It's an unfortunate reality but many debtors are not only facing aggressive collection action by creditors they are also being scammed by phony debt collectors. One such scam includes a payday loan scheme that requires the debtor to wire money to the scammer or face imprisonment. Here's how it works and what you can do [...]
In 2005 the bankruptcy code was changed to make it difficult for above median income earners to file Chapter 7 bankruptcy and discharge their debts. In Texas, the median income for a 2 person family is $30,502. If a debtor with a 2 person family earns more than $30,502 they may be forced to file [...]
The Federal Trade Commission (FTC) successfully sued three debt collection companies who scammed consumers into paying money they did not really owe. A total of $1.6 million was recovered from the debt collection scammers and will be distributed to 24,916 consumers. In 2003, the FTC sued three companies, operating under the name National Check Control, [...]
Bankruptcy judge Kevin Carey approved the Tribune Company's exclusivity extension request, allowing the company until the end of March to resolve outstanding issues delaying the company's emergence from bankruptcy and present an effective reorganization plan. The main point of contention is an $8.2 billion leveraged buyout in 2007 that according to an official committee of [...]
The Federal Trade Commission (FTC) has proposed changes to the law that would prohibit so-called "foreclosure prevention" companies from charging up-front fees for their services. "Homeowners facing foreclosure or struggling to make mortgage payments shouldn't have to contend with fraudulent companies that don't provide what they promise," FTC Chairman Jon Leibowitz said. "The proposed rule [...]
While the U.S. lost 106,000 jobs since January, employers have added a net 52,000 temporary jobs since then. But many economists are saying that the increase in temporary jobs may not be a sign that there is a jobs recovery on the horizon. "I think temporary hiring is less useful a signal than it used [...]
Despite a push to increase small-business lending, it is still very difficult for small companies to get traditional loans from banks. That fact has many small businesses looking to less traditional means to finance their business ventures; however this trend could land some start-ups in financial straits. A recent survey by the National Small Business [...]
Approximately 250 commercial real estate properties in the Dallas Fort-Worth area are facing foreclosure. Foreclosure filings for about 250 properties include buildings, hotels, shopping centers, warehouses and commercial land. In total, the foreclosures represent more than $900 million in debt. Some of the biggest foreclosures were the Four Seasons Resort and Club with more than [...]
Chapter 11 bankruptcy has become almost a like a "miracle cure" for companies around the country. At the onset of the recession and foreclosure crisis, many companies desperately sought the protection of Chapter 11 bankruptcy, went through the bankruptcy process and emerged more stable and more profitable. But how is it that bankruptcy can help [...]
While Bernie Madoff was sentenced to 150 years in prison in June for masterminding the world's longest and largest Ponzi scheme in history, many of his victims who lost fortunes in his "investments" aren't happy with how the bankruptcy liquidation is being handled. The bankruptcy trustee in the Madoff case has decided to reimburse claimants [...]