A Chapter 11 filing will allow Oreck to consolidate its assets and restructure its finances as part of an effort to sell the business. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship. When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.

Oreck expects to have a negative cash flow of nearly $3.2 million during the next three months. Oreck has about 70 employees in the corporate office in Nashville, and it employs 250 workers at its plant in Cookeville. The company also has about 325 employees at its 96 company-owned retail stores. Oreck laid off an undisclosed number of employees at the end of January, as well as in October 2012. At the time, Cahill said the layoffs weren’t a cost-cutting maneuver, and were instead a result of a shift away from the company’s traditional emphasis on direct sales.

To maintain operations, Oreck intends to borrow $11 million through debtor-in-possession financing, a special form of financing provided for financially distressed companies under Chapter 11.

Oreck said in its statement that the company will continue daily operations without interruption.

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Why a Certified Specialist?
The American Board of Certification’s (ABC) programs are designed to identify and recognize those attorneys in consumer or business bankruptcy who have met or exceeded rigorous certification standards relating to experience, continuing legal education, integrity, and peer review; in addition to demonstrating a sophisticated understanding of the law in their specialty area.

The goal of ABC is to provide meaningful information to those seeking legal services to enable them to make informed decisions in selecting experienced counsel.

To become certified as a bankruptcy specialist by ABC, an applicant must successfully complete a comprehensive day-long written examination covering (1) general bankruptcy/creditors’ rights law (2) legal ethics, and (3) substantive questions in the specialty area. In addition, each applicant must show significant experience in legal matters and a substantial dedication of their practice to such matters, as well as providing professional references and participating in at least 60 hours of continuing legal education over a three-year period.

Attorney Daniel A. Higson is the only Certified Consumer Bankruptcy Specialist in Ventura County. If you are looking for representation and don’t know where to turn – come to us. Meet with us in our Free Consultation, and find out if we are right for you.

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Without the guidance of an experienced lawyer, you can be overwhelmed and frightened by the amount of paper work and red tape. It is important to remember though: you do not have to live with this without relief. By working with an attorney well-versed in helping clients with personal injury claims, you can be confident that you will be given the care and devotion you deserve as you fight for your just and sizable compensation.

The Law Offices of Daniel A. Higson is the place to go if you need a personal injury attorney in Ventura County. We have the resources to properly investigate your claim and can thoroughly review the matter in order to determine the best approach. This may include carefully reviewing all physical evidence, witness testimony, police reports and medical records as well as working with professionals in forensics, accident reconstruction, medicine and private investigation to act as expert witnesses in presenting your case. Whether through a negotiated settlement or jury verdict, the goal is awlays to recover the highest possible amount of financial damages that will cover any and all medical expenses, loss of earnings and emotional trauma associated with the accident or injury.

Our law firm takes on personal injury cases throughout Ventura County and we have over 35 years of combined legal experience to apply to your case. If you choose to seek legal support and guidance from our team, you can breathe easier knowing that we will do everything in our power to help you reach your optimum outcome. We employ exhaustive preparation, meticulous research and an aggressive pursuit of justice. As a result, you can be sure that an experienced attorney will represent you, one with the desire and resources to effectively help you in the wake of your personal injury.

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When it comes to finding a Ventura Bankruptcy Attorney, many people will look for the cheapest attorney they can find. Even though you feel you are in financial turmoil, this is not the best course of action. Think about it – you wouldn’t necessarily choose your personal doctor based on the fact that he is the cheapest. You wouldn’t buy the cheapest car you could find solely because it is the most inexpensive car on the market. So why trust your financial well-being to the most inexpensive (and often inexperienced) attorney you can find? You need someone you can trust. Bankruptcy may be one of the biggest decisions of your life. Our free consultation is not only for us to get to know you and your situation, but also for you to decide if we are the right people for you!

Call the Law Offices of Daniel A. Higson at 805-642-6405 to set up an appointment for a free consultation. And don’t forget to print off our Special Online Offer to save $100 on your filing fee.

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Every ten minutes the phone rings. You don’t even need to look at the number anymore to know you don’t want to answer. Does this sound familiar? If you are getting calls all day and night from debt collection agencies, the Law Office of Daniel A. Higson can help. When you meet with a certified Bankruptcy Attorney for a free consultation, our first course of action is to stop harassing calls from creditors. Consumers are protected from collection agency harassment by the Fair Debt Collection Practices Act (FDCPA). If a collection company is using intimidating tactics to collect on a debt, contact Ventura bankruptcy lawyer Daniel A. Higson for immediate legal assistance. We will take effective action to stop the abuse, including filing a complaint or civil lawsuits if the violations are serious.

Remember, most collection agency employees make a very small salary, and their bonuses derive from getting you to make a payment. Because of this, these collectors may try to use various illegal tactics including: threatening legal actions, using derogatory language, making verbal threats, continuously calling your employer or family, and/or giving false information regarding your debt. There has even been a new wave of collectors finding your profile on Social Media sites like Facebook and Twitter and sending you threatening messages through those services. All of this violates the FDCPA and is punishable by law. Falling behind on your bills does not give a collection agency the right to engage in this type of intimidating, harassing, or abusive behavior.

If you are being ruthlessly harassed by bill collectors before a bankruptcy is filed, don’t be afraid to take those calls. Be careful what you say – never say anything you’ll later regret or anything that can be used against you regarding your bankruptcy case. Instead, speak to them politely and calmly, no matter how rude they become. If you have the ability, record their calls, but make sure you get their permission to record the call and have that permission on the recording. At the very least, keep a journal of when and how many times they call. The FDCPA sets strict guidelines on time of day and number of times collectors are allowed to call.

Once you retain the Law Offices of Daniel A. Higson you can refer all callers to us.  We take the call and take the pressure off you.  Simply give the collectors our phone number.  Once you file, you are protected by what is called the automatic stay.  Collectors may not call at all.  If they do, politely provide them with our information and, if you wish, the case number and court.  We are here to help you make it through this difficult time.

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When living under the pressure of debt you may be presented with a wide variety of financial options and instruments. At the Law Offices of Daniel A. Higson, we specialize in Chapter 7 Bankruptcy, and have helped thousands of people get thier financial lives back on track. One product that we tend to discourage our clients from using is the controversial reverse mortgage. Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes and not pay it back until they move out or die, have long been fraught with problems. But federal and state regulators are documenting new instances of abuse as smaller mortgage brokers, including former subprime lenders, flood the market after the recent exit of big banks such as Wells Fargo and MetLife. In addition, the number of defaults on the loans have hit record rates.

Some lenders are aggressively pitching loans to seniors who cannot afford the loan fees, property taxes and maintenance charges. Other lenders are enticing seniors with the idea that the loans are free money that can be used to finance long-coveted cruises. All too often lenders don’t clearly explain the risks. You may have seen Henry Wrinkler, famous as The Fonz in Happy Days, pitching reverse mortgages on television commercials. He makes it sound like it couldn’t be any easier. But the truth is there have been many complications with these easy loans. For instance, some widows are facing eviction as the result of husbands having signed up for reverse mortgages. The widow, in some cases, was pressured to keep her name off the deed without being told that she could be left facing foreclosure after her husband died.

Although the numbers of reverse mortgages have declined in recent years, the rate of default is at a record high — roughly 9.4 percent of loans, according to the consumer protection bureau, up from around 2 percent a decade earlier. And borrowers are putting their nest eggs at risk by increasingly taking out the loans at younger ages and in lump sums. As of 2013, more than 775,000 of such loans are outstanding, according to the federal government.

Concerns about the multibillion-dollar reverse mortgage market echo those raised in the lead-up to the financial crisis when consumers were marketed loans — often carrying hidden risks — that they could not afford.

Used correctly, reverse mortgages can be a valuable tool for seniors to stay in their homes and gain access to money needed for retirement. Seniors who have built up equity in their homes can borrow against a percentage of that and take out a lump sum or a line of credit. The loan doesn’t have to be repaid until the homeowner moves out or dies, but borrowers still have to pay property taxes, maintenance and insurance. Reverse mortgage lenders and brokers note that the loans are highly regulated and require potential borrowers to speak to a certified housing counselor about the potential pitfalls before taking out the loans. Some of them steer seniors into expensive, risky loans with deceptive sales pitches and high-pressure tactics, according to regulators, housing counselors and elder-care advocates. Brokers earn higher fees on these loans and even more money when they sell the loans into the secondary market, where they can get rates nearly double those for variable loans, according to rate sheets obtained by the consumer bureau.

As mentioned above, some surviving spouses complain that brokers told them they could be added to deeds after the original reverse mortgage paperwork was signed. Reverse mortgages also have troublesome incentive structures that might encourage brokers to steer seniors toward lump-sum loans, which carry a fixed interest rate, rather than a line of credit with a variable interest rate, the bureau found. In a lump sum arrangement, the interest charges are added each month, and over time the total debt owed can far surpass the original loan.

As you can see, these new complicated products leave a lot of questions unanswered. If you are having financial troubles and are considering a reverse mortgage, please call the Law Offices of Daniel A. Higson and set up a free consultation. You may be able to get out of debt and still be able to keep the equity in your home. Bankruptcy protection might be all that you need to keep your asset safe and address mounting or overwhelming debt.

 Click Here for more information on Reverse Mortgages

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You have seen payday loans marketed as small loans that are a quick, easy way to tide borrowers over until the next payday. This rarely is the case. On the contrary, the typical payday loan borrower is indebted for more than half of the year with an average of nine payday loan transactions at annual interest rates over 400%.

Yet for people living in the states without payday loan protections, these small dollar loans continue to worsen financial troubles. Loan terms that require full payment in as little time as two weeks plus an average 400 percent annual interest, catch borrowers in a never-ending cycle of debt. Before long, this cycle denies dollars for household budget items like food, daycare, or regular house hold bills.

So what is the answer? Before getting one of these dangerous loans that can damage your credit and hurt your financial situation, visit Ventura Bankruptcy Attorney Daniel A. Higson for a free consultation to find out your options. Depending on your situation, a Chapter 7 Bankruptcy might be right for you and your family.

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Hostess filed for bankruptcy in January, its second trip to bankruptcy court since 2004. It previously emerged from restructuring in 2009 after a four-and-a-half year process. The company is now controlled by a group of investment firms, including hedge funds Silver Point Capital and Monarch Alternative Capital. While approval of the bankruptcy court is needed before Hostess can start selling its assets in liquidation, the company said production at all of its bakeries stopped effective Friday, and that stores will no longer receive products from Hostess Brands after the final round of deliveries of products that were made Thursday night.

Hostess suspended payments to the 42 multiemployer pension plans to which it contributes in August 2011. “For active employees, the circumstances differ for each MEPP, so (participants) should contact the administrator of the MEPP” in which they participate, Mr. Ignon said in an email, citing an employee Q&A document. He could not provide further information by press time. The company’s IBC Defined Benefit Plan had about $56 million in assets and $111 million in liabilities as of April 30, according to the PBGC.

In Hostess Brands Jan. 2012 bankruptcy filing, the company’s biggest unsecured creditor was The Confectionery Union & Industry International Pension Fund, a unionized employee plan with a near $944 million pension claim. The size of the near $1 billion union pension claim is likely, in part, because Hostess’s hedge fund owners stopped contributing to the company’s pension plan in August, as a result of bitter labor negotiations and deteriorating finances.

After filing for Chapter 11 bankruptcy protection last week, Hostess Brands will ask a bankruptcy judge to approve a plan that will allow it to pay $1.75 million in bonuses to 19 of its executives. Hostess’ decision to file for bankruptcy came amid disputes with its union workers, who threatened a strike that Hostess said imperiled the company’s finances. The unions are now protesting Hostess’ request for the bonuses, though they are unlikely to prevail, CNN Money reports:

Hostess Brands will ask a bankruptcy judge on Monday for approval to shut down the company and pay $1.75 million in executive bonuses.

Unions representing workers at the maker of Twinkies, Wonder Bread and Drake’s snacks are arguing against the bonuses. [...]

Under the plan, bonuses ranging from $7,400 to $130,500 will be paid to 19 executives. The company argues the bonuses are below market rates for such payments.

Even as it blamed unions for the bankruptcy and the 18,500 job losses that will ensue, Hostess already gave its executives pay raises earlier this year. The salary of the company’s chief executive tripled from $750,000 to roughly $2.5 million, and at least nine other executives received pay raises ranging from $90,000 to $400,000. Those raises came just months after Hostess originally filed for bankruptcy earlier this year.

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Business bankruptcy filing often make huge headlines and even bigger impacts in the financial markets. Chapter 11 bankruptcy allows a business to restructure its debt, often under new management, and emerge from bankruptcy with a better chance of staying profitable.

Filing Chapter 11 bankruptcy also offers businesses a rare opportunity to renegotiate contracts with vendors, clients and unions. If your business is at this financial crossroads, call The Law Offices of Daniel A. Higson to see your options. We will be happy to meet with you and your partners and determine the best strategy to getting your company and/or organization back on track so you can get back to business as usual.

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•    Credit card debts
•    Medical bills
•    Payday loans
•    Deficiency judgments

You may have heard Chapter 7 bankruptcy referred to as liquidation. What that means is that in certain cases, the court can sell some of your non-exempt property in order to partially repay your creditors. However, many types of property are exempt, so most people don’t lose anything. We will formulate a plan for you so that you will keep as many of your assets as possible.

We will carefully review your personal circumstances to determine what the likely consequences of Chapter 7 bankruptcy will be so you can make an informed decision. If you choose to file Chapter 7, we will guide you through  the process.

For further information about Chapter 7 Bankruptcy, please schedule a free consultation by calling us at (805) 642-6405.

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