BankruptcyQuestionsNationalBankruptcyForum

What is a straw buyer and what are the consequences? Is this an option to consider if I can’t qualify the home I want?

06/30/11

A straw buyer is a fake buyer set up to defraud the mortgage company.  If an individual cannot qualify for a loan for a particular home, due to bad credit or some other reason, it may seem like a solution to ask a relative or friend to purchase the home and pay them.  However, this [...]

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Sbarro in Bankruptcy? Darwin Would Approve

06/30/11

Sbarro in Bankruptcy? DUH. Is anyone really all that surprised that Sbarro’s chain of “Italian quick service restaurants”  filed for chapter 11 bankruptcy protection? Or put another way, has anyone, or anyone that you know, ever willingly eaten at a Sbarro restaurant? Don’t get me wrong, I’m far from a food snob. As a bachelor, [...]

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Loan Redemption Program Lets You Keep Your Car After Bankruptcy and Save Money

06/30/11

In most cases, when you file for bankruptcy, you have very few options when it comes to your vehicle. Normally, you can keep your existing car loan and make the high monthly payments until the loan is paid in full. Or you can give your vehicle to the lender, which leaves you with no way [...]

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How to Protect Yourself From Mortgage Relief Scams

06/30/11

THANKS … to the Federal Trade Commission in Washington, DC, for kindly providing much of the information in this article. The possibility of losing your home to foreclosure can be terrifying. The fact that scam artists are preying on desperate homeowners in financial distress is equally frightening. Many companies say they can change your home [...]

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Obama appeals gay bankruptcy filing, changes his mind on not defending DOMA

06/29/11

Another sign that President Obama is running for re-election is that he now backed away from recent promises to gay rights activists not to defend DOMA the Defense of Marriage Act which reserves marriage for purposes of federal law to one man and one woman. Recently the Bankruptcy Court for the Central District of California [...]

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Credit Card Bankruptcy

06/29/11

It’s no secret that the United States economy has been driven by consumer credit card spending. Credit card companies have spent billions of dollars each year aimed at convincing us to buy on credit. More than a billion credit card offers are mailed out each year in the United States each year. Solicitations often begin [...]

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Seventh Circuit’s Opinion Affirming the Bankruptcy Court’s Denial of River Road Hotel Partners’ Proposed Bid Procedures

06/28/11

The Seventh Circuit Court of Appeals affirmed a decision of Judge Bruce Black of the United States Bankruptcy Court for the Northern District of Illinois in the In re River Road Hotel Partners, LLC et al. chapter 11 cases. The decision which was the subject of the appeal denied approval of the debtors’ proposed bid [...]

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Sbarro Reports $6.3 Million Net Loss for May

06/28/11

On Friday, Sbarro, Inc. and its affiliates filed their consolidated monthly operating report for May 2-29, 2011 with the bankruptcy court. The companies filed pre-arranged chapter 11 cases in the Southern District of New York on April 4, 2011. They operate a chain of over 1,000 “Italian quick service restaurants” and generated over $300 million [...]

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IRT Partners, L.P. and Equity One, Inc. v. Winn-Dixie Stores, Inc.: Opinion Affirming Denial of Motion to Amend Bankruptcy Claims Post-Confirmation

06/28/11

The Eleventh Circuit Court of Appeals affirmed a district court decision (which had, in turn, affirmed a bankruptcy court decision) sustaining the debtors’ (Winn-Dixie Stores, Inc. et al.) objections to the appellants’ (IRT Partners, L.P. and Equity One, Inc.) attempt to amend their claims post-confirmation of the debtors’ plan of reorganization. The claims arose in [...]

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Filing Bankruptcy Without an Attorney

06/28/11

According to the state bar, 40-50% of Arizona bankruptcy filings occur without an attorney (“pro se” in legalese).  Most individuals who file for bankruptcy are at rock bottom, and do not believe they can afford an attorney, or that it will be necessary to a successful outcome of the proceedings. However, the importance of an [...]

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