Tag Archives: washington dc bankruptcy attorney

Why Washington D.C. is Struggling With Company Foreclosures

Washington D.C. is a busy and thriving city with many families and busy workers. Foreclosures can happen in housing areas and neighborhoods that are rapidly growing and changing. The process of a residential foreclosure, however, is pretty different than the process for businesses. Here’s some news on a recent company foreclosure in the D.C. area, and how this news explains what’s happening with commercial real estate in the city. What’s in the News? The D.C. area has the highest number of unpaid CMBS loans, which are commercial real estate loans. A large office building owned by Heyman Enterprises in the southwest D.C. area has decided to foreclose. One of the company’s partners owes over $95 million from a CMBS loan taken out in 2006 on the property. The debt expired about a year ago, and it represents one out of 40 unpaid CMBS loans in the D.C. area. This surge…
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What Happens If You Hide Assets During Bankruptcy?

Hiding assets during bankruptcy is an easy way to end up behind bars. Anyone considering hiding assets should look up a recent example of Joe and Teresa Guidice, who received prison sentences for concealing assets and engaging in fraud before and during their bankruptcy filing.  The reality of the matter is that bankruptcy is a means of ridding yourself of debt legally and legitimately. How Do People Hide Assets? One common method is the hiding of assets by giving or selling them to friends or family. This is illegal. Courts and lawyers are aware of this practice as it seems like it may be a clever way to bypass the law, because you will no longer be in possession of the assets you’ve given away. However, this willful giving away of assets to friends or family to avoid potentially losing assets to a creditor is considered a fraudulent transactions requiring…
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How Does Chapter 11 Bankruptcy Help Businesses?

Washington DC Bankruptcy Attorney Examines an Unusual Case Bankruptcy is a procedure in which consumers or businesses can repay some or all of their debt on a reasonable plan, and in some cases, eliminate their debt entirely. Declaring bankruptcy guarantees the safety of your belongings, protecting you against the actions of any creditors you may have. For business owners, the most common form of reorganization bankruptcy is Chapter 11, which is a complicated process. Those planning to file this kind of bankruptcy are strongly encouraged to hire an experienced bankruptcy attorney. An Attempt to File For Chapter 11 Bankruptcy Gone Awry Dean Smothers, owner of a Washington DC nightclub called Love, recently had his venue shuttered by the DC Office of Tax Revenue (OTR) after a bewildering series of twists and turns. For several years, Smothers turned hefty profits. At some point, however, the impresario fell behind on taxes, plunging…
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