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Blog Posts in June, 2011

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  • U.S. Bankruptcy Law Far More Advanced Than Some EU Countries

    Posted By admin || 30-Jun-2011

    Ireland's Minister For Justice has just announced that corporate and consumer bankruptcy debtors will now be able to exit reorganization after 5 years as opposed to 12 years; but only after certain conditions are met. The new law will also grant bankruptcy discharges to 300 people in Ireland who have languished in the country's bankruptcy system for more than 12 years. But while some are pleased ...
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  • How Are Joint Bank Accounts Treated During Bankruptcy?

    Posted By admin || 30-Jun-2011

    Joint Bank Accounts and Bankruptcy If a bankruptcy debtor has a joint bank account with someone who is not part of the bankruptcy case, the bankruptcy court may still seize part of the assets in that account. Here's what you need to know: A debtor filing bankruptcy must disclose to the trustee all of their assets, including assets in a joint bank account. Even if the debtor does not have any ...
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  • Chapter 13 Bankruptcy Gives Delinquent Debtor A Second Chance

    Posted By admin || 29-Jun-2011

    In a recent Chapter 13 bankruptcy, the debtor was faced with losing their case after failing to make payments to the creditor and trustee and failing to maintain their real estate property. In the instant motion, Movant seeks relief from stay in order to foreclose. Movant asserts that Debtor's failure to make payments constitutes cause for relief from stay. Movant also asserts that Debtor has ...
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  • Failure To Make Chapter 13 Bankruptcy Payment Ends In Dismissal With Prejudice

    Posted By admin || 29-Jun-2011

    Bankruptcy Failure to Pay In a recent appeal regarding a Chapter 13 bankruptcy case which was dismissed with prejudice, a debtor learned that failure to make timely payments can end in disaster. The debtor in this bankruptcy case was negotiating his bankruptcy repayment plan over the period of three years. During that time he was making "good faith" payments to the mortgage lender with whom he had ...
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  • State's Move To Stop Harrisburg's Bankruptcy Filing Sets A Nasty Precedent

    Posted By admin || 28-Jun-2011

    State legislators in Pennsylvania approved a bill that would prevent the City of Harrisburg from filing bankruptcy if they do not follow the advice of a state appointed task force setup to offer financial guidance to the city. A state-appointed task force coordinator released a report earlier this month saying that Harrisburg should rein in personnel costs, sell or lease assets and outsource trash ...
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  • Consumer Debtors Targeted With Risky "Business Credit Cards"

    Posted By admin || 28-Jun-2011

    Just when consumers thought they were safe from the credit card shenanigans of big banks, a new culprit has found its way into their wallets. Business credit cards, which are being marketed to individual debtors at an alarming rate, are not covered by the Credit CARD Act and by extension these cards can change their terms and conditions giving the debtor no right to opt out and they can also ...
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  • Some Homeowners Waiting Years For Foreclosure To Finalize

    Posted By admin || 27-Jun-2011

    There's a foreclosure backlog and it is huge, so huge that in some states it would take as many as 62 years to process all of the foreclosures on books of banks. In states such as Texas, it is taking as much as 2 years to for a homeowner to go from default to foreclosure eviction and many banks are moving cautiously as the backlash from the robo-signing scandal continues to haunt them. But what ...
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  • Bankruptcy Judge Accuses Lender Of "Raping" Borders

    Posted By admin || 27-Jun-2011

    Borders Group Inc. won a reluctant approval from the bankruptcy court to pay a $1 million fee to extend their bankruptcy loan's expiration date. Bankruptcy Judge Martin Glenn accused the lender of "raping" the bookstore and said that he was very close to denying the transaction. "The reluctance is I think you're getting raped, is the best way I can describe it," Judge Glenn said, according to the ...
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  • Protecting Social Security Income From Creditors

    Posted By admin || 27-Jun-2011

    How to Protect Your Social Security Income From Creditors If you're retired or disabled, then you're probably receiving social security payments. Those payments cannot be garnished by creditors except for the payment of child support, tax debt or debts accumulated due to a social security overpayment/fraud etc. Even if a debtor exited bankruptcy with some secured debt such as a car payment or ...
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  • Why You Must Have Adequate Car Insurance When Filing Bankruptcy

    Posted By admin || 24-Jun-2011

    Car Insurance and Filing Bankruptcy If a debtor is filing bankruptcy and owns a vehicle, they must have insurance on the vehicle whether or not it is fully paid for. Even if the debtor is not driving the vehicle, they will still need to insure it or hand over the keys to the bankruptcy trustee. Why? Let's take a look at the facts: When a debtor files bankruptcy all of their assets become part of ...
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  • Ex-Wife Of Billionaire Files Bankruptcy Despite Large Fortune

    Posted By admin || 24-Jun-2011

    Socialite Patricia Kluge and her current husband filed Chapter 7 bankruptcy last week after losing millions on a vineyard business that lost more money than it made. Even the large divorce settlement with her billionaire ex-husband has not been able to save Kluge's finances. Their grand ambitions to make a world-renowned Virginia wine weren't cheap; according to the Post's extensive profile, Kluge ...
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  • Bankruptcy Debtor Beware Of Automatic Stay Violators

    Posted By admin || 24-Jun-2011

    When a debtor files bankruptcy, the creditors to whom they owe money are supposed to stop trying to collect. But as you may have guessed, that's not always what happens. Sometimes, the creditor in a bankruptcy case takes their chances and attempts to pry some money out of the debtor even after they have filed bankruptcy. Some debtors who don't understand the bankruptcy process or who are so ...
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  • Bankruptcy Avoidance Tactics That Don't Work

    Posted By admin || 23-Jun-2011

    While most debtors want to pay back their debts and not file bankruptcy if they don't have to, there are some common bankruptcy avoidance tactics which simply don't work. Let's take a look at a few: Extreme Frugality. Attempting to nickel and dime yourself to financial health is not a long-term strategy for avoiding bankruptcy. Studies have found that debtors who attempt to engage in long-term ...
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  • The Right To Privacy When Filing Bankruptcy

    Posted By admin || 23-Jun-2011

    Bankruptcy and Your Privacy One of the biggest fears that a debtor has when considering bankruptcy is that their privacy will be violated. Many debtors envision a bankruptcy where the trustee searches through their home looking for valuables that they can auction off for the benefit of creditors. But is this fear really warranted? Let's take a look at the facts: Yes, a bankruptcy trustee does have ...
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  • Bankruptcy Benefits The Average Debtor Far More Than Opponents Will Admit

    Posted By admin || 22-Jun-2011

    The issue of who bankruptcy does and does not benefit has come to the forefront in the past few weeks. With the numbers of debtors filing bankruptcy on the increase, the opponents of bankruptcy have resorted to splitting hairs in their efforts to discourage average debtors from taking advantage of the benefits that bankruptcy can offer. Before, opponents tried to guilt trip debtors into avoiding ...
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  • Creditors' Failure To View Red Flags Not The Fault Of Bankruptcy Debtors

    Posted By admin || 22-Jun-2011

    As we expected at the start of this recession, many creditors are becoming more desperate to challenge debtors' bankruptcy discharge. A matter of fact, some creditors are becoming so desperate that they are presenting nonsensical arguments for denying a debtor's bankruptcy discharge. In the recent Chapter 7 bankruptcy filing of a group of debtors who filed bankruptcy after the collapse of the real ...
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  • How Does The Bankruptcy Court Determine Summary Judgment?

    Posted By admin || 22-Jun-2011

    During a debtor's bankruptcy, they may be faced with one or more creditors bringing forth a claim along with a request for summary judgment. For example, a creditor may ask for permission to repossess a property or to have the automatic stay lifted. If the creditor has evidence that there is no way that the debtor can challenge the facts they are presenting, then the bankruptcy court may grant ...
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  • What Went Wrong In The Allen Family Foods Bankruptcy?

    Posted By admin || 21-Jun-2011

    Right before filing Chapter 11 bankruptcy, Allen Family Foods was on the brink of collapse. The company's major bank, with whom it also held payroll services, called in their loans and left many workers unpaid. The payroll issues arose after the bank where Allen keeps its payroll account, Wilmington Trust, sent Allen a default notice and demanded payment on more than $520,000 in loans in late May, ...
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  • Can I Just Put Anything On My Petition To Get My Bankruptcy Filed In A Hurry?

    Posted By admin || 21-Jun-2011

    So you've waited to the last minute to file your bankruptcy. The creditors have won a judgment against you and it's just a matter of days before they garnish your wages and bank account. If this is true or you are facing some other equally desperate situation, then you're probably in a rush to file bankruptcy. Here's what you should NOT do just because you're in a rush to file your bankruptcy: ...
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  • Is Rapper Young Buck Hiding Income From Bankruptcy Court?

    Posted By admin || 21-Jun-2011

    Young Buck Hiding Income From Bankruptcy Court Rapper Young Buck is facing bankruptcy troubles again. Under the agreement with his bankruptcy trustee, he is to report all performance and appearance fees; but according to the suspicions of the bankruptcy court he may have received fees and failed to report them to the bankruptcy trustee or his bankruptcy attorney. "On or about June 11, the trustee ...
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  • WaMu's Bankruptcy Negotiations Once Again Collapse

    Posted By admin || 20-Jun-2011

    Washington Mutual Inc.'s negotiations on the $7 billion bankruptcy reorganization plan have fallen apart after preferred shareholders successfully opposed a move to give common shareholders a stake in the company after it emerges from bankruptcy. The collapse of the talks means that WaMu will move forward with its sixth version of a reorganization plan that proposes to give nothing to ...
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  • Don't Let Unfiled Taxes Destroy Your Bankruptcy Case

    Posted By admin || 20-Jun-2011

    Considering Bankruptcy and Haven't Filed Taxes? Properly filing your taxes is an important part of making sure that your bankruptcy case goes smoothly. Failure to file taxes can end in the dismissal of your bankruptcy case, not to mention a waste of your time, money and energy. Here's what you need to know: If you have not filed taxes for the past few years, you will not be able to file bankruptcy ...
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  • Can Same Sex Couples File Bankruptcy?

    Posted By admin || 20-Jun-2011

    Same Sex Couples and Bankruptcy In a recent bankruptcy decision in the state of California, a bankruptcy judge ruled that it would not bar same-sex couples from filing bankruptcy. The bankruptcy case involves a same-sex couple who were legally married in California who wanted to file bankruptcy jointly. The bankruptcy trustee moved to dismiss their bankruptcy petition citing the Defense of ...
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  • Borders Forced To Close More Stores, Bankruptcy Liquidation Looms

    Posted By admin || 17-Jun-2011

    Borders, the national bookseller trying to emerge from Chapter 11 bankruptcy protection, is still struggling to find a buyer and is now faced with closing 51 additional stores because it has failed to negotiate an extension with landlords. Thursday's disclosure, made in a bankruptcy court filing in New York, said that Borders had secured lease extensions at 365, or about 90 percent, of its ...
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  • When Does A Bankruptcy Trustee Sue On Behalf Of A Debtor?

    Posted By admin || 17-Jun-2011

    In the Chapter 7 bankruptcy case of Pace Airlines Inc. which is now defunct, the bankruptcy trustee Edwin Allman is requesting that he be allowed to pursue a lawsuit against a tourism company which purportedly owes Pace $1.46 million. Pace filed a breach-of-contract lawsuit shortly before its collapse involving a payment dispute with Southern Sky Air & Tours LLC, doing business as Direct Air. ...
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