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Bank of America To Pay $108 Million To Borrowers

Bank of America just agreed to a settlement with the Federal Trade Commission that will require the mortgage company to pay $108 million to 200,000 borrowers who were charged outrages fees by Countrywide Financial Corp. (now owned by Bank of America) while facing foreclosure. Countrywide hit the borrowers who were behind on their mortgages with [...]

By |2018-11-16T23:08:36-05:00June 28th, 2010|Lawsuits|Comments Off on Bank of America To Pay $108 Million To Borrowers

Furniture Factory Warehouse Files Chapter 11 Bankruptcy – Customers Empty Handed

Home furnishings retailer Furniture Factory Warehouse, which operates 12 stores in South Texas, has filed for Chapter 11 Bankruptcy protection due to unfavorable financial conditions and a consistent decline in furniture sales. The retailer has closed all of its stores and distribution facilities pending the bankruptcy court's approval of Furniture Factory Warehouse's "Bankruptcy Going Out [...]

By |2018-11-15T22:42:44-05:00June 16th, 2010|Bankruptcy, Chapter 11 Bankruptcy, Economy, Lawsuits, Managing Your Finances|Comments Off on Furniture Factory Warehouse Files Chapter 11 Bankruptcy – Customers Empty Handed

Texas Rangers Bankruptcy Judge: “This is like one of those baseball movies…”

If you thought the Texas Rangers bankruptcy drama had ended, it seems that it is just getting started.  Most recently bankruptcy judge Michael Lynn quipped that "This is like one of those baseball movies where the players get stranded," after convincing Chase to keep the baseball team's credit card active while they played in Kansas [...]

By |2018-11-16T22:44:04-05:00June 15th, 2010|Bankruptcy, Chapter 11 Bankruptcy, Economy, Lawsuits|Comments Off on Texas Rangers Bankruptcy Judge: “This is like one of those baseball movies…”

Icahn And Beal Bank Fight Bankruptcy Ruling On Trump Casinos

Carl Icahn and Dallas-based Beal Bank have appealed a bankruptcy court ruling that would give ownership of the casinos to Donald Trump, his daughter, Ivanka Trump, and company bondholders. Icahn and the bank claim the bankruptcy court made several mistakes in ruling against them. The Trumps and the bondholders, led by New York-based Avenue Capital [...]

By |2018-11-16T00:03:06-05:00June 14th, 2010|Bankruptcy, Economy, Lawsuits|Comments Off on Icahn And Beal Bank Fight Bankruptcy Ruling On Trump Casinos

Three Reasons Why Creditors Challenge A Debtor’s Bankruptcy

 When Creditors Challenge A Bankruptcy Filing While it doesn't happen often, sometimes a creditor may challenge a debtor's Chapter 7 bankruptcy or Chapter 13 bankruptcy filing. Reasons a Creditor Might Challenge a Bankruptcy Filing Below are some of the most common reasons a creditor might challenge a bankruptcy filing: The creditor has noticed that the [...]

By |2018-11-07T21:14:59-05:00June 12th, 2010|Bankruptcy, Debt Collectors, Lawsuits, Managing Your Finances|Comments Off on Three Reasons Why Creditors Challenge A Debtor’s Bankruptcy

What Businesses And Consumers Need To Know About The Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act only governs certain types of debt and does not protect businesses who owe business debt. Debt requirements that must be met: The debt must be a consumer debt which was incurred for personal, household or family reasons.  For example, if you have a credit card and used it to [...]

By |2018-11-12T22:38:45-05:00June 11th, 2010|Bankruptcy, Debt Collectors, Lawsuits, Managing Your Finances|Comments Off on What Businesses And Consumers Need To Know About The Fair Debt Collection Practices Act

Four Things You Shouldn’t Do Before Filing Bankruptcy

Many debtors ask about what they should do before filing bankruptcy; but what about the things that debtors shouldn't do before filing bankruptcy? Things debtors should avoid before filing bankruptcy: Don't raid your retirement account in an attempt to repay debtors if you are considering bankruptcy.  A matter of fact, don't raid your retirement account [...]

By |2018-11-13T19:36:39-05:00June 8th, 2010|Bankruptcy, Lawsuits, Managing Your Finances, Retirement|Comments Off on Four Things You Shouldn’t Do Before Filing Bankruptcy

Examiner Will Not Be Appointed To WAMU Bankruptcy Case

Bankruptcy Judge Mary Walrath ruled recently that the Washington Mutual Inc. bankruptcy will not be subjected to an investigation by an independently appointed examiner. Shareholders had requested that the bankruptcy court allow an independent examiner to investigate Washington Mutual to determine the value of outstanding legal claims against the bank.  But bankruptcy judge Mary Walrath [...]

By |2018-11-16T18:49:49-05:00June 6th, 2010|Bankruptcy, Economy, Lawsuits|Comments Off on Examiner Will Not Be Appointed To WAMU Bankruptcy Case

Private Student Loans, Bankruptcy And You

Private student loans are a hot topic right now in the news and in the legislature.  Currently, some lawmakers and consumer advocate groups are fighting to make private student loans dischargeable in bankruptcy like other unsecured consumer debt such as credit cards; but there is a lot of resistance.  Right now private student loans, which [...]

By |2018-11-13T21:39:13-05:00June 6th, 2010|Bankruptcy, Lawsuits, Managing Your Finances, Student Loans|Comments Off on Private Student Loans, Bankruptcy And You

Chapter 13 Bankruptcy’s Secured Debt Ceiling Determined By Collateral’s Value

In the Chapter 13 bankruptcy case of Brammer, William H. Jr. and Heili K.; In re, the bankruptcy court ruled against a bankruptcy trustee who wanted to have the debtors' case dismissed because their secured debt was above Chapter 13 bankruptcy's debt ceiling. The details of the bankruptcy case: The Chapter 13 debtors disclosed no [...]

By |2018-11-13T23:51:32-05:00June 5th, 2010|Bankruptcy, Chapter 13 Bankruptcy, Lawsuits, Loans / Mortgages|Comments Off on Chapter 13 Bankruptcy’s Secured Debt Ceiling Determined By Collateral’s Value