Bankruptcy Blogs

Military Heroes Deserve Better from the Mortgage Industry

07/28/11

If banks can track borrowers' interest rates and terms, how hard can it be for them to track which borrowers are serving in the military?

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The Importance of Credit Counseling – Congress Are You Listening?

07/28/11

As I write this blog, there is still no deal on the Debt Ceiling.  Quite frankly, I was trying to understand exactly how our Government’s accounting system works, and I will say that I am absolutely unable to understand how running a deficit each year is a good thing.  There must be a secret training [...]

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Hunter Tylo, star of the Bold and the Beautiful, files suspicious bankruptcy schedules.

07/28/11

Although her home appears to be in Sherman Oaks, California, the petition states that she has at least had a residence in Nevada for 91 days or more.  Her bankruptcy attorney should get a gold medal for only charging a celebrity $2,500 for a Chapter 7 bankruptcy case. What is more intresting and down right [...]

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The Scan for Thursday, July 28

07/28/11

Receiving Wide Coverage ... To Downgrade or Not to Downgrade... At a hearing on Capitol Hill the president of Standard & Poor's, Deven Sharma said that some newspapers have misreported his company's position on the U.S. debt crisis as having set a $4 trillion deficit reduction target in order for the country to preserve its triple-A credit rating. He said that some of the plans being considered that would reduce the U.S deficit by less than...

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Must Disclose All Vehicles According To Aurora Bankruptcy Lawyer

07/28/11

We must account for vehicles within a bankruptcy case.  We need to know what it’s worth and what is owe.  There lies the equity. You’re going to have people who come in and they’ve got a paid off Harley-Davidson motorcycle worth $20,000 and they’ve got all this credit card debt and they want to get [...]

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The Daily Docket: Lehman Inks Loan-Portfolio Deal

07/28/11

Lehman Brothers Holdings Inc. struck a deal with WCAS Fraser Sullivan Investment Management LLC that will allow the failed investment bank to turn its $5.3 billion commercial-loan portfolio into cash. Read the Daily Bankruptcy Review story here.

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Our D-Word: Ecuador, Not Greece

07/27/11

In the inane and insane case the United States does skip a debt payment, please let us skip the comparisons to Greece. Greece is really out of money and probably should have bitten the D-bullet (restructured, re-profiled, whatever) some time ago. We are not out of money, yet might default anyway--which makes us surreally more like Ecuador circa 2008.  Like

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What is My “Current Monthly Income” and How Does it Affect My Filing of Bankruptcy?

07/27/11

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a [...]

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Real Estate Often Protected In current Market Says Braidwood Bankruptcy Attorney

07/27/11

Decline in Real Estate Values Impacts Trustee Behavior The biggest asset that most people have is real estate. Believe me, this used to be more of a problem because real estate used to always go up in value. So, if there was any option for the trustee to try and grab onto something, they would [...]

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