As unemployment remains above 9 percent and many American families find themselves falling out of the middle-class, some people who don't understand the bankruptcy system are promoting the idea that high income debtors in bankruptcy are abusing the system. This is a false and dangerous assumption. Many high income debtors are in similar situations as [...]
If you can only afford to pay the minimum payment required on your credit cards, you probably need to file bankruptcy. Minimum payments are designed so that the debtor making the payment will pay the maximum amount of interest on their debt and pay on the debt for the maximum amount of time. It probably [...]
Texas Ranger's post-bankruptcy administrator Alan Jacobs has accused former Rangers owner Tom Hicks of outright stealing from the bankruptcy estate and is now suing him for millions. ...the team's post-bankruptcy administrator, who says the wealthy Dallas investor "stole" tens of millions from the major-league franchise to acquire what are now highly lucrative parking lots near [...]
Facts About Bankruptcy's Automatic Stay The automatic stay is probably the most important protection provided by bankruptcy. When a debtor files bankruptcy, the automatic stay stops debtors from taking any action against the debtor. Below are a few important facts every bankruptcy debtor should know about the automatic stay: The automatic stay becomes effective from [...]
How to Maximize the Benefits of the Financial Management Course After bankruptcy reform was passed in 2005, debtors filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy were required to take a personal financial management course before they could receive their bankruptcy discharge. Bankruptcy debtors who fail to take the personal financial management course within [...]
The number of homeowners facing foreclosure remains elevated despite hopes that the housing market was recovering. Many homeowners who are months or even more than a year delinquent on their mortgage payments fear an eviction could come any day. But many of the homeowners facing foreclosure wonder if they should walk away from their mortgage, [...]
Thinking of Filing Bankruptcy On Family Loans? If you're like most debtors you've probably borrowed cash from family and friends as you struggled to stay afloat and avoid filing bankruptcy. And like most debtors you probably don't want to discharge your loved one's loans in bankruptcy. But if you're tempted to avoid listing your family [...]
Can You Keep Inheritance Money If You Filed Bankruptcy? How to Protect Inheritance From Creditors The bankruptcy code has specific rules about how an inheritance is treated during bankruptcy. If a debtor inherits money before filing bankruptcy or within 180 days after filing bankruptcy, that money will become part of the bankruptcy estate. This bankruptcy [...]
Countrywide seems to be the latest financial giant facing the possibility of bankruptcy due to foreclosure toxic run off. The mortgage company, which was absorbed by Bank of America (BofA) is bleeding revenue fast, causing the nationwide bank to suffer major losses. But financial losses aren't the only troubles plaguing BofA, some asset transfers from [...]
For debtors filing bankruptcy, the ability to rebuild their credit rating after their bankruptcy discharge is critical to their fresh financial start. But what about the impacts of a sluggish economy and more specifically the impact of America's first ever debt downgrade? How will the S&P debt downgrade impact the personal finances and credit ratings [...]
