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No – not again!!  You thought the foreclosure crises was behind us.  Right?  It turns out that many of the government programs intended to modify home loans have only delayed the inevitable because some of the programs as set to expire in 2015.   One of these programs, Home Affordable Modification Program (HAMP) was designed to provide homeowners with temporary interest rate relief.  That relief expires after five years at which time the interest begins to creep up.  When the program was designed the assumption was our economy would be back to “normal” by 2015.  Oops!! Couple the expiration of the government programs with fact that many home equity lines of credit are scheduled to increase interest payments to the next level in 2015.   TransUnion, the credit rating firm, estimates that between $50 and $79 billion in home-equity lines of credit may default because of the increased payments.
4 years 3 months ago
Charlie was a bad man.  With his aggressive personality he intimidated and threatened others if they didn’t give into what he demanded.  He grew rich on the work of others and reminded everyone that without him they were nothing, but such men are destined to fail because they never have enough and so they continuously pledge their empire to gain an even larger empire.  In the process they go too far and eventually make risky investments that fail starting a cycle of going from bank to bank and victim to victim seeking precious cash to keep operations going.  Realizing that everything he owned would soon be taken away as the banks began to seize his assets, Charlie transfers assets to family members and trusted confidants.  But the banks start litigation for unpaid debts and their attorneys ask sharp questions about where all the assets went to and it becomes obvious that there is nowhere to hide.  Feeling cornered, Charlie hires a cheap attorney who asks few questions of the know-it-all businessman and files a bankruptcy case.  Of course, the bankruptcy petition fails to list all his assets and is completely blank as to all the transfers that occurred in the past year.  Predictably, the bank’s attorneys show up at the bankruptcy Meeting of Creditors and begin pounding Charlie with questions about the location of his assets and the various transfers and demand explanations for the inconsistencies between what he wrote down on his loan application and the reality of his financi
4 years 3 months ago
Charlie was a bad man.  With his aggressive personality he intimidated and threatened others if they didn’t give into what he demanded.  He grew rich on the work of others and reminded everyone that without him they were nothing, but such men are destined to fail because they never have enough and so they continuously pledge their empire to gain an even larger empire.  In the process they go too far and eventually make risky investments that fail starting a cycle of going from bank to bank and victim to victim seeking precious cash to keep operations going.  Realizing that everything he owned would soon be taken away as the banks began to seize his assets, Charlie transfers assets to family members and trusted confidants.  But the banks start litigation for unpaid debts and their attorneys ask sharp questions about where all the assets went to and it becomes obvious that there is nowhere to hide.  Feeling cornered, Charlie hires a cheap attorney who asks few questions of the know-it-all businessman and files a bankruptcy case.  Of course, the bankruptcy petition fails to list all his assets and is completely blank as to all the transfers that occurred in the past year.  Predictably, the bank’s attorneys show up at the bankruptcy Meeting of Creditors and begin pounding Charlie with questions about the location of his assets and the various transfers and demand explanations for the inconsistencies between what he wrote down on his loan application and the reality of his financi
4 years 3 months ago
Per www.globalinsolvency.com:Fri., August 29, 2014  A group representing more than 400 of the world’s largest banks, investors and debt issuers has agreed a plan for dealing with financially stricken countries and their creditors, in a bid to prevent a repeat of the wrangling that has pushed Argentina into default, the Financial Times reported. After months of talks convened by the US Treasury in the wake of Greece’s restructuring, global debt experts will on Friday unveil a new framework that could transform the relationship between critically indebted nations and lenders. Lawsuits filed by creditors against defaulting governments have doubled over the last decade and the changes come at a time when levels of sovereign debt have risen to record highs around the world in the wake of the financial crisis. The fallout from recent defaults reignited calls for an international bankruptcy court, but market participants and Washington authorities favour a voluntary response rather than new statutory mechanisms. The International Capital Market Association, whose members include banks, investors and debt issuers, has created fresh clauses for inclusion in sovereign debt contracts that will give countries the option to bind all investors to decisions agreed by the majority.

Read More from: The COMI

4 years 3 months ago
Casey v. Rotenberg (In re Kenny G Enterprises, LLC), 512 B.R. 628 (C.D. Cal. 2014) – A Chapter 11 trustee sought to avoid a transfer of property under Section 544 of the Bankruptcy Code that occurred after (1) the bankruptcy petition … Continue reading →
4 years 3 months ago
With all the bankruptcy firms available in the Kenosha, Wisconsin area, how do you know which bankruptcy firm is the best one for you? You do not want to regret hiring the wrong Kenosha bankruptcy attorney. The wrong Kenosha bankruptcy attorney could cost you the bankruptcy approval you desperately need from the bankruptcy trustee. You need to do your homework before signing any dotted lines. Here are five tips to help you find the best Kenosha Bankruptcy Attorney 1. Find a Bankruptcy Attorney. By this we mean finding a Kenosha bankruptcy attorney who only practices in the area of bankruptcy, and a few other similar cases. Many law firms who specialize in personal injury, worker’s compensation, and other legal areas are also handling bankruptcy cases. It’s hard to be an expert in everything, not to mention keeping up with the ever changing bankruptcy law. For this reason, it is wise to avoid law firms that advertise too many practice areas. Bankruptcy should constitute the largest percentage of the n.com/kenosha-law-firm-services/”>Kenosha law firm’s practice. Find out how many Kenosha bankruptcies the attorney has filed. Also, when you schedule your free initial consultation, make certain you will be consulting with a Kenosha bankruptcy attorney and not a paralegal or sales associate for the law firm. Your financial advice should come from a licensed bankruptcy attorney.

Read More from: Wynn at Law, LLC

4 years 3 months ago
With all the bankruptcy firms available in the Kenosha, Wisconsin area, how do you know which bankruptcy firm is the best one for you? You do not want to regret hiring the wrong Kenosha bankruptcy attorney. The wrong Kenosha bankruptcy attorney could cost you the bankruptcy approval you desperately need from the bankruptcy trustee. You need to do your homework before signing any dotted lines. Here are five tips to help you find the best Kenosha Bankruptcy Attorney 1. Find a Bankruptcy Attorney. By this we mean finding a Kenosha bankruptcy attorney who only practices in the area of bankruptcy, and a few other similar cases. Many law firms who specialize in personal injury, worker’s compensation, and other legal areas are also handling bankruptcy cases. It’s hard to be an expert in everything, not to mention keeping up with the ever changing bankruptcy law. For this reason, it is wise to avoid law firms that advertise too many practice areas. Bankruptcy should constitute the largest percentage of the n.com/kenosha-law-firm-services/”>Kenosha law firm’s practice. Find out how many Kenosha bankruptcies the attorney has filed. Also, when you schedule your free initial consultation, make certain you will be consulting with a Kenosha bankruptcy attorney and not a paralegal or sales associate for the law firm. Your financial advice should come from a licensed bankruptcy attorney.

Read More from: Wynn at Law, LLC

4 years 3 months ago
With all the bankruptcy firms available in the Kenosha, Wisconsin area, how do you know which bankruptcy firm is the best one for you? You do not want to regret hiring the wrong Kenosha bankruptcy attorney. The wrong Kenosha bankruptcy attorney could cost you the bankruptcy approval you desperately need from the bankruptcy trustee. You need to do your homework before signing any dotted lines. Here are five tips to help you find the best Kenosha Bankruptcy Attorney 1. Find a Bankruptcy Attorney. By this we mean finding a Kenosha bankruptcy attorney who only practices in the area of bankruptcy, and a few other similar cases. Many law firms who specialize in personal injury, worker’s compensation, and other legal areas are also handling bankruptcy cases. It’s hard to be an expert in everything, not to mention keeping up with the ever changing bankruptcy law. For this reason, it is wise to avoid law firms that advertise too many practice areas. Bankruptcy should constitute the largest percentage of the n.com/kenosha-law-firm-services/”>Kenosha law firm’s practice. Find out how many Kenosha bankruptcies the attorney has filed. Also, when you schedule your free initial consultation, make certain you will be consulting with a Kenosha bankruptcy attorney and not a paralegal or sales associate for the law firm. Your financial advice should come from a licensed bankruptcy attorney.

Read More from: Wynn at Law, LLC

4 years 3 months ago
The Earned Income Tax Credit (EIC) is a tax credit that helps you keep more of what you earned. The credit was initially passed in 1975 to offset the burden of social security taxes and provide incentive for working. How is it calculated, and who qualifies?The post What is the Earned Income Tax Credit, and How Can It Help You? appeared first on Tucson Bankruptcy Attorney.
4 years 3 months ago
The Earned Income Tax Credit (EIC) is a tax credit that helps you keep more of what you earned. The credit was initially passed in 1975 to offset the burden of social security taxes and provide incentive for working. How is it calculated, and who qualifies?The post What is the Earned Income Tax Credit, and How Can It Help You? appeared first on Tucson Bankruptcy Attorney.
4 years 3 months ago
The Earned Income Tax Credit (EIC) is a tax credit that helps you keep more of what you earned. The credit was initially passed in 1975 to offset the burden of social security taxes and provide incentive for working. How is it calculated, and who qualifies? The post What is the Earned Income Tax Credit, and How Can It Help You? appeared first on Tucson Bankruptcy Attorney.
4 years 3 months ago
Amnesty International filed a supplemental brief to its late May petition for rehearing of the conflict minerals case, based on the American Meat decision from late July, which we previously discussed here.
4 years 3 months ago
Back to school! What better way to ring in the new academic year than a good dose of Hamlet? Okay, okay, so the Blogger-In-Chief and his co-author aren’t exactly Shakespearian playwrights, nevertheless the pair hopes readers find this article to be an interesting take on the ongoing use of credit bidding in bankruptcy sales. Enjoy! And when you’re finished reading, don’t forget to put your own pen to paper to enter to Win Rudy’s Tickets by September 3 for a chance to see the Yankees trounce the Rays on September 10. May the best poets win! By: Mark Dendinger and Evan Flaschen

Read More from: Basis Points

4 years 3 months ago
Back to school! What better way to ring in the new academic year than a good dose of Hamlet? Okay, okay, so the Blogger-In-Chief and his co-author aren’t exactly Shakespearian playwrights, nevertheless the pair hopes readers find this article to be an interesting take on the ongoing use of credit bidding in bankruptcy sales. Enjoy! And when you’re finished reading, don’t forget to put your own pen to paper to enter to Win Rudy’s Tickets by September 3 for a chance to see the Yankees trounce the Rays on September 10. May the best poets win! By: Mark Dendinger and Evan Flaschen

Read More from: Basis Points

4 years 3 months ago
When you're completing Baltimore County bankruptcy schedules and forms, you have to answer whether any of your claims are contingent, liquidated, or unliquidated claims.  Unliquidated claims are also known as disputed claims.  The bankruptcy schedules and forms for Delaware, Maryland, Pennsylvania, or Virginia bankruptcies all ask you to provide this information.  So let's talk about what is involved with a disputed claim.We call it a disputed claim when there is a disagreement related to that liability and it's impossible for you and your creditor to agree upon the exact amount that is due under that claim.   When this happens, you and your lawyer together must figure out how the performing side has been damaged.  By accurately completing the bankruptcy schedule, you'll be able to go to court and present your evidence to the bankruptcy court and the trustee.  The court and trustee will determine the total amount of exposure that might be related to that claim. For more information, read What Is the Meaning of An Unliquidated (Disputed) Claim in a Maryland Bankruptcy?If you have any questions about whether or not your claims are liquidated, disputed or contingent, please pick up the phone and call me at 410-484-9000.  I’d love to hear from you.    

Read More from: Drescher Law

4 years 3 months ago
Retirement account planning can get a bit stressful when you first begin planning. There are so many options, and the legal jargon can go above our heads. It is very hard to figure out the difference between each type of retirement plan. What do all of the retirement plan definitions mean? Our Southeastern Wisconsin Retirement Account Planning Attorney is going to shed some light on the definitions of some retirement account plans.   Southeastern Wisconsin Retirement Account Planning Terms Before we begin to describe some of the most popular retirement account plans, we need to provide you with a few definitions. The first is the term “tax-deferred” or “defer taxes”. You will hear this a lot. This means you won’t pay taxes on the money until you start withdrawing it. As a result, the retirement money you save will continue to grow faster over time. The next term is “IRA”. IRA stands for “Individual Retirement Account” and it is just that, a retirement account provided by financial institutions with tax advantages to help people save for retirement.   List of Southeastern Wisconsin Retirement Account Plans There are many different types of retirement accounts. All have different features and benefits. Let’s take a look at the different retirement account planning solutions.

Read More from: Wynn at Law, LLC

4 years 3 months ago
Retirement account planning can get a bit stressful when you first begin planning. There are so many options, and the legal jargon can go above our heads. It is very hard to figure out the difference between each type of retirement plan. What do all of the retirement plan definitions mean? Our Southeastern Wisconsin Retirement Account Planning Attorney is going to shed some light on the definitions of some retirement account plans.   Southeastern Wisconsin Retirement Account Planning Terms Before we begin to describe some of the most popular retirement account plans, we need to provide you with a few definitions. The first is the term “tax-deferred” or “defer taxes”. You will hear this a lot. This means you won’t pay taxes on the money until you start withdrawing it. As a result, the retirement money you save will continue to grow faster over time. The next term is “IRA”. IRA stands for “Individual Retirement Account” and it is just that, a retirement account provided by financial institutions with tax advantages to help people save for retirement.   List of Southeastern Wisconsin Retirement Account Plans There are many different types of retirement accounts. All have different features and benefits. Let’s take a look at the different retirement account planning solutions.

Read More from: Wynn at Law, LLC

4 years 3 months ago
Retirement account planning can get a bit stressful when you first begin planning. There are so many options, and the legal jargon can go above our heads. It is very hard to figure out the difference between each type of retirement plan. What do all of the retirement plan definitions mean? Our Southeastern Wisconsin Retirement Account Planning Attorney is going to shed some light on the definitions of some retirement account plans.   Southeastern Wisconsin Retirement Account Planning Terms Before we begin to describe some of the most popular retirement account plans, we need to provide you with a few definitions. The first is the term “tax-deferred” or “defer taxes”. You will hear this a lot. This means you won’t pay taxes on the money until you start withdrawing it. As a result, the retirement money you save will continue to grow faster over time. The next term is “IRA”. IRA stands for “Individual Retirement Account” and it is just that, a retirement account provided by financial institutions with tax advantages to help people save for retirement.   List of Southeastern Wisconsin Retirement Account Plans There are many different types of retirement accounts. All have different features and benefits. Let’s take a look at the different retirement account planning solutions.

Read More from: Wynn at Law, LLC

4 years 3 months ago
Stanziale v. Heico Holdings, Inc. (In re Conex Holdings, LLC), Adv. No. 13-50941 (CSS), 2014 WL 3883712 (Bankr. D. Del. Aug. 8, 2014) In this short Memorandum Opinion, the Bankruptcy Court dismissed a chapter 7 trustee’s claims for breaches of fiduciary duties against certain officers and directors under Texas common and statutory law.  In doing so, Judge Sontchi held that the trustee failed to plead facts with any specificity as to how each officer and director breached his duties.  However, the Court allowed the trustee leave to amend his complaint within 30 days to allege more specific allegations. Read More › Tags: Fiduciary Duties, Pleading Standards

Read More from: Delaware Bankruptcy Insider

4 years 3 months ago
In re 2408 W. Kennedy, LLC, 512 B.R. 708 (Bankr. M.D. Fla. 2014) – A commercial landlord sought relief from the automatic stay so that it could complete prepetition eviction proceedings against the debtor. The debtor objected, arguing that it … Continue reading →
4 years 3 months ago