Former Detroit Piston Derrick Coleman filed for Chapter 7 bankruptcy with $4.7 million in debts and a little over $1 million in assets. Coleman, whose 15-year NBA career ended with the Pistons in 2005, had interests in a wide range of real estate, retail and restaurant companies. His interests included a stake in Detroit's Sweet [...]
When a debtor decides to file bankruptcy, in order to determine if they should file Chapter 7 bankruptcy or Chapter 13 bankruptcy it must first be determined if their income is above the median income for Texas. And a debtor's income is only determined by their past six months of income before filing bankruptcy. If [...]
There seems to be an upsurge of anti-bankruptcy rhetoric aimed at indebted Americans to make them feel guilty about their financial circumstances which force them into bankruptcy. Since the critics can't honestly say that bankruptcy is not an effective way to discharge debt and get a fresh financial start, now many are saying that bankruptcy [...]
In the bankruptcy case of Powell, James D. and Betty J., In re (American Bank of Commerce v. Powell), the bankruptcy court ruled against the creditor who accused the debtor of willfully and maliciously causing injury. The details of the bankruptcy case: The elderly debtor kept "pasture cattle" on 20 leases that included properties with [...]
In the Chapter 7 bankruptcy case of McClure, Danny J. and Kimberly D.; In re (McClure v. Bank of America, et al.), the bankruptcy court found that the creditor Bank of America (BoA) and the collection agency willfully violated the discharge injunction and awarded the debtors $2,500 in compensatory damages and $79,839 in attorney's fees. [...]
In most parts of the country having a car can mean the difference between being able to keep your job or becoming unemployed. That's why it is important that debtors considering bankruptcy understand the options available to them if they want to keep their car after filing for bankruptcy. Options available to debtors filing Chapter [...]
In the bankruptcy case of Radinick, Kimberly A.; In re (Bohm, Trustee, v. Radinick), the bankruptcy court ruled that any interest in a debtor's estranged spouse's property which was awarded to the debtor in a divorce action would be property of the bankruptcy estate. The details of the bankruptcy case: The debtor filed for divorce [...]
Tip #1 - Make sure your business and personal finances are separate before you file bankruptcy. Take an effort to keep track of your business expenses and income while simultaneously keeping your private finances in order before you bankruptcy filing. Tip #2 - Work with an accountant if necessary to calculate what your monthly income [...]
Veoh, an online video sharing service plans to file for Chapter 7 bankruptcy and liquidate its business, according to the company's founder, Dmitry Shapiro. Shapiro posted a passionate open letter blaming a legal battle with Universal Music Group for the company's bankruptcy: "Two years ago, Universal Music Group (UMG), the largest music company in the [...]
In the bankruptcy case of Mammola, Robert J.; In re, 20 the bankruptcy debtor failed to list a creditor who later filed a lawsuit against the debtor. After attempting to reopen the bankruptcy case so that the omitted creditor could be included in the discharge, the bankruptcy court denied the debtor's request. The details of [...]