Recognized for Excellence in Bankruptcy – Your Financial Life-Saver TM

Bankruptcy and mortgage help for people and business in Illinois and Wisconsin sm

Monthly Archives: June 2011

Lakelaw Continues to Lead the Way in Foreclosure Mediation

Posted by Ryan Blay on June 28th, 2011 in Foreclosure - Saving Your Home, Mortgage Foreclosure Defense, Mortgage Modifications, Wisconsin, , , , , ,

     Lakelaw has mediation experience. In 2009, Lakelaw became the only private law firm in Wisconsin to receive funding from the Wisconsin Housing and Economic Development Authority (WHEDA) to fight foreclosures. We’ve done so by advising clients across the state about their legal rights and responsibilities, presented training sessions throughout Wisconsin to other attorneys, and attended dozens of mediations in Milwaukee and Waukesha County on behalf of local homeowners.
     When the United States Bankruptcy Court for the Eastern District of Wisconsin was creating a pilot program with similar guidelines, they asked that Lakelaw appear along with other law firms providing guidance on the language and structure of the program.
Lakelaw focuses on two main avenues of financial freedom: consumer bankruptcy and foreclosure defense. Lakelaw can provide separate guidance on fighting the foreclosures. We can also appear on your behalf at the Kenosha/Racine mediations, providing advice and guidance through a complicated process against local and national banks.
      Please visit our website at www.lakelaw.com, or call (262) 694-7300 to learn more about us and our values. We have two convenient Wisconsin offices to serve you.

Lakelaw
6905 Green Bay Road, Suite 101
Kenosha, WI 53142
On Green Bay Road in Kenosha, just north of Route 50.

Lakelaw
740 North Plankinton Avenue, Suite 210
Milwaukee, WI 53203
In the River Bank Plaza Building between Wells and Wisconsin,
Located near the Shops at Grand Avenue


Los Angeles Dodgers File for Chapter 11 Bankruptcy – Lessons for Small Business

Posted by David Leibowitz on June 27th, 2011 in Bankruptcy, Chapter 11, Uncategorized

The Los Angeles Dodgers couldn’t make payroll. The McCourts, their owners, are involved in a nasty divorce. They are having trouble with their franchisor – Major League Baseball. This is making headlines. But it could be anyone’s story. Divorce, cash flow difficulties, franchisee problems and an inflated payroll have been the downfall of many businesses. But when it happens to a major league baseball team, it’s a big story.

What does the Dodger’s chapter 11 mean to you?

  • Chapter 11 can be caused by turmoil in the personal lives of the owners
  • Costly financial commitments can be a problem – they need to be addressed in chapter 11
  • A franchised operation must make peace with the franchisor
  • Financing is critical in any chapter 11 case

Look how this plays out with the Dodgers.  Divorce is frequently accompanied by financial stress. It’s certainly a distraction to the management of any business. The McCourts don’t seem to have their eye on the ball, figuratively or literally. They have a great big contract with Manny Ramirez. It doesn’t seem like he is going to perform up to the standards set for him. But the Dodgers still have to pay.

They say that all they need is to sign up their $3 Billion (that’s with a “B”) television contract and everything will be OK. Of course, this TV contract seems not to be OK with the franchisor, Major League Baseball.

What lessons can we learn? Big business frequently has the same problems as little ones.

Chapter 11 may be a good answer for the Dodgers. Small businesses can take advantage of chapter 11 too. In order to be successful, you need counsel who knows how to deal with small businesses in chapter 11, one who will work efficiently and cost effectively. David Leibowitz has close to 40 years of experience representing debtors large and small.


SUBSCRIBE

Blog Categories

Archives

Tags


LakeLaw – Recognized for Excellence