If you are considering filing a Chapter 7 or Chapter 13 bankruptcy, it is important to understand how your debt will be treated in your case. Bankruptcy law provides certain classifications for the different types of debt, and each class of debt is required to be treated similarly. Below is a summary of each type...Read More
Lockheed Martin, the defense contractor based in Bethesda, Maryland, announced recently that it is freezing pension benefits that will impact nearly 48,000 salaried employees over a period of four years. Lockheed Martin Lockheed had closed its pension plan to new employees in 2006. It intends to replace the defined-benefit plan with an enhanced 401k. Under...Read More
If you are past due on your taxes, you are likely wondering if you can discharge the debt in your bankruptcy. It is important to have a seasoned bankruptcy attorney review your taxes and help you understand what is dischargeable because some taxes can be eliminated while others cannot. What happens if I do not...Read More
If you are considering filing an individual Chapter 7 or Chapter 13 case, it is important to understand all of the pros and cons associated with bankruptcy. How will my credit score be impacted by bankruptcy? One of the primary concerns debtors have is how it will impact their credit score. The answer differs for...Read More
Our nation is facing an overwhelming amount of student loan debt – estimated to be approximately $1 trillion – and it is having a serious impact on the economy. While several markets are being affected, the housing market is feeling it the most. Recent college graduates, formerly one of the largest sources of new home...Read More
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...Read More
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...Read More
Even in Dundee, Scotland, people turn to bankruptcy for a financial fresh start. Scottish debtors have the option of liquidation or a repayment trust, the equivalent of a Chapter 7 and Chapter 13 bankruptcy. As of April 2014 78 people, including noted soccer player Craig Beattie, have declared bankruptcy in Dundee. The debtors cover a...Read More
The bankruptcy laws have changed several times in the last forty years, most notably in 1978 and again in 2005. Both times, the changes were mostly pro-creditor. Bankruptcy Reform Will the law be changed again anytime soon? 1978 For its first one hundred years, the United States basically had no federal bankruptcy law. Individual jurisdictions...Read More
It is very common, especially in the case of a delinquent credit card debt, for the original creditor or a subsequent debt-buyer to obtain a default judgment against the debtor. Most of the time, the address the creditor had on file was old and outdated, so many times the debtor has no idea that there...Read More
