853.

A123 Systems Inc, a developer of lithium ion batteries used in electric cars, filed for Chapter 11 bankruptcy protection in October, after receiving more than $245 million in grant money from the U.S. Department of Energy.

As is common in large business bankruptcies, the company will be auctioned off to the highest bidder to raise money to repay its debts to its creditors. A123 will be auctioned next month, and one of the most interested buyers is Chinese automotive parts supplier Wanxiang.

Many are greatly opposed to the foreign company’s potential purchase of taxpayer-funded A123. Opponents of foreign participation in this auction are concerned with the prospect of technology developed using taxpayer money being acquired by a foreign nation. Other companies interested in possibly placing a bid on A123 are Japan’s NEC Corp and Germany’s Siemens AG.

Some are fearful of the potential sale to a foreign agent as a matter of national security, since A123 had various military contracts and develops technologies that are important to the nation’s infrastructure. Still others are concerned with the economic impact of domestic jobs being moving overseas.

A123’s initial Chapter 11 filing included a plan for it to be purchased by Wisconsin’s Johnson Controls for $125 million, which would keep all of the company’s assets under U.S. control. That plan will continue unless another entity makes a higher bid at next month’s auction.

The U.S. government stated that any sale of A123 Systems will be subject to its approval. The government also reserves the right to demand compensation for any company assets that were funded by the clean energy grant.

While your business’ financial difficulties may not be a matter of national security, they are still important to us. If you feel like your business is drowning in unmanageable debt, a bankruptcy attorney from Hong Law, PLC, can show you the potential benefits of filing for Chapter 11 bankruptcy. Contact us at 319-632-1400 to learn more about how we can help.

On November 5, the Hawaii-based company, Big Island Carbon LLC, filed the necessary paperwork in order to seek Chapter 7 bankruptcy protection. The company, which manufactures carbon from macadamia nut shells grown in Hawaii, has already laid off several employees, including the CEO of the company.

The U.S. Bankruptcy Court documents show that the COO and the Controller of Big Island Carbon LLC were also let go amidst the bankruptcy filing. The papers indicate that the Big Island Carbon project grew to be too expensive, and the funds and grants that were coming in were not enough to fuel the plant’s production. The plant is near completion, and needs approximately $5 million more to be considered finished.

A bankruptcy trustee that will be assigned to the Chapter 7 bankruptcy case of Big Island Carbon LLC will more than likely search for a buyer that is interested in the assets of the biomass plant. The buyer may also choose to finish the production of the plant in order to begin operations.

If you are considering filing for Chapter 7 bankruptcy for your small business, please contact the Chapter 7 bankruptcy lawyers of Hong Law, PLC by calling 319-632-1400 today.