Senior creditors in the Tribune Co's Chapter 11 bankruptcy proceeding have warned the bankruptcy court against allowing bondholders to sue over the legitimacy of $10 billion of the bankrupt company's debt. The bondholders claim that $10 billion in debt for a leveraged buyout of the Tribune in 2007 was fraudulently incurred and therefore holders of [...]
Many debtors are intimidated by debt collectors who often cast themselves as these all powerful entities who can wreck havoc on a debtor's life. But the truth of the matter is that debt collectors aren't as powerful as they seem, it's just that many debtors' lack of knowledge about their rights and the limitations of [...]
Since emerging from Chapter 11 bankruptcy in July, General Motors Co. has become somewhat of a poster child for how bankruptcy can turn around even the most seemingly doomed enterprise. In the throes of the recession, General Motors' future was questioned and its viability as a company uncertain. After filing Chapter 11 bankruptcy it was [...]
Last year the Obama administration created the American Recovery Capital lending program which is providing $255 million in emergency loans until September for "viable" small businesses facing immediate financial hardship. Businesses facing financial problems could receive deferred payment loans of up to $35,000 interest-free for five years. However the program has not worked out as [...]
When a divorced debtor files bankruptcy they are often facing a special set of circumstances that may impact how their bankruptcy proceeds. One of those special circumstances is the obligation to pay domestic support to a former spouse or child. For the purposes of bankruptcy, domestic support obligation is defined as money that must be [...]
A former loan officer in the Dallas-Fort Worth area has been sentenced to over 3 years in a federal prison and ordered to $751,075 for falsifying mortgage documents sent to the U.S. Department of Housing and Urban Development. Lynn Anne Ingle, 36, of Burleson is the second person to admit guilt in a scheme that [...]
Bankruptcy offers debtors the chance at a fresh financial start. But what does a debtor do once their debt has been discharged and their bankruptcy case closed? Tips every post bankruptcy debtor should follow: Live within your means. Debtors exiting bankruptcy must learn to rely less on debt and more on the real income they [...]
Reader's Digest Association, one of the most popular magazines in the US, has emerged from Chapter 11 bankruptcy, six months after seeking bankruptcy protection. The company said on Monday it was able to slash its US$2.2 billion ($3.1 billion) debt load by 75 per cent and boost its capital levels. It has access to US$525 [...]
The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online [...]
Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million. Regents and creditors are proposing a debt exchange [...]