bankruptcy
Chicago city officials corrupt impounding of cars from bankruptcy filers
The 7th US Circuit Court of Appeals ruled against Chicago city official’s practice of keeping impounded cars from debtors after they’ve filed for bankruptcy. A report from ProPublica in Illinois helped discover that thousands of debtors, mostly black and low-income, were forced into a Chapter 13 bankruptcy filing. Most of the debt the judges discovered,…
Read MoreJudges 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…
Read MoreDo 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…
Read MoreNew Jersey Higher Education Student Assistance Authority ruled for a partial discharge
Last week, Hon. John Sherwood ruled a partial discharge for debtor Sarah Hunter against NJ HESSA (New Jersey Higher Education Student Assistance Authority). NJ HESSA says they are a “state agency” on their website but they are not run by the state of New Jersey. The loan company is privately owned, receiving their $1.9 billion…
Read MoreToys 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…
Read MorePresident 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.…
Read MoreSupreme 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…
Read MoreBig 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…
Read More50 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…
Read MoreRecording 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…
Read MoreWhat 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…
Read MoreObama Finds No Easy Way to Buoy US Homeowners Deep Underwater
Though there has been a large drop in underwater homeowners, there is still a considerable percent left under. This article discusses the interesting points on whether these homeowners can be helped, or if they are beyond saving; if they should just try to sell the house or try to resurface and make the payments. There…
Read MorePayments for Banks Foreclosure Errors Could Be as Little as $500 Dollars
I guess none of us should be that suprised that after all of the outrage and undeniable fraud commited on the courts, country and us as citizens, the banks are basically getting a slight slap on the wrist. The Huffington Post, comments on the payments as written by Alexander Eichler: The Huffington Post | By…
Read MoreJudgement 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…
Read MoreDebtor’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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