Orange County, California, Bankruptcies Level Off, Still High
Posted on July 26th, 2011
According to the U.S. Bankruptcy Court for the Central District of California, bankruptcy filings in Orange County leveled off in May but remain at historically high levels. Individuals and business in Orange County filed 1,569 bankruptcies, just slightly lower than April filings and virtually unchanged from May 2010.
These May filings are, to date, among the highest monthly totals for 2011, confirming that Orange County is feeling the deleterious effects of a still-stagnant economy.
Los Angeles County led California’s Central District with a 4.7% decline in May bankruptcy filings compared to a year earlier, reports Jan Norman on www.ocregister.com.
From the Bureau of Labor Statistics, Orange County has shown recent signs of economic recovery, with the average weekly salary in the fourth quarter of 2010 increasing 4.4% to $1,112. Chapman University states that the county’s high-tech manufacturing increased to its highest level in six years during the second quarter of 2011.
Tags: High, Orange County
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M&M Wallcoverings & Blinds Melts Down, Files Chapter 7
Posted on July 25th, 2011
The owners of M&M Wallcoverings & Blinds, Janet and Lyle Mattson, have filed Chapter 7 bankruptcy, listing $788,383 in assets and $2.125 million in debts. Their principal asset is their home, which is valued at $700,000.
The Mattsons filed bankruptcy in their own names although, according to Michael Braga, writing for www.heraldtribune.com, most of their debts were accrued by their business, which sells window treatments from its Hunter Douglas Gallery showroom in Sarasota, Florida.
Court records revealed that a good deal of the Mattsons’ financial problems date back from their purchase of a 48-foot yacht in 2004. The couple had borrowed $963,294 to purchase the boat and then defaulted on the loan. Provident Bank, the lending institution, sold the boat as collateral for $508,000.
A year ago, the bank sued Mr. and Mrs. Mattson in an attempt to make them pay the difference.
Tags: Chapter, Melts Files
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Summer Day Camp May Qualify for Tax Credit
Posted on July 24th, 2011
Ah, the long, lazy days of summer. Baseball. Swimming. Reading the latest Harry Potter book while sucking an icy popsicle. The rites of children across the United States.
Getting to work on time. Working overtime. Looking for a new job. The rites of many parents across the U.S.
The dilemma: how to manage the children’s activities when both parents must go to work each day.
Additional day care or day camp is usually the answer that first comes to mind. And, in a twist worthy of Harry, Ron and Hermione , the IRS has some good news: those added child-care expenses may help you qualify for a tax credit.
From an article on www.irs.gov, following are five facts from the IRS about qualifying for that tax credit: The Child and Dependent Care Credit is available for expenses incurred during the summer and throughout the rest of the year.1. The cost of day camp may count as an expense towards the child and dependent care credit.2. Expenses for overnight camps do not qualify.3. Whether your childcare provider is a sitter at your home or a daycare facility outside the home, you’ll get some tax benefit if you qualify for the credit. 4. The c
Tags: Day, Day Camp
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Race Track Owner’s Race is Run
Posted on July 23rd, 2011
The Yavapai County Farm and Agriculture Association, owner of Yavapai Downs racetrack in Prescott, Arizona, has filed for Chapter 7 bankruptcy protection in U.S. Bankruptcy Court for the District of Arizona. Their largest creditor is the U.S. government, which holds a note for about $14.5 million on the racetrack. The Yavapai County Assessor’s Office recently valued the track, grandstands and associated facilities at only $5.4 million.
According to a story on www.drf.com by Matt Hegarty, Yavapai canceled plans for a 56-day meet. In late May, Yavapai scrapped plans for the meet just days preceding the announced opening of the track, claiming ongoing financial losses. E
Tags: Race, Race Run
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Hydroswing Manufacturing Files Chapter 7 Bankruptcy
Posted on July 16th, 2011
Hydroswing, a manufacturer of hydraulic doors in Cottonwood, Minnesota, has filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in Minnesota. The bankruptcy petition, according to an article on www.marshallindependent.com , estimates that the company has over $1 million in assets including real property, $82,000 worth of accounts receivable, $69,000 of shop equipment and some $145,000 in raw materials inventory. They claim over $7 million in debt, with no money remaining to distribute to unsecured creditors.The documents also list more than 30 pages worth of creditors including more than 30 Hydroswing employees who are owed back pay as well as the states of California, Florida, Minnesota, South Dakota and Texas, all of which are owed sales or franchise taxes.The list of creditors includes more than 200 businesses or individuals in the United States, Canada and the U.K, including the city of Cottonwood and such businesses as Cottonwood Co-op Oil, Computers and Beyond, Henle Printing, KARZ Radio, Marshall Independent, Schwan Food Co., Signs Plus and Universal Forest Products. Read more…
No Party for Fiesta Gas Grills as They File Chapter 7 bankruptcy
Posted on July 15th, 2011
Fiesta Gas Grills, a company based in Dickson, Tennessee, has filed for Chapter 7 bankruptcy protection, reports Kristen MacBeth on www.bankruptcyhome.com. Fiesta Grills, which are sold in such large chain retailers as Lowe’s, Sam’s Club and True Value, reports over $35 million in debt with only $15,000 in assets. Wolfedale Engineering of Ontario, Canada, is Fiesta’s only secured creditor, with the grill producer owing the Canadian company $33 million.The Nashville Business Journal reports that although the grill manufacturer, which was bought by Onward Manufacturing last year, has at least 50 unsecured creditors, representatives do not think that they will receive any payment after administrative fees and other issues are resolved.In a separate but possibly contributory action, both Health Canada and the U.S. Consu Read more…
Tags: Bankruptcy, Fiesta Gas, Fiesta Gas Grills, Gas Grills
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Celeb Chef Finds Himself in Hot Water; Files Chapter 7 Bankruptcy
Posted on July 14th, 2011
Celebrity chef Geoffrey Zakarian, perhaps best known for being the haughty and smug judge on The Food Network cooking competition show “Chopped”, has filed for Chapter 7 bankruptcy protection. This action may help him deflect the over $1 million in legal claims and $250,000 in penalties charged against him by his former kitchen staff at the now-shuttered “Country” restaurant in New York City, reports Nick Fox for the New York Times.
The restaurant grossed approximately $9 million a year at its acme, yet never showed a profit due partly to the fact, according to a lawsuit, that Zakarian received a management fee of 4% off the top, with his wife earning $70,000 for marketing services. The same suit alleges that he failed to make payments for rent and sales tax; there is currently a $51,318.40 state warrant against Country.
Over the years, Zakarian, who appears on no fewer than four TV shows on The Food Network, has run a number of well-reviewed eateries. Current
Tags: Bankruptcy
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