Ridglea Theater Trust Deadline

Wednesday, August 12th, 2009

A bankruptcy judge from Fort Worth gave R.K. Maulsby Family Trust trustee until Nov. 4 in order to sell the historic Ridglea Theater located on the west side of the city even for just a pending deal.  Otherwise, they shall face foreclosure.  Doug King, the trustee, told Russell Nelms (the bankruptcy judge) that he has accepted a contract from the buyer putting down earnest money of $50,000 and then paying $1,075,000 for the property.

King said that selling the property would generate enough money to pay the creditors.  However, he declined to name the buyer after the hearing.  As the only asset of Maulby’s Trust, it filed for a Chapter 11 protection to prevent property foreclosure.  Dallas’ FixFunding posted the property for a possible foreclosure because it’s behind on its payments for a $1.1 million loan.  It also owes $260,000 to TaxEase.

Nelms said “Under that contract, I gave a chance for the debtor to perform.  However, it’s a short lease.  There will be dismissal of the bankruptcy case on Nov. 4 if the contract will fall through.”   Chad Berry, the attorney representing FixFunding and Elizabeth Zieglar, the trustee of federal bankruptcy court, asked Nelms to dismiss this bankruptcy case and argued that the family trust has no valid business purpose.

Tags: attorney, bankruptcy, Chad Berry, Doug King, Elizabeth Zieglar, Family Trust, FixFunding, foreclosure, Fort Worth, judge, Maulby's Trust, Ridglea Theater, Russell Nelms, trustee
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Think Twice in Contemplating Divorce

Tuesday, June 2nd, 2009

In the United States, more than 55% of first-time marriages result in divorce and more than 70% of second-time marriages also do. If you are contemplating on divorce right now, at least you know you’re not alone. But it’s very important that you understand exactly what you will go through. You don’t want to be uneducated or unprepared in confirming this life changing decision.

Bear in mind that if your relationship is amicable during your divorce, you will likely lessen the financial and emotional burdens caused by it. So before you finalize your decision, make sure that you have done the following:

• *Counseling – especially if you have children, they deserve a deep look into what’s wrong with your marriage.
• *Face common marriage problems – look inside yourself and ponder if the problem starts with you. Do you prefer to be with your friends or at a bar?
• *Deal with bankruptcy or tax issues – financial stresses are often caused by divorce, as many federal bankruptcy courts reveal. Married couples also pay fewer taxes than single ones.
• *Seek support – find a lawyer to help you make an objective decision. You can also rely on family and friends during this stressful period.

To look for legal and professional help, search for a lawyer online through lawyer directories on the web. Who knows, subsequent talks and discussions might even strengthen your marital bond and make you think twice about the divorce.

Tags: bankruptcy, counseling, Divorce, find a lawyer, lawyer, lawyer online, marriage problems, support, tax issues
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