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Blog Posts in January, 2011

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  • Shareholders Fear Depletion Of Assets Before Bankruptcy Appeal

    Posted By admin || 31-Jan-2011

    Shareholders of Washington Mutual are moving quickly to appeal the bankruptcy trustee's decision that the underlying concept of the WAMU bankruptcy settlement was fair and reasonable. Lawyers for shareholders cited "the historic nature of this bankruptcy," and the size of the settlement-nearly $6 billion-as the basis for asking permission to go to the appeals court quickly. Washington Mutual's ...
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  • How Are Arguments Against Proposed State Bankruptcy Laws Flawed?

    Posted By admin || 31-Jan-2011

    The argument for and against a bankruptcy process for this country's states is looming large in the headlines. But for the most part many of those who are arguing against a bankruptcy chapter that allows states to restructure their debts are missing the point. Two of the biggest flaws in the arguments against a bankruptcy chapter that allows state debt restructuring is that bankruptcy will make it ...
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  • Bankruptcy Trustee Sues Over Insider Loans

    Posted By admin || 31-Jan-2011

    The family of the now bankrupt Fair Finance company owner is facing a lawsuit brought by the bankruptcy trustee in an attempt to recover more than $1 million which was allegedly looted from the estate through "insider loans."The lawsuit is part of the ongoing effort to try and recover some of the more than $200 million dollars lost by more than 5,000 investors in Durham's now bankrupt Fair Finance ...
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  • When Does Foreclosure Warrant A Bankruptcy Filing?

    Posted By admin || 28-Jan-2011

    Many debtors facing foreclosure consider bankruptcy, especially as the foreclosure seems imminent. But when does a foreclosure warrant a bankruptcy filing? First of all let's talk about how foreclosure works in Texas. In Texas, the bank can choose whether they want to use the judicial foreclosure process or the non-judicial foreclosure process. If they use the judicial foreclosure process, they ...
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  • Celebrity Bankruptcy: Real Housewife's Husband Faces Bankruptcy Dismissal

    Posted By admin || 28-Jan-2011

    The ex-husband of "Real Housewives of Orange County's" Tamra Barney has been hit with a bankruptcy dismissal after failing to deliver documents to the bankruptcy court. Her ex-husband filed for bankruptcy last year, but now he has just been denied by the court and has been issued a "notice of dismissal" for failing to "file schedules, statements and/or plan for the bankruptcy," reports Radar ...
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  • Celebrity Bankruptcy: Young Buck Chapter 13 Converted To Chapter 11 Bankruptcy

    Posted By admin || 28-Jan-2011

    When it comes to individual and business finances, the two often mix, especially for the self-employed in bankruptcy. Such is the case for celebrity rapper Young Buck who was in a Chapter 13 bankruptcy paying $12,500 a month for 60 months. The bankruptcy court had ordered that the rapper's company, Cashville, dock his pay over the course of the Chapter 13 bankruptcy repayment period; but the ...
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  • Bankruptcy Trustee Wins Return Of $7.2 Billion

    Posted By admin || 27-Jan-2011

    In a historical bankruptcy settlement, bankruptcy trustee Irving Picard is set to recover $7.2 billion from the estate of deceased billionaire Jeffry Picower. Picard had sued Picower in a so-called clawback litigation, alleging his earnings from Madoff consisted of money stolen from other investors. However, Picower's widow, Barbara, has insisted he was in the dark about the fraud and he was never ...
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  • Blockbuster Buys More Bankruptcy Time

    Posted By admin || 27-Jan-2011

    Blockbuster has until February 4 to deliver a business plan to its bankruptcy lender and until February 11th to present a bankruptcy reorganization plan to the bankruptcy court. It is also rumored that Blockbuster is trying to get an additional $250 million from lenders in order to exit bankruptcy. When it filed for bankruptcy protection, Blockbuster's debt holders agreed to wipe out all but $100 ...
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  • Bankruptcy Trustee Modification Denied

    Posted By admin || 27-Jan-2011

    In the Chapter 13 bankruptcy case of two Texas debtors, the bankruptcy trustee's request to modify the debtors' repayment plan was denied. The details of the bankruptcy case: The married Chapter 13 bankruptcy debtors agreed to pay unsecured creditors $16,260.00 over the period of 60 months. At about 36 months the debtors had repaid their secured and priority creditors in full and paid their ...
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  • Last Minute Bankruptcy Filing Imperils Debtor's Homestead

    Posted By admin || 26-Jan-2011

    In the Chapter 13 bankruptcy filing of a Texas debtor, the bankruptcy judge ruled that it could not determine if the debtor had legal title to their homestead when they filed their bankruptcy petition. The facts of the case: The debtor and their spouse defaulted on their mortgage before filing bankruptcy. Their lender filed a foreclosure against them and scheduled to sale the home at a foreclosure ...
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  • Homeowners Strung Along On Loan Modification Illusion?

    Posted By admin || 26-Jan-2011

    The Texas-based EMC Mortgage Corporation is facing a class-action lawsuit accusing them of deceptive practices, illegal fees and manipulation that ultimately forced homeonwers to lose their homes in foreclosure. The lawsuit filed on behalf of a Yakima homeowner, says the homeowner was strung along on a loan modification "illusion" that lasted four years, ultimately putting her face-to-face with ...
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  • Lending Industry Fears Coming Foreclosure Crisis Amongst Elderly Borrowers

    Posted By admin || 26-Jan-2011

    The National Mortgage Lenders Association and the National Council on Aging are training 125 counselors and will launch counseling projects in four cities designed to help elderly reverse mortgage borrowers avoid foreclosure related to the failure to pay property taxes and homeowners insurance. The group will also try to work with private insurance firms to convince them to cover reverse loan ...
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  • Debt Settlement Company Abuses Continue Despite New Rules

    Posted By admin || 25-Jan-2011

    Consumer advocates are calling on the FTC to beef up enforcement of new rules governing debt settlement companies after realizing that many debt settlement companies were coming up with new tactics to circumvent the regulations. Since the new rules ban companies that use telemarketing as a means to sign up new customers from charging upfront fees for their services, some companies have attempted ...
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  • Timely Payment Of Taxes Can Make Or Break Your Chapter 13 Bankruptcy

    Posted By admin || 25-Jan-2011

    How to Avoid Tax Problems During Chapter 13 Bankruptcy Chapter 13 allows debtors to repay some or all of their debts in a three to five year period. But in order for a debtor to qualify for Chapter 13 bankruptcy they must be able to make the bankruptcy plan payment and stay current on their present expenses. Those expenses include tax debt due to the IRS. If a debtor fails to pay their taxes or is ...
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  • Understanding The Bankruptcy Attorney-Client Relationship

    Posted By admin || 25-Jan-2011

    Debtor's who wisely choose to hire a bankruptcy attorney put themselves at an advantage to pro se bankruptcy filers and their creditors. But to enhance and maximize the leverage they will enjoy during their bankruptcy, they must understand and respect the boundaries of the attorney-client relationship. Here's what bankruptcy debtors need to know: The primary responsibility of the bankruptcy ...
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  • Mortgage Modification Mistakes That Will Land You In Bankruptcy

    Posted By admin || 24-Jan-2011

    Homeowners facing rising housing costs, unemployment, underemployment and other financial issues are turning to mortgage modification to avoid foreclosure. But as many are discovering, modifying a mortgage can not only fail to stop foreclosure, it can often lead to bankruptcy. Let's take look at a few of the facts: One of the first things that homeowners are told when they seek a mortgage ...
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  • Debtor's Bankruptcy Deception Ends With $300,000 Loss

    Posted By admin || 24-Jan-2011

    In a recent bankruptcy case here in Texas, a debtor failed to disclose a pending lawsuit judgment and other assets to the bankruptcy court. The debtor's deception cost the creditors and the city money pushing the court to pursue judicial estoppel action against him.Kim Lubke, formerly an Arlington, Texas, firefighter, obtained a large verdict against the City of Arlington pursuant to the Family ...
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  • Post-Bankruptcy Survival: The Harsh Realities Of Too Much Debt

    Posted By admin || 21-Jan-2011

    While they don't represent the majority of bankruptcy debtors, they tend to get the most attention, debtors who are serial filers. They've filed bankruptcy once, twice or maybe even three times yet continue to fall into the same financial troubles. Well one of the biggest pitfalls of serial bankruptcy filers is that they don't understand or won't acknowledge the harsh realities to accumulating too ...
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  • Supreme Court Ruling On Car Ownership Costs A Mistake

    Posted By admin || 21-Jan-2011

    The U.S. Supreme Court recently ruled that Chapter 13 bankruptcy debtors who own vehicles free and clear of any obligations cannot take the standard "ownership costs" deduction when calculating their projected disposable income. The Bankruptcy Code allows a debtor to deduct "applicable monthly expense amounts" in order to determine what resources are available to pay his creditors, newest Justice ...
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  • Foreclosure Rescue Scams Closed Down Only To Reappear

    Posted By admin || 20-Jan-2011

    The news headlines are dotted with announcements of attorney generals around the country cracking down on foreclosure rescue scammers who charge upfront fees and then disappear without doing any of the things they promised. But what we don't hear about is the fact that many of these foreclosure scammers shut down by authorities simply resurface under a different business name. What can we do about ...
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  • How To Cure The Foreclosure Crisis

    Posted By admin || 20-Jan-2011

    How To Cure The Foreclosure Crisis--Image via Wikipedia The foreclosure crisis is refusing to budge. Large volumes of foreclosures plague Texas and just about every other state in the union. But what can we do? Mortgage modifications have failed. Mortgage servicer incentives have failed. And of course, bank bailouts have failed. But maybe government-owned mortgage giants Fannie Mae and Freddie Mac ...
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  • Student Loans As Income On Credit Card Applications?

    Posted By admin || 19-Jan-2011

    A recent study on the impact of the Credit Card Act on students conducted by Jim Hawkins at the University of Houston Law Center, surveyed over 300 undergraduates in November and found that a full 29% of students under 21 who obtained a credit card since starting school this academic year used student loan proceeds as part of the income they reported to card issuers in their credit card ...
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  • Appealing A Bankruptcy Court's Ruling

    Posted By admin || 19-Jan-2011

    How to Appeal the Bankruptcy Court's Ruling A bankruptcy court ruling which is on appeal may be affirmed, modified or reversed; but this cannot happen unless the ruling is found to be clearly erroneous and the credibility of all the witnesses in the case have been confirmed by the bankruptcy judge. The burden of proof is on the party that wants to reverse a bankruptcy court's ruling. The "party ...
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  • Can Undocumented Workers File Bankruptcy?

    Posted By admin || 19-Jan-2011

    Undocumented Workers and Bankruptcy The bankruptcy code does not restrict who can file bankruptcy based on their citizenship status in this country. When a debtor files bankruptcy they will be asked to provide information such as an address and a social security number, bank account numbers etc. The mistake that some undocumented workers make when filing bankruptcy is using a false social security ...
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  • Court Rules That Foreclosure Victims Have A Right To Demand Proof Of Authority

    Posted By admin || 18-Jan-2011

    In a recent court ruling regarding the right of mortgage lenders to file foreclosure, the court said that mortgage lenders are required to make sure that they have the authority foreclose."What banks are going to have to do is make sure they've dotted their I's and crossed their T's before going through with a foreclosure," said Stuart Rossman, director of litigation at the National Consumer Law ...
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