Rapper Shawn Carter (a.k.a. Jay-Z) is taking a foreclosure fight to the courts. Jay-Z, who took out a $52 million loan for a planned hotel development was at risk for foreclosure after the commercial real estate foreclosure crisis shut down his project. Right now, Jay-Z is disputing with his bank over interest payments he said [...]
According to an article in the Star-Telegram, CIT Group's Chapter 11 bankruptcy is a source of angst for the nation's small and mid-sized retailers, many of whom rely on the lender for credit. CIT Group insists that its bankruptcy will not cause disruptions for the already instable retail industry which has watched revenues drop since [...]
When a debtor files bankruptcy there are debts that are dischargeable and other debts that cannot be discharged during bankruptcy. Let's take a look at some of the things you may still need to pay after your bankruptcy discharge: Student Loans - If you file bankruptcy and owe student loans , they will most likely [...]
One reason declaring bankruptcy terrifies so many people is the fact they have to admit they've lost control over their finances--and life in general. Nobody likes to feel powerless and out of options. But bankruptcy doesn't have to be the end, it can be the beginning of you taking back control over your situation. Here [...]
Most debtors remember that a credit counseling course is required before filing bankruptcy; but many forget or don't realize that they must also take a personal financial management course within 45 days after filing bankruptcy. Whether you're filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy , all debtors are required to take this course. [...]
A file segregation scam is where a debtor, usually someone who has recently filed bankruptcy, is offered a brand new credit identity in exchange for a fee--usually a very large fee. How Credit File Segregation Scams Work The scammer usually targets those who have filed bankruptcy or who have delinquent credit cards or loans in [...]
Purchasing a home after bankruptcy is easier than most people think. In Fact, in as little as one and half to two years you can be ready to buy again. The first step in getting prepared to buy a house is to start getting your credit in order. It usually takes your creditors and the [...]
Around one and half to two years after your bankruptcy is discharged, you will likely be able to qualify for a home loan again. You must make sure to begin improving your credit long before you are considering buying a home, but once your credit is back in shape and a little time has passed [...]
Running into financial problems soon after receiving a bankruptcy discharge is more common than one would imagine. Often debtors file Chapter 7 bankruptcy and reaffirm debts such as a mortgage or car payment; but are unfortunately unable to continue payments shortly thereafter. A common scenario is that a debtor will reaffirm a car payment and [...]
Many debtors who are filing for Chapter 7 or Chapter 13 bankruptcy have one or more liens on their personal assets. The most common questions about liens during bankruptcy are: What is a lien? Can filing bankruptcy get rid of a lien? To answer the first question, a lien is a legal interest of a [...]