The Tribune Pays Bankruptcy Lawyers $231 Million and Bankruptcy Isn't Finalized
The Tribune Company is a Chicago based newspaper and television company well known for their ownership of the Chicago Tribune. The company also owns The Baltimore Sun, The Los Angeles Times and The Hartford Courant. The company is struggling with layoffs and has trouble employing enough reporters to do the work that needs to be done.
The Tribune Company has been in bankruptcy since 2008. A recent New York Times column by David Carr brought attention to the fact that since 2008 the Tribune Company has spent $231 million on bankruptcy related costs including lawyer fees. Carr's column points out how many reporters that money could pay for to help the newspapers run better.
Chicago bankruptcy lawyers will tell you that it can be costly to file for bankruptcy whether you're a business or individual. The fees associated with bankruptcy are not something you can avoid however the debt that will be discharged after bankruptcy typically far exceeds the fees associated with filing chapter 7 or chapter 13 in Chicago making it well worth the expense.
A large company like the Tribune Company stands to discharge a considerable amount of debt. It is estimated that they owe $13 billion in debts. The other challenge that the Tribune Company faces is the change in how American's get their news today.
In Chicago, bankruptcy lawyers, business executives, baristas and taxi drivers are turning to the internet to get their news. Although there are still people who read the paper it is not as common making the process of printing hard copies of the paper each day less profitable. Ultimately, newspapers like the Chicago Tribune are turning to their online presence to help stay current with the trends of their customers. Unfortunately it takes more overhead to run a paper and the revenue brought in by an online news source isn't always significant enough to carry the costs related to running a newspaper or television station in addition to the website.
Bankruptcy lawyers in Chicago recently saw the Hostess brand file for bankruptcy. The well known Chicago snack brand is struggling financially and a lot of it has to do with the healthier eating habits of their customers.
If you are considering bankruptcy and trying to decide if filing chapter 7 or chapter 13 bankruptcy is right for you talk to your Chicago bankruptcy lawyers about your long term goals. They can evaluate your income and your debt to determine if filing will give you the fresh start you're looking for. It does cost money to file for bankruptcy but you are given a second chance with a clean slate and for some this is the best possible solution to their financial troubles.
Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.