Bankruptcy Information

According to a  recent report in the Huffington Post, Illinois ranks in only the eighth position of the top ten highest sales tax States in the United States.  That may come as a surprise to many residents of Cook County and perhaps even of a surprise to residents of the City of Chicago where the local sales tax rate is 9.25% for general merchandise and can be even higher in restaurants and higher still in restaurants in special taxing zones.

The reason for the surprising eighth position is that the rankings are statewide averages.  If you look at a list of top highest sales tax cities in the United States, Chicago ranks in keeping with where one would expect it.

Collections of Illinois Sales Tax, Retailers Occupation Tax (ROT), Use Tax (UT), Motor Fuels Tax, Service Use Tax (SUT) and Service Occupation Tax (SOT) are enforced by the Illinois Department of Revenue through Sales Tax Audits and Illinois Department of Revenue Collection Acts which could include Levy of bank accounts, levies on other property, revoke suspend, or hold a business certificate, and revoke a sales tax business certificate.

Tags: Sales Tax, Tax

The American Bankruptcy Institute, a bankruptcy filing research organization, recently reported that bankruptcy filings dropped in fiscal 2011.

A total of 1.47 million bankruptcies were filed in the U.S. through September.  According to the ABI, this fiscal year’s filings were 8 percent lower than the total number of bankruptcies filed in fiscal 2010.

Overall, business bankruptcy filings were 18 percent lower in fiscal 2011 than in fiscal 2010.  Personal bankruptcy filings also decreased by 11 percent.

1.06 million personal bankruptcies were filed between January 2011 and September 2011. Samuel J. Gerdano, executive director of the ABI, stated, “The decline in consumer bankruptcies is the residue of a sustained debt deleveraging by U.S. households.”

If you or someone you know is seeking assistance filing for personal bankruptcy in Birmingham, contact the Birmingham personal bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 to learn more about how we can help you.

Tags: 2011, Fiscal 2011

Former billionaire Sean Quinn has filed for personal bankruptcy in Belfast, Ireland.  The personal bankruptcy filing states that Quinn owes $3.86 billion to the Irish Bank Resolution Center.

Quinn was once the richest man in Ireland with a personal worth of around $6 million.  The businessman earned his money by selling gravel and sand from a farm his father owned.  This business turned into a billion-dollar mining manufacturing business.  In addition, the billionaire worked in real estate and insurance.

When the nations economy and property market began to suffer in 2008, unfortunately some risky investments Quinn had made became worthless.

Tags: Bankruptcy, Personal Bankruptcy

With Thanksgiving just one day away, you’re likely counting down the hours until your four day weekend. Most companies let their employees have Turkey Day and the next day off of work, and you know what that means—shopping. Although the Thanksgiving holiday is coming up quickly, the general holiday spirit will remain in the air for the rest of 2011. This opens up tons of marketing opportunities for just about every type of company. The holidays not only give marketing departments creative ideas to work with (incorporating a turkey into your meat packing business, Santa Clause buying auto insurance, etc.), but companies can rest assured that these campaigns will get more attention than usual.

According to Media Post, the top five days by sales conversion volume were all between Thanksgiving and Christmas:

If this wasn’t enough to convince you, marketing for the holidays is necessary simply to stay in competition with your competition. Accor

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Tags: Work, Work Industry

Ever since the 19th century, debtors’ jails in the U.S. have been against the law. This system of locking up people due to them be indebted of money was not just vindictive, it was quite a futile manner of handling bankruptcy, in view of the fact that citizens in defaulters’ penal complex were not given the chance to make the most of their income’s capability to settle up their money owing, that is if they had the opportunity at all to labor.

Being financially indebted is not regarded as a criminal offense, but under such circumstances huge liability settlement corporations all throughout the country have discovered a work-around in the form of debt warrants.

With the usual debt collection procedure, a debt collector acquires a court ruling to oblige the negligent debtor to disburse. If the borrower is not act in accordance with that directive, the court may detain the debtor, hand out a contempt citation along with a warrant. According to some researches, several debt collectors bring these contempt rulings to the authorities and have them imposed. The l

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Tags: Debt, Debt Warrants