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Blog Posts in June, 2010

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  • Why Bankruptcy Debtors Should Not Fear 341 Hearings

    Posted By admin || 30-Jun-2010

    One of the biggest fears that debtors filing bankruptcy have is attending the 341 Hearing or what is better known as the meeting of the creditors. Many debtors imagine that their creditors will crowd into this meeting and grill them with questions about their finances and willingness to repay their debts. But the reality of much farther from what debtors imagine will happen. Below are a few ...
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  • Lifting The Heavy Burden Of Student Loans

    Posted By admin || 30-Jun-2010

    Student loans are the bane of many debtors' existence. Accrued before most debtors reached their 25 th birthday, student loans can be like that youthful mistake that you just keep paying for well into adulthood. While the premise of the student loan system is good, giving low-income and moderate income students the opportunity to attend college, the aftermath of so many student loans giving to so ...
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  • Help I'm Facing A Bankruptcy Audit!

    Posted By admin || 30-Jun-2010

    IRS Audit While in Bankruptcy Many debtors panic when they think about the possibility of a bankruptcy audit. But really there is no need to panic as long as you have not willfully withheld important information in your bankruptcy case. Statistically, there are significantly less bankruptcy audits that there are IRS audits. In 2009, only 1 out of every 583 bankruptcy cases where audited while one ...
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  • Why Bankruptcy Filings Will Continue To Rise

    Posted By admin || 30-Jun-2010

    Bankruptcy filings have continued to rise nationwide and it is expected that they may even exceed the numbers of bankruptcies filed right before the 2005 Bankruptcy reform. Below are a few reasons why many analysts believe that the rise of bankruptcy filings won't be stopped anytime soon: The foreclosure crisis is still in full swing. With several failed foreclosure prevention programs under our ...
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  • Could Dallas-Fort Worth Office Vacancies Lead To More Bankruptcy?

    Posted By admin || 29-Jun-2010

    Dallas-Fort Worth office building vacancies have reached their highest level since 2004. With 4.8 million square feet of vacant office space, the occupancy rate for office buildings is a mere 74 percent, leaving many commercial real estate owners and investors facing foreclosure and even bankruptcy. And if the number of vacancies continues to remain elevated we could see more commercial real ...
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  • Bankruptcy "Alternatives" Could Cause More Financial Pain

    Posted By admin || 29-Jun-2010

    As the number of bankruptcy filings increase many are calling for debtors to seek out and use bankruptcy "alternatives." However, some of the alternatives to bankruptcy that are suggested may cause more financial pain for debtors who are already distressed. Let's look at some of the facts. Debt settlement: While on the surface debt settlement seems to offer an opportunity for debtors to reduce ...
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  • Three Personal Finance Mistakes That Lead To Bankruptcy

    Posted By admin || 29-Jun-2010

    Debtors exiting bankruptcy after receiving a fresh financial start need to understand the road that led them to bankruptcy n the first place if they plan to find financial success after bankruptcy. Below are three personal finance mistakes that debtors need to avoid if they plan to avoid filing bankruptcy for a second time: Using credit cards like a primary cash source for your basic everyday ...
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  • Blockbuster Unsuccessfully Tries To Stem Bankruptcy Fears

    Posted By admin || 29-Jun-2010

    Blockbuster's CEO Jim Keyes has unsuccessfully tried to stem investor fears that the video rental behemoth is gearing up for an inevitable Chapter 11 bankruptcy filing. But while he insists that Blockbuster has access to several alternatives to bankruptcy, the struggling company has failed to renegotiate $930 million in debt and has watched its cash position reduce from $188.7 million in January ...
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  • Bank of America To Pay $108 Million To Borrowers

    Posted By admin || 28-Jun-2010

    Bank of America just agreed to a settlement with the Federal Trade Commission that will require the mortgage company to pay $108 million to 200,000 borrowers who were charged outrages fees by Countrywide Financial Corp. (now owned by Bank of America) while facing foreclosure. Countrywide hit the borrowers who were behind on their mortgages with fees of several thousand dollars at times, the FTC ...
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  • Three Reasons Why Upside Down Homeowners Should Consider Bankruptcy

    Posted By admin || 28-Jun-2010

    Already in the first half of 2010, 20 percent of the homeowners facing foreclosure in Dallas-Fort Worth are upside down on their mortgage. And that number is expected to grow. With so many homeowners in upside down mortgage facing foreclosure, should more of them consider filing bankruptcy? Below are a few reasons why considering bankruptcy, may be a wise choice for upside down homeowners: Even if ...
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  • Four Seasons Resort and Club Dallas Sold At Foreclosure Auction

    Posted By admin || 28-Jun-2010

    Lenders who had been threatening to foreclose on the posh Four Seasons Resort and Club Dallas at Las Colinas finally foreclosed on the property and purchased it themselves for $122 million. Mortgage holders sold the 431-room luxury Irving golf course hotel, conference center and spa at auction Tuesday morning. The foreclosure comes seven months after lenders first posted the 400-acre property for ...
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  • How To Get Rid Of A Deficiency Judgment After Foreclosure

    Posted By admin || 28-Jun-2010

    Getting Rid Of A Deficiency Judgment After Foreclosure Many debtors who are walking away from their homes are finding that they have a deficiency judgment after the lender fails to recoup the entire amount of the mortgage after the foreclosure auction. Generally speaking, a mortgage lender can pursue a debtor for the balance of the mortgage even if they repossessed the home in foreclosure or if ...
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  • Epic Battle Between Senior Bondholders And Bankrupt WAMU Continues

    Posted By admin || 27-Jun-2010

    A group of senior bondholders in the Washington Mutual Inc Chapter 11 bankruptcy has vowed to battle on against the proposed global settlement Washington Mutual reached with the FDIC. The proposed settlement which was submitted in Washington Mutual's revised Chapter 11 bankruptcy plan, calls for the return of $7 billion to creditors and a resolution of claims involving FDIC and JP Morgan. William ...
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  • Chapter 11 Bankruptcy Debtors May Face Financing Crunch

    Posted By admin || 27-Jun-2010

    As recently as the February, businesses in Chapter 11 bankruptcy were finding that investors were hungry to provide debtor in possession financing for companies in bankruptcy. But now it seems that the credit markets are freezing a bit and corporate debtors may need to become a little more creative when trying to secure the financing they need to successfully exit Chapter 11 bankruptcy and avoid ...
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  • One Year After Push For Expansion, Majestic Liquor Stores Files Chapter 11 Bankruptcy

    Posted By admin || 26-Jun-2010

    Majestic Liquor Stores, one Dallas-Fort Worth's oldest and largest liquor store chains, has filed Chapter 11 bankruptcy with between 100 and 199 creditors and between $10 million and $50 million of debt. Majestic which was founded as a lone liquor store in 1942, began expanding in 2005 soon after the death of its founder. In 2009, the company obtained a $16 million loan with intentions of ...
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  • 'Real Housewives of New Jersey' Bankruptcy Drama

    Posted By admin || 26-Jun-2010

    'Real Housewives of New Jersey' star Teresa Giudice and her husband Joe have filed for bankruptcy. The couple who live a lavish lifestyle on their Bravo network reality show, are in reality up to their necks in debt. The couple filed for bankruptcy showing that the owed $10.85 million in debt. Bankruptcy documents reveal that while Teresa Giudice spends thousands of dollars on clothes on her ...
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  • Supreme Court Ruling Allows Flexibility In Chapter 13 Bankruptcy

    Posted By admin || 26-Jun-2010

    The Supreme Court ruled that bankruptcy courts can now account for changes in a debtor's income or expenses when calculating projected disposable income. The deciding case involved Stephanie Kay Lanning, a debtor who filed Chapter 13 bankruptcy and agreed to pay off $36,700 in unsecured debt in three years. The bankruptcy trustee objected to the debtor's proposed bankruptcy plan because the ...
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  • Rare Decision In Fallen Auto Tycoon's Bankruptcy

    Posted By admin || 25-Jun-2010

    In a move that is rarely seen in bankruptcy, bankruptcy trustee Randy Seaver, forced one of Denny Hecker's holding companies into bankruptcy, saying that Chrysler Financial was the legitimate creditor not Cornerstone Bank. In filing the bankruptcy for Seaver, attorney Matthew Burton said: "Technically Cornerstone Bank is not a creditor. They never lent money to this entity." Instead, Hecker, who ...
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  • New Chapter 11 Bankruptcy Rules In The Pipeline?

    Posted By admin || 25-Jun-2010

    The "Protecting Employees and Retirees in Business Bankruptcies Act of 2010" was designed to change bankruptcy rules regarding the treatment of employees, retirees and collective-bargaining agreements, and executive compensation during corporate bankruptcy. The bill was introduced earlier this year by Senate Majority Whip Richard Durbin, D-Ill., and House Judiciary Committee Chairman John Conyers ...
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  • Economy's Failure To Recover Pushing More Towards Bankruptcy

    Posted By admin || 25-Jun-2010

    The number of people filing new claims for unemployment benefits rose last week by 12,000 to a seasonally adjusted 472,000, according to the Labor Department report. Continued job losses seem to be one of the biggest concerns of economists who have been hoping that 2010 would mean a financial recovery. But the reality has been much bleaker. There are about 4.57 million Americans receiving ongoing ...
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  • BP Bankruptcy May Not Stop Most Oil Spill Claims

    Posted By admin || 25-Jun-2010

    While BP has vehemently denies that it is considering bankruptcy, the prospect of a BP bankruptcy is on the minds of many of the analysts following the oil spill disaster. Already BP is facing more than 200 lawsuits and the U.S. is currently estimating the cost of restoring the gulf coast at about $37 billion at least. And many analysts say that even if BP wanted to repay the claims against it in ...
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  • BP Oil Disaster Could Lead To Chapter 11 Bankruptcy

    Posted By admin || 24-Jun-2010

    BP could be on the hook for millions if not billions of dollars in cleanup costs and even punitive damages. But while BP is a large and successful oil company, its pockets are only so deep. Could the mounting amount of liability related to this oil disaster sink BP into a Chapter 11 bankruptcy? You bet it could. It's not like it hasn't happened before. In 1987, Texaco was forced in Chapter 11 ...
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  • Payday Lenders Siphoning Off Senior Citizen Social Security

    Posted By admin || 24-Jun-2010

    So they've finally done it, payday lenders have finally figured out a way to access the social security income of senior citizens. Payday lenders in Texas and across the country are making loans to senior citizens; but on the condition that they deposit their entire social security check into a special bank account that's usually out of state and has no ATM card. If seniors want to get their money ...
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  • How To Deal With The Financial Fallout Of A Medical Emergency

    Posted By admin || 24-Jun-2010

    Medical emergencies don't just cause us physical pain, they can also add to the emotional and financial stress of an already overburdened debtor. So what can a debtor do to minimize the financial fallout of a medical emergency? The first step to dealing with a medical emergency is to assess the financial damage. How much are the medical bills? Are you able to continue work? Maybe you need to cut ...
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  • Four Reasons Why Chapter 13 Bankruptcy May Be Better Than Debt Consolidation

    Posted By admin || 23-Jun-2010

    Debt consolidation has always been one of the preferred suggestions given to debtors who others want to forgo their bankruptcy options. But the reality is that debt consolidation is not for everyone and may be even be harmful to certain debtors. Below are a few reasons why Chapter 13 bankruptcy may be a better option than debt consolidation: Debt consolidation companies do not have the weight of ...
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