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Blog Posts in February, 2010

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  • Seven Signs That You Have An Incompetent Bankruptcy Attorney

    Posted By admin || 26-Feb-2010

    In the most recent case of bankruptcy attorneys gone bad, attorney William Kaplan's license was suspended for misconduct which once again brings to light the importance to retaining a competent bankruptcy attorney. This bankruptcy attorney's license was suspended; but many have already been negatively impacted by his incompetence. The Board of Commissioners on Grievances and Disci­pline ...
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  • Be Cautious When Using Alternative Financing, It Could Land You In Financial Trouble

    Posted By admin || 26-Feb-2010

    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 Association found that a third of firms can't ...
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  • Morris Publishing Group's Bankruptcy Plan Approved

    Posted By admin || 26-Feb-2010

    Bankruptcy judge John Dalis approved the prepackaged Chapter 11 bankruptcy plan of Morris Publishing Group clearing the way for the company to exit Chapter 11 bankruptcy by March 1, 2010. The restructuring plan approved Wednesday includes a bond swap that trades the company's existing unsecured debt for $100 million in new bonds - erasing $178.5 million owed to creditors. Morris will further ...
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  • Dallas-Fort Worth Commercial Real Estate Foreclosures Surge

    Posted By admin || 26-Feb-2010

    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 $183 million in ...
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  • Employer Hiring Freeze Fuels High Unemployment

    Posted By admin || 26-Feb-2010

    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 to be," says John Silvia, chief economist at Wells Fargo. "Companies aren't testing the waters by ...
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  • Many Debtors Following Disturbing Trend

    Posted By admin || 24-Feb-2010

    A study released by TransUnion has revealed that a new "payment hierarchy" has emerged with debtors becoming more current on their credit cards while allowing their mortgage become delinquent. "Conventional wisdom has always been that, when faced with a financial crisis, consumers will pay their secured obligations first, specifically their mortgages," said Sean Reardon, a TransUnion consultant ...
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  • Payday Loans Are Sometimes Disguised as Checkbook Loans

    Posted By admin || 24-Feb-2010

    Checkbook loans were created to disguise payday loans after tighter restrictions were put on payday loans. Everyday people get into situations where they need money now, but they don't have it. Cars break down, heaters quit working, bills have to be paid, and sometimes the money just isn't there. When this happens, one source people turn to for money is payday loans. Payday loans offer people the ...
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  • HAMP Foreclosure Prevention Changes Coming Soon

    Posted By admin || 24-Feb-2010

    As of June 1, 2010, the way that homeowners facing foreclosure apply to the HAMP (Making Home Affordable) program will change. Borrowers previously could have their interest rates lowered and the terms of their loans extended on a trial basis without providing pay stubs and other financial documents. Banks and other mortgage customer-service providers were supposed to collect that information ...
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  • How Chapter 11 Bankruptcy Can Save Good Companies During Hard Times

    Posted By admin || 24-Feb-2010

    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 companies turn the proverbial corner financially? ...
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  • Neenah Enterprises Files Chapter 11 Bankruptcy

    Posted By admin || 24-Feb-2010

    A major supplier of castings for manhole covers and frames, Neenah Enterprises, Inc., has filed Chapter 11 bankruptcy due to a dramatic plunge in sales revenue. Neenah's Chapter 11 bankruptcy filing lists assets of $286.6 million and debt of $449.1 million. Neenah, based in the Wisconsin town of the same name, reported a $150 million net loss on net sales of $333 million for the fiscal year ended ...
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  • Even Rapper Jay-Z Battles Foreclosure

    Posted By admin || 23-Feb-2010

    Rapper Shawn Carter (a.k.a. Jay-Z) is taking a foreclosure fight to the courts. Jay-Z, who took out a $52 million loan for a planned hotel development was at risk for foreclosure after the commercial real estate foreclosure crisis shut down his project. Right now, Jay-Z is disputing with his bank over interest payments he said were the result of their negligence. On Wednesday Jay-Z filed a lawsuit ...
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  • Four Bad Reasons For Delaying Bankruptcy

    Posted By admin || 23-Feb-2010

    Debtors delay bankruptcy for many reasons and while there may be some legitimate reasons to delay bankruptcy most of them are not legitimate. Below are four bad reasons for delaying bankruptcy. You're hoping that you will "come into" some money soon, (new job, salary increase, lotto winning etc.) and that it will be enough to pay off your debts and avoid bankruptcy. The reality is that this may be ...
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  • Madoff Bankruptcy Liquidation Decision Riles Investors/Victims

    Posted By admin || 23-Feb-2010

    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 based on their cash deposits minus withdrawals instead of ...
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  • An America Without Bankruptcy?

    Posted By admin || 23-Feb-2010

    Have you ever wondered what life would be like in America without our modern bankruptcy system? Well, unfortunately for the citizens of the Philippines, life without a modern bankruptcy system has proven disastrous. "The lack of a modern insolvency legislation caused untold damage to our economy. Mere liquidity problems nearly spelled the death knell for businesses. Our vintage 1909 Insolvency Law ...
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  • Would Borders Benefit From Chapter 11 Bankruptcy?

    Posted By admin || 22-Feb-2010

    Rumors are swirling that Borders Bookstore may need to file for Chapter 11 bankruptcy or even a Chapter 7 bankruptcy if it is not able to make significant changes to its business model that will allow it to compete with electronic rivals. Of course, Borders has vehemently denied speculations that it will need to seek protection from creditors under Chapter 11 bankruptcy. But it is Borders' ...
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  • Vehicle Repossession and Your Rights

    Posted By admin || 22-Feb-2010

    Are you delinquent on your car loan? Missing a car payment can result in repossession in a very short amount of time. If you fail to pay your car loan, a lender has the right to repossess your vehicle immediately and they are not required to give you a warning that they intend to do so. However, a repossession agent (repo man) does not have the right to harm your or in any way "breach the peace" ...
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  • FHA Loans Threaten Another Wave Of Foreclosures

    Posted By admin || 22-Feb-2010

    Mortgages backed by the Federal Housing Administration are literally draining the agency of its cash reserves. The number of FHA foreclosures has increased 26 percent within the past year and at least 9.1 percent of FHA borrowers are at least 3 payments delinquent on their mortgage payments as of December. The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing ...
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  • Bankruptcy Might Be an Option for Famous Pasadena Theater

    Posted By admin || 22-Feb-2010

    The Pasadena Playhouse is slated to close due to unmanageable debts. It is still unknown whether or not the famed Pasadena Playhouse will file for bankruptcy, but the theater will definitely close on February 7 th. In California, the theater is famous for helping launch several famous actors' careers, including Gene Hackman and Dustin Hoffman. The theater's thirty-seven employees were notified ...
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  • Three Reasons Why You Should Not Refinance Your Home To Pay Off Credit Card Debt

    Posted By admin || 19-Feb-2010

    Using your home as an ATM to pay off your credit card debt could be a huge mistake. When you take the equity out of your home to repay credit card debt, you are in effect turning an unsecured loan (credit card debt) into a secured loan (home equity loan). Remember, a debt collector pursuing you for payment of credit card debt cannot attach your assets without a filing a lawsuit against you and ...
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  • It's Been Years Since I Stopped Paying My Credit Card, Will They Sue Me?

    Posted By admin || 19-Feb-2010

    In the state of Texas there is a four year statute of limitations on the ability of debt collectors to sue a debtor because of an unpaid credit card debt. What that means is that if after your credit card debt is charged off, a debt collector only has 4 years to sue you and get a judgment. If they have not sued you within 4 year, they are not allowed to sue you for repayment of the credit card ...
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  • Tribune Co. Accused Of Fraudulent Conveyance Before Bankruptcy

    Posted By admin || 19-Feb-2010

    The Tribune Co. which filed for Chapter 11 bankruptcy in December 2008, is being accused of fraudulent conveyance because of a $8.6 billion transaction before the company filed bankruptcy. After an investigation that included getting documents from Tribune, the Official Committee of Unsecured Creditors formally asked U.S. Bankruptcy Court in Delaware for permission to file a complaint alleging ...
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  • Movie Gallery Next Up for Bankruptcy

    Posted By admin || 17-Feb-2010

    Movie Gallery is struggling and it may have to close two-thirds of its 3,000 stores. It seems like every day another well known company is considering bankruptcy, and this time the company is Movie Gallery. No stranger to bankruptcy, Movie Gallery has filed for bankruptcy protection before. Now, the company is struggling to stay afloat, because more and more customers are choosing movie watching ...
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  • Parking Co. Of America Files Chapter 11 Bankruptcy

    Posted By admin || 17-Feb-2010

    Parking Co. of America Airports LLC, which is one of the largest domestic off-site airport parking businesses in the United States, has filed Chapter 11 bankruptcy and plans to sell the company after sales were negatively impacted by the battered airline industry. Parking Co. of America's Chapter 11 bankruptcy filing listed the company's assets at $94 million and its debt obligations at $233 ...
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  • Debtor Pleads Guilty To Bankruptcy Fraud

    Posted By admin || 17-Feb-2010

    Minh-Vu Hoang who filed for Chapter 11 bankruptcy and submitted false information, has pleaded guilty of attempting to defraud the IRS and the bankruptcy system when hiding profits earned from the purchase and sale of foreclosures. On May 10, 2005, Minh-Vu Hoang filed for a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of ...
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  • Bankruptcy Update: RH Donnelley and Readers Digest

    Posted By admin || 17-Feb-2010

    Yellow pages publisher R.H. Donnelley Corp has emerged from Chapter 11 bankruptcy as a new company, Dex One Corp. The company emerged from bankruptcy after shedding $6.4 billion in debt and $500 million in annual interest payments. The yellow pages publisher filed for Chapter 11 bankruptcy in May after arranging a prepackaged bankruptcy with its creditors. Reader's Digest Association Inc, ...
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