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The confirmation order entered in every Oregon Chapter 13 Bankruptcy requires you to report to the Trustee if your actual or projected gross income increases by ten percent. The income figures included in Schedule I of your Bankruptcy Schedules filed with the Oregon Bankruptcy Court before confirmation serves as the baseline for determining whether there has been a ten percent increase. If  ten percent increase arises after confirmation, you should contact your attorney to review all of your income and expenses and file amended schedules to reflect the changes. Just because your income has increased by over ten percent doesn’t always mean that there needs to be an accompanying ten percent increase in your plan payment. For most of us, increases in income are almost always accompanied by the necessity to start really paying what we need to be paying for household living expenses or get the car that we have been putting off.   The original post is titled My Income Has Gone Up in My Oregon Chapter 13 Bankruptcy , and it came from Portland Bankruptcy Attorney | Northwest Debt Relief .

Read More from: Oregon Bankruptcy Lawyer

21 hours 16 min ago
In this Dec. 3, 2014 file, photo, Kanye Wests attend the premiere of “Top Five” at the Ziegfeld Theatre in New York.
Evan Agostini/Invision/Associated Press
Online streetwear retailer Karmaloop Inc., which was sold to one of its creditors Thursday, drew interest from a number of celebrities—including Kanye West, according to people familiar with the sale process. “We were doing our best to avoid being starstruck,” said Michael O’Hara, Karmaloop’s investment banker. Entertainment moguls, well-known athletes and at least 50 other prospective purchasers held meetings with Karmaloop’s professionals during a months-long effort to find a buyer for the bankrupt company. “They ranged from your traditional private equity firms all the way through to Kanye West,” said Brian Davies, Karmaloop’s chief restructuring officer. Mr. Davies said Karmaloop’s core demographic, those between the ages of 18 and 35, was particularly attractive to many of the sports stars and other celebrities. “For a lot of these athletes and a lot of these stars, that was the demographic they are looking at,” he said. Both Mr. O’Hara and Mr. Davies said Karmaloop may still partner with a celebrity, which could add significant value to the company’s business.

Read More from: WSJ.com: Bankruptcy Beat

21 hours 55 min ago
Frederick’s of Hollywood’s routine bankruptcy reports list pages of vintage or famous underwear, including s corset Madonna wore onstage in the 1980s, among its assets. In this photo, Madonna performs at the Grammys on Feb. 8 in Los Angeles.
John Shearer/Associated Press
A black sheer T-shirt from Fabio’s personal collection, a cream lace bustier worn by Marilyn Monroe, the army-green boxers Tom Hanks wore in “Forrest Gump,” Milton Berle’s pink sequin and chiffon, ostrich-trimmed dressing gown from the 1950s—the list goes on. Frederick’s of Hollywood’s routine bankruptcy reports list pages of vintage or famous underwear, value “unknown,” among its assets.  Some of the stuff was worn in movies or on stage, some was designed by celebrities for charity, some is signed and some is from “personal collections.”

Read More from: WSJ.com: Bankruptcy Beat

23 hours 5 min ago
Series: Crowdfunding 2015 What role does an intermediary play in crowdfunding? The “Crowdfunding from the Intermediary’s Perspective” webinar features three top experts in the crowdfunding space who will discuss what an intermediary will provide that could play a crucial role in how a crowdfunding deal plays out. From due diligence to vetting deals, investors often have their hands full when looking at crowdfunding investing. Read more here.
23 hours 17 min ago
This week on The Broke and the Beautiful, another member of English boy band Blue filed for bankruptcy, and a judge called for the arrest of Girls Gone Wild founder Joe Francis.
Simon Webbe, Ducan James, Antony Costa and Lee Ryan of British group Blue Duesseldorf, Germany, in May 2011. Lee Ryan was the final member of the band to file for bankruptcy.
EPA/Joerg Carstensen

Read More from: WSJ.com: Bankruptcy Beat

1 day 12 min ago
Outrage is the usual reaction when a former spouse who owes you child support or alimony files bankruptcy. It reinforces all those less-than-flattering thoughts you harbor about your ex. But maybe that’s not the right reaction for two reasons.  One is old:  support debts can’t be wiped out in bankruptcy. The second reason is new:  failure to pay support is grounds for dismissal of a bankruptcy case. You may have levers that weren’t available to you before. Unpaid support dooms reorganization Chapter 11 and Chapter 13 are reorganization chapters of bankruptcy.  The person filing for relief stays in possession of their assets and proposes a plan to solve their financial problems. If you’re in financial trouble, it seems to offer the best of both worlds:  you keep your stuff and get immediate protection from your creditors. But there’s a condition.  The debtor needs to stay current on support obligations that come due after he files the bankruptcy case.
1 day 1 hour ago
Fannie and Freddie's profits depend on having their obligations backed by the U.S. Treasury. Therefore they should have to pay a sensible price for this backstop Â-- just like big banks.

Read More from: BankThink

1 day 1 hour ago
Lehman Brothers Holdings Inc. is suing three financial institutions over bundles of soured old mortgage loans, calling claims that Lehman owes hundreds of millions of dollars “grossly exaggerated and baseless. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) According to WSJ, a bankruptcy trustee for Life Partners Holdings Inc. says the company defrauded investors. A lawyer for Tim Blixseth, the jailed founder of the luxurious Yellowstone Club ski and golf resort, is petitioning the U.S. Supreme Court for his client’s release, DBR reports in WSJ.

Read More from: WSJ.com: Bankruptcy Beat

1 day 2 hours ago
Editor's note: Morning Scan will not publish on Monday, May 25 in observance of the Memorial Day holiday. We'll be back on Tuesday, May 26. Receiving Wide Coverage ... What's Next for the Shelby Bill: The Senate Banking Committee approved Sen. Richard Shelby's proposed regulatory reform bill Thursday, but Senate Republicans will need to reach across the aisle to get the legislation to pass. Their chances of gaining bipartisan support for the bill vary widely in news...

Read More from: BankThink

1 day 2 hours ago
Can a waiver of rights ever be beneficial to the person granting the waiver?  Yes.  In In re Adamson Apparel, the Court of Appeals for the Ninth Circuit held, in a 2-1 opinion, that waiving a right to indemnification on a guaranty may shield an insider guarantor from preference liability, when the insider guarantor “has a bona fide basis to waive his indemnification rights against the debtor in bankruptcy and takes no subsequent actions that would negate the economic impact of that waiver.”  Not every court, however, agrees with this conclusion.   Background When the debtor, Adamson Apparel, Inc., a clothing manufacturer and retailer, obtained a loan from CIT Group Commercial Services, Inc., Arnold H. Simon, the debtor’s president and CEO, guaranteed the debt.  Notably, the relevant agreements waived Simon’s right to indemnification from Adamson (i.e., the ability to seek reimbursement or any other form of payment from the debtor).
1 day 18 hours ago
In a lunch that became an impromptu memorial service to Harvey Miller, former Lehman Brothers Judge James Peck might have said it best: “Harvey is to bankruptcy what Beyoncé is to pop music. He’s a single name that defines the field.” Mr. Peck’s remarks, part of a video tribute to the recently deceased bankruptcy law legend, came at an annual event that Mr. Miller himself helped co-organize nearly 30 years ago: the UJA-Federation of New York’s annual bankruptcy and reorganization group luncheon. The UJA-Federation works with nearly 100 Jewish organizations across the globe to help people in need across all backgrounds. In a live speech later, holding back tears, Weil Gotshal & Manges LLP partner Stephen Karotkin—a longtime colleague and friend of Mr. Miller—announced the event will from now on be named after Mr. Miller and Leonard M. Rosen, another restructuring industry legend who died last year.

Read More from: WSJ.com: Bankruptcy Beat

1 day 20 hours ago
ospital bankruptcies are not rare, but many of them have ended with the hospital being sold or closed, online media reports show.  At least 10 hospitals filed for bankruptcy in 2014, and at least three filed for bankruptcy this year before not-for-profit El Paso Children’s Hospital filed for Chapter 11 reorganization bankruptcy Tuesday, according to an online list compiled by Value Healthcare Services, a Georgia company that helps hospitals recover money from patients who file bankruptcy. While this may turn out to be true, a number of other issues led to hospital bankruptcies in 2014.  They include administration mismanagement, natural disasters and patient preference for larger, urban hospitals.  As you’ll see, filing for bankruptcy doesn’t necessarily mean that a hospital will be closing its doors.  Here’s a look at the hospitals that declared bankruptcy in 2014, in alphabetical order: Archer City Nursing Center Casa Grande Regional Medical Center Craig General Hospital C.W. Williams Health Care Center Gilbert Hospital Hutcheson Medical Center Key Rehabilitation Company Long Beach Medical Center Monroe Hospital Natchez Regional Medical Center Nicholas County Hospital North Adams Regional Hospital Palm Drive Hospital Specialty Hospitals of America St. Francis Hospital St.

Read More from: Richard G. Grant, P.C.

1 day 21 hours ago
It took three or so days to settle stock trades. What if that could happen instantly and be recorded on a blockchain for everyone to see?

Read More from: BankThink

1 day 21 hours ago
For all the excitement about the blockchain's potential to shake up the financial industry, few people understand how it works. The really revolutionary part of the blockchain process is how miners manage to keep records of transactions accurate and tamper-proof.

Read More from: BankThink

2 days 1 hour ago
Steve Russo, along with a few co-investors, recently purchased the intellectual property of Delia’s, a now-defunct teen clothing brand that rose to popularity in the 1990s. He believes there’s still a following for young girls and mothers looking for clean, age-appropriate fashion.
Andrew Spear for The Wall Street Journal
Here at Bankruptcy Beat, we’ve become quite familiar with going-out-of-business sales. But lately, closeout sales haven’t been the final chapter for some failed retailers. As The Wall Street Journal examines this week, entrepreneurs and investment firms are snapping up the intellectual-property rights to retailers that have fallen on hard times, taking advantage of a built-in audience to launch lower-cost small businesses online without the overhead of maintaining dozens or hundreds of locations. But capturing enough attention with online- and catalog-only strategies can be difficult, retail analysts say, and longtime customers of a particular brand will be quick to flee if they don’t see the kinds of products they grew to love.

Read More from: WSJ.com: Bankruptcy Beat

2 days 1 hour ago
A recent decision by Judge Jacqueline P. Cox in the U.S. Bankruptcy Court for the Northern District of Illinois (Eastern Division) sets a precedent in the Seventh Circuit for the appropriate rate of post-petition interest for unsecured creditors in Chapter 11 cases where the debtor is found to have actually been solvent. The legal implications of the Judge’s decision are interesting and worthy of examination, as are the details of the bankruptcy case itself. Read more here.
2 days 1 hour ago
Series: Business Borrowing Basics 2015 If you’re planning to start a business or expand an existing business, you might need financing help. SBA participates in a number of loan programs designed for business owners who may have trouble qualifying for a traditional bank loan. Read more here.
2 days 1 hour ago
Associated Press
The hedge fund that saved more than 1,700 RadioShack Corp. stores from bankruptcy liquidation, Standard General LP, was cleared to buy the iconic retailer’s trademarks and customer data as it looks to revive the electronics chain. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”) DBR writes via The Wall Street Journal about failed retailers getting new lives on the Web. Ex-billionaire Tim Blixseth is petitioning to court to get released from jail, the Associated Press reports.

Read More from: WSJ.com: Bankruptcy Beat

2 days 2 hours ago
Authored by Samantha Alves Orender of Rogers TowersEarlier this month, Florida’s Fourth District Court of Appeal released an opinion seemingly designed to serve as a primer on perfecting a security interest in a promissory note secured by a mortgage. The analysis is found in HSBC Bank USA, N.A. v. Perez, Case No. 4D13-3193, 2015 WL 2078683, at *1 (Fla. 4th DCA May 6, 2015). The case involved a fraudulent scheme where a borrower executed two nearly identical promissory notes, both secured by the same mortgage. The payee on the notes transferred one of the “original” notes to HSBC Bank, and later transferred the other “original” note to LaSalle Bank, which was succeeded by U.S. Bank. LaSalle Bank obtained an assignment of mortgage on June 5, 2009, which stated that the assignment was effective as of January 2, 2009. This assignment was recorded on August 12, 2009. LaSalle Bank recorded a second assignment of mortgage on October 8, 2010. When both banks attempted to foreclose, the question became: which bank is the owner and holder of the subject note and mortgage?

Read More from: Florida Banking Law Blog

2 days 2 hours ago
Receiving Wide Coverage ... Forex Fines: The unethical attitudes that gave rise to the forex scandal might be summed up by this revealing 2010 chat message from a Barclays trader: "If you aint cheating, you aint trying." This noteworthy tidbit accompanied the news that six big banks have agreed to pay more than $5.8 billion to settle allegations related to foreign-exchange rate-rigging. Four of the sixÂ--Citigroup, JPMorgan Chase, Barclays and Royal Bank of ScotlandÂ--are also pleading...

Read More from: BankThink

2 days 2 hours ago

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