In a 2007 study done by the AARP, it was discovered that Americans 55 and older accounted for 23 percent of all bankruptcy filings in the United States. And as the economy continues to slump, many senior citizens are finding it more difficult than ever to cover their living expenses with social security and savings. [...]
According to an article in the Dallas Morning News , the Dallas Housing Authority has received $8.8 million to use for public housing as part of the Obama administration stimulus package. The agency plans to use the funds to replace roofs, upgrade security lights, resurface parking lots and replace carpets in many public housing properties. [...]
There's an interesting article at USA Today about the negative affects of the 2005 Bankruptcy reform laws and how some laws are being introduced to Congress to mitigate the damage to American debtors. The article said: "There is continuing concern about the bankruptcy-reform bill and what its effects have been," says Sen. Sheldon Whitehouse, D-R.I., [...]
There's an interesting bankruptcy case Clingman, John K. and Susan Y.; In re,(Bankr. S.D. Tex. 2009) which involves debtors in Chapter 13 bankruptcy who are allowed to pay the mortgage on a home in which the debtor-wife's parents live. It's important to note that the home is in the name of the debtors. Here are [...]
The 1st Circuit Bankruptcy Appellate Panel ruled that in the bankruptcy case of Lumb, William B.; In re (Lumb v. Cimenian), (Bankr. 1st Cir. 2009) a creditor may have violated the bankruptcy discharge by pursuing a non-debtor spouse for repayment of a discharged debt. The details of the case: The debtor, the defendant and another [...]
A debtor who filed for Chapter 7 Bankruptcy ; but failed to disclose real estate assets was sentenced to 1 year and 1 day in prison followed by three years of supervision after release from prison.Here are details of the case: Phyllis Larsen's bankruptcy schedules said she owned no assets. During the meeting of creditors, [...]
According to an article in the Star-Telegram, the bankruptcy legislation that would allow bankruptcy courts to modify toxic mortgages is facing fierce opposition by Senators attempting to protect mortgage industry interests.The article said: Disagreement among Senate Democrats over how many struggling homeowners should qualify for court-ordered mortgage relief has stalled a key part of President [...]
According to an article in the Star-Telegram, as more and more homebuilders file for bankruptcy, Dallas-Fort Worth neighborhoods are experiencing widespread blight in new subdivisions because the high number of abandoned properties. Bankrupt builders are moving out and leaving hundreds of homes empty and/or unfinished creating what is quickly becoming a safety issue. The article [...]
According to an article in the Star-Telegram, one-third of college students have at lease four credit cards each and the number of youth aged 18 to 24 years old who have filed for bankruptcy has increased 96 percent in the past 10 years. In an effort to decrease the number of bankruptcy filings by young [...]
According to an article in the Star-Telegram, former Edmonton Oilers owner Peter Pocklington was arrested on Wednesday for allegedly concealing assets during bankruptcy proceedings. The article said: The 67-year-old Pocklington is accused in an indictment of making false statements in bankruptcy and making false oaths and accounts in bankruptcy. If convicted, he could face up [...]