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bankruptcy

Judges Considering Student Loan Bankruptcy

More bankruptcy judges are realizing that student loan debt decisions must be made in favor of the debtor. Student loan debt is the second highest consumer debt in America, but it is the hardest to reduce in court. The average student loan debt for a Bachelor’s degree is over $37,000 and does not include the debt adults accumulate…

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Do Medical Bills Correlate with Bankruptcy Filings?

Elizabeth Warren, along with David Himmelstein, Deborah Thorne and Steffie Woolhandler, continue to face controversy over their paper published in the journal Health Affairs in 2005 and updated in 2009. This paper, based on surveys and testimonies from 1,800 Americans, estimated that 62% of bankruptcy cases are caused by medical bills. Warren’s paper opened a…

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Toys R Us – Bankruptcy on the horizon?

Over 50% of Americans shop online or at discount stores such as Wal-Mart. Could this be a reason why Toys ‘R’ Us is preparing for bankruptcy? Toys ‘R’ Us is $5 billion dollars in debt. They are currently working on a loan to fund its potential bankruptcy. This is assumed to come before the holiday…

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President Trump on Mortgages

BIG tax cuts! That is the anthem of Trump’s mortgage plan for affordable housing. His appointed Secretary of Treasury Steven Mnuchin announced a cap on mortgage interest deductions that will overall benefit the wealthy more than the intended middle class. Ironically, this plan will cost the United States $96 million, paid for by foregone taxes.…

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Supreme Court and Bankruptcy News

The Supreme Court faces a decision that could change Chapter 11 bankruptcy indefinitely.  In 2006, the Jevic Transportation Company was buyed out for $77.4 million by the private equity firm Sun Capital Partners.  Two years later, Jevic had to file for Chapter 11 bankruptcy because of too much debt. The bankruptcy put 1,785 drivers and…

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Big Update – State Of NY Denies The Right To Foreclose

On April 28, 2016 Judge Lizabeth Gonzalez of the State of New York, denied Wells Fargo the right to foreclose against home owner Wakelyn Phillips. The denial basically means that the bank cannot demand payments from the homeowners for the mortgage. The judge made this decision based on a simple and basic premise that to…

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50 Cent and Bankruptcy

Award winning American rapper, singer, entrepreneur, investor and actor Curtis James Jackson III A.K.A. 50 Cent filed for chapter 11 bankruptcy. 50 Cent noted that he filed for bankruptcy as a means of reorganizing his finances.      Chapter 11 is a  repayment and restructuring of debt. If a person meets the income requirement to file for chapter…

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Recording Debt Collector Phone Calls

Debt collectors may violate the FDCPA by either harassing or threatening creditors. Before contacting an attorney to help, steps to take to defend against violations and build a case against the abusive debt collector are: first, record the phone calls. The safest and most advantageous way to record the collector’s phone calls is by making note…

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What Happens After You Surrender Your House In Bankruptcy

You have finally come to the decision that you are willing to surrender your house.  This decision did not come easily.  You probably spent years dreaming about your house, years paying for your house, possibly years going through a failed loan modification process and finally decided to file bankruptcy.  If you decided to surrender your…

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Judgement against Eichenbaum & Stylianou LLC

Eichenbaum and Stylianou LLC is a large debt collector’s firm in New Jersey. Judge Novalyn Winfield found that they violated our client’s bankruptcy protection under 11 U.S.C 362 ( Bankruptcy Case 11-36472; Adversary 11-02539) The bankruptcy law provides that once a client files for Bankruptcy protection all attempts to collect a debt must end. Specifically…

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Debtor’s jail making a comeback

Debtor’s prison’s are from the stories of Charles Dickens and old England and have been abolished in this County since 1830. Unfortunately, they are making a come back. Our national obsession with imprisoning people for relatively petty and non violent offenses amount to a modern-day form of debtor’s prison. Most arrests are for not appearing…

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The New Poverty Level

Supplemental Poverty Measure: 49.1 Million Americans Poor “In March of last year, the U.S. Census Bureau announced that it would develop an alternative way to measure poverty. The Supplemental Poverty Measure, which was released in November, is an attempt to update the current federal poverty measure that, it is generally agreed, is outdated and therefore…

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