Well-known vacuum company Oreck filed for Chapter 11 bankruptcy after decreasing vacuum sales. The company will continue operations during the filing, while in the process of restructuring in hopes of acquiring a buyer. Oreck is known for producing upright vacuums and cleaning products through online and direct phone sales, as well as through their Oreck [...]
Driver's License Suspension Due to Outstanding Debt Depending on state law regulations, a motorist may have their driver's license suspended if they have an outstanding debt related to a civil judgment. For instance, back child support payments or lack of insurance are common reasons why someone may have their license put under suspension. While it [...]
Chicago area drivers who tried to avoid paying impound fees for their vehicles allegedly participated in a bazaar scheme that included filing false bankruptcy petitions. Local and state investigators found a significant number of "pro-se" bankruptcy filings (individuals who filed without an attorney) after the U.S. Trustee's Office identified over 1,000 filings were completed. Most [...]
Chapter 13 bankruptcy is a court-approved repayment plan based on the debtor's ability to repay. While the plan is not for everyone, it offers different benefits that debtors may find useful depending on their personal situation. While the plan can last anywhere from three to five years, this aspect alone is enough to discourage debtors [...]
Bankruptcy and Life Insurance Policies It is possible to have your life insurance policy be protected in bankruptcy under certain circumstances. While there are different types of life insurance, this information pertains to simplified whole life and term life insurance policies since a wide majority of consumers have these types most often. There are factors [...]
In many cases, assets that belong to your spouse may be off limits to creditors but it depends on the circumstances of the spouse filing for protection. There are a few factors to review that may give clarity regarding account funds. You need have a good idea of what assets are considered part of your [...]
Consumers have the option of filing for bankruptcy on their own, also known as "pro se," in which you represent yourself. You are not required by law to file bankruptcy with an attorney, but many do not understand the risk they take upon themselves when considering the process without guidance of an experienced attorney. For [...]
Christopher Brandon Craner, 32, of Buhl, Idaho was sentenced to two years' probation for concealing an asset in his bankruptcy case, which included personal interest from a boat. Part of Craner's sentence includes a two month home detention with a $400 fine. His sentence comes after being charged with bankruptcy fraud-asset concealment. Craner filed for [...]
A Tamaroa, Illinois man was recently sentenced to three years' probation for concealing assets when he filed bankruptcy in 2009. David E. Woodside, 37, pled guilty to the charge after he waived an indictment by a federal jury back in December 2012. The United States Attorney who worked on the case, Stephen R. Wigginton, says [...]
A borrower who is establishing credit or has less than perfect credit may have a cosigner help them obtain a loan. A cosigner agrees to pay outstanding debt when the borrower is unable to make payments. It is common to have a cosigner present when applying for a loan on a vehicle, student loan, or [...]