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Law Offices of Amid T. Bahadori

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Law Offices of Amid T. Bahadori

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10/01/2020

Thank for having me on! Listen now on The Intentional Entrepreneur podcast .franchise.attorney

09/02/2020

California Gov. Gavin Newsom (D) signed a bill Monday night that would extend the state’s eviction moratorium for another five months.

The bill, A.B. 3088, moved through the legislature on the last day the body was in session. It grants tenants who have lost income because of the coronavirus pandemic a postponement on their missed rent and gives them five more months before they must start paying again in full.

“Tenants are still responsible for paying unpaid amounts to landlords, but those unpaid amounts cannot be the basis for an eviction,” Newsom’s announcement reads. Landlords can begin collecting missed rent on March 1, 2021.

08/18/2020

Up to 300 Pizza Hut restaurants are slated to permanently close following the bankruptcy of one the chain's largest franchisees.

NPC International, which filed for Chapter 11 in July, announced an agreement Monday with Pizza Hut's owner Yum! Brands (YUM)to close roughly a quarter of its restaurants and sell the remaining locations. Specific restaurants and timing have not yet been determined, but NPC said a "substantial majority" of affected locations have dining rooms.

The agreement provides NPC with "flexibility to explore options for achieving a value maximizing outcome as it seeks to finalize the terms of a comprehensive financial restructuring and emerge from Chapter 11," it said in a release. A perfect storm of coronavirus-related shutdowns, a massive debt burden of nearly $1 billion and rising labor and food costs tipped NPC into bankruptcy.

Business bankruptcy related questions, contact us at 949-954-8164

08/04/2020

Los Angeles-based casual restaurant chain California Pizza Kitchen, better known simply as CPK, is now officially in chapter 11 bankruptcy as a result of the ongoing economic downturn fueled by the global coronavirus pandemic. While today’s announcement does not mean that the company is closing its more than 250 locations permanently, it does put the popular chain in dire straights.

The bankruptcy filing was made today in the state of Texas, and offers a glimpse of the restructuring efforts ahead meant to save the company. They include shuttering multiple “unprofitable” locations and working to reduce its considerable corporate debt — including seeking nearly $50 million in financing moving forward.

08/02/2020

Wishing everyone a fun and safe summer Sunday ☀️ @ Lido Marina Village

07/20/2020

Rep. Mary Gay Scanlon (D -PA) introduced new legislation last week that would make it easier for you to discharge student loans in bankruptcy if you are struggling financially and have been impacted by Covid-19.

Here’s the good news: the COVID-19 Student 5 Loan Relief Act of 2020 would apply to both private student loans and federal student loans, and be available to all Americans impacted by Covid-19. Swipe to read the fine print...

To schedule a detailed consultation, call us today: 949-954-8164. @ Newport Beach, California

07/13/2020

Ascena Retail Group Inc., the parent company of Ann Taylor, Justice, LOFT, Lane Bryant and several other women’s fashion brands, is preparing to file for Chapter 11 bankruptcy and shutter at least 1,200 stores.

The bankruptcy filing could come as soon as this week with a creditor agreement in place that would eliminate about $700 million of the company’s $1.1 billion debt.

The bankruptcy would allow Ascena Retail Group to sell or close certain chains, including Justice and Catherines, according to Bloomberg.

Bankruptcy related questions? Call us anytime to schedule a consultation: 949-954-8164

07/08/2020

We’ve been getting a lot of bankruptcy questions right now, so let’s demystify the process.

What is bankruptcy?

Bankruptcy is a federal legal process that allows individuals and businesses to either wipe out their debt or restructure it, depending on the circumstances and type of bankruptcy filed.

So, what types of bankruptcy are there? Swipe to read about each. For detailed information call us today for a free consultation: 949-954-8164 @ Newport Beach, California

07/06/2020

Luxury Dining Group, owner of the Fig & Olive chain of high-end restaurants with sites in New York, Washington, D.C., Los Angeles and here in Newport, filed for Chapter 11 bankruptcy protection, blaming employee lawsuits and the pandemic.

Majority owner Guillaume Fonkenell will work with company managers to decide which of the nine restaurants are still viable and could eventually turn a profit, according to court papers filed in New York on Friday. The company faces lawsuits related to a Salmonella outbreak that hit its Washington and Melrose Place locations.

07/04/2020

Wishing everyone a happy and safe Independence Day 🇺🇸

07/01/2020

Happy 5th Birthday to our littlest one... I love all of our adventures together! ♥️🥳

06/29/2020

Cirque du Soleil, established in Canada, is seeking Chapter 15 bankruptcy protection in the United States to facilitate a “stalking horse” purchase agreement negotiated with its existing shareholders in an attempt to draw in more investment.

The company will also create a $15 million employee fund to provide financial assistance for the almost 3,500 employees who have been laid off.

Business or personal bankruptcy questions? Call us for a free consultation 949-954-8164

06/26/2020

While the company declared bankruptcy, that doesn't mean this is the last you'll see of Chuck E. Cheese—yet. "The Chapter 11 process will allow us to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our company's history," CEO David McKillips said in a statement.

The restaurant chain will continue to slowly reopen the remaining 468 locations as it develops a strategic plan to get back in the black. If the bankruptcy process is approved, the chain will be allowed to maintain operations, including being able to honor your gift cards and play passes.

06/22/2020

Every attorney is different, however, most attorneys will want to know some basic information about your situation. This information could include why you are deciding to file for bankruptcy, what kind of income you have, and what types of debt you have. Having documents with you such as bank and credit card statements will also help you become familiar with how much you spend on gas per month and where the electric bill payment comes from.

Call us for more detailed information and to schedule your free consultation 949-954-8164. We are also available via Zoom.

06/21/2020

Happy Father’s Day!

Tee:
Socks: 😄 @ Newport Beach, California

06/19/2020

Neiman Marcus is one step closer to a safer future. The department store chain has new financing and expects to re-emerge from bankruptcy protection by early September.

Neiman Marcus received approval from the Texas bankruptcy court overseeing its case to access debtor-in-possession (DIP) financing, including the immediate availability of $250 million and an additional $150 million in early September to fund inventory, digital expansion plans and, crucially, reassure brands of its future. It received $275 million in May, to continue receiving shipments, its advisors said in court.

Debtor-in-possession (DIP) loans, which come from a retailer’s existing lenders, are crucial as they help finance a company through a reorganisation process. Neiman Marcus had about $5.5 billion in debt when it filed for Chapter 11 protection. The business still has more hurdles: creditors must agree the reorganisation plan at a meeting on 17 July, with final confirmation on 26 August, and only around 20 per cent of staff are working amid Covid-19 closures at its 44 stores.

Business or personal bankruptcy questions? Call you for a free consultation 949-954-8164

06/18/2020

The flood of petitions from the worst economic downturn since the Great Depression could swamp the system, making it harder to save the companies that can be rescued, writes the NY Times today.

Most good-size companies that go into bankruptcy try to restructure themselves, working out payment agreements for their debts so they can stay open. But if a plan can’t be worked out — or isn’t successful — they can be liquidated instead. Equipment and property are sold off to pay debts, and the company disappears.

If you or your business have bankruptcy related question, call our office today 949-954-8164.

06/15/2020

24 Hour Fitness Worldwide Inc. sought court protection from its creditors, unable to keep up with debt payments after the COVID-19 pandemic shut down gyms nationwide.

The company will permanently close about 130 gyms, including 11 locations in Los Angeles County and seven in Orange County.

The fitness chain’s Chapter 11 petition was filed in Delaware, court papers show. Such a restructuring allows a company to keep operating while it works out a plan to pay its creditors and ease its debt load of $1.4 billion, plus lease obligations.

Swipe to see the OC locations closing. @ Newport Beach, California

06/13/2020

Brooks Brothers is laying the groundwork for a potential bankruptcy, filing as soon as July, according to media reports. It closed one of its three factories in May, and the other two are currently making face masks instead of suits and ties.

Marketing firm Authentic Brands Group and commercial real estate company Simon Property Group are in talks to buy struggling high-end clothing brand, according to a new report from Bloomberg.

But a Brooks Brothers spokesperson told media the company isn't going public with any deals right now.

06/11/2020

There are signs the White House may get behind additional stimulus funding, with the Wall Street Journal reporting that the administration is working on its own plan. During a press conference last week to discuss unemployment, President Donald Trump said his administration will be "asking for additional stimulus money," while his economic adviser Kevin Hassett told the Journal this week that the odds of another stimulus package "are very, very high."

Under the new legislation each member of a household would receive $1,200, including children. The income thresholds would remain the same, meaning that single taxpayers earning less than $75,000 and married taxpayers earning a total of $150,000 would receive the full payments. For instance, a family of four whose parents earn less than $150,000 would receive $4,800.

In the meantime, it's clear that most households across the country have taken an economic hit from the pandemic. About 54% of consumers said their income has been affected by the COVID-19 crisis, according to a recent survey from Betterment.

06/09/2020

If you and your spouse are trying to decide between an individual bankruptcy and a joint bankruptcy, you’ll need to consider the amount of indebtedness you both have. In community property states, all debts incurred in the marriage are the responsibility of both spouses, so in that case you are both equally indebted with maybe a few exceptions (i.e. debts acquired before the marriage). If you’re not living in a community property state, then you need to look at how much debt each of your owe and which assets are vulnerable to creditors. For example, if one spouse owes $20,000 while the other owes $5,000, there is an obvious debt imbalance. In that case, it may not be beneficial to do a joint bankruptcy, especially if the spouse owing $5,000 is current on their bills and owns property that cannot be seized by the other spouse’s creditors.

Bankruptcy questions? Call us for a free consultation 949-954-8164

06/03/2020

According to the latest available numbers from the credit bureau TransUnion, about 3 million auto loans and 15 million credit card accounts are in some kind of program to let people skip or make partial payments.

Be proactive and contact your creditors if you believe an economic hardship will prevent full or partial payment of debts. Most creditors are providing payment relief programs currently so now is the time!

06/01/2020

🙌🏿🙌🏾🙌🏽🙌🏼🙌🏻

05/27/2020

One of the biggest factors in deciding when to file bankruptcy (before or after divorce) is the type of bankruptcy you want to file. If your bankruptcy is a simple Chapter 7 bankruptcy, then filing it before your divorce may be the best option. Since Chapter 7 bankruptcy can be filed and complete in just several months, there’s no reason you and your spouse can’t file jointly, discharge your debts, then divorce afterwards.

However, if you’re filing Chapter 13 bankruptcy, it may not be a good idea to do so before getting a divorce because this type of bankruptcy lasts three to five years. If you plan to divorce within that time, you’ll need to go through the process of having the bankruptcy case separated or closed once you and your spouse officially end the marriage.

As always, every case is different so feel free to call us anytime with your specific bankruptcy related questions 949-954-8164

05/25/2020

Remembering heroes who live on, every day, in our freedoms 🇺🇸

05/20/2020

If you file bankruptcy, you will NOT lose all of your property. In fact, in most cases, you can keep most or even all of your property.

To learn more, call us for a free consultation 949-954-8164

05/19/2020

People are usually advised to solve their debt problems on their own, if they can, or to consult a credit counselor, with bankruptcy as a last resort. But the people who come out of bankruptcy in the best shape tend to be the ones who got expert advice early.

If you even think that there’s a possibility that you’re going to be in debt trouble, or you’re not able to pay something, go get a free consultation before you make any kind of financial move.

That doesn’t mean you should rush to file, however. Your situation could improve, or things could get much worse. Since Chapter 7 liquidation bankruptcies can be filed only every eight years, you’d want to file when you can erase the maximum amount of debt.

Call us for your free consultation and detailed explanations of bankruptcy options and details 949.954.8164

05/18/2020

• Before he entered a life of politics, Abraham Lincoln tried his hand a variety of careers—postmaster, county surveyor, and businessman. But when Honest Abe and a business partner purchased several general stores on credit in 1832, he was unable to earn the revenue he hoped for and quickly began to lose money. Sadly, his partner died and Lincoln was saddled with $1,000 in debt (a huge sum at the time) and faced losing his meager assets.

Lincoln’s creditors took him to court over the debts but because debtors at the time did not have the types of protections they have now, Lincoln lost his last remaining assets—a horse and some surveying gear. But even that wasn’t enough to repay his creditors. Lincoln struggled to pay off his debt balance well into the 1840’s.

Like most debtors Lincoln was determined to move forward with his life despite his brush with insolvency. He eventually went on to become a congressman in 1846 and eventually the President in 1860. Despite the imperfections of the bankruptcy laws during Lincoln’s era, the laws available did allow him to restructure his debts and rebuild his finances. But today’s debtors have even more protections—the ability to keep most assets, have debts forgiven, and even repay debts over time without liquidating all of their assets. It’s this type of debt forgiveness that allows borrowers to overcome debt troubles, rebuild, and go on to do great things just like Abraham Lincoln.

05/12/2020

Many small businesses, healthy and distressed alike, have tapped their credit lines with banks and lenders that are now overextended and extra cautious about the financing.

Many of these companies will file for Chapter 11 to attempt to restructure finances in order to continue to survive. If everyone files at the same time, they’ll be competing for the same financing dollars.

As a result, it is likely smarter to file for bankruptcy sooner rather than later, if Chapter 11 is an option, to avoid the rush.

Consequently, early bankruptcy filers have another advantage: lenders still have sufficient money to lend to distressed businesses. That may not be true if a wave of large companies file for Chapter 11 all at once.

Feel free to call us with any business bankruptcy questions you may have 📞 949.954.8164

Address

4 Corporate Plaza, Suite 150
Newport Beach, CA
92660

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Telephone

+19499548164

Website

http://www.atbbankruptcylaw.com/

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