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Blog Posts in February, 2011

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  • Celebrity Chef Matt Prentice Files Chapter 7 Bankruptcy

    Posted By admin || 21-Feb-2011

    Longtime restaurateur and celebrity chef Matt Prentice, the CEO of Bingham Farms-based Trowbridge Restaurant Group, has filed for Chapter 7 bankruptcy. The bankruptcy filing listed Prentice's assets at $256,555 and his debts at $4.9 million. Of that debt, $1.5 million is owed in unpaid federal and state taxes. According to the filing, Prentice's assets include his home, worth $250,000, and $6,550 ...
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  • Who's Undeserving? The Source Of HAMP's Failure In The Foreclosure Crisis

    Posted By admin || 18-Feb-2011

    Back in 2008 when the foreclosure crisis first began to obliterate communities and families, the promise of helping homeowners avoid foreclosure seemed to be bright less than a year later. HAMP, a program specifically designed to stop foreclosures came onto the scene promising to help up to 5 million homeowners remain in their homes. But as we all know, the HAMP program has failed to deliver on ...
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  • Twilight Distributors To Plunge Blockbuster Into Chapter 7 Bankruptcy?

    Posted By admin || 18-Feb-2011

    An independent film distributor, Summit Distribution, is putting the pressure on Blockbuster to pay up or convert their Chapter 11 bankruptcy into a Chapter 7 bankruptcy liquidation. Summit, the distributor of "The Twilight Saga," says that the rental chain owes them $1.6 million so far but that amount could rise if they continue to miss payments. In a Thursday court filing with the Manhattan ...
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  • Bankruptcy Debtor's Blank Check Equals A Very Large Bill

    Posted By admin || 17-Feb-2011

    In a recent Chapter 11 bankruptcy here in Texas, a debtor company's agreement with a creditor that "price was no issue" ended with the debtor being liable for a very large bill. 1. In November of 2006, Double C was hired by Westside Energy ("Westside"), the Debtor's predecessor, to construct a platform or foundation for a drilling rig at a job site in Hill County, Texas. Westside signed a work ...
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  • Why All the Hand Wringing About A Borders Bankruptcy?

    Posted By admin || 17-Feb-2011

    Everyone seems to be distressed about a possible bankruptcy filing by Borders Group Inc. But why? It seems that when you speak of bankruptcy many only look at it as a negative, some indicator of impending doom. But the reality is that bankruptcy is often the lifesaver that debtors need. For businesses such as Borders, bankruptcy is the shock that a heavily indebted company could use to infuse new ...
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  • Texas Representative Ruben Hinojosa Files Chapter 11 Bankruptcy

    Posted By admin || 16-Feb-2011

    Rep. Ruben Hinojosa, an eight-term Democrat from Texas, has filed Chapter 11 bankruptcy after a $2.6 million arbitration award was leveled against him. "I have filed for bankruptcy protection under Title 11, Chapter 11 of the United States Code," Hinojosa said in a carefully worded statement. "My filing for bankruptcy was the result of the business loan I personally guaranteed for my family ...
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  • States, Bankruptcy and The Pothole Theory

    Posted By admin || 16-Feb-2011

    Despite the unlikelihood that states will be granted the right to file bankruptcy anytime soon, analysts are still debating the issue.The opponents of bankruptcy have come up with some very ridiculous theories about why bankruptcy would be "horrible" for states. One anti-bankruptcy theory is that if states are given the right to file bankruptcy then investors will demand more interest on their ...
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  • Language Barriers In Bankruptcy?

    Posted By admin || 16-Feb-2011

    In a recent bankruptcy case of Caribbean Petroleum, the bankruptcy court was faced with deciding whether a Puerto Rico based franchisee could object to the termination of their contract based on the fact that the bankruptcy notices they received were in English only. The bankruptcy court ruled that the franchisee could not object based on the notices being in English only because Puerto Rico has ...
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  • A Word On Bankruptcy 'Abuse' Witch Hunts

    Posted By admin || 15-Feb-2011

    In 2005 the bankruptcy code was revised to supposedly weed out abusers of the system. What's happened since then? Well, in 2010 alone over 1.5 million Americans were forced into bankruptcy because of a job loss, illness, foreclosure or some other financial crisis. The vast majority of those people weren't abusers of the bankruptcy system, they were victims of a crisis the ordinary man and woman in ...
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  • Why Are We Still Debating Mortgage Modification In Bankruptcy?

    Posted By admin || 15-Feb-2011

    Why is it that every few months a new battle over mortgage modification in bankruptcy pops up only to be crushed by the long reaching power of mortgage industry lobbyists? The mortgage industry can't be convinced that we the people don't understand that the foreclosure crisis is directly related to homeowners being stuck with mortgages which are wildly inflated far beyond the true value of the ...
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  • Privacy In Bankruptcy: Should Mets Records Be Unsealed?

    Posted By admin || 14-Feb-2011

    A controversy is brewing in regards to the unsealing of Mets' bankruptcy records which are related to illegal profits Mets owners allegedly received from the Madoff scheme. Right now Universal Inc. and The New York Times Company are demanding that the bankruptcy records related to Madoff profits be unsealed because they say it is in the public interest. "The large organization and ownership ...
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  • Can Chapter 13 Bankruptcy Really Help Me?

    Posted By admin || 14-Feb-2011

    When most debtors think of bankruptcy, they think of Chapter 7 bankruptcy where they can discharge their debts in a few months and get their fresh financial start immediately. Many above-median income debtors are disappointed when they find out that they only qualify for a Chapter 13 bankruptcy. But their disappointment is unwarranted. How a Chapter 13 Bankruptcy Can Help You Below are several ...
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  • Celebrity Bankruptcy: Val Kilmer's Second Tax Lien A Sign Of Troubles?

    Posted By admin || 14-Feb-2011

    Val Kilmer, the 'tough guy' actor, who is known for his roles in "Batman Forever," "The Doors" and "Top Gun" is battling with the IRS over yet another tax lien. The lien for $498,165 in unpaid taxes from 2008 listed property that Kilmer has been trying to sell, including a ranch in New Mexico that is currently on the market for $18.5 million...Kilmer has experienced tax problems in the past. The ...
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  • Some Debt Collectors Get Aggressive With "No Asset" Debtors Who Avoid Bankruptcy

    Posted By admin || 11-Feb-2011

    There's a bit of bad advice going around for debtors who have no assets and are in default on their loans. Some are suggesting that "no asset" debtors avoid bankruptcy and simply stop paying their debts. But there are a few things "no asset" debtors should consider before they decide to stop paying while forgoing bankruptcy: If a "no asset" debtor avoids bankruptcy and stops paying their credit ...
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  • Life After Bankruptcy Fraud No Picnic For Former Penny Stock Promoter

    Posted By admin || 11-Feb-2011

    Robert E. Brennan is reportedly working at an athletic shop after spending nearly a decade in prison for bankruptcy fraud. But this bankruptcy fraud convict's troubles with the law are far from over. The bankruptcy court that administered the Brennan case are now considering reopening his bankruptcy case so that they can go after an offshore trust setup in the name of the debtor's children. A ...
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  • Case Study: How A Second Mortgage Can "Fall Off" In Chapter 13 Bankruptcy

    Posted By admin || 11-Feb-2011

    In the Chapter 13 bankruptcy case of debtors who owned a property which had two mortgages on it, the bankruptcy court ruled that the second lien (mortgage) be made unsecured. Let's take a look at a chronology of events in this Chapter 13 bankruptcy. The Plaintiffs filed a voluntary petition under Chapter 13 of the Bankruptcy Code on October 4, 2010. At the time Plaintiffs filed their bankruptcy ...
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  • Can I Make Mortgage Payments Outside Of Chapter 13 Bankruptcy Plan?

    Posted By admin || 10-Feb-2011

    A request to pay your mortgage outside of the Chapter 13 bankruptcy plan is not generally granted by the trustee unless there is some special circumstance. Under the bankruptcy law, a debtor in Chapter 13 bankruptcy who is in default on their mortgage must pay delinquent mortgage payments plus their regular mortgage payment through the bankruptcy plan. Paying their mortgage through the bankruptcy ...
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  • Publishers Balk At Borders' Request As Bookstore Inches Closer To Bankruptcy

    Posted By admin || 10-Feb-2011

    Publishers Balk At Borders' Request As Bookstore Inches Closer To Bankruptcy--Image via Wikipedia A Borders bookstore Chapter 11 bankruptcy may be difficult to avoid as publishers balk at the company's request that they accept an interest bearing promissory note in lieu of payments. Borders says that it can avoid bankruptcy if the bookstore is able to get $125 million in financing in the form of ...
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  • No Defense For Payday Lending Industry

    Posted By admin || 10-Feb-2011

    Despite pressure from community leaders around the country the payday lending industry insists that not only is it a needed short term loan resource, it is actually beneficial to the demographic it serves. The payday lending industry argues that its high interest, short term loans provide the only reliable and legal way for poor debtors with little or no credit to gain access to cash they need in ...
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  • Post-Bankruptcy Survival: Don't Let Credit Card Changes Take You By Surprise

    Posted By admin || 9-Feb-2011

    There is good news and bad news for post-bankruptcy debtors searching for credit card offers in the coming year. The good news is that more credit card issuers are willing to lend to more consumers, even those who have filed bankruptcy. Credit card solicitations have nearly doubled in the past year and many of them target the sub-prime market, those with little credit, poor credit and those ...
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  • Post-Bankruptcy Survival: Handling Delinquent Debts

    Posted By admin || 9-Feb-2011

    Bankruptcy is about getting a fresh financial start; but sometimes despite our best efforts we can't help but to end up falling behind on debt after bankruptcy. If you find yourself defaulting on debt after bankruptcy due to unforeseen financial setbacks, below are a few tips on how to get back on track. The first thing you need to do when you fall behind on debt after bankruptcy is contact the ...
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  • GM Bankruptcy Reorganization So Effective Automaker Can Invest With Cash

    Posted By admin || 9-Feb-2011

    General Motors Co. which is one-third owned by the U.S. Treasury Department, announced that it is withdrawing an application for $14.4 billion of government loans to develop fuel-efficient vehicles as the company works to reduce its debt. The low-interest U.S. Energy Department loans aren't needed because GM is in a strong financial position and can invest in new vehicles without aid, the ...
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  • Will New HAMP Rules Help To Prevent Foreclosures?

    Posted By admin || 8-Feb-2011

    Starting June 1 st mortgage servicers offering mortgage modifications will be required to get borrowers' financial documents upfront before they grant a trail modification. Right now, borrowers facing foreclosure can receive temporary mortgage modifications based on the stated income they give the mortgage servicer over the phone. The problem has been that while this will stall the foreclosure ...
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  • How Bankruptcy Impacts Your Mortgage Modification

    Posted By admin || 8-Feb-2011

    If you're considering bankruptcy and are in or trying to get a mortgage modification, there are a few things you need to know. If you file bankruptcy during a trial mortgage modification your mortgage may revert to its original terms. This is not to say that you can't reapply for the modification or work something out with the mortgage company while in bankruptcy. But you should be aware of this ...
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  • Don't Be Bullied By Lenders After Bankruptcy

    Posted By admin || 8-Feb-2011

    Rebuilding your credit after bankruptcy is important; but many post-bankruptcy debtors become so anxious to get credit after they exit bankruptcy that they allow lenders to bully them into bad deals. Let's take a look at some of the bully tactics debtors should avoid falling victim to: High interest, high fee, "blood sucking" credit cards that will leave you broke. After bankruptcy, some debtors ...
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