In the Internet era, when bankruptcy forms are available online for free or for very little, many people question the wisdom of hiring a professional for what seems to be a do-it-yourself project. Others may look to a bankruptcy petition preparer to save money. But there are some very compelling reasons for hiring an experienced […]
A Home Equity Line of Credit is a secured loan that acts like an unsecured credit card. Many people took out these “second mortgages” on their homes as a way to convert the home equity into cash while staying in the residence. What happens to your HELOC mainly depends on the Chapter you file. HELOC […]
Even if you made all the payments on time, a lender may be able to call the note (demand payment in full) or even declare a student loan to be in default, thanks to an obscure clause in most loan paperwork. The “auto-default” clause applies if the private student loan had a co-signer, which is […]
According to a published report, the number of delinquent mortgages decreased by 16% between February and March 2014 to reach their lowest level since October 2007. In a related report, Black Knight Financial claims that only 10 percent of homeowners are underwater on their loans, as compared with 34 percent in 2010. The financial analysts […]
Claiming that they are owed more than $60 million, some of its creditors have forced a long-term acute-care hospital into bankruptcy. Specialty Hospital’s debt consists of corporate debt, unpaid taxes, unpaid utility bills and a pending Medicaid fraud claim. The hospitals landlord, Capitol Hill Group, along with CroppMetcalfe and JFW Services, filed the action in […]
What was exempt before you inherited it may not be after, according to a recent Supreme Court case. Clark et ux v. Rameker et al centered around the Chapter 7 Bankruptcy of Heidi Hefron-Clark and her husband, Brandon. In 2001, the Clarks inherited a $450,000 IRA from her mother. When the couple later filed bankruptcy […]
General Motors is trying to use its Chapter 11 Bankruptcy as a shield against liability lawsuits stemming from faulty ignition switches. The automaker claims that it emerged from bankruptcy as “the new GM” and as a different corporate entity. According to a court filing in New York, the new GM’s recall of the ignition switches […]
A former billionaire is now being sued by creditors and may be facing bankruptcy. Industrialist Xiaofeng Peng was one of the richest men in China as recently as 2008. His company, LDK Solar, took on massive debt to begin producing polysilicon. But construction took longer than expected and costs were higher than anticipated. By the […]
The number of bankruptcy filings is still trending downward, but the decrease seems to have leveled off. The numbers are down overall, and have been down since 2012, but March 2014 filings were 18 percent higher than February 2014 filings. Observers cited declining interest rates, household deleveraging and high filing and legal fees as reasons […]
Bankruptcy hurts your credit score. Your credit score is how lender’s determine whether you are going to be a good customer or not, and bankruptcy means many of your creditors did not get what you agreed to pay them. Rules for borrowing money after filing bankruptcy Many people believe that they are not allowed to […]
