Sinbad Files for Chapter 7 Bankruptcy Protection

Sinbad (real name David Adkins) filed for chapter 7 bankruptcy on April 4, 2013. The 90’s comedian has actually filed for chapter 7 bankruptcy two times since 2009 and the current filing is Sinbad’s third time. The first attempt to discharge his debts was dismissed due to lack of document production. The second bankruptcy filed was dismissed because of the Financial Management Course Certificate, a required credit counseling course that must be taken and completed for a chapter 7 bankruptcy, was not filed. Let’s hope this third time is a charm. The ball has been dropped twice by two different attorneys that each represented him in the last two bankruptcies filed. This third bankruptcy filing is yet by another attorney which must be under a lot of pressure to follow through with finally getting Sinbad a discharge, since the last two attorneys failed to.

According to the bankruptcy petition documents, Sinbad’s main debts and the reason for filing bankruptcy are income tax creditors, for his 1993-2005 Franchise Tax Board and 1998-2006 Internal Revenue Service unpaid taxes. There is also an unknown amount of taxes owed for unfiled taxes for 2009-2012 tax years. If done right, his taxes owed for 1993-2006 will be discharged in the bankruptcy.

At the Law Offices of Michael H. Raichelson, we are diligent in doing things right the first time and we do not fail; we do our part in not letting cases get dismissed. You too can get your taxes discharged, if you qualify, through a chapter 7 bankruptcy. If you are in tax debt, like Sinbad, and you are wondering if filing bankruptcy is the right option for you or want to know what your options are and want it done right, the first time, call us now for a FREE consultation.

Bankruptcy Fraud

Some debtors may think they can get away with hiding, selling or transferring assets before filing a bankruptcy, but the truth is it is nearly impossible to not get caught. In fact, it is a federal crime to conceal assets in a Chapter 7 bankruptcy and if done it can result into some serious federal prison time and other federal punishments.

For instance, the Federal Investigation Bureau just convicted a woman named Diana J. Stout in Bethesda, Maryland for making a false statement and concealment of assets in her Chapter 7 filing. Stout thought she could transfer property to her daughter, withhold vehicles and jewelry from her bankruptcy petition to sell for money and not have to face any consequences. Inevitably, Stout is now facing 27 months in federal prison following with three years of supervised release along with a restitution obligation to be paid of $155,747.83.

It is always best to be completely honest when it comes to seeking federal help out of debt. At the Law Offices of Michael H. Raichelson we practice our integrity and protect our clients by making sure all assets are disclosed to prevent any legal problems in the long run. We follow through with the best possible solution for each client’s needs. Call us today for your free consultation.

Oreck Vacuum Company Files Chapter 11 Bankruptcy

One of America’s best-known vacuum and cleaning supply company Oreck filed Chapter 11 bankruptcy. Chapter 11 is a chapter of the United States bankruptcy code that allows reorganization, which is most prominently used by corporate entities. Oreck is still going to continue to operate its business while it seeks a buyer; however, documents filed suggest the company is unable to generate enough funds to cover necessary expense.

If you are a business owner, drowning in debt similar to “Oreck”, and need some reorganization, the Law Offices of Michael H. Raichelson can help. If you click on “Recent Bankruptcy Successes” (above) you will read how Michael H. Raichelson has been able to overcome seemingly impossible debt resolutions and he will do the same for you.