The 67-year-old actor, Gary Busey, has filed for Chapter 7 bankruptcy protection.

He filed the paperwork in Los Angeles, and listed several creditors that he owed money to. There are at least 12 potential creditors that were mentioned in the filing, including a woman that claims the actor tackled her at the Tulsa Airport.

Busey’s liabilities fell between $500,000 and $1 million, while his assets totaled $50,000. The actor, turned reality star, hopes that the bankruptcy protection will allow him to reevaluate his financial situation and start over.

If you are considering filing for Chapter 7 bankruptcy, please contact the Boston Chapter 7 bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346 today.

AMR Corporation, the owner of American Airlines, has announced a strategy that will cut operating expenses for the company by nearly $2 billion annually.

This strategy comes after the filing of Chapter 11 bankruptcy by American Airlines. The new restructuring of the company will involve roughly 13,000 employees being laid off. Employee pension plans may be eliminated from the company as well.

When the airline company filed for bankruptcy, they claimed that they had accumulated $10 billion in debt in the past few years. The  people who could be affected by the terminations range from pilots to maintenance workers for the airline. The official announcement of the layoffs will be made in the coming days.

If you need help regarding Chapter 11 bankruptcy, please contact the Boston Chapter 11 bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346 today.

Hostess Brands, Inc., the makers of Twinkies, has filed for Chapter 11 bankruptcy. This news comes after a recent bankruptcy filing for the company was made back in 2009.

The Irving, Texas company is planning on the continuation of operations during the restructuring. Several lenders have already made a commitment to that process by loaning Hostess $75 million after the bankruptcy filing took place.

The company has listed their assets at $981.6 million as of December 10, 2011. The liabilities for the company far succeed the assets and stand at $1.4 billion. Their popular snack, Twinkies, declined in sales by two percent in the 2011 fiscal year, which contributed to the onset of the filing.

If your company is considering filing for bankruptcy, please contact the Boston Chapter 11 bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346 today.

Penn Camera Exchange has filed for Chapter 11 bankruptcy largely due to decreasing sales during the holiday season.

The company, which sells photographic equipment, will close five Washington stores right away. The other three stores located in the Washington area will have large clearance sales. Specialty stores, such as Penn Camera, are finding it hard to maintain their revenue in times when large discount stores, including Wal-Mart, have made much of the same equipment available at a cheaper price.

Several retail stores are reorganizing for the new year, including Macy’s who has already shut down two stores in the Washington area.

If your company is considering filing for Chapter 11 bankruptcy, please contact the Boston Chapter 11 bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346 today.

Quiznos is currently considering restructuring options to continue normal operations within the company. If the restructuring process doesn’t go as planned then filing for Chapter 11 bankruptcy is a strong possibility for the restaurant chain.

According to the company, numerous creditors have already agreed to a restructuring plan that would help eliminate part of the debt that has accumulated over the years. Quiznos currently has $875 million worth of debt.

During the recession, customer traffic greatly decreased in the stores and therefore revenue declined. Throughout the United States and in other countries there are 3,500 Quiznos stores. Within the last year, 1,500 of those stores have shut their doors.

If your business is considering filing for Chapter 11 bankruptcy, please contact the Boston Chapter 11 bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346 today.