California Restaurateurs File Chapter 13 Bankruptcy

Written by CFB Blogger. Posted in Blog

Gregory and Heather Vitucci, owners of two DiCicco’s restaurants, have recently filed for Chapter 13 bankruptcy. The bankruptcy filing lists $428,000 in assets and $591,077 in liabilities. Creditors holding unsecured claims against the business include the California Department of Employment Development and the California State Board of Equalization. Fresno food distributor Saladino’s Inc. is also listed as a creditor in the Chapter 13 bankruptcy filing. Unlike Chapter 7 bankruptcy, Chapter 13 does not involve liquidation, writes Chuck Harvey for www.thebusinessjournal.com.  In a Chapter 13 bankruptcy, the debtor is normally allowed to keep all of his or her property as long as the Chapter 13 plan complies with the law. Chapter 13 bankruptcy usually lasts much longer than a Chapter 7 bankruptcy, often lasting from 3 to 5 years. This is because Chapter 13 involves regular monthly payments made to a trustee for the court-approved repayment plan. In the case of the Vitucci bankruptcy, the debtors plan to pay $3,684 each month from future earnings over a period of 60 months (five years). Gregory Vitucci is the son of Frank Vitucci, one of the original “Four Sons of Italy” who founded the restaurant in 1956. For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from Client First Bankruptcy who have helped satisfied clients discharge their debt. For your free initial consultation, please call our knowledgeable and compassionate bankruptcy representatives at 800-383-6004.  And log onto www.clientfirstbankruptcy.com for vital and timely bankruptcy information 24/7 so you can get the information you need at your convenience.

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Stop the Music, Start the Bankruptcy

Written by CFB Blogger. Posted in Blog

Myxer, an online radio company that once had $4.8 million in annual income, has recently filed for Chapter 7 bankruptcy. Myxer’s income was $4.8 million in 2012, falling to $1.4 million in 2013 and $363,000 to date in 2014. The company was founded in 2005 by Myk Willis, a former Citrix Systems employee; he sold the company two years ago. Myxer had been sued in 2009 by such major record labels as Sony Music. At that time Myxer was growing and employed some 50 staff members. The Deerfield Beach, Florida-based company streamed music and offered free ringtones for cell phones. The company listed $1.3 million in liabilities and $106,000 in assets, according to documents filed in South Florida federal bankruptcy court in September. According to an article by Celia Ampel in the  South Florida Business Journal, Myxer’s attorney stated,   “’The competition with Pandora and Google Music, mixed with trying to work the licensing agreement with the major labels, ended up making it too expensive to legally operate the business.’” Myxer’s bankruptcy trustee will attempt to repay creditors, including Universal Music Group, Amazon.com, Google and LinkedIn.  He stated, “’They’ll be made as whole as they can be.’” The company did pay their remaining employees as they prepared to close the business, a very honorable move. The Client First Bankruptcy attorneys are an unsurpassed staff of the most knowledgeable consumer bankruptcy lawyers in the country, representing thousands of clients each year in consumer bankruptcy matters. Client First Bankruptcy attorneys are current on all of the new Chapter 7 and Chapter 13 bankruptcy laws and, with offices in Colorado, Florida and Illinois, we are familiar with specific bankruptcy law in many states. Client First Bankruptcy attorneys answer their phones 8:30 a.m. – 6:00 p.m. (Central Time), Monday thru Friday, so you can get your initial complimentary consultation at a time that is most convenient for you. Our aggressive representation and extensive experience have earned the Client First Bankruptcy attorneys a national reputation for excellence in the representation of debtors in financial distress. Call us toll-free at 1-800-383-6004 and log onto our newly designed, easy-to-navigate, interactive website, www.clientfirstbankruptcy.com.

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