Category: Chapter 7 Bankruptcy


New London to question Carter further

July 29, 2014

Chapter 7 Bankruptcy

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New London Before the Board of Education meets Thursday night to vote on a contract for Terrence P. Carter, its unanimous selection as the citys next superintendent of schools, it will hold a closed-door conference call to question him further about his academic record.

On Monday, the Board of Education canceled its scheduled meeting to vote on Carters contract in order to provide Board of Education members with the opportunity to fully clarify and consider recent statements and assertions concerning Terrence Carter, according to a press release issued by the school system.

The Hartford Courant reported Friday that Carter is listed as PhD or Dr. Terrence P. Carter on numerous documents over the past five years, including book jackets, programs for symposiums and Chicago Board of Education publications. Carter has not yet received a doctorate in educational studies.

And, according to court documents, Carter has a history of defaulting on financial obligations and has filed for bankruptcy in two states. His claims, though, were dismissed because he failed to appear at a court-scheduled meeting or file required paperwork.

In a Feb. 3, 2012, filing for Chapter 13 bankruptcy, Carter claimed a total of $768,649 in liabilities, including $211,224 in student loan obligations, and reported $338,654 in assets. He listed his average monthly income as $7,134.53 and claimed $4,758 in monthly household expenses, according to documents filed in the US Bankruptcy Courts Northern District of Illinois.

Chapter 13 bankruptcy allows a debtor who earns a regular income to propose a plan to repay debts over a three- or five-year period, according to court documents.

Carters filing lists 14 creditors, including American Express, Citibank, Sallie Mae and the US Department of Education.

Panos Brothers Construction and Painting, an Illinois-based company listed as a creditor in Carters 2012 bankruptcy filing, placed a contractors lien on Carters Chicago condo in January 2012.

According to forms filed by the companys attorney, Carter hired the company to renovate and paint his Chicago condo but never paid the $18,512 bill.

A copy of the signed contract, which was included in court filings, details the anticipated prices for painting and carpeting three bedrooms, installing engineered wood flooring in a handful of rooms, and other work.

The contract was signed June 30, 2011, and Panos Brothers completed the work by Sept. 8, 2011, documents show. On Nov. 29, 2011, Panos Brothers sent Carter an invoice for the outstanding $18,512.

The bankruptcy case was dismissed by the judge on July 19, 2012, because Carter failed to file the required documents, according to the court order. Carters repayment plan was not confirmed by the court and appears to be unfeasible as the debtors disposable income is less than the proposed plan payments, according to the order.

The contractors lien on Carters property was released on Sept. 25, 2013, after he and Panos Brothers agreed to a settlement, according to records from the Cook County Recorder of Deeds.

And in 1999, while Carter was living and working in California, he filed paperwork in the US Bankruptcy Courts Northern District of California for Chapter 7 bankruptcy, the chapter of the bankruptcy code that allows for the liquidation of the debtors property to repay creditors.

Court documents show that Carter filed for bankruptcy on Oct. 4, 1999, and was indebted to a number of banks, student loan companies and Saks Fifth Avenue.

On Dec. 22, 1999, the California judge dismissed the case because Carter had failed to appear at a meeting with his creditors, according to the court documents.

In an email Monday, Carter said, These events are of a personal family matter, and have been settled. They were disclosed to the search and selection committees, and Board of Education.

Board President Margaret Mary Curtin confirmed Monday night that the board was aware of Carters financial history before selecting him for the superintendents position.

We cannot not hire him because of that, she said. There is a law against that.

When asked if Carters financial records gave her any cause for concern, Curtin replied that they did not. When pressed further, Curtin declined to comment.

Other Board of Education members on Monday night declined to comment and referred inquiries to Curtin.

On Thursday, the board will meet in executive session at 6:30 pm to speak with Carter by phone and then will convene a special meeting at 7:30 pm to consider further action on the superintendents contract, according to the press release.

c.young@theday.com


Local restaurant files Chapter 7

July 29, 2014

Chapter 7 Bankruptcy

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A recently shuttered Shockoe Bottom restaurant has declared bankruptcy.

Arcadia at 1700 E. Main St., which operated through Arcadia Partners LLC, filed Chapter 7 bankruptcy on July 11, according to federal court records.

Arcadia shut down on June 22, the filing shows.

The business closed with $264,000 in debt. It owed $14,000 to its landlord, and other creditors include food and equipment vendors and utility providers. It also owed $12,000 in Richmond city meals taxes and more than $14,000 in state and federal taxes.

Its assets consist of about $44,000 in restaurant equipment.


Lamar Construction files chapter 7 bankruptcy

July 28, 2014

Chapter 7 Bankruptcy

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HUDSONVILLE, Mich. (WZZM) — Lamar Construction Company is shutting down and has filed for Chapter 7 bankruptcy, according to documents obtained by WZZM 13.

The Hudsonville-based employer is laying off 281 employees, including 180 in Michigan. The closure comes two days after the company shuttered its construction division but claimed its structural steel division would remain open.

The closure affects employees in Michigan, Colorado, and Kentucky.

RELATED: Lamar Construction closes; 180 employees affected

Bankruptcy documents dated July 7 show the company had between $10-million and $50-million in estimated assets and between $10-million and $50-million in estimated liabilities. The company also had 200-999 estimated creditors. The documents were signed July 7 by shareholders and directors Carl Blauwkamp and George Holmes.

We will continue to follow this story and have updates online and tonight at WZZM 13 News at 6 pm


Woburn’s Sea Dog Brew Pub files for Chapter 7 bankruptcy

July 27, 2014

Chapter 7 Bankruptcy

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The Sea Dog Brew Pub in Woburn may have poured its last pint.

The business filed for Chapter 7 bankruptcy today, a step that usually involves liquidation, and customers were starting to complain on the restaurant’s Facebook page because they were showing up at the restaurant only to find the doors closed.

Nobody was answering my calls to the restaurant today, and there was no voice mail to take my message. I also didn’t hear back from Theodore Connolly, the lawyer who is representing Sea Dog Woburn LLC in US Bankruptcy Court in Boston.

The Sea Dog restaurant concept, built around the Sea Dog line of beers, had been limited to its home state of Maine until recently. A group of restaurateurs opened up a seasonal Sea Dog restaurant in Hull in 2010, through a licensing agreement with Sea Dog owner Shipyard Brewing. Licensing agreements for year-round Sea Dog restaurants in Woburn and Northborough followed.

But the expansion of the Sea Dog pub brand in Massachusetts has not gone according to plan. The Sea Dog in Northborough closed in late 2012, and now the one in Woburn appears to have closed as well.

The Hull operation, located at the Sunset Bay Marina, remains open for business but principal Peter Lucido tells me the Woburn restaurant has been operated under different ownership since November 2012.

A Sea Dog in Nantucket has been rebranded as Nixs Brewpub and a Sea Dog that was supposed to open in Plymouth became a Nixs last year as well. The Nixs concept is run by Bostonian Hospitality Group, and the company’s four restaurants — there’s one in Boston’s Financial District and in Hartford — are named after Nix’s Mate, a small Boston Harbor island.

Meanwhile, the Sea Dog restaurant business has expanded outside of Maine under corporate ownership. Shipyard Brewing has opened two Sea Dog locations in Florida in Clearwater and Orlando, to augment the three Sea Dog pubs it owns in Maine, in Bangor, South Portland and Topsham.


Financing career change, bankruptcy and credit reports, purchasing the right …

July 12, 2014

Chapter 7 Bankruptcy

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What would be the payback on something like that compared with an average salary of a chef? I will be 50 or so when I complete the program, and Im not sure I want the big payment plan on my back. Can you help?

Answer: The counselors question is ridiculous. How can you not put a price on your future, particularly when it involves such a huge expense? Smart students consider the price not only of their educations but the incomes that education will bring them.

Many students sign up for these for-profit schools with visions of being the next Gordon Ramsay dancing in their heads. A little research would show them that this field is not exactly lucrative or booming.

According to the Bureau of Labor Statistics, the median pay for a chef or head cook was $42,480 in 2012. Employment is expected to grow 5% in the next decade, which is slower than average for all occupations.

So the payback isnt great, especially if you have to borrow money to foot the bill and most of the financial aid you get at these schools is loans rather than grants or scholarships. Even for someone with a 40-year working career ahead, taking on that level of debt isnt smart.

You would have much less time to make an investment in a second career pay off 15 years or so, and thats if you can tough it out in a hot, hectic environment into your 60s.

If you really want to take this chance, at least minimize your investment by getting trained at a community college. Even better, get a part-time job in a restaurant and see how you like the work first before you commit to the field.

A more thoughtful approach to a career change would involve meeting with a career counselor to consider your strengths and experience, then looking into jobs in which those are an asset. Any training you would need should be reasonably priced and preferably something you could do while hanging on to your day job. Just think about that culinary expression Out of the frying pan and into the fire, and try to avoid getting burned.

Dear Liz: In February 2015, it will be seven years since my bankruptcy. I have worked hard to rebuild my credit, and my credit score is 735. What do I need to do to make sure my bankruptcy drops off at the seven-year mark?

Answer: By federal law, most negative marks must be removed from credit reports after seven years but bankruptcy is one of the exceptions. A Chapter 7 bankruptcy, which is the most common, can stay on your reports for up to 10 years from the date you filed. Chapter 13 bankruptcies are typically dropped after seven years. In either case, you shouldnt need to do anything. Credit bureaus should delete the information automatically. If they dont, contact the bureaus and request the deletion, but that usually isnt necessary.

If you have to live with bankruptcy on your reports for a few more years, you shouldnt be discouraged. It seems youve done a good job rebuilding your credit, and your scores should continue to rise as long as you handle credit responsibly.

Dear Liz: I got my credit reports fromhttp://www.annualcreditreport.com as you recommended in a recent column, but had to go through some hoops to get my actual credit score, which is the main thing I wanted. One of the bureaus required me to subscribe to its newsletter, which cost $29.95 a month after a seven-day free trial. I guess they hope people wont cancel within seven days, but I did, without any trouble.

Answer: Confusion about the difference between credit reports and credit scores often leads people to sign up for unnecessary, costly products. (You were signing up for credit monitoring, by the way, not a newsletter.) You can get free credit scores from a variety of sites, including Credit.com, Credit Karma and Quizzle, without having to buy a product. The scores you get from these sites arent the scores that lenders typically use, but neither is the score the credit bureau provided you. If you want to see scores lenders usually use, youll need to buy those for $20 apiece from MyFico.com.


Student Loan Forgiveness Bankruptcy Law: It Just May Help You

July 11, 2014

Chapter 7 Bankruptcy

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Chapter 13 bankruptcy is, in short, a repayment plan that you set up with the court in which you agree to pay back a portion of your loan, normally based on you income size and various debt. You will still owe the remainder of your student loans when you come out of bankruptcy, but you can try at this point to discharge the remainder based on undue hardship. While you are repaying through the bankruptcy court, there will be no collection actions taken against you.

Unfortunately, Chapter 13 can take around three to five years to process and it stays on your record for ten years, which can make it difficult to maintain a good credit score and can prevent you from getting beneficial credit. Another downside of Chapter 13 is that your loan balances can increase due to unpaid interest during your lower repayment period. This is according to student loan forgiveness bankruptcy law.

Featured Image: Can I File Bankruptcy on Student Loans? Image Source: Caraballo Law Firm

How Can Chapter 7 Help with Student Loan Forgiveness?

Chapter 7 bankruptcy is considered the most severe and takes about four to six months to complete. In order to get loan forgiveness, you must file for Chapter 7. Like Chapter 13, Chapter 7 also stays on your record for ten years. This is why, no matter which chapter you choose to file, bankruptcy is a serious step that must be thought through carefully.


Carmel parent sentenced to four years probation, one year in jail, for …

July 10, 2014

Chapter 7 Bankruptcy

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Heres a cautionary tale for parents who turn a blind eye to teenagers party habits: A former Monterey businessman was sentenced on July 1 to one year in jail and four years of felony probation for giving pot and booze to his own kids and others. 

David Simonich is the former owner of Eco-Sharp, a Monterey knife sharpening business. The companys website is down and phone has been disconnected. 

Monterey police were tipped off in 2013 after sheriffs deputies met with a mom who had discovered marijuana paraphernalia on her 16-year-old sons clothing. He reported to his mom that Simonich would provide pot and alcohol during working hours. 

The business was in financial trouble last year even before the criminal charges against Simonich. 

He and his wife Barbara bought the knife-sharpening business in 2011, then within a few months, stopped making monthly payments to the sellers, Gregory and Jennifer Rutlidge, according to court documents. 

The Simoniches filed for Chapter 7 bankruptcy when they still owed nearly $1.5 million on the business, court records show. The business was their biggest debt obligation. 

When the Rutlidges got nothing out of bankruptcy proceedings, they sued the Simoniches in federal court. The parties settled in January. Neither agreed to any wrongdoing. They agreed that a bankruptcy court can still order the Simoniches to pay off a portion of their debt on the business. 


Woburn’s Sea Dog Brew Pub files for Chapter 7 bankruptcy

July 10, 2014

Chapter 7 Bankruptcy

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The Sea Dog Brew Pub in Woburn may have poured its last pint.

The business filed for Chapter 7 bankruptcy today, a step that usually involves liquidation, and customers were starting to complain on the restaurant’s Facebook page because they were showing up at the restaurant only to find the doors closed.

Nobody was answering my calls to the restaurant today, and there was no voice mail to take my message. I also didn’t hear back from Theodore Connolly, the lawyer who is representing Sea Dog Woburn LLC in US Bankruptcy Court in Boston.

The Sea Dog restaurant concept, built around the Sea Dog line of beers, had been limited to its home state of Maine until recently. A group of restaurateurs opened up a seasonal Sea Dog restaurant in Hull in 2010, through a licensing agreement with Sea Dog owner Shipyard Brewing. Licensing agreements for year-round Sea Dog restaurants in Woburn and Northborough followed.

But the expansion of the Sea Dog pub brand in Massachusetts has not gone according to plan. The Sea Dog in Northborough closed in late 2012, and now the one in Woburn appears to have closed as well.

The Hull operation, located at the Sunset Bay Marina, remains open for business but principal Peter Lucido tells me the Woburn restaurant has been operated under different ownership since November 2012.

A Sea Dog in Nantucket has been rebranded as Nixs Brewpub and a Sea Dog that was supposed to open in Plymouth became a Nixs last year as well. The Nixs concept is run by Bostonian Hospitality Group, and the company’s four restaurants — there’s one in Boston’s Financial District and in Hartford — are named after Nix’s Mate, a small Boston Harbor island.

Meanwhile, the Sea Dog restaurant business has expanded outside of Maine under corporate ownership. Shipyard Brewing has opened two Sea Dog locations in Florida in Clearwater and Orlando, to augment the three Sea Dog pubs it owns in Maine, in Bangor, South Portland and Topsham.


Former Amerks owner Steve Donner files for bankruptcy

July 5, 2014

Chapter 7 Bankruptcy

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Saying it was time to move on and restructure personally and professionally, former Rochester sports mogul Steve Donner has filed for bankruptcy.

Donner and his wife, Lynne, who list their address as Seminole County, Fla., filed for Chapter 7 bankruptcy in May in a US Bankruptcy Court in Florida.

Its not that big of a thing, its just a restructuring of my finances, really, Donner, 57, said by phone Thursday afternoon.

The court paperwork paints the picture of a major financial downfall by the man who started the Rochester Knighthawks lacrosse franchise in 1994, owned the Rochester Americans hockey team when it last won the Calder Cup in 1996, and was part-owner of the Rhinos soccer team and Rattlers outdoor lacrosse team. Across those four franchises, he presided over eight championship teams. Donner returned to Rochester to be inducted into the Rochester Knighthawks Hall of Fame in January.

In the US Bankruptcy Court paperwork, Donner lists slightly less than $17,000 in assets — most of that in the form of a 2007 Honda crossover with 140,000 miles on it and a 2006 Nissan minivan with 235,000 miles — and $9.5 million in debts.

The single largest debt is $8.5 million owed to NBT Bank for a loan issued to Donner and his former Rhinos partners as advance money for the construction of Rochesters soccer stadium, now known as Sahlens Stadium, on Oak Street.

I was just trying to see over time if I could fix this, said Donner, who sold the Amerks and Knighthawks to Curt Styres in 2008, the same year the Rhinos were purchased by Rob Clark.

Chris Economides and Frank DuRoss, two of Donners former partners, declined comment on Thursday. Economides is now senior director for the United Soccer Leagues and DuRoss is chairman of the Utica Comets of the American Hockey League.

Among Donners listed possessions are 29.7 shares in the Knighthawks, with a listed value of zero.

Along with $14,000 worth of medical bills and $34,000 in unpaid credit cards, Donner also lists $19,000 in business debts owed in relation to the Orlando Titans, the National Lacrosse League team that played for one season in 2010; $735,000 owed to RR Sports Associates of Pittsford and Andrew Gross Jr.; and $79,000 owed to Federal Credit Union from a short sale of their North Greece home, which they sold in 2012.

The Donners paperwork lists a joint monthly income of about $4,000 — he as a project manager for the Daytona Ice Arena in Daytona Beach, Fla., and she in business development at FFC Mortgage Corp. of Henrietta. On Thursday, Donner said he was now working for a meat packing company.

RR Sports and Gross won a $57,000 judgment in state Supreme Court in 2011 against Donner, DuRoss, Economides, and Bourne.

Its not gloom and doom, Donner said of his filing. Im fine, everything is OK.

MDANEMAN@DemocratandChronicle.com

Twitter.com/mdaneman

SBRADLEY@DemocratandChronicle.com

Twitter.com/SBradleyDC


NEON files for Chapter 7 bankruptcy, new agency may arise

July 5, 2014

Chapter 7 Bankruptcy

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The acting CEO of Norwalk Economic Opportunity Now, or NEON, says the anti-poverty agency has filed for Chapter 7 bankruptcy.

The Reverend Tommie Jackson says it filed with the federal bankruptcy court in Bridgeport last week. 

Jackson says it was clear when he took over in late 2013 that the agencys debt of $4,000,000 and assets of less than $500,000 would make a turnaround near impossible.