Bankruptcy Blogs

Face It, Bankers: You're Not Apple

10/06/11

For the vast majority of Americans, the role of the bank is to be there when the customer wants it to be there. Like the water company. Like the electric company.

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Sagamore Hotel Checks Into Chapter 11

10/06/11
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The Florida owner of Miami Beach’s boutique Sagamore Hotel, which has hosted the Playboy Super Bowl p

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Steve Jobs and Bankruptcy

10/06/11
Tech visionary Steve Jobs died yesterday. One of many items being circulated about him is a commencement address he gave at Stanford in 2005. I have copied it in its entirety below. However, I wanted to focus on one passage which speaks to what we do as bankruptcy lawyers. Here, Jobs talks about being fired from Apple, the company he had founded, at age 30:
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Steve Jobs and Bankruptcy

10/06/11
Tech visionary Steve Jobs died yesterday. One of many items being circulated about him is a commencement address he gave at Stanford in 2005. I have copied it in its entirety below. However, I wanted to focus on one passage which speaks to what we do as bankruptcy lawyers. Here, Jobs talks about being fired from Apple, the company he had founded, at age 30:
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Keeping Your Belongings in Bankruptcy

10/06/11

A common misunderstanding when a person files for bankruptcy is that they lose all their belongings. This is not true. A person filing bankruptcy is entitled to keep their belongings that are necessary for everyday living. This can include furniture, clothing, appliances, a car and other property. What belongings, or property, a person is entitled [...]

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Means Test Deductions Do Not Include Mortgage Payments For Surrendered Property

10/06/11

The Chapter 7  means test permits debtors to deduct from income the amounts of the debtor’s monthly mortgage payments. Many people who are walking away  from upside down mortgaged property file bankruptcy because they want to wipe out liability for a mortgage deficiency claim. The debtor would properly state on his bankruptcy petition his intent to surrender the upside down property.

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The Daily Docket: Judge Inclined to Reject Dodgers Probe Request

10/06/11

A bankruptcy judge Wednesday said he is inclined to turn down a bid by the Los Angeles Dodgers to probe Major League Baseball’s dealings with other MLB members for proof Commissioner Bud Selig is treating the ball club unfairly. Read the Daily Bankruptcy Review article here.

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Of Course You Can Qualify for a Mortgage After Bankruptcy, FHA Says

10/06/11

One of the things that troubles those considering filing personal bankruptcy is the fear that it might be impossible to qualify for a home mortgage after a chapter 7 or 13 case.  Indeed, it would be a cruel irony if a bankruptcy filing freed you at last from a heavy debt burden, enabling you to finally [...]

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