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Blog Posts in December, 2010

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  • Protecting Your Credit During A Divorce

    Posted By admin || 22-Dec-2010

    How to Protect Your Credit During a Divorce Living in Texas, a community property state, married couples are exposed to the liability of debts accumulated by their spouse. Credit card debt is one of those areas where couples going through a divorce are particularly vulnerable. Below are a few tips on protecting yourself: Once you and your spouse have separated, make sure that you cancel all joint ...
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  • Post-Bankruptcy Survival: Avoiding The Pitfalls Of Retail Credit Cards

    Posted By admin || 21-Dec-2010

    The holiday season is one of the most tempting times of the year to sign up for a retail credit card. But are retail credit cards truly beneficial to post-bankruptcy debtors and other borrowers? Not really, except for the purpose of rebuilding your credit history. A matter of fact, according to a study conducted by Congressman Anthony Weiner, retail credit cards have even more disadvantages for ...
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  • Post-Bankruptcy Survival: A Debtor's Guide To Surviving The Holidays

    Posted By admin || 20-Dec-2010

    So you've received your bankruptcy discharge. Maybe it's been a year or only a few months since you exited bankruptcy; but the holidays are here already. And while this is a time to be "jolly" and generous, it is also a dangerous time for post-bankruptcy debtors. Overspending and credit card abuse can destroy a post-bankruptcy debtor's second chance. Let's take a look at some tips on how ...
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  • Metro-Goldwyn Mayer's Bankruptcy Plan Confirmed

    Posted By admin || 20-Dec-2010

    Bankruptcy Judge Stuart M. Bernstein confirmed Metro-Goldwyn Mayer Inc.'s plan to exit bankruptcy in the hands of its creditors. The Chapter 11 bankruptcy moved relatively quickly, winning confirmation in less than 30 days after the movie studio filed a prepackaged Chapter 11 bankruptcy on November 3, 2010. Judge Stuart M. Bernstein of U.S. Bankruptcy Court in Manhattan approved a plan that calls ...
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  • Getting Financial Assistance While In Bankruptcy

    Posted By admin || 19-Dec-2010

    Bankruptcy and Financial Aid According to a report released by the U.S. Department of Agriculture, more than 42.9 million Americans are collecting food stamps. In Texas alone, 15.5% of the population is receiving food stamps as more Americans find themselves struggling financially as the economy continues to sour. For Texans considering bankruptcy, or already going through the bankruptcy process, ...
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  • Is Debt Settlement Better For Your FICO Score Than Bankruptcy?

    Posted By admin || 18-Dec-2010

    Your FICO Score, Debt Settlement and Bankruptcy As we have mentioned previously, many debtors prefer to go to any lengths to avoid bankruptcy, including going to debt settlement companies to settle their debt for "pennies on the dollar." But is debt settlement really better for your FICO score and credit rating? Not really. An account status that indicates debt settlement is bad news for your ...
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  • More Lessons In How To Destroy Your Bankruptcy Case

    Posted By admin || 17-Dec-2010

    Former auto mogul, Denny Hecker, confessed to having a friend buy back his dirt bike and a Harley-Davidson motorcycle at a bankruptcy court auction of his belongings. The Pioneer Press, citing court papers filed Monday, reports on Hecker's disclosure that he used the name of a fake business and a credit card belonging to a former employee to make his bids online ahead of a May 25 auction. Hecker ...
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  • Planning Is The Key To Success After Bankruptcy

    Posted By admin || 17-Dec-2010

    We've talked a lot about planning bankruptcy exemptions and strategizing with your bankruptcy attorney to fight a challenge to your bankruptcy discharge; but what about the planning necessary to ensure your financial success after your bankruptcy discharge? Below are a few steps every debtor should take to increase their chances of financial success after bankruptcy: The first thing every ...
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  • Debtor Sues Self To Manipulate The Bankruptcy Court

    Posted By admin || 16-Dec-2010

    In the bankruptcy case of debtor Gerry Griggs, the debtor's bankruptcy case was dismissed after he dishonestly sues himself and tries to force himself into an involuntary bankruptcy as a ruse to stop a foreclosure on one of his properties. At 3:00 p.m. on December 9, 2010, Gerry Griggs was to appear in this court at a hearing scheduled in Griggs v. Mortgage Electronic Registration Systems, et al., ...
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  • Creditors Demand That Tribune Employees Payback Money To Bankruptcy Estate

    Posted By admin || 16-Dec-2010

    A few years before its bankruptcy filing, the Tribune Co. paid hundreds of employees for their shares of stock and other compensation, including bonuses as part of the now maligned $8.2 billion leveraged buyout orchestrated by Sam Zell. The creditors in the Tribune bankruptcy are now filing legal claims against 200 current and former Tribune employees saying that the payments were illegal ...
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  • Four Red Flags That You May Need To File Bankruptcy Now

    Posted By admin || 15-Dec-2010

    Signs That You Need to File Bankruptcy Now Delaying a necessary bankruptcy is a common mistake amongst debtors. But many debtors put off filing bankruptcy because they genuinely do not know when it's a good time to file. Many pundits insist that debtors do all they can to avoid bankruptcy even when the warning signs are evident that a bankruptcy is not just an option but mandatory for that ...
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  • Toni Braxton's Mortgage Lender Seeks Bankruptcy Automatic Stay Relief

    Posted By admin || 15-Dec-2010

    R&B singer Toni Braxton is facing the possibility that her mortgage lender will win relief from the automatic stay in her bankruptcy case. US Bank, which represents the holder of Braxton's mortgage debt, recently filed court papers in the R&B and pop singer's bankruptcy proceeding seeking relief from the automatic stay with respect to Braxton's Duluth, Ga., home. If granted, the request ...
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  • Credit Reporting Before, During and After Chapter 13 Bankruptcy

    Posted By admin || 14-Dec-2010

    Credit Reporting and Chapter 13 Bankruptcy Many debtors, feeling nervous about how a Chapter 13 bankruptcy will impact their credit rating in the three to five years they remain in the repayment plan, have question about how accounts will be reported to the credit reporting agencies. Let's take a look at a few facts to clear up any confusion: A debtor's credit report is often worse BEFORE they ...
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  • Bankruptcy Trustee Accuses Madoff Bankers Of Financial Fraud

    Posted By admin || 13-Dec-2010

    In another twist in the Madoff bankruptcy drama, bankruptcy trustee Irving Picard has filed lawsuits against JPMorgan Chase and HSBC accusing them of failing to protect their customers and of financial fraud and misconduct. The high-profile lawsuit by Madoff bankruptcy trustee Irving Picard against JPMorgan Chase (JPM) and HSBC (HBC) is just one of a number of lawsuits focusing on the scope of a ...
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  • Post-Bankruptcy Survival: Returning To Basics A Recipe For Success

    Posted By admin || 12-Dec-2010

    The Great Recession was fueled by complex financial "products" and "magical" business models which promised the moon and delivered disaster. Ordinary Americans walked away from their careers to cash-in on the "land rush" and investment goldmines which were suppose to set them up financially for life. But if there is any lesson we should learn from the bankruptcy of companies such as Lehman ...
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  • Credit Vultures Peddle Desperate Debtor's Personal Information

    Posted By admin || 11-Dec-2010

    You may have seen their commercials or the print advertisements for their debt settlement offers; but what you probably didn't realize is that they aren't offering any services at all but are instead selling the private information of desperate debtors to other so-called debt settlement companies, some of which were possible scammers. In a nationwide ad campaign that featured phony testimonials ...
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  • Bankruptcy Lies People Love To Tell

    Posted By admin || 11-Dec-2010

    Lies About Bankruptcy It's a funny thing that in a society where a sizable portion of the population is mired in mountains of debt, the idea of discharging those debts is often seen as less than admirable. Many people will even go as far as criticizing those who file bankruptcy despite not knowing their full financial circumstance. However, you rarely hear a complaint out of those same finger ...
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  • Foreclosure Relief Services Offer Little, Charge Steep Fees

    Posted By admin || 10-Dec-2010

    As the foreclosure crisis presses forward, the number of companies offering so-called "foreclosure relief" and "foreclosure rescue" services has increased significantly. But to the chagrin of most homeowners trying to avoid foreclosure, theses services offer very little help but charge excessive fees. Here's what you need to know: You don't need foreclosure relief companies to do what you can do ...
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  • Credit Card Companies Aggressively Push Financial Products

    Posted By admin || 10-Dec-2010

    The attorney general of Minnesota, Lori Swanson, along with many consumer advocates, are accusing Discover Bank of engaging in deceptive business practices to enroll credit card consumers for its payment protection program and other financial add-on products. "The company charged some consumers for expensive add-on financial products without their understanding that their credit cards would be ...
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  • Should I Purchase A Car Before Filing Bankruptcy?

    Posted By admin || 9-Dec-2010

    Things Debtors Filing for Bankruptcy Should Consider Before Buying a Vehicle Many debtors considering bankruptcy are concerned about their ability to get to work and that means their ability to purchase a dependable vehicle if necessary. Below are a few things debtors filing for bankruptcy should consider BEFORE they invest in a new vehicle: Do you own your vehicle outright or do you have a loan? ...
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  • Avoiding A Bankruptcy Discharge Revocation

    Posted By admin || 9-Dec-2010

    Have You Had a Bankruptcy Discharge Revoked? So you've got your bankruptcy discharge and you're on your way to creating a successful life after bankruptcy; but wait...you receive notification that your bankruptcy discharge may be revoked. What went wrong? Revoking a bankruptcy discharge is not as common as you would think; but they happen. In most cases some type of fraud on the part of the debtor ...
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  • The Most Important Lesson From Michael Vick's Bankruptcy

    Posted By admin || 8-Dec-2010

    NFL player Michael Vick's bankruptcy has become fodder for many sports pundits and even some financial talking heads. But what many observers are missing about the infamous Vick, is that despite his financial and legal troubles, his Chapter 11 bankruptcy filing offers on very important gem of wisdom for high income earners considering bankruptcy. Vick Bankruptcy Lesson #1 - Filing bankruptcy is ...
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  • Will Bankruptcy's Automatic Stay Protect My Co-Signer?

    Posted By admin || 8-Dec-2010

    When a debtor files for Chapter 7 bankruptcy and has debt with a co-signer, they automatic stay will NOT apply to their co-signer. However, if the debtor is filing Chapter 13 bankruptcy, the co-signer will be protected by the automatic stay under most circumstances. Here's what you need to know: The automatic stay in Chapter 13 bankruptcy is extended to the co-signer because it is assumed that the ...
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  • The Release Of Third Parties From Debts In Bankruptcy Not Allowed

    Posted By admin || 8-Dec-2010

    In the Chapter 11 bankruptcy case of Bigler LP, the bankruptcy judge denied confirmation for the bankruptcy plan because it included language that was overly broad in releasing third parties from liability. In effect, Articles VIII and X of the plan... prevent creditors and shareholders from pursuing most potential claims or causes of action against debtors and third parties of debtors including, ...
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  • 5 Reasons You Can Modify Your Chapter 13 Bankruptcy Plan

    Posted By admin || 7-Dec-2010

    Texas Chapter 13 Modification Reasons for Modifying a Chapter 13 Bankruptcy Plan Many debtors mistakenly believe that a Chapter 13 bankruptcy is a repayment "prison" where they are stuck paying a certain amount of money for 3 to 5 years regardless of how their circumstances change. Well, that couldn't be farther from the truth. The truth is that Chapter 13 bankruptcy is designed so that a debtor ...
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