In the state of Texas there is a four year statute of limitations on the ability of debt collectors to sue a debtor because of an unpaid credit card debt. What that means is that if after your credit card debt is charged off, a debt collector only has 4 years to sue you and [...]
Can a Home Equity Line Be Discharged in Bankruptcy? A home equity line of credit (HELOC) is different than a home equity loan. Many hear the term “home equity” and erroneously believe that one is another term for the other. A home equity loan is a fixed loan for a specific and unchanging amount of [...]
Air America Radio, a radio network that was launched in 2004 was abruptly shut down after experiencing severe financial troubles. The left leaning radio network, which owned 100 radio outlets nationwide, filed Chapter 7 bankruptcy so that it can be liquidated to repay creditors. "The very difficult economic environment has had a significant impact on [...]
Bankruptcy and Rental Property Holding rental property when filing bankruptcy can impact your "means test" and your post-bankruptcy fresh start depending on the circumstances surrounding that property. Let's take a look at a few scenarios: If you have a rental property with a paying tenant, the rent received will be counted towards your income. This [...]
A Texas judge ruled that State Farm Insurance must repay $310 million in premiums and back interest to Texas customers for overcharging them on homeowner policies. The ruling will affect State Farm Lloyds residential policies between September 2003 and July 2008. The refund is far less than the $1 billion that consumer advocates wanted, prompting [...]
According to an article in the Daily Finance, the U.S. Bankruptcy Court for the Southern District of New York granted a bankruptcy petition for Ellen Tracy LLC forcing the company into an involuntary Chapter 7 bankruptcy . The Chapter 7 bankruptcy filing means that the company will be liquidated. The bankruptcy petition was filed by [...]
The burning question in most potential bankruptcy debtors' minds is "What can I keep?" You're understandably worried about losing everything, but let me just put your mind at ease. You're definitely not going to lose everything. In fact, most people keep everything. Bankruptcy was created specifically to help consumers sinking under the waves of financial [...]
Bankruptcy definitely has a bad rap in our country, but it should not. It is the perfect solution for many consumers, providing them the one and only opportunity they have to lighten their heavy financial burdens which they might otherwise suffocate under. Here is a list of potential benefits to filing for bankruptcy. 1. Chapter [...]
Car title loans are marketed by creditors as a savior for the little guy; but these high interest loans are much like payday loans in that they can carry a triple-digit annual interest rate and are very difficult to repay in full when you're already struggling financially. Let's take close look at car title loans [...]
Texas-based Plainview Peanut Co., LLC filed Chapter 7 bankruptcy in a Virginia court last month, just two months after its parent company Peanut Corporation of America filed bankruptcy in the same court. Plainview Peanut Co. is the subsidiary chiefly responsible for the salmonella outbreak earlier this year. The processing plant in Plainview, TX had been [...]
