• Ex-Football Punting Star Auctions Super Bowl Rings as Part of Bankruptcy

    Former punter Ray Guy is auctioning the Super Bowl rings he won while playing for the Raider’s in the 1976, 1980 and 1983 National Football League seasons. The auction is part of a Chapter 13 bankruptcy filing.

    Guy spent his 14-year career solely with the Raiders in Los Angeles and Oakland. The native of Georgia filed for bankruptcy protection in Augusta Georgia and received authorization to sell his rings on May 23, 2011, according to court records.

    Nate D. Sanders Inc., the auction house handling the sales, estimates the rings are worth $75,000 to $90,000, CBSSports.com reported. As of August 2, 2011, the current bid for the lot is $6,727 according to the Nate D. Sanders website. The auction ends August 9 at 8 p.m. east coast time.

    The Internal Revenue Service is the first-priority lien holder in the bankruptcy. They must approve any sale below $63,127.88. Any proceeds above that number will be paid to the chapter 13 trustee, according to the order approving the auction.

    Bankruptcy can be used to settle a number of debts for good, even some I.R.S. back taxes under specific conditions. Don’t live your life under a cloud of debt when you have a perfectly legal avenue to stop the collection activity for good. A bankruptcy gives you the opportunity to start your financial life over and rebuild your credit. You can’t rebuild credit if you don’t have the money to pay your debts.

    Benjamin Brand Services – Chicago bankrutcy attorney

  • Chapter 11 Bankruptcy Pops Balloon Distributor

    Money issues have deflated a Chicago balloon distributor, sending the business to file for bankruptcy . The 100-year-old balloon distributor M.K. Brody & Co. consistently turns a profit, but financial pressure from different areas took the air out of the finances.

    Property taxes for the company’s headquarters located in the Fulton Market rose 74% in 2011. The warehouse holds between five to 10 million balloons at any given time. Unexpected health-care costs for 11 full-time employees also put pressure on the finances. In addition, a Detroit competitor insisted Brody pay for royalties once paid from a company that Brody recently bought out.

    Brody filed for Chapter 11 protection, utilizing a legal remedy designed to allow reorganization without too much outside pressure. Documents filed with the U.S. Bankruptcy Court in Chicago list the company’s debts between $1 million and $10 million. Its assets are worth less than $1 million.

    The company, doing business as Brody’s 800-4-Balloons, distributes balloons to retailers who purchase stock in latex and foil styles.

    Owner Lee Kaufman pointed out that most balloon manufacturers are located in the U.S. Overseas competitors haven’t been able to compete. “They have a hard time in China making a balloon that can float,” he said.

    For many, bankruptcy is something that will never happen for a number of reasons. However, for those who are struggling with debt, bankruptcy is an excellent tool for rebuilding a life, literally. There is no more hassling with creditors, debt collectors and non-stop phone calls. Bankruptcy offers what is known as a fresh start, allowing all filers to rebuild their credit and lives.

    Benjamin Brand Services – Chicago bankruptcy attorney