Movie studio Metro-Goldwyn-Mayer is still struggling to sale itself and find a non-bankruptcy method of reorganizing its $5 billion debt load. But with about 10 days to go before the next round of potential investor bids are due, MGM may need to seriously consider filing Chapter 11 bankruptcy if it is to survive. MGM put [...]
The tax deadline is just a few weeks away and many debtors are expecting at least a few thousand dollars in their tax refund check. But what should debtors do with that money? Buy a car, TV, pay off credit card debt? Well if you're drowning in debt, like many debtors, you should probably use [...]
When a debtor faces a job loss, the first thing they should do is apply for unemployment insurance. Don't make the assumption that you don't qualify for unemployment insurance, apply and allow them to approve or not approve your benefits. One of the mistakes that many unemployed workers make is waiting too long to apply [...]
In the Chapter 13 bankruptcy case of Janssen, Richard D.; In re (Janssen v. Chase Home Finance LLC), the bankruptcy ruled against a debtor who changed his mind about an oral creditor/debtor settlement agreement. The details of the bankruptcy case: After he received a Chapter 13 discharge, the debtor sued Chase Home Finance alleging that [...]
When a debtor decides to file for Chapter 13 bankruptcy, there is a limit on how much debt they can have. As of April 1, 2010 the debt limits for Chapter 13 bankruptcy will increase by 7 percent. Chapter 13 bankruptcy debt limits for unsecured debt will be $360,475 and for secured debt, the limit [...]
In the Chapter 13 bankruptcy case of Hannon, Mary; In re (Hannon v. Countrywide Home Loans Inc.), the bankruptcy court denied a debtor's motion for sanctions against a creditor because the debtor failed to properly notify the creditor and give them time to correct the problem. The details of the bankruptcy case: Countrywide Home Loans [...]
Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities. Lenders who hold 90 percent of the company's loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less. The company plans to borrow [...]
Actor Nicolas Cage's Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year. Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what [...]
Michael Lee Wilson could have 10 years removed from his 20 year sentence if his bankruptcy comes up with $2 million for his victims. Back in October, Michael Lee Wilson Pleaded guilty to 59 felony counts of grand theft, because he had been scamming people through his mortgage company, Pacific Coast Mortgage, for several years. [...]
The first major bankruptcy legislation since the Chandler Act of 1938 brought major changes to the U.S. Bankruptcy Code. Bankruptcy is a process that has been refined over several years and through several pieces of legislation. When looking at the history of bankruptcy, you can usually turn to just a few pieces of legislation that [...]