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Blog Posts in May, 2011

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  • Bankruptcy Court Rules Forced Sale Does Not Constitute Homestead Abandonment

    Posted By admin || 31-May-2011

    In a recent Chapter 13 bankruptcy case, the debtors faced a challenge to their homestead exemption by the bankruptcy trustee because they sold part of their homestead and did not reinvest the proceeds within six months. The debtors in this bankruptcy case were in a situation where their home was damaged by Hurricane Ike. The city deemed the house a safety hazard and demanded that the debtors ...
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  • Payday Loan Law Passed In Texas

    Posted By admin || 31-May-2011

    Texas legislators in House of Representatives passed a measure recently requiring that payday loan and auto title lenders disclose to customers information about their interest rates and fees upfront. Other legislation required lenders to discuss with customers other ways they could get credit and how those credit avenues compare to payday loans or auto title loans is still up for debate and ...
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  • How To Save Your Business With Chapter 11 Bankruptcy

    Posted By admin || 31-May-2011

    Chapter 11 bankruptcy is one of the most common ways that businesses, small and large, shed debt and save themselves from collapse when facing financially troubled times. Below are a few ways that Chapter 11 bankruptcy works to save businesses from shutting their doors because of debt. Chapter 11 bankruptcy allows the debtor company to handle their own financial affairs without the intervention of ...
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  • When Filing Bankruptcy A Second Time Makes Sense

    Posted By admin || 30-May-2011

    Filing Bankruptcy for the Second Time Most Americans will face a serious financial crisis at least once every ten years. When they're not prepared for the crisis or their emergency exceeds their resources, they consider bankruptcy relief. But what happens when a debtor who has already filed bankruptcy once is faced with a financial crisis? Well, despite popular myths, a debtor can file bankruptcy ...
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  • What Happens When A Creditor Challenges A Bankruptcy Discharge?

    Posted By admin || 30-May-2011

    When the Creditor Challenges the Bankruptcy Discharge Sometimes when a debtor attempts to discharge certain debts in bankruptcy, the creditor will challenge the bankruptcy discharge. The creditor is allowed to file what's called an Adversary Proceeding so that they can plead the case of why the debtor should not be allowed to discharge a certain debt in bankruptcy. A creditor is only allowed to ...
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  • Post-Bankruptcy Survival: Beware Of Mandatory Arbitration Clauses

    Posted By admin || 30-May-2011

    What Are Mandatory Arbitration Clauses? More credit card companies and other lenders are adding mandatory arbitration clauses to their contracts and agreements with debtors. A mandatory arbitration clause basically says that both parties are prohibited from seeking judicial relief if a conflict arises and all disputes must be decided in arbitration. Sounds fair? Well it may sound fair if you're a ...
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  • It Was Bankruptcy That Ultimately Saved Chrysler

    Posted By admin || 27-May-2011

    If you've been watching the news and reading blogs lately, then you probably know that Chrysler, the President and legislators who supported the massive 2008 and 2009 bailouts of automakers, are all congratulating themselves on the repayment of loans made to Chrysler after 2009. But according to at least one blogger, those paybacks are not for the bailouts nor are they putting taxpayers in the ...
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  • Tax Debt Interest Cannot Be "Crammed Down" In Bankruptcy

    Posted By admin || 27-May-2011

    In a recent Chapter 13 bankruptcy case, the bankruptcy court was faced with the issue of how to apply interest on tax debt in a repayment plan. As stated in the Trustee's original motion filed in each case to modify the subject claims, Debtors' respective proposed Chapter 13 plans and their Orders of Confirmation provided for payment of Creditors' claims without interest. Creditors' proofs of ...
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  • Post-Bankruptcy Survival: Protecting Yourself From Zombie Debt

    Posted By admin || 27-May-2011

    Facing zombie debt is similar to being caught on one of the "Night Of The Living Dead" movies except that instead of your life, your financial health is at risk. What is zombie debt? Zombie debt is debt which is dead, uncollectible, discharged or even paid off that simply won't go away. Zombie debt and its collectors can be particularly aggressive and persistent because they know that some debtors ...
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  • Jackson Hewitt Tax Service Files Bankruptcy, More To Come?

    Posted By admin || 26-May-2011

    Jackson Hewitt Tax Service Inc. filed for Chapter 11 bankruptcy, reportedly holding a prepackaged bankruptcy deal with secured lenders that will allow the tax-preparation company to exit bankruptcy protection within 60 days. The filing comes after U.S. regulators moved to curb the loans that tax preparers arrange for customers expecting refunds. Jackson Hewitt listed as much as $500 million in ...
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  • Not Hiring Because Of Bankruptcy Past, A Decision Based On Flawed Assumptions

    Posted By admin || 26-May-2011

    A recent court decision allowing private companies to deny employment solely because of a past bankruptcy filing is a step in the wrong direction. In the bankruptcy discrimination lawsuit, Eric Myers alleged that TooJay's had discriminated against him because of his bankruptcy by refusing to hire him, and alternatively, by firing him after being hired. According to the lawsuit, Myers interviewed ...
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  • How Does A Bankruptcy Case Come To A Close?

    Posted By admin || 26-May-2011

    When a Bankruptcy Case Ends Basically, a bankruptcy case comes to a close, either by a dismissal or a discharge; however, there are other ways that a bankruptcy case can close. Let's take a look at how bankruptcy cases generally end: The most common and most desirable way for a bankruptcy case to end is by a discharge. In a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, a discharge means that ...
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  • How To Pay Just $1 Million of $55 Million Owed By Filing Bankruptcy

    Posted By admin || 25-May-2011

    Summit Business Media Holding Co. is another great example of using Chapter 11 bankruptcy protection as a tool to adjust to a rapidly changing industry and rising debts. The company is exiting bankruptcy after cutting $140 million in debt from its balance sheet and paying unsecured creditors only a fraction of what they were owed. How did they do it? Let's take a look: This publisher recognized ...
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  • Bankruptcy Scholars Challenge Judge's Flawed Assumptions

    Posted By admin || 25-May-2011

    A group of bankruptcy scholars have rallied together to challenge a recent ruling by a U.S. District Court judge which reversed a bankruptcy trustee's decision that the homebuilder Tousa engaged in a fraudulent transfer which needed to be voided. At issue are a series of transactions through which Tousa borrowed $500 million to fund a $420 million settlement. Its subsidiaries granted liens to ...
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  • Why Chapter 13 Bankruptcy Is Sometimes The Best Choice

    Posted By admin || 25-May-2011

    Most debtors considering bankruptcy prefer a Chapter 7 bankruptcy so that they can discharge unsecured debt and quickly conclude their case. However, sometimes filing a Chapter 13 bankruptcy yields results not possible in a Chapter 7 bankruptcy. Let's take a look at some of the benefits of filing Chapter 13 bankruptcy: Chapter 13 bankruptcy allows debtors more flexibility than Chapter 7 ...
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  • How Do Bankruptcy Exemptions Work?

    Posted By admin || 24-May-2011

    How Bankruptcy Exemptions Work When a debtor files Chapter 7 bankruptcy they are allowed a certain amount of exemptions in their case. An exemption is the dollar amount of equity or value a debtor is allowed to protect from creditors and the bankruptcy trustee. Below are a few examples of how bankruptcy exemptions work: 1. A debtor who has a vehicle worth $50,000 may have an exemption available to ...
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  • Fifty Percent Of Americans Facing Foreclosure Continue Paying Credit Cards

    Posted By admin || 24-May-2011

    TransUnion statistics on indebtedness in America has revealed that 50 percent of homeowners facing foreclosure continue to pay their credit card bills on time. One homeowner facing foreclosure explained this phenomenon and the reasoning behind the choice to pay credit card debt while allowing a home to go into foreclosure. Jeff Horton of Orlando stopped paying the mortgage on his home 19 months ...
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  • Post-Bankruptcy Survival: Banks Nickel And Dime Customers

    Posted By admin || 24-May-2011

    As banks begin to feel the pinch due to credit card fee restrictions implemented by the Credit CARDAct, many financial institutions have begun to nickel and dime existing and new banking customers. For debtors exiting bankruptcy the new fee-heavy bank policies can be financially painful. Below are a few tips on how post-bankruptcy debtors can avoid being nickel and dimed at their bank: 1. ...
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  • Borders Seeks Bankruptcy Court Approval To Terminate Café Contract

    Posted By admin || 23-May-2011

    The Borders' bookstore bankruptcy drama continues to unfold, this time revolving around the company's desire to terminate its licensing agreement with Seattle's Best. Borders Group Inc. is set to seek bankruptcy-court permission to terminate its licensing agreement with the Starbucks Corp. brand, a move that would remove the Seattle's Best name from cafés at Borders' s417 remaining locations ...
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  • Four Reasons Why 1 In 8 Americans Have Considered Bankruptcy

    Posted By admin || 23-May-2011

    In 2010 1.5 million Americans filed for personal bankruptcy and many more considered their bankruptcy options even if they didn't file eventually. But why are so many Americans considering bankruptcy? Here are a few reasons why: 1. While the corporations are making more money as the economy tries to recover, many ordinaryAmericans aren't seeing the difference in their paychecks. The rise in ...
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  • Clearwire Says Bankruptcy Is An Option

    Posted By admin || 20-May-2011

    Clearwire's Chairman and interim chief executive officer of Clearwire, John Santon, has announced that bankruptcy is an option for the high speed internet provider which has fallen short on capital and is in the process of retrenching. However, Santon is seriously mistaken in the way he describes the bankruptcy option available to his company. "Bankruptcy is always an ugly option," he said. "That ...
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  • Could New Rules Mean The End Of Mortgage Modification Madness?

    Posted By admin || 20-May-2011

    The Treasury Department has just announced a set of new rules for the twenty largest servicers participating in any type of mortgage modification program including HAMP, the Home Affordable Foreclosure Alternatives Program, and even the private modification programs. Mortgage servicers must now offer a single point of contact for new mortgage modification candidates and for those already in the ...
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  • Bridging The Gap Between Employees And Management In Bankruptcy

    Posted By admin || 20-May-2011

    One of the most difficult aspects of Chapter 11 bankruptcy is renegotiating employee and retirement agreements which may be draining an already financially struggling company. Employee compensation and retirement agreements are an emotional issue in Chapter 11 bankruptcy cases, especially in the arts. The recent bankruptcy filing of the Philadelphia Orchestra demonstrates just how emotional ...
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  • What Happens If My Chapter 13 Bankruptcy Plan Is Not Approved?

    Posted By admin || 19-May-2011

    In the recent Chapter 13 bankruptcy case in Texas, a debtor's plan was not approved by the trustee. Because of this, a dispute took place over the distribution of the debtor's assets held by the bankruptcy estate and secured creditors. Prior to dismissal of the Debtor's Chapter 13 case, ASC-as servicing agent for Wells Fargo-received $46,800.00 in payments from the Chapter 13 Trustee. [Finding of ...
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  • Motion For Relief Denied Due To Possible Harm To Creditors

    Posted By admin || 18-May-2011

    In a recent Chapter 11 bankruptcy of a business, the debtor was challenged by a creditor who claimed that the debtor/company was illegally using their brand to do business. The debtor, who had purchased a franchise license, was sued after they allegedly violated a non-compete agreement. The creditor/ franchisor in this bankruptcy case claims that the debtor is doing irreparable harm to its ...
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