Happy 4th of July

The entire staff at Foster Law Offices would like to extend our wishes for a safe and Happy 4th of July! To celebrate the 4th of July holiday we would like to share with you the reason for the 4th of July and the words to the Star Spangled Banner. Enjoy! On July 4, 1776, we claimed our independence from Britain and Democracy was born. Every day thousands leave their homeland to come to the "land of the free and the home of the brave" so they can begin their American Dream. The United States is truly a diverse nation made up of dynamic people. Each year on July 4, Americans celebrate that freedom and independence with barbecues,...

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Posted in Happy 4th of July

Teen Clothing Chain DEB Files for Bankruptcy Protection

NEW YORK (AP) - Teen retailer Deb Shops Inc. says several of its lenders have made a joint opening bid for the company as it enters Chapter 11 bankruptcy court protection and begins a financial restructuring. The company said Sunday that it needed to restructure after a slowdown during the recession. Its stores will continue normal operation during the process, the company said. Deb Shops, which sells junior and plus-size clothing online and in more than 324 stores nationwide, was a public company for nearly 25 years before Lee Equity Partners took it private in 2007. It began in the 1930s as a hosiery store in Philadelphia. Still based...

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Posted in bankruptcy protection , clothing chain bankruptcy , deb bankruptcy , retail bankruptcy

Judge OK's Dodgers Bankruptcy Financing Arrangement

WILMINGTON, Del. (AP) - A Delaware judge on Tuesday authorized the Los Angeles Dodgers to enter into a $150 million bankruptcy financing arrangement after the club satisfied certain concerns raised by Major League Baseball, which had filed an objection offering its own financing proposal and blasting owner Frank McCourt's stewardship of the team. The proposed financing agreement with hedge fund Highbridge Capital, which was approved on...

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Posted in bankruptcy financing , Dodgers Bankruptcy , MLB Bankruptcy

Happy Fathers Day

Foster Law Offices would like to extend wishes for a very Happy Fathers Day to all the fathers, mentors and men who been "father figures". This Sunday we honor you. From our family to yours ~ Happy Fathers D...

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Posted in Fathers Day

10 Celebrities Who Filed Bankruptcy

MC Hammer Ask anyone who grew up in the 1990's to name an MC Hammer song, and I can guarantee that not only do they know lyrics, but they also had the dance moves to go with them. As one of the biggest hit makers during his time, MC Hammer had an entourage that rivaled the Queen of England's- and it showed on his bankroll. He paid 300 people approximately $500,000 a month. Apparently he wasn't "Too legit to quit" because in 1996 he filed for bankruptcy to stop paying on the $13 million he owed. The debts included $110, 000 to an interior decorator, $100,000 to the IRS, and over $500,000 to a lawyer. Burt Reynolds In the 1970's Burt...

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Posted in Celebrity Bankruptcy , donald trump , larry king , mc hammer

Perkins Files Chapter 11 Bankruptcy

Perkins & Marie Callender's Inc. this week filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Memphis-based operator of family- and casual-dining restaurants operates primarily in the Midwest, Florida and Pennsylvania under the name Perkins Restaurant and Bakery and in the Western U.S. under the name Marie Callender's Restaurant and Bakery. As of April 17, the company owned and operated 160 Perkins restaurants and 85 Marie Callender's restaurants The company posted revenues of $507 million in 2010. In the weeks preceding the bankruptcy filing, the company entered into a restructuring support agreement...

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Posted in Chapter 11 Bankruptcy , Perkins , Perkins Bankruptcy , Restaurant Bankruptcy

Risk of Bankruptcy Doubles After Cancer Diagnosis

(HealthDay News) -- As cancer patients' survival times increase, so do their bankruptcy rates. That's the finding of a new study by researchers who compared U.S. bankruptcy court records to cancer registry data from nearly 232,000 adult cancer survivors in western Washington over 14 years. The investigators reported that, on average, bankruptcy rates quadrupled within five years of cancer diagnosis. Compared to the general population, bankruptcy rates among cancer survivors were nearly twice as high one year after diagnosis, and the median time to bankruptcy was 2.5 years after cancer diagnosis. "The risk of bankruptcy for cancer patients...

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Posted in bankruptcy medical bills , cancer and bankruptcy , cancer diagnosis , risk of bankruptcy

Duchess of York, Sarah Ferguson Debt-Free After Facing "Emotional Bankruptcy"

LOS ANGELES (Reuters) - A year after hitting rock bottom in a royal favors scandal, the disgraced former daughter-in-law of Britain's Queen Elizabeth says she is now debt-free and positive about the future. But it was a grueling struggle back to emotional and financial health for Sarah Ferguson, the Duchess of York, judging by a candid six-part documentary making its debut on U.S. television on Sunday. "Finding Sarah", on Oprah Winfrey's cable channel OWN, follows the ex-wife of Prince Andrew in a search for her own self-esteem as she seeks to rebuild her life following repeated acts of what she calls "self-sabotage." "Dear diary,"...

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Posted in Debt-Free , Duchess of York , Emotional Bankruptcy , Sarah Ferguson

Wisconsin Man Will Serve Prison Sentence for Lying During Bankruptcy

The moral of the story is, tell the truth. One Wisconsin man was not only deep in debt, but in deep trouble due to his lies. According to the FBI,  Edward W. Fedosky, 56, Madison, Wis., was  sentenced Friday, May 27, by U.S. District Judge Barbara B. Crabb to six months in prison for lying under oath at a bankruptcy hearing. Fedosky pleaded guilty to this charge on March 15, 2011. On October 3, 2006, Fedosky filed a Chapter 7 bankruptcy petition, seeking to discharge just under $19,000 owed to various creditors. Throughout the next 17 months, Fedosky repeatedly failed to provide requested documents to...

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Posted in Bankruptcy petition , Chapter 7 Bankruptcy

Marilyn Monroe's Iconic "White Dress" Photograph Under Bankruptcy Protection

According to an article published in The Wall Street Journal, "A treasure trove of photographs taken by the late Sam Shaw, whose most iconic frozen moment captures Marilyn Monroe standing over a subway grate with her white dress billowing up around her, is now under Chapter 11 protection. The bankruptcy filing by Shaw Family Archives Ltd. Wednesday is just another chapter in the Shaw family’s history, a plot filled with equal parts glamour and contention. Edith Marcus, the organization’s president and Sam Shaw’s daughter, blamed the filing on “a series of lawsuits involving the photographs and other issues.” She wasn’t available to comment on...

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Posted in Chapter 11 Bankruptcy , sam shaw bankruptcy , shaw family archives bankruptcy

Hawaii Bankruptcy Filings Flat in May

According to an article in Honolulu's Star Advertisor... "Statewide bankruptcy filings were virtually flat in May, but there was a spike in Chapter 13, or so-called wage-earner, cases. Total filings slipped 0.6 percent to 334 from 336 in the year-earlier period and marked the fourth time in five months this year that the number of cases had decreased from the same month in 2010, according to data released yesterday from the U.S.  Bankruptcy Court, District of Hawaii. For the year, the 1,567 cases filed are 5.1 percent lower than the 1,651 filings through May of last year. There were no Chapter 11 reorganization filings by Hawaii businesses...

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Posted in bankruptcy filings , Chapter 11 Bankruptcy , Chapter 13 bankruptcy , Chapter 7 Bankruptcy , foreclosure , statewide bankruptcy