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Blog Posts in July, 2010

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  • Real Estate Mogul's Bankruptcy Fraught With Accusations Of Fraud

    Posted By admin || 31-Jul-2010

    Bankruptcy Trustee James Rigby says he smells a rat and can't figure out how it is that real estate mogul Michael R. Mastro is able to continue his lavish lifestyle while in bankruptcy. Last September Mastro and his wife vacationed in Italy the very same month that he filed bankruptcy papers revealing that he was hundreds of millions of dollars in debt; but the vacations and lavish spending didn't ...
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  • MLB's Insistence On Ryan-Greenberg Deal May Threaten Texas Rangers' Bankruptcy

    Posted By admin || 31-Jul-2010

    If you've been following the Texas Rangers Chapter 11 bankruptcy then you probably realize that the MLB has made it clear that they want the Ryan-Greenberg group to purchase the baseball team. Lenders oppose the deal because they say that it is not the best deal and that other potential buyers are offering enough money to repay all of the team's creditors. A matter of fact, even one of Hick's ...
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  • Without Bankruptcy Would The McMahons Have Built Their Wrestling Empire?

    Posted By admin || 31-Jul-2010

    When we hear about bankruptcy the conversation is usually focused on the debts owed and the lack of income to pay. But what about the success stories after the bankruptcy has ended and the debtors are well on the road to their fresh start? One such story is the journey of Linda and Vince McMahon who filed for bankruptcy over 30 years ago after a series of business failings, bad investments and ...
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  • Scammers Target Former Payday Loan Borrowers

    Posted By admin || 30-Jul-2010

    Law enforcement officials around the country are reporting that consumers who have applied for or received payday loans in the past are being targeted by scammers posing as debt collectors, federal agents, attorneys and even police officers. The scammers are targeting low-income individuals and other vulnerable populations claiming that they are trying to collect on a payday loan that they took ...
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  • Are You A High Income Debtor? You May Qualify For Chapter 7 Bankruptcy

    Posted By admin || 30-Jul-2010

    High income debtors who might otherwise not qualify for Chapter 7 bankruptcy may still be able to liquidate their debts if the majority of their debts are non-consumer debts. In an effort to make sure that entrepreneurs felt free to take risks in business, the bankruptcy code was written in a way that high income individuals with mostly non-consumer debts incurred in the course of business would ...
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  • Michael Vick's Family and Friends May Be Forced To Return $2 Million To Bankruptcy Estate

    Posted By admin || 30-Jul-2010

    Bankruptcy trustee Joseph J. Luzinski is seeking the repayment of at least $2 million to the bankruptcy estate that NFL quarterback Michael Vick doled out to various family members and friends only months before he was sent to federal prison for running a dog fighting operation and eventually filed bankruptcy. A complaint filed in U.S. Bankruptcy Court in Newport News says Vick knew his lucrative ...
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  • "Real Housewives of New Jersey" Star Concealing Assets In Bankruptcy?

    Posted By admin || 30-Jul-2010

    Teresa Giudice one of the stars of "Real Housewives of New Jersey" is facing accusations that she and her husband have been concealing assets in their Chapter 7 bankruptcy filing. Bankruptcy trustee John Sywilok says that the Giudices have allegedly concealed key documents about their finances and business transactions when they filed Chapter 7 bankruptcy this past fall. The assets the Giudices ...
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  • Which Assets Become Part Of Bankruptcy Estate After Chapter 7 Conversion?

    Posted By admin || 29-Jul-2010

    Your Assets After a Converted Bankruptcy One of the most common conversions that occurs in bankruptcy is the conversion of Chapter 13 bankruptcy cases to Chapter 7 bankruptcy. But what happens to assets when the conversion takes place? Let's take a look at what the bankruptcy code says: Except as provided in paragraph when a case under chapter 13 of this title is converted to a case under another ...
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  • Texas Legislators Consider Regulating Payday Lenders

    Posted By admin || 29-Jul-2010

    State Representative Joe Farias has been fighting to get legislation passed that will regulate the 2,800 payday lenders in Texas and provide caps on loan interest rates which can increase up to 400% for a payday loan. "They can operate without being regulated at the city, state, or federal level...The intent we are caring forward is to have measures, like the banks and credit unions, that regulate ...
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  • How Do Creditors Get Paid In A Chapter 13 Bankruptcy?

    Posted By admin || 29-Jul-2010

    When a Chapter 13 bankruptcy plan is created there is an even number of payments required over a certain number of years. For example, a debtor may be required to make payments of $536 per month for five years via Chapter 13 bankruptcy. But just because there is an even number of payments does not mean that all creditors are paid the same amount at the same time. Chapter 13 bankruptcy repayment ...
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  • Hecker Loses Bankruptcy Claim Faces New Criminal Charges

    Posted By admin || 29-Jul-2010

    Denny Hecker, former auto tycoon, lost his claim to a $1 million consulting fee in bankruptcy court and now faces new criminal charges in a fresh federal indictment. Bankruptcy Judge Robert Kressel dissolved Hecker's interest in a consulting deal with Midwest Motors after the company sought to end the relationship with Hecker because of the bad publicity surrounded the embroiled former auto ...
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  • Movie Gallery To Liquidate In Bankruptcy

    Posted By admin || 28-Jul-2010

    Movie Gallery Inc. the operator of the Hollywood Video rental chain has filed a plan with a federal bankruptcy court to liquidate its operations and shut down. The move comes five months after Movie Gallery filed for Chapter 11 bankruptcy for the second time in three years. Initially, Movie Gallery had planned to use Chapter 11 bankruptcy to close one-third of its 2,415 U.S. stores and continue ...
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  • Rich Lose Their Jets To Repossession

    Posted By admin || 28-Jul-2010

    The economy isn't getting better as many have guessed by now, but the pain does seem to be spreading to even the wealthiest among us. Many repossession agents are reporting that the retaking of private planes has increased dramatically as many wealthy individuals run out of cash needed to maintain and operate them.. Some of the jets, worth more than $20 million are in poor shape after sitting idle ...
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  • Foreclosure Crisis Pushes Renters Into Homelessness

    Posted By admin || 28-Jul-2010

    Despite the enactment of the Protecting Tenants at Foreclosure Act of 2009 ("PTFA"), which provides important federal protections for tenants in foreclosed properties, many renters are still being unfairly evicted after foreclosure according to a report released by the National Low Income Housing Coalition. PTFA, which was suppose to guarantee that renters received at least a 90 day notice before ...
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  • Do You Qualify For A Mortgage Modification?

    Posted By admin || 28-Jul-2010

    Are you facing foreclosure and hoping to get a mortgage modification? If so, there are few things that you need to know. While the mortgage modification program has been promoted as the fix-it all of the foreclosure, the reality is that only a small number of homeowners have successfully been placed in long-term mortgage modifications. Many homeowners facing foreclosure find that even after months ...
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  • Chief Restructuring Officer In Texas Rangers' Bankruptcy Threatened

    Posted By admin || 27-Jul-2010

    As if the Texas Rangers' Chapter 11 bankruptcy case couldn't get stranger, the chief restructuring officer appointed in the Texas Rangers' Chapter 11 bankruptcy case received threatening phone calls that were so serious that security has been increased significantly. But U.S Bankruptcy Judge Michael Lynn tried to downplay the threats. "I am not particularly worried about them," the judge said. ...
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  • No Opportunity To Redeem Property After Foreclosure - That's Why You Must Act Now

    Posted By admin || 27-Jul-2010

    In the state of Texas, there is no opportunity to for a homeowner to redeem their property after a foreclosure sale. That's why it's important that homeowners facing foreclosure act quickly to stop foreclosure before their home is on the auction block. Before a property can go to foreclosure, the lender sends a notice to the borrower telling them that they have about 20 days to pay up the ...
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  • Celebrity Bankruptcy: Danny Masterson "That 70's Show" Star Files Bankruptcy

    Posted By admin || 27-Jul-2010

    Danny Masterson who starred in "That 70's Show," filed Chapter 11 bankruptcy for his financially troubled limited liability company after the company was sued by TomatoBank for the balance their loan. Masterson's company took out a loan out for $3.2 million in 2007 and after several extensions on payment, the lender, TomatoBank, eventually sued for $2,807,531 as well as for interest in the amount ...
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  • Converting Chapter 7 Bankruptcy Into Chapter 13 Bankruptcy

    Posted By admin || 27-Jul-2010

    If you're in a Chapter 7 bankruptcy and behind on your car payments and home mortgage you could face a vehicle repossession and foreclosure. For those Chapter 7 bankruptcy debtors facing vehicle repossession and/or foreclosure converting their Chapter 7 bankruptcy into a Chapter 13 bankruptcy may be the right choice. Changing a Chapter 7 Bankruptcy Into Chapter 13 Bankruptcy Here's what you need ...
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  • When Stating The Value Of Assets In Bankruptcy Guess High Not Low

    Posted By admin || 26-Jul-2010

    Under the BAPCPA ("Bankruptcy Abuse Prevention and Consumer Protection Act") debtors are required to state the value of their assets at their replacement cost. When debtors file for bankruptcy, their bankruptcy attorney gives them a disclosure that says something along the lines of the following: You must determine how much your personal property is worth as it is today. Do not value your property ...
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  • The Dangers Of Co-Signing A Parent's Loan

    Posted By admin || 26-Jul-2010

    The current economy has many parents turning to their adult children for help getting access to credit. But what are some of the dangers of adult children co-signing a parent's loan? Your parents can't really afford the loan. If your parents have been turned down for a loan or credit card recently it is probably because they don't have enough income to pay for the loan and/or their credit rating ...
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  • More Reasons Why D.I.Y Bankruptcy Is Bad News

    Posted By admin || 26-Jul-2010

    Why D.I.Y Bankruptcy Is Bad News Do It Yourself bankruptcy mills are becoming increasingly popular amongst financially strapped and misinformed debtors who mistakenly believe that they can't afford a bankruptcy attorney. But using a D.I.Y bankruptcy mill either online or offline could spell disaster for your bankruptcy case and by extension your personal finances. Below are few more reasons why ...
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  • How To Make Your Bankruptcy Trustee Happy

    Posted By admin || 26-Jul-2010

    When it comes to bankruptcy, your bankruptcy trustee is more than an administrator of your case; he/she is the gatekeeper of your bankruptcy discharge and your road to a fresh financial start. If you want to get your bankruptcy discharge, you need to make sure that you remain on the good side of your bankruptcy trustee. But how exactly do you do that? Below are a few tips on making your bankruptcy ...
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  • Appeals Court Rules Bankrupt Visteon Cannot Unilaterally Terminate Retiree Benefit

    Posted By admin || 25-Jul-2010

    A three-judge panel of the 3rd U.S. Circuit Court of Appeals overturned two lower court decisions, and ruled that auto parts supplier Visteon Corp. cannot terminate its retirees' health and life insurance benefits without following certain procedures under bankruptcy law. The court ordered that the benefits, which were terminated May 1, be reinstated immediately, and that any further attempts to ...
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  • Bankruptcy Judge Upsets All Sides In Texas Rangers Bankruptcy

    Posted By admin || 25-Jul-2010

    Bankruptcy Judge Michael Lynn has delayed the reopening of the Texas Rangers' auction until August 12 th, a ruling that has upset both debtors and lenders in the Chapter 11 bankruptcy case that has been mired in controversy since it was filed. Tuesday's courtroom tug-of-war featured the Greenberg-Ryan group's argument that the new auction should occur well before Aug. 12, when its financing ...
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