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Blog Posts in April, 2010

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  • The Means Test and Chapter 11 Bankruptcy

    Posted By admin || 30-Apr-2010

    Chapter 11 Bankruptcy Means Test One of the benefits of filing Chapter 11 bankruptcy is that the debtor's disposable income is not calculated using the Means Test, the same test which is required for Chapter 13 bankruptcy. Arguably, the biggest change to the bankruptcy code was the incorporation of the Means Test for Chapter 13 bankruptcy debtors. In Chapter 13 bankruptcy, the Means Test is used ...
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  • Court Denies "Unconscionable" Chapter 13 Bankruptcy Plan

    Posted By admin || 30-Apr-2010

    In the Chapter 13 bankruptcy case of Grafton, Thomas W. and Patricia M.; In re, the bankruptcy court sustained an objection to confirmation of the debtors' plan saying the plan was not proposed in good faith and that it was unconscionable. The details of the bankruptcy case: When the debtor-husband divorced his previous wife, he agreed that any obligations he owed in the couple's property ...
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  • A Supreme Court Victory For Student Loan Debtors

    Posted By admin || 30-Apr-2010

    A Student Loan debtor who received a bankruptcy discharge on their student loans won the battle to keep his student loan bankruptcy discharge. The Supreme Court ruled that although an "undue hardship" hearing should have been held but was not held, the debtor should not be punished by taking away the bankruptcy discharge of his student loans. The details of the case: Espinosa took out student ...
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  • President Obama Signs Health Care Reform Bill

    Posted By admin || 30-Apr-2010

    President Obama has signed the landmark $875 billion health care reform bill into law at the White House. In our previous blog we discussed changes that could take effect immediately; but below are some changes that could take effect by 2016. • New health insurance subsidies would be provided to families of four making up to $88,000 annually, or 400 percent of the federal poverty level. • Health ...
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  • Why Debtors Considering Bankruptcy Should Stop Using Automatic Bill Pay

    Posted By admin || 29-Apr-2010

    Automatic bill pay has become very popular, especially for those who want the convenience of having their monthly ongoing bills automatically deducted from their checking account. But for debtors considering bankruptcy automatic bill payments are not a good idea. Here's why: You often have no idea what you are spending each month. If you're considering bankruptcy and use automatic bill pay, most ...
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  • Chapter 11 Bankruptcy Settlement For Six Flags

    Posted By admin || 29-Apr-2010

    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 by the bankruptcy court. In the compromise announced in the Delaware ...
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  • Yale University Must Return Millions To Bankruptcy Court

    Posted By admin || 29-Apr-2010

    Yale University is being sued by the court-appointed official in charge of winding down the bankruptcy case of BearingPoint Inc. The lawsuit seeks to recover $6 million the consulting firm paid to Yale University to endow a chair in management and name facilities at the university. The donations were part of a $30 million, seven-year deal between BearingPoint and Yale's School of Management. The ...
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  • Lehman Brothers Shining Example Of Bankruptcy's Power

    Posted By admin || 29-Apr-2010

    Lehman Brothers Holdings Inc. has filed a bankruptcy plan with the U.S. bankruptcy court to wind down its remaining assets and operations and end the largest U.S. bankruptcy case in history. Under the proposed Chapter 11 bankruptcy plan, a new company called LAMCO would be created to manage Lehman's remaining commercial real estate, mortgages, principal investments, private equity, corporate debt ...
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  • How To Avoid The Coming Credit Card Backlash

    Posted By admin || 28-Apr-2010

    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 what can credit card customers do to avoid these extra fees by credit card ...
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  • Bankruptcy Settlement Reached In Auto Mogul Case

    Posted By admin || 28-Apr-2010

    Bankruptcy Trustee Randy Seaver ruled that $7678 million in debt will not be forgiven in the fallen auto mogul's bankruptcy case. Hecker's attorney Bill Skolnick estimated the final debt owed would be closer to $400 million after vehicle repossessions and other asset sales are completed. The proposed settlement was not Hecker's idea, but he needed to focus his energies on criminal fraud charges he ...
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  • Five Ways To Avoid Foreclosure

    Posted By admin || 28-Apr-2010

    Homeowners fighting foreclosure often feel overwhelmed by the magnitude of their situation. When trying to save their home, the choices available can often seem confusing or even inaccessible. Below we take a look at five ways that a homeowner can save their home from foreclosure. If you're facing foreclosure and want to remain in your home, you may consider arranging a forbearance with your ...
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  • Is The Newest Foreclosure Prevention Program Just Another Failure Waiting To Happen?

    Posted By admin || 28-Apr-2010

    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 new program, the servicing bank, as ...
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  • Large Mortgage Payments Alone Do Not Indicate Bad Faith Bankruptcy

    Posted By admin || 27-Apr-2010

    In the Chapter 13 bankruptcy case of Wick, Dana L.; In re, the bankruptcy court confirmed the debtors' Chapter 13 bankruptcy plan over the bankruptcy trustee's objection. Bankruptcy case details: The debtor and her husband purchased a home in February 2006. At the time, they had not sold their existing home. The real estate market began its fall after the debtors bought their new home. At the same ...
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  • Divorced Debtor's Interest In Marital Property Becomes Part Of Bankruptcy Estate

    Posted By admin || 27-Apr-2010

    In the bankruptcy case of Radinick, Kimberly A.; In re (Bohm, Trustee, v. Radinick) , the bankruptcy court ruled that any interest in a debtor's es­tranged spouse's property which was awarded to the debtor in a divorce action would be property of the bankruptcy estate. The details of the bankruptcy case: The debtor filed for divorce and requested equitable distribution of marital assets on Nov. ...
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  • Law Restricting Bankruptcy Attorney Advice Ruled Not Unconstitutional

    Posted By admin || 27-Apr-2010

    The Supreme Court ruled that a federal law that prohibited bankruptcy attorneys from telling clients who are contemplating bankruptcy to take on more debt is not an unconstitutional restriction on the free-speech rights of lawyers. The court further clarified that "Attorneys may give their clients any advice that does not lead to an abuse of the bankruptcy system, the court ruled unanimously" in ...
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  • The Trump Casino Bankruptcy Showdown

    Posted By admin || 27-Apr-2010

    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 H. Wizmur. Both parties presented their closing arguments to the ...
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  • How To Keep Debt Collectors' Prying Eyes Out Of Your Private Life

    Posted By admin || 26-Apr-2010

    Keeping Your Personal Business Private From Bill Collectors Debt collectors have gone to a new low. They are no longer simply satisfied with calling debtors at all times of the day or night and sending threatening letters, they are now trolling the internet so they can find out debtor's personal information. Many debt collectors are using social networking tools such as Facebook, LinkedIn, MySpace ...
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  • Is There Really A Stigma Against Corporate Bankruptcy?

    Posted By admin || 26-Apr-2010

    Cadillac, the luxury brand of General Motors Co. recently announced that it is distancing itself from the Detroit-based automaker to avoid the "stigma" of the parent company's $50 billion U.S.-backed bankruptcy last year. Cadillac is erasing the GM name from its marketing and dealerships, changing e-mail addresses to @cadillac.com from @gm.com and exiting companywide promotions such as the Red Tag ...
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  • Auto Tycoon Faces Bankruptcy Fraud Charges And Fails To Pay Attorneys

    Posted By admin || 26-Apr-2010

    Former auto tycoon Denny Hecker is facing a slew of criminal charges and the possibility of losing his defense attorneys. Hecker has been charged with 10 counts of bankruptcy fraud, eight counts of wire fraud and one count of money laundering. The bankruptcy fraud charges accuse Hecker of failing to disclose numerous assets on his bankruptcy filings, and of fraudulently transferring or concealing ...
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  • NHL Battles Former Coyotes Owner Over Bankruptcy Filing

    Posted By admin || 26-Apr-2010

    The National Hockey League (NHL) has filed a lawsuit against former Phoenix Coyotes owner Jerry Moyes over the hockey team's bankruptcy filing. The bankruptcy filing was quite a surprise for the NHL and sparked months of legal battles that seemed to end in November-however the battle has is far from finished. The league claims that Moyes' bankruptcy filing and a related antitrust lawsuit were part ...
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  • Will The New Health Care Bill Reduce Medical Bankruptcy?

    Posted By admin || 2-Apr-2010

    Sunday night, legislators in the House of Representatives voted for the historic health care reform bill which will be signed into law on Tuesday by President Obama. But will this shift in how Americans receive health care impact the number of medical bankruptcies in this country. Well let's take a look at some of the provisions in the new bill. What will become effective immediately? Health ...
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  • Bankruptcy Court Allows Discriminatory Repayment When Benefiting Debtor Rehabilitation

    Posted By admin || 2-Apr-2010

    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 below-median income Chapter 13 debt­ors had $5,195 in take-home pay and $5,088 in expenses. ...
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  • Foreclosures Set Another Record For Dallas-Fort Worth

    Posted By admin || 2-Apr-2010

    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 foreclosures were posted. April's foreclosure posting are an ...
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  • 7 Signs Of A Responsible Bankruptcy Debtor

    Posted By admin || 1-Apr-2010

    Getting a fresh start through bankruptcy is an opportunity for debtors to discharge their debts and start anew. However, bankruptcy also requires that debtors are honest and responsible in how their traverse the system. How does a debtor know they are behaving in a responsible way? Below are seven signs that a bankruptcy debtor is responsible: Responsible debtors are always honest with their ...
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  • Voluntary Foreclosure Property Must Comply With City Code

    Posted By admin || 1-Apr-2010

    Chapter 7 bankruptcy debtors who surrender their property during bankruptcy may still be bound by the code and regulations enforced by their city or municipality until the secured creditor takes action to regain title of the property. Until the creditor legally holds the title to the property the homeowner may still liable for complying with code and could be subject to fines if found to be in ...
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