In a bankruptcy case that is never ending, the Tribune Co. bankruptcy plan was rejected by U.S. Bankruptcy Judge Kevin J. Carey because of its unfair treatment of certain subordinated claims known as PHONES. In his opinion, Carey approved a controversial settlement that was at the heart of a plan of reorganization proposed by Tribune [...]
If you're considering bankruptcy, there are a few things you may need to do with your bank accounts to protect yourself from creditors. Let's take a look at a few: Close Your Bank Account If you have a delinquent debt account such as a credit card, mortgage or car loan with the same bank where [...]
The city of Harrisburg filed Chapter 9 bankruptcy to get a handle on debt that was literally destroying it. But because the state of Pennsylvania opposes bankruptcy, the city is now facing cumbersome and tiresome measures to avoid both bankruptcy and being placed under the control of state officials. In the resulting Chapter 9 filing, [...]
In a bid to move the bankruptcy process along for the Dodgers, the MLB has agreed to allow current owner Frank McCourt to solicit competing bids for the team's media rights as long as he agrees to sell the baseball team. The structure of the auction was the biggest of several concessions MLB made to [...]
Once you've filed a Chapter 7 bankruptcy you can expect that fact to stay on your credit report for up to 10 years and how quickly you build you credit back up depends on the steps you take to rebuild it. But fortunately for Chapter 7 bankruptcy filers mortgages are handled a bit differently than [...]
More than 4 million borrowers who faced foreclosure between January 1, 2009 and December 31, 2010 may have a chance to have their foreclosure reviewed by an independent body. The reviews stem from a deal forged earlier this year in which 14 servicers agreed to hire independent consultants to evaluate whether borrowers suffered financial injury during [...]
There's more bankruptcy drama coming out of reality TV, this time involving reality TV star Jacqueline Laurita of "Real Housewife of New Jersey." Laurita and much of her immediate family are accused of plundering the assets of a clothing company in bankruptcy. First of all, court papers show New Jersey's Jacqueline Laurita, her husband Joseph, [...]
The main benefit of Chapter 13 bankruptcy is that it allows a debtor to keep their assets while catching up on their debt payments. How Certain Debts Are Treated During Bankruptcy Below is a list of how certain debt payments and assets are treated over the course of Chapter 13 bankruptcy: Credit Cards While credit [...]
All legal issues come with a whole slate of new terms, bankruptcy is no different, so we'll help explain some of the most common ones you'll encounter. 341 Meeting A meeting between the bankruptcy filer, his/her creditors and the bankruptcy trustee so the trustee gets a better grasp of the entire situation and so either [...]
If you're filing for bankruptcy you will quickly realize that your future and financial health is now in the hands of somebody else. For some people this is a huge relief because they've been so burdened and stressed by their own inability to handle their finances that letting go provides a sense of freedom. For [...]