June: Learn About Bankruptcy

We are declaring June,"Learn About Bankruptcy Month"... Check back every day as we will tackle a new topic daily. From Chapter 11 Bankruptcy to helpful forms and resources, we are here to make June a fun-filled month on our blog - with a focus on Bankruptcy. As always, it is important to mention that our blog is meant for entertainment and informational purposes only and is managed by the Marketing Department at Foster Law Offices, reading our blog does not constitute a lawyer-client relationship... Foster Law Offices, does, however offer a free initial consultation and with offices in Warren, Erie, Meadville and Franklin - we are only a short drive away. Give us a call and we will be glad to take a look at your unique financial situation... Bet you can hardly wait for tomorrow? Enjoy!

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RG Steel Files for Bankruptcy Protection

ASSOCIATED PRESS --

DOVER, Del. (AP) — Struggling Maryland-based steelmaker RG Steel has filed for Chapter 11 bankruptcy protection in Delaware. In its filing Thursday, the company listed more than $1 billion in both assets and liabilities. RG Steel, based in Sparrows Point, Md., said last week that it planned to idle operations in Maryland, Ohio and West Virginia and warned employees that they faced layoffs. Maryland officials said nearly 2,000 workers would be laid off in the state. RG Steel was formed in March of last year as a wholly owned subsidiary of The Renco Group, a family-owned, private holding company founded in 1975. Renco says its businesses employ 18,000 people in eight different companies operating in North and South America, eastern and western Europe, Asia and Africa. Print

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Posted in Chapter 11 Bankruptcy , maryland bankruptcy , RG Bankruptcy , steelmaker bamkruptcy

Remember the "cantaloupe scare" last year ?? If not, let me refresh your memory... a Colorado farm was traced to a listeria outbreak in cantaloupe, one that was blamed for 32 deaths. In fact, the outbreak infected 146 people in over 28 states. According to Federal investigators old equipment and dirty, still pools of water were most likely to blame. Well, the Colorado Farm - Jensen Farms has filed for Chapter 11 Bankruptcy protection according to a report released by the Associated Press. Their article states, "Jensen Farms declined to comment on its filing Friday. Its attorney Jim Markus told The Denver Post ( http://bit.ly/KTUDbK ) the filing should free up millions of dollars in insurance and other funds that could be distributed to victims." Furthermore, "Court documents show the farm had $4.8 million in revenue in the past 12 months. It lists $2.1 million in assets, $2.5 million in liabilities, and $1.6 million in payments outstanding from food distributor Frontera Produce" according to AP Reports. Looking to learn more about Chapter 11 Bankruptcy, visit Foster Law Offices online.

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Posted in Chapter 11 Bankruptcy , Jensen Farms bankruptcy

Blair Witch Producer Files Bankruptcy

Kevin J. Foxe, producer of The Blair Witch Project filed bankruptcy last month, stating he only has $900 to his name. This filing came as a shocker to many as The Blair Witch Project went on to make $248 million dollars and only cost $25,000 to produce. What went wrong?? That is a question you would have to ask Foxe himself, and when TMZ contacted Foxe for comment, he declined. What we do know is Foxe filed for Chapter 7 bankruptcy protection in a California court citing a laundry list of creditors which add up to more than $130,000 with the IRS being the largest debt - as Foxe owes more than $62,000 in unpaid taxes. Blair Witch and Octomom - back to back, quite a spring for celebrity bankruptcy...

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Posted in Blair witch project bankruptcy , Chapter 7 Bankruptcy , foxe bankruptcy , kevin foxe bankruptcy

Octomom Files Bankruptcy

Octomom files bankruptcy! So, some of you may have seen this one coming... but what most of you didn't see coming was the amount of debt she racked up... how much, you ask?

Nadya Suleman also known as the "Octomom" has filed for bankruptcy, stating $962,000 in debt!

Thats right - almost a million bucks!


In an interview with the Orange County Register - the Octomom said "I have had to make some very difficult decisions this year, and filing Chapter 7 was one of them."

Suleman hopes that bankruptcy will give her family a much needed fresh start - currently she owed more than 20 times her net worth!


Suleman is filing Chapter 7 bankruptcy, which means a court-appointed trustee would liquidate her assets to pay off creditors before she is discharged from most of her debts.

Who does Suleman owe money to ? The list includes her father, the water department, a private school and DirecTV..... aSuleman also owes more than $30,000 in rent payments on her four-bedroom house.
While her debt continues to accrue, the single mother of 14 supports her children with the aid of food stamps and Social Security disability payments, she is unemployed.

Suleman's children were conceived through in vitro fertility treatments and her octuplets are the world's longest-surviving set.

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Posted in Celebrity Bankruptcy , chapter 7 , Chapter 7 Bankruptcy , octomom bankruptcy