Being in debt is scary; but having your debts threaten the financial safety and security of your family can be even more scary. That's why it's not surprising that many debtors have many fears concerning a bankruptcy filing. Several myths feed into these fears; but the truth is that bankruptcy is often the only chance [...]
Expediency is often the road to disaster, or at least that was the case for Olusola Idowu, who was convicted of fraudulently obtaining more than $1.1 million for her home and bankruptcy fraud. Olusola Idowu, 57, was convicted on two counts of wire fraud and one count each of bankruptcy fraud, making false statements in [...]
Chapter 13 bankruptcy is designed for wage earners. If you do not have income you will not be able to file Chapter 13 bankruptcy. Chapter 13 bankruptcy allows the debtor to partially repay their unsecured creditors. One of the misconceptions about Chapter 13 bankruptcy is that debtors must repay all of their debts. The amount [...]
Extended dependent healthcare coverage for unmarried children up to the age of 26. Under the health care bill, as of September 23, 2010 (if all goes as planned) many youth will have access to their parents' healthcare coverage through college and even afterwards during a time when many college graduates struggle financially. In recent years [...]
Many debtors ask about what they should do before filing bankruptcy; but what about the things that debtors shouldn't do before filing bankruptcy? Things debtors should avoid before filing bankruptcy: Don't raid your retirement account in an attempt to repay debtors if you are considering bankruptcy. A matter of fact, don't raid your retirement account [...]
Bankruptcy judge Kevin Carey, who is presiding over Tribunes' Chapter 11 bankruptcy case, approved an independent examiner to review the 2007 leveraged buyout of the media conglomerate and the potential claims arising from it that might be brought on behalf of the bankruptcy estate. Tribune, which owns the Los Angeles Times, Chicago Tribune, The (Baltimore) [...]
You pay the minimum payment on your credit card. Paying the minimum payment requirement on your credit card may be a sure sign that you are at credit card default risk especially if you can't afford to pay more than your credit card's minimum payment. You use one credit card to pay the minimum payment [...]
Simon Property Group Inc., which for months was involved in a campaign to acquire General Growth which is in Chapter 11 bankruptcy y, recently withdrew its bid due to a bankruptcy court decision that would make the acquisition too expensive. The plan approved by U.S. Bankruptcy Court Judge Allan Gropper in New York would enable [...]
Movie Gallery Inc. which filed for bankruptcy in February will receive about $74.2 million from liquidation sales, the highest bid at a bankruptcy auction for the video rental chain's inventory. Great American WF LLC's bid was approved today by U.S. Bankruptcy Judge Douglas O. Tice Jr. in Richmond, Virginia. Tice granted Movie Gallery permission to [...]
Bankruptcy law requires that debtors filing for any chapter of bankruptcy disclose on the Statement of Financial Affairs any payments of at least $600 they made to creditors 90 days prior to filing for bankruptcy. Payments disclosures will include payments made on these types of debt: Car Loans Gas, Electric, water and other utility bills [...]