Six Flags filed Chapter 11 bankruptcy in June listing assets of $2.9 billion against debt totaling $3.4 billion, including an $850 million secured term loan and a $243 million revolving credit. But the fight for control of the bankrupt amusement park may end in a Chapter 11 bankruptcy settlement agreement if the plan is approved [...]
With the implementation of the Credit Card Act last month, many credit card companies are taking actions to make up for lost profits. The implementation of annual fees and inactivity fees are just two of the most commonly used strategies being utilized by credit card companies to fill in the gap of lost profits. But [...]
Starting April 5, 2010, homeowners facing foreclosure will have an additional program to access that is designed to prevent foreclosure. Then newest foreclosure prevention program designed by the Obama administration, homeowners facing foreclosure will be encouraged to sell their home their home for less than what they owe on the mortgage (short sale). Under the [...]
The Trump casino bankruptcy in winding down to a close as two opposing parties battle to gain control of the bankrupt company. Billionaire Carl Icahn and banker Andy Beal are at a standoff against bondholders as both parties struggle for control over the Trump casinos and present their bankruptcy exit plans to bankruptcy Judge Judith [...]
In the Chapter 13 bankruptcy case of Caccamise, Joseph and Cynthia; In re, the bankruptcy court ruled that it was okay for a debtor to pay one credit card in full while only paying others partially because the debtor needed access to the credit card for her business. The details of the bankruptcy case: The [...]
Foreclosures in the Dallas-Fort Worth area have soared again, setting a new monthly record for the Dallas-Fort Worth area. Mortgage lenders posted 6,168 foreclosures scheduled for the month of April. This is the only the second time that foreclosures in the Dallas-Fort Worth area have topped 6,000, the last time was last July when 6,072 [...]
Harris Poulikidis, 62, pleaded guilty in a federal court participated in a bank fraud scheme that forced several low-income homeowners into bankruptcy by saddling them with excessive amounts of debt they were unable to pay. Poulikidis admitted that he caused a homeowner to obtain a $61,500 loan from Fremont Investment and Loan to refinance a [...]
The Internal Revenue Service has issued a list of several common tax scams that taxpayers should avoid. Below we take a look at just a few of them. To see the complete list visit www.irs.gov . Return Preparer Fraud - Taxpayers need to watch out for tax preparers who attempt to gain extra profit from [...]
Blockbuster Inc., has again warned of a possible Chapter 11 bankruptcy filing if it is unable to turn its business around. In an annual report it filed recently, Blockbuster said that it was concerned that it would not be able to continue without filing bankruptcy due to declining sales and a lack of sufficient cash [...]
Congress has approved a jobs incentive bill that is aimed at curbing unemployment and stimulating job growth. Under the new spending bill companies that hire unemployed workers will get a temporary payroll tax holiday. The bill which passed Wednesday contains about $18 billion in tax breaks and a $20 billion infusion of cash into highway [...]