Filing Bankruptcy as a Sole-Proprietor If a sole-proprietor files bankruptcy, their business and personal assets are treated the same - the same goes for their debts. If the sole-proprietor files Chapter 7 bankruptcy , they can discharge their unsecured debts; but won't be forced to close their business as would be the case if they were [...]
Biovest International, Inc. filed Chapter 11 bankruptcy in 2008 along with its parent company Accentia Pharmaceuticals. Burdened with debt topping $47 million, the company remained in bankruptcy for two years trying to restructure all of its debts and obligations, including contracts, overhead costs, and royalties. But while the company struggled through bankruptcy and the attorneys [...]
In a recent Chapter 7 bankruptcy case, an attorney employed by the bankruptcy trustee submitted what the court considered "inflated" charges for her services. The attorney justified her charges to the bankruptcy estate saying that she in fact was working on two cases, one for the individual debtors and another for the company owned by [...]
One of the biggest reasons that some post-bankruptcy debtors fail to financially thrive after their bankruptcy discharge is that they don't understand the basics of personal finance. At first, some post-bankruptcy debtors are extremely frugal to a fault; but within a few years they begin making the same mistakes and need to consider bankruptcy again. [...]
Prepaid Debit Cards Truth And Lies Prepaid debit cards are becoming increasingly popular as many Americans facing financial troubles are finding it difficult to get a regular checking account due to bounced checks and overdraft issues. But for debtors exiting bankruptcy prepaid debit cards are not the best route to normalizing their financial situation. Here's [...]
Bankruptcy and Title Loans in Texas House Bill 2592 and House Bill 2594 governing payday loan and car title lenders passed last week giving consumers more protection. House Bill 2592 requires more noticeable disclosures regarding fees and interest rates. House Bill 2594 requires both payday loan and car title lenders to be licensed and regulated [...]
Short Selling Your Home During Bankruptcy Bankruptcy Short Sale Solutions Whether you're in a Chapter 7 bankruptcy or a Chapter 13 bankruptcy , you may be able to short sell your home. Short sells during bankruptcy are most common when a debtor files bankruptcy after already putting their house on the market. Maybe they have [...]
Debtors exiting bankruptcy are often afraid of debt and the credit industry in general. Many post-bankruptcy debtors are gun shy about applying for credit because they are terrified that they will make mistakes which will land them in bankruptcy court again. On the other hand, it is absolutely essential that post-bankruptcy debtors jump back into [...]
In a recent bankruptcy case a debtor who habitually lied about his income to get credit cards is facing up to 90 years in jail for lying to three credit card companies about his income. Under Title 18 of the U.S. Code, Section 1014 it is a federal crime to lie to certain types of [...]
The Federal Trade Commission (FTC) has banned Swish Marketing, Inc. and their affiliates from promoting payday loan products (or any product) with a "negative-option" program and ordered the company to pay consumers $4.8 million because they trick payday loan applicants into paying for an unrelated debit card. The FTC charged that Swish operated websites advertising [...]
