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Blog Posts in July, 2011

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  • Bankruptcy Trustee Sentenced To 81 Months In Jail

    Posted By admin || 29-Jul-2011

    Former U.S. Bankruptcy Trustee Marika Tolz, who was convicted of misappropriating bankruptcy estate funds, was sentenced to 81 months in jail, followed by 3 years of supervised release, 18 months of which will be served under house arrest. For more than 20 years, Tolz had been a Chapter 7 bankruptcy trustee, required to collect property of bankruptcy estates and convert them to cash. She was ...
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  • Hiring A Bankruptcy Attorney: Prohibited Methods Of Payment

    Posted By admin || 29-Jul-2011

    When hiring a Dallas bankruptcy attorney what payment methods to use are often NOT at the top of a debtor's list of things to think about. However, payment methods are in fact restricted when hiring a Dallas bankruptcy attorney. Because some payment methods can create a conflict of interest or even imperil your bankruptcy discharge, bankruptcy attorneys are prohibited from using them. Prohibited ...
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  • Federal Trade Commission Bans Online Payday Lender's Unfair Business Practices

    Posted By admin || 29-Jul-2011

    The Federal Trade Commission (FTC) has banned Swish Marketing, Inc. and their affiliates from promoting payday loan products (or any product) with a "negative-option" program and ordered the company to pay consumers $4.8 million because they trick payday loan applicants into paying for an unrelated debit card. The FTC charged that Swish operated websites advertising short-term, or "payday," loan ...
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  • Post-Bankruptcy Survival: Will CFPB Improve Credit Report Accuracy?

    Posted By admin || 28-Jul-2011

    The newly formed Consumer Financial Protection Bureau's (CFPB) oversight obligations will include the big three credit reporting Equifax, Experian and Trans Union. But it's still not clear exactly what type of powers they will have over these companies. However, there is some speculation that the CFPB's powers will extend well beyond those of the FTC. Let's take a look at what changes ...
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  • How Should Debtors Handle Repossessions When Considering Bankruptcy?

    Posted By admin || 28-Jul-2011

    If you're behind on your car payments you have probably considered filing bankruptcy. The only problem is that if your car is repossessed and sold at auction before you file your bankruptcy, there is no way of getting it back. So what should a debtor do if they are facing repossession while they are still considering bankruptcy? Let's take a look at a few tips: The first thing a debtor considering ...
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  • Three "Financial" Products You Should Avoid

    Posted By admin || 27-Jul-2011

    Financial trouble is a part of life, even after you have filed bankruptcy it's normal that you will have some rough times ahead. At least once every ten years, most Americans face at least one major financial issue. But how should you handle financial troubles when they come your way? There are a myriad of ways to get your head above water; but there are some financial "lifesavers" you should ...
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  • More Bankruptcy Filings To Come As Americans Increasingly Rely On Credit Cards

    Posted By admin || 27-Jul-2011

    More Americans are relying on credit cards as their wages stagnate or shrink and food/fuel prices continue to rise. After-tax income adjusted for inflation fell 0.1 percent from January through May, according to figures from the Commerce Department. The drop came as Labor Department data showed energy prices rose 8.2 percent and food climbed 2 percent during the same period. Companies that target ...
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  • Bankruptcy Court Has Right To Enter Monetary Judgment Against Debtor

    Posted By admin || 27-Jul-2011

    In the Chapter 7 bankruptcy case of a Texas debtor, the state Probate Court issued an order directing that a certain amount of money be paid to a plaintiff in the case and that the bankruptcy case be dismissed. The debtor argued that it is not in the domain of the bankruptcy court to handle probate issues and therefore the court could not force payment according to the order. ...the question ...
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  • Bankruptcy Courts Cannot Deny Discharge On A Whim

    Posted By admin || 26-Jul-2011

    One of the biggest fears that debtors have is that they will be denied a bankruptcy discharge. But in most cases this fear isn't based on reality; but on a misunderstanding of how bankruptcy law actually works. Bankruptcy courts do not have the right to just randomly deny a debtor a discharge. Denial of discharge is governed by a strict set of rules which bankruptcy trustees and judges must ...
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  • Bankruptcy Delay Tactics That Can Destroy Retirement Prospects

    Posted By admin || 26-Jul-2011

    How Bankruptcy Delay Impact Retirement It's an unfortunate reality of our current economy, but many workers over 40 are finding that their debt load is seriously interfering with their ability to either save for retirement or to maintain the savings they have already accumulated. Many over-40 workers (and those who are unemployed) are stuck in a debt trap and doing everything they can to delay a ...
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  • Filing Bankruptcy After 60? How To Handle Nondischargeable Debt

    Posted By admin || 26-Jul-2011

    Filing Bankruptcy After 60 More than forty-five years have passed since Title IV of the Higher Education Act which authorizes the government to issue federal student loans was passed in 1965. Many students who took advantage of the student loan program then and in the years following still find themselves mired in debt which is nearly impossible to discharge in bankruptcy. Many of those students ...
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  • Post-Bankruptcy Survival: Avoiding The Pit Falls Of Credit Card Balance Transfers

    Posted By admin || 25-Jul-2011

    So you're out of bankruptcy for a few years now and you're ready to take your credit restoration efforts to another level. You already have a few low-credit, high interest rate credit cards; but you just qualified for new credit card with low interest and a high limit. Should you transfer the debt from your old credit cards to the new one? Below are a few things you should consider first: What ...
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  • Breach Of Fiduciary Duty Makes Debts Nondischargeable In Bankruptcy

    Posted By admin || 25-Jul-2011

    In the Chapter 7 bankruptcy of a debtor who served as the President and CEO of a company, the bankruptcy court ruled that the debtor could not discharge debt incurred after recklessly taking out loans from the company. The details of the bankruptcy case: The debtor in this case took out 75 loans from the company which he managed over the course of several years. These loans exceeded $200,000 and ...
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  • Tax Refund Anticipation Loans, A Thing Of The Past?

    Posted By admin || 22-Jul-2011

    Yes, tax season is over, but the battle of tax refund anticipation loans is still ongoing. The Federal Deposit Insurance Corp. (FDIC) is going after Republic Bank & Trust Co., the last bank standing who issues tax refund anticipation loans. The FDIC claims that the bank is mismanaging its refund anticipation loan program and that they should cease and desist immediately. But Republic is ...
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  • Fast Paced Chapter 11 Bankruptcy Cases Causing Problems?

    Posted By admin || 22-Jul-2011

    Ideally, companies filing Chapter 11 bankruptcy want to enter and exit bankruptcy as quickly as possible. But sometimes a bankruptcy case can move so fast that it can cause problems for both the creditors and the bankruptcy trustee. Below are a few issues that may arise in a "too fast" Chapter 11 bankruptcy case: If a bankruptcy case goes too fast, there is a possibility that asset values may be ...
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  • Texas Bankruptcy Court Upholds Oral Contract

    Posted By admin || 22-Jul-2011

    In the bankruptcy case of an unregistered architect here in Texas, the former clients of the debtor submitted a claim saying that the debtor breached contract and/or that their oral contract is void because he is not a registered architect. After hiring the debtor to perform architectural work on their home, the claimants also said that they did not have to pay the debtor because the contract was ...
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  • Borders Forced To Liquidate In Bankruptcy

    Posted By admin || 21-Jul-2011

    After failing to secure a buyer in Chapter 11 bankruptcy, Borders is headed to liquidation closing down 400 bookstores around the nation and putting 11,000 people out of work. Borders was unable to overcome competition from larger rival Barnes & Noble Inc (BKS.N) and from Amazon.com Inc (AMZN.O), which began to dominate book retail when the industry shifted largely online. Borders, for which ...
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  • Convicted Of Bankruptcy Fraud Debtor Flees Across 14 Countries

    Posted By admin || 21-Jul-2011

    A debtor who was convicted of bankruptcy fraud in 2004 has been finally apprehended by authorities in Mexico and put in jail. Farris, 49, the former owner of Farris Gallery in St. Louis, was sentenced Friday to 14 months in prison for failure to appear. It ended an ordeal that began in July 2004, when he first pleaded guilty to fraud. He admitted in the plea that in 2002, he transferred ownership ...
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  • Lawmaker Asks President To Declare A State Of Emergency To Stop Foreclosures

    Posted By admin || 21-Jul-2011

    Rep. Marcy Kaptur has submitted a resolution to the House Financial Services Committee asking President Barack Obama to declare a national state of emergency for the foreclosure crisis. The resolution sites a variety of issues troubling the housing market stating, "Whereas the United States finds its housing market in a precarious and unstable state, where homeowners' mortgage balances are ...
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  • Bankruptcy Debtor's "Reckless Disregard" For The Truth Results In Dismissal

    Posted By admin || 20-Jul-2011

    The Chapter 7 bankruptcy of a debtor was dismissed after he who admitted wanting to use the bankruptcy as leverage against creditors and failed to disclose material facts in his petition. The Bankruptcy Code Section 727(a) provides that: (a) The court shall grant the debtor a discharge, unless- (2) the debtor, with intent to hinder, delay, or defraud a creditor or an officer of the estate charged ...
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  • Beware Of Bankruptcy Preparer Scams

    Posted By admin || 20-Jul-2011

    Bankruptcy Preparer Scams The U.S. Bankruptcy Court is searching for a bankruptcy preparer who has scammed several customers seeking to file a bankruptcy petition. Dawn Gomez Bess was banned by a federal judge in October from preparing bankruptcy paperwork, but the court says she continued to do so. The court says she took money from numerous clients but never followed through with the paperwork. ...
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  • States Attempt To Stop The Rise In Chapter 9 Bankruptcy Filings

    Posted By admin || 20-Jul-2011

    During the Great Depression, the bankruptcy code was altered so that local governments could seek protection from creditors in bankruptcy. Since the creation of Chapter 9 bankruptcy, only 623 municipalities have filed bankruptcy. But some states are terrified that the number could increase. Because of this fear, 25 states have made moves to either restrict or completely stop local governments from ...
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  • Don't Allow Elder Care To Financially Ruin You

    Posted By admin || 19-Jul-2011

    Many senior citizens file bankruptcy after accumulating so much medical debt that it was ruining them financially. But how can a senior citizen prevent future medical debt from ruining the financial fresh start given by bankruptcy? Let's take a look at a few tips: Senior citizens should purchase and maintain a health insurance policy after bankruptcy. If you qualify for Medicaid, find out how to ...
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  • Landlords Object To Borders Proposed Bankruptcy Sale

    Posted By admin || 19-Jul-2011

    A group of Borders Group landlords have banded together to object to the proposed Chapter 11 bankruptcy sale of Borders to Direct Brands. The landlords argue that the timing of the proposed sale and the lack of disclosures leave them with too little information and too little time to make an educated decision about the sale. According to the landlords, the main problem with the proposed sale is ...
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  • Problems With Home Equity Loans After Bankruptcy?

    Posted By admin || 18-Jul-2011

    The Impact of a Home Equity Loan After Bankruptcy How a home equity loan (HELOC) impacts a debtor's post-bankruptcy life, is mostly determined by which type of bankruptcy the debtor filed and whether they signed a reaffirmation agreement. If a debtor has defaulted on their home equity loan, then the lender has a lien against the property. If a debtor files Chapter 13 bankruptcy, that lien can be ...
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