Debt Management Law News
March 9, 2010
I’ve Been Sued By A Collection Agency, What Do I Do Now?
I just received notice of a lawsuit that was filed against me by a collection agency. What do I do now? I get that type of phone call at my office about once a week. Fortunately, the caller has made the obvious correct choice in contacting an attorney right away. This is an important aspect when a collection agency is involved because a collection agency lawsuit is a different type of lawsuit. The collection agency has either been hired by the original creditor or has purchased the right to collect the debt off of you from the original creditor. That makes a little more work for the collection agency and may provide you with a defense. more...
March 8, 2010
Fair Debt Collection Practices Act forbids collectors from hounding you for a debt that's not yours
The Question: Several years ago, a relative lived with us for a short period. Now she's in debt up to her eyeballs, and we're getting dozens of collection calls for her – and more recently, for her equally insolvent boyfriend.
We tell the callers that no one by that name lives here, but robocalls fill our voicemail, our mail box is full of notices and some of the callers are really rude and aggressive. more...
March 5, 2010
Real Credit Card Debt Relief Exists For Every Citizen and is Guaranteed by Federal Law
Credit card debt relief systems take many forms but most are simply scams offering little if any relief to people that really need it. Most relief programs are nothing more than extensions of the existing credit card debt explained to a potential customer to make them believe they are getting relief when they are only getting more of the same old stuff. more...
March 4, 2010
Consequences of Not Paying Your Credit Card Bills
It can be so tempting to try and run away from your financial woes when you find you can no longer maintain your card payments. In reality, running away on exacerbates the problems and leaves you in worse financial shape than when the trouble first started. Not matter what state your finances are in at this time, as soon as you realize you can not honor your obligations towards your credit card bills you need to contact your creditors and work towards a plan for debt relief otherwise you are going to experience a lot of frustration as creditors try to collect on the debts you owe. more...
March 3, 2010
CREDIT CARD COMPANY SUING YOU?
How can I defend myself from a Credit Card Lawsuit?
Whether or not you are believe the news media about a declining US economy, one thing is for sure, debt collectors are actively filing suits to collect debts. One large collection firm based out of Atlanta has indicated that they file an average of 279 collection lawsuits per day. A lawsuit is often the final effort in the creditor’s attempt to collect a debt. If the harassing and often illegal collection calls were not enough, once a person is sued the reality of the situation is realized. more...
March 2, 2010
Regent Files Bankruptcy to Give Lenders Radio Company
Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for bankruptcy court protection today from creditors, who are owed about $211 million.
The company and more than 40 affiliates filed a Chapter 11 petition in U.S. Bankruptcy Court in Wilmington, Delaware today with plans to cut $87 million in debt in exchange for giving lenders control of the broadcaster, more...
March 1, 2010
Florida Consumer Turns Tables On Debt Collector -- Sued For $800.00 Dollars, Consumer Collects $120,000.00 Dollars From Debt Collector
Boca Raton resident Steven J. Pincus incurred legal fees in excess of $100,000.00 dollars defending an alleged credit card debt of $800.00 dollars. Pincus later sued the debt collector in federal court for filing a time-barred lawsuit, a violation of the Fair Debt Collection Practices Act. The debt collector settled the matter for $120,000.00 dollars on February 15, 2010. more...
February 26, 2010
Avoid debt consolidation swindlers
State and local agencies are taking more complaints from Wisconsinites who’ve been swindled by companies that promise to settle debt for a fraction of what’s owed, the Attorney General’s office said Wednesday.
“These companies are required to be licensed by the Department of Financial Institutions and the new ones that are cropping up, that you’re hearing on the radio, often cases are not licensed,” Asst. Attorney General Nelle Rohlich told Channel 5 News. more...
February 25, 2010
How To Fight Off Bankruptcy
Declaring bankruptcy should be your last recourse when your business is struggling and you're facing a mountain of debt.
There are several other strategies you can try before you resort to throwing in the towel; Michelle Goodman has a few good suggestions in Entrepreneur. more...
February 24, 2010
JPMorgan faces lawsuit from credit card holder
* Suit says Chase raised rates on closed account balances
* Suit says rates increased from 11.99 pct to 17.99 pct
NEW YORK, Feb 12 (Reuters) - A former JPMorgan Chase & Co (Symbol : JPM) credit card customer has sued the nation's second-largest bank, accusing it of raising the interest rate on his outstanding balance even after he closed the account. more...
February 22, 2010
How we pay with plastic will change Monday with new credit card rules
New consumer-friendly rules taking effect Monday will mean colossal changes for the 180 million people nationwide who have credit cards -- and even millions who don't.
If you pay with plastic:
No longer will banks arbitrarily be able to change the interest rate on your balance. more...
February 19, 2010
JPMorgan faces lawsuit from credit card holder
* Suit says rates increased from 11.99 pct to 17.99 pct
NEW YORK, Feb 12 (Reuters) - A former JPMorgan Chase & Co (JPM.N) credit card customer has sued the nation's second-largest bank, accusing it of raising the interest rate on his outstanding balance even after he closed the account. more...
February 18, 2010
When Filing for Personal Bankruptcy Makes Sense
SAN FRANCISCO (AP) -- With unemployment expected to persist above 10 percent through 2010, more Americans whose debt has ballooned may wonder whether they should seek protection from their creditors.
Last year was the seventh-worst on record for personal bankruptcy: 1.4 million new cases were filed nationwide. Richard Chang, a bankruptcy lawyer in San Diego, said his current cases often result from the recession -- from a client losing a job or having work hours cut or from a mortgage rate resetting higher than a client can afford, or a combination. more...
February 17, 2010
Ruling possible this month in Stanford bankruptcy
DALLAS — A federal judge said Thursday he will try to rule this month on whether to put jailed Texas financier R. Allen Stanford's businesses under bankruptcy protection.
Stanford's vast financial empire was placed in the hands of a court-appointed attorney last year when the Securities and Exchange Commission sued Stanford on charges that he was running a $7 billion Ponzi scheme. more...
February 16, 2010
Age Refining, Jet-Fuel Producer, Files bankruptcy in San Antonio
Age Refining Inc., a refiner of jet fuel and diesel products, began a bankruptcy reorganization on Feb. 8 in San Antonio, where the refinery is located.
Founded in 1991 by Al Gonzalez, Age’s refinery has an average capacity of 13,500 barrels a day, while the tank farm can store 208,000 barrels. more...
February 15, 2010
Credit Card Lawsuit - I Don't Want to Go to Court
Many people have a fear of going to court. The judge, the jury, it can be a scary place for someone who doesn't do it every day. Truth be told, however, is that most credit card cases do not require the individual to actually go to court.
The truth of the matter is that many of the credit accounts that go delinquent do not result in immediate lawsuits. What happens in many cases is that the original creditor, whether it is a department store or a financial institution, sells the delinquent account to a collection agency or junk debt buyer. Buying and selling debt is a very large business. more...
February 12, 2010
Credit Card Debt Collection Lawsuit – Have a Party – Pin the Tail on the Debt Collector in Court
When dealing with a credit card debt collection lawsuit you must remember it is not a question of do you owe the debt but a question of do they have proof that you owe a debt? When someone files a lawsuit it is up to them to furnish absolute proof of whatever the lawsuit alleges and with card debt it virtually impossible to prove. more...
February 11, 2010
Hearing in Stanford case set over bankruptcy issue
DALLAS — Some investors allegedly defrauded by jailed Texas financier R. Allen Stanford are trying to get his businesses put into bankruptcy.
U.S. District Judge David Godbey could rule on the bankruptcy issue at a federal court hearing in Dallas on Thursday. more...
February 10, 2010
IRS problems and have credit card debt?
Tips for handling both
I received a call today from an enrolled agent for my help with a client who was having problems not only with the IRS, but credit cards as well. As usual, my enrolled agent friend got it right – bankruptcy was likely on the horizon for us to take care of both problems simultaneously. more...
February 9, 2010
Steps to Filing For Chapter 7 & 13 Bankruptcy
The process of filing bankruptcy online is one way easy the other way difficult. The following steps could be a guide for those who want to file bankruptcy individually without the help of any bankruptcy service provider.
These steps could also prove to be an eye opener for those bankruptcy applicants who are completely ignorant of the bankruptcy process and formalities. more...
February 8, 2010
10 Actions You Can Take To Avoid Credit Card Fraud
Credit card fraud can easily be avoided with a bit of common sense and by being knowledgeable about the potential dangers in general. Unfortunately statistics have shown and continue to show us that fraud is on the up.
Consumers have to face the realities of becoming a victim of fraud because we can’t live without the plastic fantastic anymore. Every time we pull our credit card from the wallet we expose ourselves to potential attacks. The good news is that not all is bad. You can protect yourself with the following steps. more...
February 5, 2010
Abbott takes aim at BlueHippo
AUSTIN - The Texas attorney general is suing a finance company over allegedly defrauding credit challenged consumers who sought to purchase computers and related equipment.
The lawsuit was filed last week in Travis County against BlueHippo Funding LLC and its sole shareholder Joseph Rensin of Maryland. Also listed as a defendant in the case is BlueHippo Capital LLC of Virginia and Nevada more...
February 4, 2010
Cross Canyon Energy files for Ch. 11
Cross Canyon Energy Corp. has filed for Chapter 11 bankruptcy reorganization.
The Spring-based company engages in exploration and production of oil and natural gas properties. more...
February 2, 2010
Bankruptcy better than waiting out debt?
Dear Bankruptcy Adviser,
I had great credit for years. After a bitter divorce, I was left with nothing. I lived on credit cards and a small amount of savings, making minimum payments as long as I could. I finally stopped paying them about two years ago when my savings were gone. Some of these debts have been charged off and some have been bought by collectors. I am not working and have no income -- no wages, no welfare, no Social Security, no unemployment insurance, nothing. I have no assets except my clothing. I anticipate being employed within the next year and would like to know how to rebuild my credit. Would it be better to just let all my bad debts stay as they are or should I file for bankruptcy and start over with a completely clean slate?
-- Rose more...
February 2, 2010
How to Eliminate Credit Card Debt by Stopping a Junk Debt Buyer’s Attempt to Collect It from You
Every consumer should know that invoking current consumer protection laws will stop the collection activities of a junk debt buyer and eliminate credit card debt they claim against the consumer.
Junk debt buyers invest in discharged credit card debt for pennies on the dollar. They also sell and resell the debt they have purchased to other junk debt buyers for smaller and smaller sums of money. Business Week, as an example, reported Portfolio Recovery Associates, more...
January 31, 2010
Failure to Pay Off Credit Card Debt – What Will Happen?
Creating credit card debt is 10 times easier than paying off the outstanding balance. You just need a few seconds to swipe your card but you may need a few years to pay off your total debt. Although failure to pay the debt cannot land a cardholder in prison, there are a number of financial consequences a person has to face. Let’s take a closer look on the negative effects.
* In United States, whenever the cardholders make their payment late or totally fail to pay the minimum amount of their monthly outstanding, there is definitely a damage to their credit rating. If you have late payment, more...
January 30, 2010
Bank Foreclosure Not Avoided Thru Bankruptcy Filing in Texas
Bank foreclosure has not been avoided by many distressed homeowners in Texas who filed for bankruptcy protection primarily to save their homes from foreclosure.
According to a report compiled by an Addison-based foreclosure analysis firm, a total of 12,170 distressed homes were included in bankruptcy cases filed by homeowners in 60 counties in Texas. The number marked an increase of nine percent from the 11,171 properties included in bankruptcy filings in 2008. more...
January 28, 2009
Will I Lose My Property in a Chapter 7 Bankruptcy?
If you are considering a chapter 7 bankruptcy in New York, then you will need a qualified bankruptcy lawyer who will be able to examine your case, and help you determine what kind of bankruptcy is appropriate for your situation. There are two main types of bankruptcy – Chapter 7 and Chapter 13. more...
January 27, 2010
3 ways to keep your debt from harming kids
Dear Bankruptcy Adviser,
My question is about pending judgments. ... I owe $18,000 in credit card debt. I have two old cars paid for and I work at a job making $14 an hour, 29 hours a week and my expenses outweigh what I make. When my kids were in college I put them on my credit cards as authorized users, but I was the responsible paying party. My question is if I was to get a judgment would the credit card company try to get the money back from my kids?
-- Sandy more...
January 25, 2010
A Victory for Consumers in Maryland Court
ROCKVILLE, Md., Jan. 21 /PRNewswire-USNewswire/ -- A Maryland District Court has decided that a creditor should pay a penalty payment to a consumer when a creditor does not follow proper collection procedures and does not have sufficient paperwork to win the lawsuit, according to attorney Stephen H. Sturgeon. "The creditor filed a lawsuit and then attempted to obtain a settlement payment from the consumer -- in spite of the fact that the creditor had insufficient documentation," explained Mr. Sturgeon. more...
January 22, 2009
Why You Should Pay Your Debts
In this current economic crisis, there are articles floating around the internet and newspapers about how banks are settling debts for less than the actual balance owed and allowing borrowers to negotiate how much of their debt to repay. The articles seem to say that people who have stacked up large amounts of debt and have failed to make payments on that debt can now benefit from those bad decisions. As a result of the financial crisis, debtors are now paying cents on the dollar on the balance of their debts. more...
January 21, 2010
Lyondell Creditors Fail to End Company’s Control of Bankruptcy
Jan. 20 (Bloomberg) -- Lyondell Chemical Co.’s creditors committee failed to end the company’s control of its bankruptcy case after a lawyer said a rival bid from Reliance Industries Ltd. may be more attractive.
U.S. Bankruptcy Judge Robert Gerber in Manhattan ruled yesterday that Lyondell will retain the exclusive right to file its own reorganization plan until April 15. While the order prevents parties in the case from filing a competing proposal, they can still ask to shorten Lyondell’s exclusivity, Gerber said. more...
January 20, 2010
Dirty tricks of debt collection: What you need to know
With more Americans than ever falling behind on their house, car and credit card payments, collection agents are turning up the heat and getting tough on debtors in an effort to recoup overdue funds.
"Some collection agents attacked my integrity," says Ken Golde (pictured), who was more than $200,000 in debt in 2007 after his business partner died unexpectedly. "They'd say, 'How can you look yourself in the mirror?' And one asked me, 'Do you have a wife? Do you have a girlfriend? What would your girlfriend think?'" more...
January 19, 2010
Will I Lose My Property in a Chapter 7 Bankruptcy?
If you are considering a chapter 7 bankruptcy in Houston, then you will need a qualified
bankruptcy lawyer who will be able to examine your case, and help you determine what kind of
bankruptcy is appropriate for your situation. There are two main types of bankruptcy – Chapter 7 more...
January 18, 2010
Denver Post owner plans prepackaged Ch. 11 filing
DENVER — The holding company for MediaNews Group Inc. newspapers, including The Denver Post and San Jose Mercury News, says it plans to file for Chapter 11 bankruptcy protection.
Affiliated Media Inc. said Friday it would file a "prepackaged" plan already approved by lenders, which should allow it to emerge from bankruptcy more quickly. more...
January 16, 2010
‘Prepackaged’ deal helps Express Energy Services expedite court process
When Houston-based oilfield services company Express Energy Services Operating LP emerged from Chapter 11 proceedings in a mere nine weeks, it didn’t come as a big surprise to those who follow bankruptcy law.
This kind of rapid reorganization is apparently becoming the norm as so-called prepackaged bankruptcies become widely used. more...
January 14, 2010
Credit card users get a break with new rules
WASHINGTON — The Federal Reserve on Tuesday issued sweeping new rules to better protect Americans from sudden hikes in interest rates on credit cards.
The new rules, which take effect on Feb. 22, generally bar rate increases during the first year after an account is opened. After the first year, companies must provide customers with a 45-day notice before bumping up rates. more...
January 12, 2009
And 7 Businesses That Did Not Survive
That this year has been a tough one for small business is no surprise. But just how tough it has been continues to astound. In the first quarter alone, according to the Bureau of Labor Statistics, more than 400,000 businesses with fewer than 100 employees ceased operations, eliminating one million jobs. And it didn’t get much better as the year went on. “This is arguably the worst year for small business since the Great Depression,” said Mark Zandi, chief economist of Moody’s Economy.com. When the numbers get that big, it can be easy to forget the human beings behind the numbers. Here’s a look at seven businesses that failed this year:
Business: Knight-Celotex, a Northfield, Ill. maker of fiberboard. Opened: 1920. Closed: June. more...
January 9,2010
So long, farewell to some well-known Houston brands
Enron
The Enron name was wiped off two downtown office towers, the Astros' stadium, and a massive network of international pipeline and power assets after one of the biggest corporate scandals ever in the U.S. The former energy trading giant filed for Chapter 11 bankruptcy protection in December 2001.
Compaq
Home-grown Compaq Computer Corp. ceased to operate as an independent company in 2002 after merging with Hewlett-Packard Co. The PC company was launched in 1982 from ideas sketched on a House of Pies napkin. The name lives on as a brand of Hewlett-Packard. more...
January 7, 2010
Share credit card transactions at own risk
A new social networking site that allows users to share their credit card transactions online could expose consumers to unnecessary risk, warns a security expert.
Members of the site, dubbed Blippy, can broadcast their transactions and details of their purchases in the form of Facebook-like updates. Users do so by providing the site with details of their credit and debit cards, as well as accounts at online stores such as Amazon and Apple's iTunes store. more...
January 6, 2010
Reducing Your Debt
Being in debt is not fun. There is a huge pressure for finding money for affording the monthly installment of your debt in addition to making enough money to keep you and your family living ordinary lives. In the present recession hit economy, it is hard to focus on making money as you also have to make sure that your job is secured for long term financial stability. Sound’s ominous does it not? And it is. Years ago, we never thought that the life would become this hard. Did we?. more...
January 5, 2009
U.S. bankruptcy filings surged 32% in 2009
Arizona, Wyoming, Nevada and California lead the pace
RALEIGH — U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted.
Data was gathered from the nation's 90 bankruptcy districts and found 1.43 million filings, an increase of 32 percent from 2008. There were 116,000 recorded bankruptcies in December, up 22 percent from December 2008. more...
January 4, 2010
Bankruptcy blackout of Tavern on the Green.
A Last New Year’s Eve Toast for Tavern on the Green
It ended as it all began, in a rush of light. But even the brilliance of its mirrored corridors, twinkling trees and shimmering heirloom chandeliers could not avert the bankruptcy blackout of Tavern on the Green. more...
December 30, 2009
Credit Repair, Bankruptcy, Late payments, Charge Offs, Foreclosure and what We can do for you.
Many consumers, just like you believe there is nothing that can be done to change the information on their credit reports. Thankfully, this is not true. Federal law protects the right to have misinformation on your credit reports corrected. You are ultimately responsible for assuring that your credit reports accurately represent your behavior as a consumer. more...
December 29, 2009
How Does the means test effect your bankruptcy?
What Is Your Current Monthly Income?
We begin to look at the Means Test your bankruptcy attorney must prepare for your case if you are attempting to qualify for the benefits of Chapter 7 bankruptcy. A vital component to the Means Test is the calculation of your Current Monthly Income. In order to determine your Current Monthly Income (CMI), your Houston Bankruptcy Attorney will average certain income that you (and in a joint case, your spouse) received in the six months before your bankruptcy filing. more...
December 28, 2009
Is Bankruptcy a Good Idea When You Have A Lot Of Credit Card Debt?
There are many myths associated with bankruptcy, mostly because people do not understand bankruptcy law, how bankruptcy has changed over the past decade or what bankruptcy alternatives currently exist. One popular myth people seem to believe is that bankruptcy can make all
their debts go away. This is simply is not true. Certain types of debt can be erased, but others cannot. Child support, alimony, student loans and any debts related to a civil lawsuit may not be eliminated by declaring bankruptcy. more...
December 24, 2009
Small-business bankruptcies rise 81% in California
With credit tight and consumers still pinching their pennies, many business owners find they can't go on.
The Obama administration's new plan to give a boost to small businesses reflects continued trouble in that sector, which is facing new failures even as much of the nation's economy is stabilizing. more...
December 23, 2009
Credit Debt Solutions: Understand the Different Options
There are many different ways to eliminate unsecured debts and it is important to know how to differentiate between your options.
There are many different ways to eliminate unsecured debts and it is important to know how to differentiate between your options to make certain the one you have chosen best fits your needs and financial goals long term. We will outline the various ways available in the debt management market. more...
December 22, 2009
Citadel Broadcasting files for Chapter 11
Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in an effort to restructure its hefty debt load as it continues to face declining advertising revenue. more...
December 21, 2009
How to Work Out Settlements With Debt Collectors
Should We Try To Settle With Debt Collectors?
Jeremy called me concerning these debts, “Dad, I am thinking that we could work out settlements with these collectors. What do you think?” more...
December 18, 2009
Bankruptcy judge approves Pilgrim's Pride exit plan
A U.S. bankruptcy judge in Fort Worth on Thursday approved the exit plan for Pilgrim's Pride Corp., clearing the way for the poultry processor to become part of a giant Brazilian beef company.
"The past 12 months have been filled with tremendous challenges and unprecedented opportunities," Don Jackson, chief executive of the Pittsburg, Texas-based company, said in a statement. more...
December 17, 2009
Dr. Jack Holladay Accused of Perjury and Fraud by Bankruptcy Trustee
WILLIAM WEST, CHAPTER 7 TRUSTEE AND HEA CLINIC, P.A.'S
COMPLAINT SEEKING DENIAL OF DISCHARGE
TO THE HONORABLE WILLIAM GREENDYKE,
UNITED STATES BANKRUPTCY JUDGE:
COME NOW, William West, Chapter 7 Trustee ("Trustee") and HEA Clinic, P.A. ("HEA") and files this Complaint Seeking Denial of Discharge of Debtor Jack Holladay ("Debtor") and in support thereof would show as follows: more...
December 16, 2009
Copper Giant ASARCO Emerges from Bankruptcy
After four and one-half years in Chapter 11, ASARCO, LLC emerged from bankruptcy Wednesday with the closing of a full payment reorganization plan proposed by Americas Mining Corporation (AMC) and ASARCO, Inc, wholly owned subsidiaries of Grupo Mexico SAB represented by Haynes and Boone, LLP and Milbank, Tweed, Hadley & McCloy, LLP. The plan pays all ASARCO creditors in full and returns control of the U.S. copper giant to its corporate parent, AMC. more...
December 15, 2009
The Benefits Of Legal Services In Terms Of A Foreclosure
A general cause for a foreclosure is a homeowner defaulting on it is legitimate that the government can usurp the foreclosed property as a result of payment defaults with regard to a Mortgage loan. The property for foreclosure may be auctioned to meet expenses and payments of the lender.Here, Houston Stop Foreclosure can help you pay back your mortgage loan and restrictthe foreclosure or youmay also take the services of a Houston Bankruptcy lawyer in case you are not keen on seeing your property getting foreclosed more...
December 14, 2009
Bigler Terminals goes bankrupt
US-based petrochemical manufacturer and storage operator Bigler Terminals has declared bankruptcy and is now selling its sole Houston Ship Channel terminal owing to a ruptured feedstock supply chain.
The company opened a new petrochemicals complex linked to the terminal, which shut down after LPG feedstock supplier Lyondell went bankrupt, bringing down the terminal business. more...
December 11, 2009
West Oaks Mall emerges from foreclosure
West Oaks Mall, a regional shopping center at Westheimer and Texas 6, has been sold out of foreclosure.
Los Angeles-based Pacific Retail Capital Partners purchased it for $15 million. more...
December 10, 2009
How to Outsmart a Debt Collector
Bob Brooks is a 17-year veteran in the financial services and investment industry, the author of a new book about avoiding credit and debt traps, and a radio show host who counsels callers about financial issues "from a Christian perspective." One of his messages: When a debt collector is harassing you, it's not the time to turn the other cheek. more...
December 9, 2009
CIT Group to exit bankruptcy protection Thursday
NEW YORK — CIT Group Inc., one of the nation's biggest lenders to small and mid-sized businesses, said Tuesday that a judge approved its reorganization plan and it plans to emerge from bankruptcy protection on Thursday.
CIT Group Bankrupcy more...
CIT Group filed for bankruptcy protection on Nov. 1 after it failed to restructure outstanding debt to alleviate a cash crunch. The reorganization plan, which was approved by key bondholders in advance, reduces CIT's total debt by $10.5 billion. It also defers debt maturities for three years.
December 8, 2009
Deep Marine Technology Files for Bankruptcy in Texas
On Friday, Deep Marine Holdings, Inc. and five affiliates (Deep Marine Technology Inc., Deep Marine 1, LLC, Deep Marine 2, LLC, Deep Marine 3, LLC, and Deep 4 Marine, LLC) filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas. The companies are represented by Bracewell & Guiliani, L.L.P. more...
December 7, 2009
Auto refinance auto loans, loans and the end of Chapter 7 or Chapter 13 Bankruptcy
It is no secret that bankruptcy affects your credit score. Your credit score, which is also known as your FICO score, a number between 300 and 850 A 300 FICO score is the lowest FICO score you can get. The higher your FICO score, the better.
A person with a credit score above 670 are considered a good credit rating and can be used for cars, mortgages, personal loans, loans for debt restructuring, etc., borrowingProblems. In addition, people with good credit scores get better interest rates on loans for people with credit problems. more...
December 4, 2009
Judge ends Enron shareholder lawsuit against banks
Exactly eight years after Enron Corp filed for bankruptcy protection, a federal judge has dismissed a lawsuit by investors against banks they accused of helping the energy company commit fraud.
Wednesday's dismissal by U.S. District Judge Melinda Harmon in Houston federal court came after Enron investors had already obtained $7.2 billion of settlements, a record for U.S. class-action litigation according to Cornerstone Research. more...
December 3, 2009
Fighting Back Against Collection Lawsuits
A collection lawsuit occurs when a creditor files a petition with the court to begin a lawsuit against a consumer who owes them money. Collection lawsuits can be expensive and time-consuming. Most creditors will opt not to go this route when trying to collect an alleged debt repayment. If there are other options available, creditors will tend to go with another option. Most of the time, a creditor will choose the quickest way to get their payment by repossessing your car, home or terminating your utilities. For debts under $1,000, collection lawsuits are rarely issued. In cases where a customer is making small payments, even if these payments are below the minimum requirement of the creditor, the creditor will not issue a lawsuit. more...
December 2, 2009
Bankrupt, TXCO Resources asset sale timetable set
San Antonio-based TXCO Resources Inc., an oil and gas exploration and production company now operating in bankruptcy, Tuesday released the timetable for the sale of most of its assets and an alternative plan should the asset sale fall through. more...
December 1, 2009
The Advantages Of Legal Services In Terms Of A Foreclosure
A general cause for opting for foreclosure is on account of homeowner defaulting on mortgage payments every month the government can usurp the foreclosed property as a result of payment defaults with regard to a Mortgage loan. The property for foreclosure may be auctioned to meet expenses and payments of the lender.Here, Houston Stop Foreclosure may assist you pay back your mortgage loan and restrictthe foreclosure or youcan also engage the services of a Houston Bankruptcy lawyer if you are not keen on a foreclosure. more...
November 30, 2009
FICO Reveals How Common Credit Mistakes Affect Scores
Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage.
Did you max out your credit card? Expect a credit score drop of 10 to 45 points. Declare bankruptcy? Your score will plummet by up to 240 points, and your odds of getting credit will nosedive with it. more...
November 26, 2009
The Business of Bankruptcy
The lead bankruptcy attorney for Circuit City Stores Inc. charges $945 per hour, or $15.75 a minute.
The restructuring firm supervising the dismantling of LandAmerica Financial Group Inc. routinely bills the bankrupt company about $1 million a month for its services, including between $60,000 and $70,000 a month for travel and lodging expenses. more...
November 25, 2009
Top 6 Debt Myths
At some point in our lives we all have some sort of debt; student loans, mortgages and car financing are the most common types of debt we carry. Everyone seems to have his or her own opinions about debt and debt management; however there are a few myths about debt that most would agree on. Here are six most common debt myths, feel free to add your debt myth at the end. more...
November 24, 2009
Bankruptcies on the rise again
The number of people hitting financial rock bottom across the nation continues to grow at an alarming rate while bankruptcy filings in the greater Pittsburgh area suggest that the region has been less affected by falling home prices, rising unemployment and unmanageable debt -- but not totally immune to their influence. more...
November 23, 2009
Bankruptcies soar 43%
The number of bankruptcies across the country was 43 per cent higher in September than at the same point a year ago, government data shows.
The latest figures provided by the Office of the Superintendent of Bankruptcy Canada show the increase is disproportionately slanted towards consumer bankruptcies over business insolvencies. The September figure for the former was up by 45.5 per cent in the last year; the latter by only 1.6 per cent. more...
November 20, 2009
More members of middle class file for bankruptcy
Staci Schubert's career has taken her from New York to California, from graphic designer to website designer to sales executive. Most recently, she launched a business as a designer of handbags and accessories. more...
November 19, 2009
Standing In Line At Houston Bankruptcy Attorneys' Offices
When people think of Houston they think of oil tycoons, cattle ranches and cowboys - generally people that you probably wouldn't associate with having to stand in line at a Houston bankruptcy attorneys' office, but there is much more to the city than oil and farmland. more...
November 18, 2009
Facts And Advices That Are Important For Filing Personal Bankruptcy That You Must Know
Filing personal bankruptcy in the United States has accomplished epidemic dimensions. The economy is partially to blame. Has accomplished pandemic dimensions. The economy is partly to blame. more...
November 16, 2009
Bankruptcy Rise Slows With Thaw In Lending
he bankruptcy boom is going bust -- for now.
The financial crisis created one of the worst periods in U.S. history for corporate bankruptcies, felling the likes of Circuit City Stores Inc., General Motors Corp. and CIT Group Inc., the giant lender to small businesses. more...
November 13, 2009
Dawson Marine in bankruptcy, closing
A bankruptcy filing by Dawson Marine should be finalized by this afternoon and all stores will close permanently, according to employees at both the Jasper and Beaumont stores.
A Beaumont employee said he's trying to get customers with property at the business to come pick items up before the store closes. more...
November 12, 2009
Advanta Files For Chapter 11 Bankruptcy
Advanta Corp., once one of the largest credit card lenders to small businesses, filed to reorganize under Chapter 11 bankruptcy protection Sunday night. The Spring House (Pa.) company’s main operation that issued credit cards, Advanta Bank Corp, is not part of the filing. But Advanta said that unit doesn’t have the capital required by regulators and may be taken over by the FDIC. more...
November 11, 2009
Do You Believe Any of These Top 10 Myths About Debt Consolidation?
Most people facing growing debt and limited resources have probably looked around for financial solutions and heard a little bit about debt consolidation. Debt consolidation is a great financial option to overcome overwhelming debt, but it is not right for everyone. But before you can figure out if it is right for you, you have to realize that some of what you may have thought about debt consolidation … is wrong. more...
November 10, 2009
Credit Repair: How to Help Yourself
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail, and maybe even calls offering credit repair services. They all make the same claims:
“Credit problems? No problem!”
“We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!” more...
November 9, 2009
Houston Bankruptcy Lawyer Helps Put You Back on Track
How do you determine if filing for personal bankruptcy is right for you? If you are thinking of declaring personal bankruptcy as your best means of resolving your current financial crisis, then you need to educate yourself as to the different types of personal bankruptcy that are available. Your goal is to get the most affordable personal bankruptcy solution and save the most amount of money on legal fees.The biggest reasons for filing personal bankruptcy are unforeseen medical expenses, excessive credit card debt, loss of employment, and out of control spending. Needless to say, many of these events create not only financial difficulty but also a huge amount of worry and stress. This makes it especially important that you consider all the possible options and to make sure whatever action you settle upon is in your long term interest. more...
November 6, 2009
Wilshire Village owner files Chapter 11
The owner of eight acres that used to house the Wilshire Village apartments on W. Alabama at Dunlavy sought bankruptcy protection this week.
Alabama & Dunlavy Ltd. filed Chapter 11 on Tuesday, the day the property was scheduled to be sold at a foreclosure auction, according to Swamplot, which had this to say about the situation last week: more...
November 5, 2009
Business Bankruptcy Filings Increased 7% in October
Business bankruptcy filings jumped in October, reversing two consecutive months of declining commercial filings and indicating that bankruptcies could continue to rise as the economy struggles to stabilize.
Last month, 7,771 businesses filed for bankruptcy protection, compared to 7,271 that sought shelter from creditors in September, according to data from Automated Access to Court Electronic Records, a private firm that tracks bankruptcy filings. more...
November 4, 2009
Small-Business Bankruptcy Filings Up 44% Year-over-year, Equifax Data Shows
Eastern U.S. Recovering Faster than West
ATLANTA -- Commercial bankruptcies among the
nation's more than 25 million small businesses increased by 44% from the third
quarter of 2008 to the third quarter of 2009, according to Equifax Inc. (NYSE:
EFX), which analyzes its comprehensive small business database for the
on-going study. more...
November 3, 2009
Bounce Back From Bankruptcy
According to the Bankruptcy Abuse Prevention and Consumer Protection Act, consumers are required to complete an approved credit counseling session prior to filing for bankruptcy. After filing, debtors must complete an approved financial education course before they can discharge their debts. These requirements were included to ensure consumers make an informed choice about bankruptcy, its alternatives and consequences. Perhaps more importantly, they were designed to provide bankruptcy filers with the financial skills necessary to build a strong financial foundation and avoid future financial problems. more...
November 2, 2009
CIT’s Bankruptcy May Help Bondholders and Erase Taxpayer Stake
CIT Group Inc.’s decision to seek court protection probably will keep money flowing to bondholders and 1 million customers of the 101-year-old commercial lender. Shareholders and taxpayers won’t be as fortunate. more...
October 30, 2009
Understanding 1st Party and 3rd Party Collectors
I have been following the How to Fight Debt Collectors series and noticed that the articles are all geared towards third party collections. For 3 years, I worked as a first party collector in the collections department for a mortgage company. more...
October 29, 2009
Bankruptcy Judge approves sale of Lone Star Park
WILMINGTON, Del. — A subsidiary of the Chickasaw Nation of Oklahoma received court approval Wednesday to buy Magna Entertainment Corp.'s Lone Star Park horse track in Texas, albeit for $20 million more than the tribe first thought it would spend. more...
October 28, 2009
MoneyGram to Pay $18 Million to Settle FTC Charges
The company Allowed its Money Transfer System To Be Used for Fraud
Company Also Required to Implement Comprehensive Anti-Fraud Program and to Monitor its Agents
MoneyGram International, Inc., the second-largest money transfer service in the United States, will pay $18 million in consumer redress to settle FTC charges that the company allowed its money transfer system to be used by fraudulent telemarketers to bilk U.S. consumers out of tens of millions of dollars. MoneyGram also will be required to implement a comprehensive anti-fraud and agent-monitoring program. more...
October 26, 2009
Idaho business bankruptcies decline, but consumer filings climb
Business bankruptcy filings nationwide fell 4.5 percent in the July-to-September quarter, according to Automated Access to Court Electronic Records, a bankruptcy management and data company. more...
October 23, 2009
Legally Speaking: Extreme Debt Collecting
In last week's column, I related the experience of a young Illinois woman who found herself on the receiving end of a debt collection notice - sent via her social networking page!
As I pointed out, the unusual method not only cost the debt collectors a lawsuit for emotional distress, but it also could very well have violated the Fair Debt Collection Practices Act - a federal law passed to protect consumers and set limits on just what debt collectors can do to collect a debt. more...
October 22, 2009
Erickson Retirement Communities files for Chapter 11
Erickson Retirement Communities LLC, the developer and manager of Highland Springs in Dallas, has filed for Chapter 11 bankruptcy and reached an agreement to sell its assets to Redwood Capital Investments, Erickson officials said Tuesday. more...
October 21, 2009
Bankruptcy filings slow in 3rd quarter
It doesn't indicate that the recession is over, but it's still good news that the rate of bankruptcy filings has slowed.
WASHINGTON -- In another promising sign of economic recovery, the torrid pace of personal and business bankruptcies slowed during the third quarter. more...
October 20, 2009
History of Credit Bureaus: Equifax, Experian, TransUnion & Innovis
Did you know that TransUnion started as a parent holding company for a railcar leasing company? Or that Experian is not based in the United States? I started reading about the history of some of the credit bureaus and was fascinated with what I found. For example, did you know Experian was founded in 1980 while Equifax was founded in 1899? more...
October 19, 2009
What NOT to Do When You are Behind on Your Bills
After three years in the mortgage collection business I learned a lot about the different ways people handle their debt. The crazy thing about it is honest is always the best policy. The debt doesn’t disappear magically so it something that you are going to have to take care of. People have multiple different ways they try to cope with being behind on a bill, most of which aren’t going to do anything but hurt you. The most common ways people deal with being behind are by avoiding it, lying about it, not taking it seriously, being a jerk about it, or allowing it to affect their personal life. more...
October 16, 2009
Charter could emerge from bankruptcy in November
According to a report by Reuters, the US judge overseeing the bankruptcy of Charter Communications has announced that he will approve the cable operator’s reorganisation plan, which could see it emerge from bankruptcy as early as 2 November. As reported by CommsUpdate on 30 March, the firm followed through on its promise to file for bankruptcy under chapter 11 of the US bankruptcy code. more...
October 15, 2009
Houston Bankruptcy Attorney Helps Put You Back on Track
How do you determine if filing for personal bankruptcy is right for you? If you are thinking of declaring personal bankruptcy as your best means of solving your current financial crisis, then you need to educate yourself as to the different kinds of personal bankruptcy that are available. Your goal is to get the most affordable personal bankruptcy solution and save the most amount of money on legal fees.The biggest reasons for filing personal bankruptcy are unforeseen medical expenses, more...
October 14, 2009
Selecting the Best Houston Bankruptcy Lawyers
Personal bankruptcy can be the result of any number of circumstances; financial mismanagement, poor investments, job loss or out of control spending. While personal bankruptcy is a serious matter that may contain long-term effects, it is also an acceptance of your financial situation and declaration of your debts. Personal bankruptcy is a positive step towards restoring your financial status. It’s not a pleasant thought, but sometimes filing personal bankruptcy is your best choice more...
October 13, 2009
Chicago Cubs bankruptcy case in a league of its own
Swift action is novel use of Section 363 of bankruptcy code, experts say
The Chicago Cubs' trip through bankruptcy court should be as quick as a 1-2-3 inning.
The team, as anticipated, filed its Chapter 11 papers Monday as part of Tribune Co.'s plan to transfer control of the ballclub to the Ricketts family. more...
October 12, 2009
Mounting Medical Bills a Factor in a Rise in Local Bankruptcies
Tirra Jones finally started to hate the mailbox.
Every day, it seemed, would bring a new round of medical bills, reminders of more than $200,000 in debt she couldn't pay for more than a half-dozen hospital and emergency room visits, repeated ambulance calls, surgery, radiologists, lab work, doctors and anesthesiologists. more...
October 9, 2009
Former Enron employees let go around the time of the company's 2001 bankruptcy have two weeks...
Checks could go out soon in an Enron case
Former Enron employees let go around the time of the company's 2001 bankruptcy have two weeks to object to a plan to disburse some $23 million retrieved from executive bonuses. more...
October 8, 2009
Stallion Oilfield Services says to file Chapter 11
NEW YORK - Stallion Oilfield Services [STOIL.UL], a Houston-based oil services company, said on Wednesday it would file for bankruptcy protection "in the near future" after reaching a deal with lenders to restructure millions in debt. more...
October 7, 2009
Bankrupt Lyondell says it doesn't owe pay that was deferred
Lyondell Chemical Co. is at odds with a group of former and active employees over the bankrupt chemical giant's refusal to pay more than $25 million in deferred compensation the employees say is rightfully theirs.
While the amount is small compared with the billions in debts Lyondell left unpaid when it entered Chapter 11 in January, affected employees say it is anything but small change to them. more...
October 6, 2009
Bankruptcy Filing Changes That Could Affect You
It isn't much of a surprise that when the economy suffers a downturn, the number of people filing bankruptcy increases. Since 2005, there have been several changes to U.S. bankruptcy laws that may make it harder to file than it used to be. As changes are implemented, it is important to know what your options are if you are considering filing. more...
October 5, 2009
Personal bankruptcies hits a 4-year high
Mounting unemployment and housing crisis push the filings to the highest level since 2005.
NEW YORK -- Personal bankruptcies topped the 1 million mark in the first nine months of the year, the first time it has done so in four years, according to an industry research firm released Friday. more...
October 2, 2009
Billionaire John Kluge will retain control of bankrupt Metromedia Steakhouses
Billionaire John Kluge will retain control of bankrupt Metromedia Steakhouses Co. under a reorganization plan approved yesterday for the operator of the Ponderosa and Bonanza restaurant chains.
Kluge and a group of companies and trusts he is affiliated with will exchange about $259 million they are owed for equity in the reorganized steakhouse chain, according to the plan approved by U.S. Bankruptcy Judge Mary Walrath yesterday in Wilmington, Delaware. more...
September 30, 2009
How To Avoid Bankruptcy With A Consumer Proposal
If you have a job but are unable to make all your minimum payments, let alone actually pay down your debts, you may have wondered if bankruptcy is the only way to get out from under all your debt. The is another option you should consider before bankruptcy, filing a consumer proposal. more...
September 29, 2009
How To Find A Bankruptcy Lawyer Without Stumbling Upon “Fly-By-Nights”
Choosing the right bankruptcy attorney for bankruptcy representation is one of the most important financial decisions a person can make especially when his financial life is slowly going down the pipes and he wants to prove that he is indeed down and out and out of money so that he can get some support from the government while he is trying to find a new job or any other source of income. With this type of concern, it is most likely that if he ever goes out there and find bankruptcy lawyer on his own, there is a big possibility he can come across “fly-by-night” bankruptcy lawyers. It is a fact, a very hard fact, that there are lawyers, or “lawyers”, out there that are like these. So, what is the best method to find the best, the most reliable and the most able and most competent of all bankruptcy attorneys? more...
September 28, 2009
Chickasaws bid $27 million for bankrupt horsetrack
DALLAS (AP) – For years, Texans have driven across state lines to place bets at casinos.
Now one of the country’s biggest casino operators is betting on the horses at Lone Star Park in Grand Prairie. more...
September 25, 2009
Texas Bankruptcy Laws
There are many methods that you can use to clear yourself of the many debts that you have. These methods can include going to bankruptcy courts, but you will need to know what is recommend for the bankruptcy courts in your state. The Texas bankruptcy laws of 2005 require that you go through with credit counseling before you apply for bankruptcy. more...
September 24, 2009
Bankruptcy or Debt Negotiation: A Cost ComparisonI
If you are dealing with growing debt, you may be considering bankruptcy. However, for some consumers, debt negotiation is a better, less expensive option. How do you decide which is best for you? Evaluating the costs of each method is a good first step. Follow these steps to determine which way to go. more...
September 23, 2009
Good Bankruptcy Questions And Know What To Do
When you are in deep trouble with your finances, you may have tried just about everything to get out of your hole. Some like to go through credit counseling or get debt consolidation loans. However, those things dont always work for everyone. more...
September 22, 2009
Guaranty Financial Group Seeks Bankruptcy Protection
Guaranty Financial Group Inc. sought bankruptcy protection from creditors less than a week after collapsing in the 11th-biggest bank failure in U.S. history.
The Austin, Texas-based company listed assets of $24.3 million and debt of $323.4 million as of June 30 in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Dallas. The asset and debt figures don’t include the value of Guaranty’s equity interests in its units, according to court papers. Three units also sought protection. more...
September 21, 2009
Texas is an Attractive Refuge for Those Seeking to File for Bankruptcy Protection
America’s economy seems to being taking a continuing freefall, including new home foreclosures and layoffs that are reported by the media every day. With this unfriendly economic environment, there should be no surprise in learning that Chapter 7 bankruptcy, Chapter 13 bankruptcy, and Chapter 11 bankruptcy filings are also increasing throughout the country, particularly in Austin, San Antonio and Houston. more...
September 18, 2009
Bankrupt wedding company leaves couples with wedding day blues
HOUSTON -- A Houston family is wondering if criminal charges will be filed against the owners of a wedding venue business nearly a year after they say the company left them high and dry.
Bankrupt wedding company leaves couples with wedding day blues
“It was really traumatic," said the mother of the groom. more...
September 17, 2009
Forced Arbitration Is Ubiquitous, New Public Citizen Study Finds
Research Points to Urgent Need for Congress to Act
WASHINGTON - September 14 - Mandatory binding arbitration, or "forced arbitration," is ubiquitous in many industries, according to a study released today by Public Citizen. Seventy-five percent of companies in eight industries use forced arbitration, the organization found in a study released a day before a key congressional subcommittee holds a hearing on whether mandatory binding arbitration is fair or voluntary. more...
September 16, 2009
Idearc's bankruptcy plan approved
Phone directory publisher Idearc Inc. said Friday the U.S. Bankruptcy Court for the Northern District of Texas approved the company’s amended disclosure statement outlining the company’s plans for emerging from Chapter 11 bankruptcy.
Dallas-based Idearc said that under its proposed plan, the company's total debt will be reduced from about $9 billion to approximately $2.75 billion of secured bank debt, with the remainder of the company's current bank debt and bonds converted to new equity. more...
September 15, 2009
Texans CU CUSO Files Chapter 11
Texans CUSO Insurance Group filed for Chapter 11 bankruptcy on Sept. 5, citing a soft insurance market and ongoing litigation expenses among its reasons.
In a Sept. 8 statement, Texans CUSO Insurance Group said it filed for Chapter 11 protection “to resolve its temporary operational and liquidity issues.” The CUSO filed a voluntary petition for relief in the U.S. Bankruptcy Court for the Northern District of Texas. more...
September 14, 2009
Nukote blames Office Depot for bankruptcy in $217 million lawsuit
Nukote International Inc., a Texas-based manufacturer and distributor of ink-jet and laser-toner cartridges with administrative offices on Rochester's northwest side, is blaming its Chapter 11 bankruptcy on office supplies retail chain Office Depot Inc.
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September 11, 2009
Steakhouses: Buyouts and bankruptcy
Steakhouses are too feeling the pinch of the recession.
Sept. 9: Landry's Restaurants Inc. has engaged Moelis & Company LLC as its financial adviser to assist its board of directors, and a special committee of independent directors, in reviewing strategic alternatives including a possible sale and a proposal from chief executive Tilman Fertitta to take the company private. more...
September 9, 2009
Texans Credit Union's insurance unit files Ch. 11
The insurance subsidiary of Texans Credit Union filed for bankruptcy protection over the weekend, according to the nonprofit credit union.
Texans CUSO Insurance Group LLC, formerly known as Curley Insurance Group, was acquired by Texans Credit Union in January 2007.
September 8. 2009
Debt collection lawsuits
At a time when bankruptcies, foreclosures and credit card balances are hitting record highs, the subject of debt-collection and lawsuits seems unavoidable. A purported debtor, who has been sued by a creditor, is usually served with a complaint alleging that the creditor lent the debtor money that has not been repaid. For many novice debtors, a complaint is an intimidating legal document containing language that is distracting to some of the savviest non-lawyers. Most debtors who have been served with complaints, concede to owing their creditors money, believing that the debt itself is the most important issue. For many lawyers and courts however, the sufficiency of the complaints and evidence are equally important issues in this type of lawsuit.
September 4, 2009
Palm Energy Partners files for bankruptcy
HOUSTON: Metairie, La.-based Palm Energy Partners and its 100 percent-owned business unit Pisces Energy have filed voluntary petitions for relief under the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston division. The companies will continue to operate their business and manage property during the bankruptcy proceedings. more...
September 3, 2009
Riverwalk Files for Chapter 11
The world-famous San Antonio Riverwalk, renowned for its bounty of quality restaurants, bars and ‘edu-tainment’, released some staggering news at the beginning of this week. On Monday, traditionally the first day of the week, Riverwalk workers were walking to their workplaces when the news broke. In a somber day as dark as the Great Riverwalk Flood in 1922, one employee said she felt “betrayed and angry” at the Riverwalk’s management. more...
September 2, 2009
Baseline Oil & Gas files for bankruptcy protection
HOUSTON — Energy producer Baseline Oil & Gas Corp., citing turmoil in the economy and global credit markets, said Monday it has filed for Chapter 11 bankruptcy protection after securing agreements with some creditors.
The filing was in U.S. Bankruptcy Court in Houston. The company said that as of June 30 it had liabilities of $138.6 million and assets of $2.96 million. more...
September 1, 2009
Debt Collection And The Statute of limitations
The statute of limitations is the total time period that a creditor has, with respect to debt collection, to file a lawsuit for a delinquent debt.
But it is also possible that once the statute of limitations expires, a consumer may still be slapped with a lawsuit. more...
August 27, 2009
Bankruptcy auction Thursday as Southwest Airlines seeks to buy Frontier Airlines
Southwest seeks to buy Frontier, auction Thursday
DALLAS — Southwest Airlines is getting its chance to take over bankrupt Frontier Airlines.
A bankruptcy court auction was scheduled Thursday. more...
August 26, 2009
Notice of Request for Public Comments on Proposed Rules and Forms
The United States Bankruptcy Court for the Southern District of Texas requests comments on proposed changes to its local rules, forms and procedures. The proposed changes primarily address mortgage issues in consumer bankruptcy cases. more...
August 25,
FDIC closed, Bankrupted Austin, Texas-based Guaranty Bank
Four more banks fail, bringing total to 81
As expected, the Federal Deposit Insurance Corp. closed Friday troubled Austin, Texas-based Guaranty Bank and three smaller institutions, bringing the number of bank failures this year to 81.
Guaranty Bank, a unit of holding company Guaranty Financial Group Inc. (NYSE:GFG), was finally shut down after issuing a Securities and Exchange Commission filing in July warning of a pending FDIC takeover. The bank, which had $13 billion in assets and $12 billion in deposits, is the second largest U.S. bank failure this year following Colonial Bank last week and the 10th-largest in U.S. history. more...
August 24, 2009
How to fix your broken credit: 7 steps to rebuild your score after bankruptcy
Filing for bankruptcy is not a decision most people take lightly, especially because it affects
access to new credit, home loans and even employment opportunities, not to mention the emotional impact filing for bankruptcy can have. more...
August 21, 2009
Texas attorney general seeks $4.6M for Debt Relief USA customers
Texas Attorney General Greg Abbott wants to recover $4.6 million owed former customers of Debt Relief USA, an Addison-based company that filed for bankruptcy protection in June. more...
August 20, 2009
Bankruptcy judge OKs bonuses at top
Top officers and managers at bankrupt chemical giant LyondellBasell Industries could receive a total of up to $45 million in bonus pay under a program approved Tuesday by a New York bankruptcy judge over the objection of the United Steelworkers union.
Under the program, the company will be able to pay the bonuses to 325 officers and managers it has deemed critical to emerging from Chapter 11 if it hits certain financial targets. more...
August 19, 2009
I am Joe’s Bankruptcy
Chapter 11 Is Next Page for Reader's Digest
The publisher of Reader's Digest magazine said Monday it will file for bankruptcy protection, becoming the latest in a series of debt-laden media companies felled by the recession and changing consumer tastes. more...
August 18, 2009
How to File For Bankruptcy -Save Time & Money
Are you positive that going bankrupt is the only way to clear your debts and repair your credit? If you think you have no other alternatives, you may be wondering, how do file bankruptcy.
You’ll need to be aware of the process that comes along with filing, so here are some ways that you can prepare yourself. more...
August 17. 2009
Debtors get a break with suit
A class-action lawsuit against a debt-collection company has been settled, with the result that 2,371 Nebraskans on whom allegedly illegal methods were used in trying to collect bills will get at least some of their debt wiped out.
This is at least the third time in five years that Omaha law firm Car and Reinbrecht has fought collectors to a draw in federal court. more...
August 14, 2009
Port Arthur man sued for non-payment of credit card
LTD Acquistions is suing a Port Arthur man who it says owes it more than $30,000 in credit card payments.
LTD Acquisitions filed a lawsuit July 27 in Jefferson County District Court against Khau Nguyen. more...
August 13, 2009
In debt? There is a way out, experts say
In today's economy, personal finances and debt are at the forefront of many people's minds — from the companies that need to clear their balance sheets, to the debt collectors who make their living retrieving unpaid balances, to the consumers who owe more than they can to pay. more...
August 12, 2009
HOSPITAL EMPLOYEE CONVICTED OF STEALING PATIENT’S IDENTITY TO APPLY FOR CREDIT CARD
(HOUSTON) - Nakeshia Brown, aka Nakeshia Green, 30, of Rosenberg, has been convicted of bank fraud and aggravated identity theft arising from the theft of personal identifying information from the medical records of patients admitted to a Houston area hospital, United States Attorney Tim Johnson announced today. more...
August 11, 2009
Prohibited Debt Collection Practices
As we all know, the country is in the midst of an economic crisis. Delinquencies on credit card accounts are at an all time high. Many of these delinquent accounts are being sold to unsavory debt collection agencies who have purchased the debt for pennies on the dollar, who then attempt to collect the monies from you. There is a federal law that governs debt collection in this country, and it is called the Fair Debt Collection Practices Act (FDCPA). The Act sets forth some criteria, guidelines and policies that must be followed by debt collectors. The following are some examples of prohibited debt collection practices as set forth in the FDCPA: more...
August 10, 2009
Good Questions about Credit Card debt Collection
How Do You Settle Debt With Credit Card Companies?
I’ve got some debt that’s currently in collections. And I got to talking to one of the debt collectors and he revealed that the average company is willing to settle for about 75% of the debt owed. more...
August 7, 2009
5 Tips for Fast Credit Repair
Everyone dreams of owning their own home, raising their families and having the best credit ever. But in reality this is not the way that it happens. You may have started with good intentions but life happens and you get behind. When you get behind it is like a domino effect as everything becomes past due and delinquent. You slowly crawl back out of it but you are left with scars on your credit record. If you need a fast credit repair there may be a way that you can do this quickly so you can start applying for things you need. There are 5 tips for fast credit repair. more...
August 6, 2009
Bankruptcy judge approves EPL reorganization
A federal bankruptcy judge has approved a financial reorganization plan for independent petroleum producer Energy Partners Ltd., but the company still must obtain financing to complete the deal. more...
August 5, 2009
J.P. Morgan Chase Halts Submitting Disputes to Arbitration
On July 22, we reporting a lawsuit by the Minnesota Attorney General who sued the National Arbitration Forum (NAF). As result of the lawsuit, the firm essentially shut down for good. Now one of the big players in the credit card industry, JP Morgan Chase, has announced that they are halting the process of submitting disputes through arbitration firms. more...
August 4, 2009
Three Class Actions Filed Against Leading Credit Arbitrator
Claims Follow NAF's Recent Settlement With Minnesota
Arbitration clauses -- those mandating dispute resolutions other than litigation -- became quite common in consumer contracts in recent years, especially for credit cards and cell phones. The clauses are greatly advantageous for corporations, as they are spared the expense and hours needed to effectively defend against a consumer or class action lawsuit. more...
August 3, 2009
Woman sued over $45K credit card debt
LTD Acquistions is suing a Port Arthur woman who it says owes it more than $45,000 in credit card payments.
LTD Acquisitions filed a lawsuit July 27 in Jefferson County District Court against Dorothy J. Hanley. more...
July 28, 2009
Texas State Statutes Regulating Debt Collection - Debt Collectors
FINANCE CODE: CHAPTER 392. DEBT COLLECTION
SUBCHAPTER A. GENERAL PROVISIONS
§ 392.001. DEFINITIONS. In this chapter:
(1) "Consumer" means an individual who has a consumer debt.
(2) "Consumer debt" means an obligation, or an alleged obligation, primarily for personal, family, or household purposes and arising from a transaction or alleged transaction.
(3) "Creditor" means a party, other than a consumer, to a transaction or alleged transaction involving one or more consumers. more...
July 27, 2009
PROPERTY EXEMPT FROM CREDITORS' CLAIMS
I live in Texas, are there any laws protecting me from credit card lawsuits?
They can't garnish your wages, but they can get your bank accounts and your retirement accounts
Texas is one of those neat places that it is almost impossible to collect on a judgement against an individual. more...
July 24, 2009
Outrageous Law Transfers Parents' Debt To YOU
With few exceptions, such as a divorce decree, you are not legally liable for debts you have not personally signed for or agreed to pay. There is an inherent sense of fairness to this principle: your finances cannot be obligated to pay for something without your consent (except perhaps to the taxman or to your dependents). However, an archaic law in Pennsylvania is being enforced to make adult children to pay for their parents' debts. more...
July 23, 2009
Collection agency accused of threatening arrests
West Virginia Attorney General Darrell McGraw is suing National Enterprise Systems, an Ohio collection agency, for allegedly threatening to arrest several West Virginians if they didn’t pay up.
After maxing out her credit card, a collection agent called Cheryl Lilly of Braxton County at work and told her there was a warrant out for her arrest. She demanded a more...
July 22, 2009
Actor Stephen Baldwin files for bankruptcy in NY
NEW YORK - Actor Stephen Baldwin, brother of Emmy winner and "30 Rock" star Alec Baldwin, filed for bankruptcy in New York on Tuesday, according to a court document that says he is millions in debt.
The 43-year-old actor filed for Chapter 11 protection claiming he owes more than $2.3 million and owns a New York property valued at only $1.1 million. His wife, Kennya Baldwin, also is named in the document. more...
July 21, 2009
Chase forgives debts of scam victims
JPMorgan Chase, the nation's largest credit-card issuer, has agreed to forgive the debts of 13,000 cardholders who it says were defrauded by a group of Florida debt-settlement companies that promised to rescue them from their credit-card debts. more...
July 20, 2009
Thinking Of Filing For Bankruptcy?
Many people in the Houston, Texas area-as well as the rest of the country, and even the world-are feeling the pinch of the economy as it keeps falling. With unemployment rates rising, credit companies calling in debts, and house values plummeting, it is no surprise that many people are finding it extremely difficult to stay on top of their finances. In fact, many people simply can’t afford to pay all of their bills. This is a combination of economic hardships and the tendency many people have developed of “living above their means.” If you feel that bankruptcy may be an option for you, you should consider talking to a Houston bankruptcy lawyer straight away. more...
July 17, 2009
GM exits bankruptcy
General Motors Co. on Friday emerged from bankruptcy as a lean, green, car-making machine.
The Detroit automaker began operations Friday with a new corporate structure, stronger balance sheet and core focus.
“Today marks a new beginning for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers,” Fritz Henderson, president and chief executive officer, said in a news release. “We are deeply appreciative for the support we have received during this historic transformation, and we will work hard to repay this trust by building a successful new General Motors.” more...
July 16, 2009
Class action lawsuit against credit bureaus thrown out
Last week, a U.S District Court Judge in South Carolina dismissed a class action lawsuit against the three national credit reporting agencies. The lawsuit alleged that the bureaus had violated the Fair Credit Reporting Act by reporting Capital One credit card accounts without a credit limit and thus causing consumers’ credit scores to be artificially lower. The plaintiffs claimed that the bureaus had not maintained reasonable procedures for ensuring maximum possible accuracy. The defendants claimed, and the court agreed, that the class could not prove that they had been harmed by the practice. more...
July 15, 2009
Minnesota Attorney General files suit against arbitration firm
AG says debt dispute company favors credit card issuers
Minnesota Attorney General Lori Swanson filed a lawsuit Tuesday against the National Arbitration Forum of Minnesota. Swanson accuses the company, which handles disagreements between credit card issuers and cardholders, of deceiving consumers by hiding its ties to credit card companies and unfairly siding with them during disputes. more...
July 14, 2009
I’m in a Debt Settlement Program with CNI and I Got Sued by Amex. They Told Me to Ignore It
Mary wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help. more...
July 13, 2009
Cici’s Pizza franchisee files for Chapter 11
A company that operates 10 Cici’s Pizza franchises, including one in Cincinnati, has filed for Chapter 11 bankruptcy in Texas.
Tom Koenigsberg, chief marketing officer for Cici's Pizza, said the franchisee, Marwin Management Group, which operates Cici's restaurants in several states, filed for bankruptcy reorganization. more...
July 10, 2009
Why Debt Settlement Works Best in Texas
Debt settlement, also known as debt negotiation or debt reduction, is a relatively new way for dealing with your debt problems. In a debt settlement program, by negotiating with a creditor, a client can reduce their debt by as much as 50 percent and be debt free in as little as 12 to 36 months.
Debt settlement is a great solution for consumers feeling overwhelmed with credit card debt that find themselves either falling behind on their payments or just able to afford the minimums. Considering the savings, in most cases it’s worth doing if you find yourself in any of the aforementioned situations. As with any debt solution, however, there are potential downsides to debt settlement that should always be considered prior to enrollment. First, debt settlement may have an adverse impact on your credit, more...
July 9, 2009
How to Handle a Debt Collection Call
“Thank goodness for caller identification.”
That’s likely the refrain of late-paying mortgage, credit card, and auto loan borrowers, just to name a few, who dread talking to debt collectors on the phone.
Caller ID is the one saving grace of being mired in debt, you know when debt collectors are calling you, and don’t have to talk to them. more...
July 8, 2009
Building supply company refocuses amid Chapter 11
Bison Building Materials, which distributes lumber and other products to residential and commercial builders, said it plans to restructure and just focus on the Houston and Beaumont areas.
“Geographically, this is the market we know best,” Chief Operating Officer Tom Tolleson said. “We’ve essentially come home.” more...
July 7, 2009
Bankruptcies low in states that don't seize wages
States that prohibit debt collectors from seizing wages have lower bankruptcy rates than peers
States that allow debt collectors to seize consumers' wages have sharply higher bankruptcy rates than neighboring states that prohibit or strictly limit the practice, analysis has found. more...
July 6, 2009
Credit Card Court Summons - How Do I Save Myself From the Credit Card Collection Agency?
Unless you are one of the elite few in the country that can splurge on hundreds of thousands of dollars for a summer vacation in Europe or a white-sand beach in the Pacific, you are probably keeping track of much money is going in and out of your wallet. If the average person is conscious of her or his spending habits, you can be rest assured that financial institutions such as credit card companies and credit card collection agencies are as well. When things start falling through the cracks and you start spending way more than you earn, then you end up in a mountain of debt. When you can't afford to pay a substantial amount of debt, you could be summoned to court by a collection agency. The process usually unfolds as follows: more...
July 3, 2009
How to Intimidate a Debt Collector
Amplify Your Cease & Desist Letter
Communicating with a debt collector is tricky business. I liken it to a game of poker, both sides may well be bluffing or not AND there is money at stake.
I’m a debtor advocate and as such I read alot of material that pertains to dealing with debt collectors, debt validation, debt verification, etc. more...
July 2, 2009
The One Minute Case for Bankruptcy
What is bankruptcy?
Bankruptcy is a financial state that occurs when a person or business can no longer repay its debts. In the legal sense, bankruptcy begins when a court recognizes that the financial state of bankruptcy exists. The bankruptcy court takes charge of the bankrupt entity and disposes of its assets or reorganizes it to pay off as much of the debts as possible. more...
July 1, 2009
How to Settle a Credit Card Lawsuit
Have you ever been sued by a credit card company and wondered how to settle a credit card lawsuit? Due to the current economic
recession and loss of jobs, many consumers find themselves having to choose between buying groceries and paying credit card bills. more...
June 29, 2009
How Do Debt Settlement Plans Work
If you have ever come across offers for debt settlement, you are probably very curious about these offers and would like to know if their promises will actually work. You might even be considering signing up for one at this very moment. Well, before you do anything, first read up on how debt settlement plan works so that you’ll know the risks you are getting into and if it is worth the rewards.
Debt settlement companies are becoming more and more common nowadays. Taking advantage of the panicked feeling of many American consumers faced with enormous debts and no way out, debt settlement companies are becoming major players in the credit industry. more...
June 26, 2009
FirstPlus Financial files bankruptcy
FirstPlus Financial Group, a small publicly traded financial firm with offices in Irving and Beaumont, has filed for Chapter 11 bankruptcy protection.
In announcing the filing, the company cited litigation expenses and a lack of revenue from its subsidiaries more...
June 25, 2009
Shopping for a Consumer Attorney if You Are Sued by a Creditor
Credit card companies and junk debt buyers have turned to the courts with a vengeance as a method of collecting past due debts. I always recommend that people hire a lawyer when facing legal issues, if at all possible. Unfortunately, in the area of consumer law, there are very few attorneys who know the Fair Credit Reporting Act or the Fair Debt Collection Practices Act. There are even fewer who have actually stepped into a court room. According to one of our our discussion board members, who is an attorney: more...
June 24, 2009
How to dispute credit report errors
Your credit report contains information about where you work and live and how you pay your bills -- especially credit card bills. Credit reporting agencies -- also known as credit bureaus -- compile and sell your credit information to businesses. Because businesses use this information to evaluate your applications for credit, insurance, employment and other purposes allowed by the Fair Credit Reporting Act, it's important that the information in your report is complete and accurate. more...
June 23, 2009
FTC Sends 400,000 Checks In Credit Card Fraud Protection
The FTC, through its claims administrator, mailed more than 400,000 checks totaling over $12 million on Friday, June 12, 2009, to consumers identified as victims of an illegal credit card billing scam operated by J.K. Publications and other defendants.
The FTC, through its claims administrator, mailed more than 400,000 checks totaling over $12 million on Friday, June 12, 2009, to consumers identified as victims of an illegal credit card billing scam operated by J.K. Publications and other defendants. The defendants made unauthorized charges on consumers’ credit and debit cards for purported Internet services. Information about the case can be found here: http://www.ftc.gov/os/caselist/9823616.shtm. more...
June 22, 2009
Credit Card Lawsuit Sample Court Documents
These are sample court documents that you may see in a fight with a Credit Card company. This is not legal advice. The forms presented here are for information and education only. No warrantees, either express or implied are offered. Maine laws are cited where applicable, other State laws may be similar and titles/sections will need to be researched by you, if you wish to make appropriate changes. more...
June 19, 2009
Eddie Bauer files for Chapter 11 bankruptcy court protection
NEW YORK (AP) -- Clothing retailer Eddie Bauer Holdings Inc. filed on Wednesday for Chapter 11 bankruptcy court protection, the latest retail casualty of the recession.
It said CCMP Capital Advisors LLC has bid for its assets. Other buyers may also make bids while the company is under court protection. more...
June 18, 2009
Crackdown urged on 'fee-harvester' credit cards
WASHINGTON — A national consumer advocacy group called on Congress Thursday to pass legislation halting the growth of a particularly abusive type of credit card that targets vulnerable consumers with poor credit histories.
Advertised on television and elsewhere, so-called "fee-harvester" cards are heavily marketed to subprime borrowers who can't obtain traditional credit cards. more...
June 17, 2009
Bankruptcy filings continue to rise in Houston and nationwide in 2009
Bankruptcy filings in 2009 continue to outpace the numbers from last year. A recent news release from the U.S. Courts website reported that bankruptcy filings for the 12-month period ending March 31, 2009, were up 33.3 % over bankruptcy filings for the 12-month period ending March 31, 2008. more...
June 16, 2009
Credit report fix turns fiasco
For more than two years Robyn Mueller has been battling credit reporting giant Equifax, which mixed her twin brother’s data into her file, then failed to correct the errors, records show.
Mueller sent Equifax repeated dispute letters beginning in 2006 — and even copies of each sibling’s driver’s licenses, pay stubs and other records — to prove they are different people. But the problem wasn’t fixed until last summer when she sued the Atlanta-based credit bureau. more...
June 15, 2009
Six Flags files for Chapter 11
Debt-ridden amusement park operator Six Flags, controlled by Washington Redskins owner Dan Snyder, has filed for Chapter 11 bankruptcy reorganization.
The New York-based chain of parks has been trying unsuccessfully this year to renegotiate terms with lenders on hundreds of millions of dollars in debt. more...
June 12, 2009
U.S. bankruptcy filings up 37% last month
U.S. consumer bankruptcy filings soared 37 percent in May compared with the same period last year, according to figures released Tuesday by the American Bankruptcy Institute.
The figures, using data compiled by the National Bankruptcy Research Center, show total filings in May were 124,838, up from 91,214 recorded in May 2008. more...
June 11, 2009
Debt Settlement Dangers
Lots of people are behind on their credit card payments during these tough economic times. But that doesn't mean you should sign up with one of those companies that promise to get you out of debt. As Your Money Team helps you to survive in '09, 3-On Your Sides Jim Donovan has a warning.
You may have heard the testimonials or seen the online ads, companies claiming to get you out of debt by negotiating with your creditors for you. Well, you may not want to take them up on their offer. more...
June 10, 2009
U.S. bankruptcies highest since 2005
NEW YORK - U.S. bankruptcy filings rose in the first quarter to the highest since 2005, government data show, as rising unemployment, falling housing prices and tight credit made it harder for people to hold off their creditors. more...
June 9, 2009
How to dispute a credit-card charge
Opening a credit card statement can be all business for those who are cautious with credit, or it can be traumatic for those who live beyond their means. For anyone, however, finding an error on a credit card statement is a stressful event. Credit card errors can cause unnecessary financial troubles and unneeded debt. Fortunately, disputing an inaccurate item on a credit card bill is a manageable process. more...
June 8, 2009
California Couple Awarded $500,000 in FDCPA Case
Last month, Manuel and Luz Fausto won one of the biggest collection awards documented in the last couple of years under the Fair Debt Collection Practices Act (FDCPA) against Credigy Services Corporation. A California jury awarded the Faustos $500,000 in damages derived from harassment by Credigy collectors. Of the sum, granted $100,000 was for actual damages the Faustos experienced, while $400,000 was in punitive damages, granted for malicious and reckless disregard of the couples rights. According to one of the Faustos lawyers, David Humphreys of Humphreys Wallace Humphreys, P.C., and the case derived from a debt on a Wells Fargo charge card opened in 1992. more...
June 5, 2009
Missouri and New York sues Credit Solutions of America
Missouri Attorney General Chris Koster said Tuesday he sued a Texas company that advertised to consumers it could get people out of credit-card debt and lower their monthly payment but didn’t deliver.
Credit Solutions of America in Richardson, Texas, marketed to Missourians that it could reduce their payments by 50 percent, lower their monthly bills and get customers out of debt within three years, Koster’s office said. more...
June 04, 2009
Oregon couple win credit risk ruling against Chase
PORTLAND, Ore. — In a legal victory for consumers, a federal appeals court has ruled that Chase Bank must clearly disclose that it can raise the annual percentage rates for cardholders based on credit risk.
The 9th U.S. Circuit Court of Appeals ruled in favor of an Oregon couple who claimed that Chase violated the Truth in Lending Act, reversing a lower court ruling that had dismissed their complaint. more...
June 3, 2009
Court Ruling: Can LifeLock Still Legally Provide Identity Theft Protection?
A new ruling just came down this week ending (for now, at least) the legal battle between credit bureau Experian and ID theft protection company LifeLock.
Experian filed the lawsuit because it was tired of processing and paying (supposedly millions of dollars) for the "hundreds and thousands" of fraud alerts that LifeLock was calling in on behalf of its members. more...
June 2, 2009
GM files for largest industrial bankruptcy in U.S.
'Today marks new beginning,' auto maker says in Chapter 11 filing
General Motors filed for Chapter 11 bankruptcy protection today as part of the Obama administration’s plan to shrink the automaker to a sustainable size and give a majority ownership stake to the federal government. more...
June 1, 2009
Love Hits Back Over Credit Card Lawsuit
Courtney Love has hit back at a $350,000 lawsuit filed against her by bosses at credit card firm American Express, accusing them of allowing fraudulent transactions to be made using her account.
AmEx chiefs claim the rocker racked up the huge bill on her Gold card and has refused to pay it off, but Love's lawyer has fired back, insisting his client has been battling the charges for months, because she didn't spend the money. more...
May 29, 2009
Clear Lake high rise developer in bankruptcy
The developer of a Clear Lake high-rise has filed for Chapter 11 bankruptcy protection in an apparent move to shield the property from foreclosure.
Endeavour Highrise LP, which built Endeavour Clear Lake, filed the voluntary bankruptcy petition earlier this month. more...
May 28, 2009
Sotomayor past rulings benefitted credit card plaintiffs
-A 2001 ruling by U.S. Appeals Court Judge Sonia Sotomayor kept alive a class action lawsuit against Visa Inc. (V) and Mastercard Inc. (MA), which led to a $3 billion settlement, one of the largest corporate payouts at the time.
The case is just one of several in which Sotomayor, President Barack Obama's nominee to replace Supreme Court Associate Justice David Souter, has been involved in significant matters affecting corporate America. more...
May 27, 2009
Stanford liquidators can seek bankruptcy: judge
HOUSTON - The Antiguan liquidators for Texas financier Allen Stanford's offshore bank in Antigua may seek bankruptcy protection for the institution under U.S. law, a federal judge has ruled.
Liquidators Nigel Hamilton-Smith and Peter Wastell, who were appointed by the Antiguan government, "have shown good cause" to seek Chapter 15 bankruptcy for Stanford International Bank Ltd., U.S. District Judge David Godbey in Dallas said in a court order filed late on Friday. more...
May 26, 2009
Can Debt Collectors Garnish Your Wages Ever?
What states cannot garnish your wages for credit card debt?
Answer
South Carolina, North Carolina, Pennsylvania and Texas.
Please be advised that wage garnishment is allowed in Texas if the judgment creditor has no other means to collect the debt (bank account levy, seizure and sale of non exempt property or lien against real property). more...
May 25, 2009
Olive Garden lawsuit may be an appetizer
If you used a credit card to pay for a meal at an Olive Garden restaurant in Upstate New York or elsewhere a few years back, you may be in line for a $9 appetizer voucher.
That's a result of a federal lawsuit over credit-card privacy. The settlement has received received preliminary approval in U.S. District Court for the Northern District of Illinois. A final hearing is set for July. more...
May 22,2009
I BEAT CAPITAL ONE LAWSUIT
Sued by Cap One in December of 2008. They attached an Affidavit of Debt but no contract.
Filed a Motion to Dismiss Case for not attaching contract which was granted without prejudice.
Cap One filed a Motion for Extension of Time to Comply (attach contract) more...
May 21, 2009
Credit card bill passes U.S. Senate
Senate Approves Sweeping Restrictions, House Passage Seen; Limiting Interest Hikes
Sweeping new restrictions on credit-card companies would ban extra fees and fluctuating rates and arm tens of millions of consumers with more information on their debts. more...
May 20, 2009
California Couple Awarded $500,000 in FDCPA Case
Last month, Manuel and Luz Fausto won one of the biggest collection awards documented in the last couple of years under the Fair Debt Collection Practices Act (FDCPA) against Credigy Services Corporation. A California jury awarded the Faustos $500,000 in damages derived from harassment by Credigy collectors. Of the sum, granted $100,000 was for actual damages the Faustos experienced, while $400,000 was in punitive damages, granted for malicious and reckless disregard of the couples rights. According to one of the Faustos lawyers, David Humphreys of Humphreys Wallace Humphreys, P.C., and the case derived from a debt on a Wells Fargo charge card opened in 1992. more...
May 19, 2009
TXCO files for bankruptcy
TXCO Resources Inc. said Monday it has filed for protection from creditors under Chapter 11 of the federal bankruptcy code, listing assets of $431.9 million and debts of $322.8 million.
The San Antonio-based oil and natural gas exploration and production company said “a series of events” led to a liquidity crunch and impaired its ability to operate. more...
May 15, 2009
Defendant ordered to pay $300M seeks bankruptcy
LOS ANGELES—The defendant in a fraud lawsuit filed for bankruptcy the same day a jury ordered him to pay $300 million to a venture capitalist who accused him of stealing his research into a Web-based credit card processing system.
Greg Daily filed the bankruptcy papers Monday in U.S. Bankruptcy Court in Tennessee, where he is a resident, court records showed. more...
May 14, 2009
Defense Of Credit Card Lawsuits
Whether or not you are believe the news media about a declining US economy, one thing is for sure, debt collectors are actively filing suits to collect debts. One large collection firm based out of Atlanta has indicated that they file an average of 279 collection lawsuits per day. A lawsuit is often the final effort in the creditor's attempt to collect a debt. If the harassing and often illegal collection calls were not enough, once a person is sued the reality of the situation is realized. However, for the defendant, not all hope is lost.
By the time the credit card company or other creditor files the lawsuit, it may actually be too late to legally collect the debt, if it is properly defended. Often times with the assistance of an attorney a lawsuit to collect a debt can be defended, negotiated, or won out right for the defendant. Before you start feeling sorry for the credit card company, remember, they are the same corporation that offered an interest rate of 6.9% and when you were one day late on a payment raised the interest rate to 24.9%. more...
May 13, 2009
Local governments turn to debt collectors for help
As tax revenues plummet, public agencies take a more aggressive stance
Oregon governments are turning to debt collectors as they squeeze every dollar.
l Since October 2006, Washington County has used the AllianceOne Inc. private debt collection agency to collect some $448,000 in unpaid taxes from businesses and consumers. more...
May 12, 2009
Look to Houston Bankruptcy Lawyers For Advice
Personal bankruptcy can be the result of any number of circumstances; financial mismanagement, poor investments, job loss or out of control spending. While personal bankruptcy is a serious matter that may contain long-term effects, it is also an acceptance of your financial situation and declaration of your debts. Personal bankruptcy is a positive step towards restoring your financial status. It's not a pleasant thought, but sometimes filing personal bankruptcy is your best choice to regaining control of your financial future. Just the thought of filing personal bankruptcy can send some people over the edge, but it doesn't have to feel that way. Filing for personal bankruptcy does not have to be complicated if you educate yourself on the entire process. more...
May 11, 2009
Laurel man misidentified in credit card debt case
A Laurel man who was twice sued over a $3,800 credit card debt, received a $311,000 judgment after a federal judge determined a North Dakota law firm violated debt collection laws.
An Associated Press/ NewsFinder story published in the April 22 issue of the Laurel Outlook misidentifed the man as Timothy McCullough of Laurel. It was actually a man with a very similar name, Timothy McCollough of Laurel, who sued the firm of Johnson, Rodenburg and Lauinger in 2007, alleging it violated the federal Fair Debt Collection Practices Act and related Montana law by engaging in abusive, unfair and unlawful debt collection litigation. more...
May 8, 2009
Phoenix Coyotes File for Chapter 11
PHOENIX (CN) - The Phoenix Coyotes hockey team filed for Chapter 11 this week, listing more than $107 million in debts - $104 million of it to team owner Jerry Moyes. Moyes may sell the NHL team to a group that wants to move the team to Canada, according to news reports. Research in Motion CEO Jim Balsille reportedly offered $212.5 million for the team. more...
May 7, 2009
Illinois Sues Texas Debt Settlement Firm
SDS West, Debt Relief USA accused of deceptive practices
Illinois Attorney General Lisa Madigan warned consumers facing significant credit card debt about the risks of debt settlement offers as she announced two lawsuits filed against debt settlement firms. more...
May 6, 2009
Volente Marina owner files for bankruptcy
A major Lake Travis marina and the owner of the land where a long time water park stands have filed for bankruptcy.
Volente Marina Real Estate LLC, the parent of the 148-slip Volente VIP Marina on the north shore of Lake Travis, and Volente Waterfront LLC, which holds about 20 acres adjacent to the marina, filed for Chapter 11 protection in the U.S. Bankruptcy Court’s Western District of Texas. Both companies are operated by Steven Adams of Cedar Park. more...
May 5, 2009
Number of People Sued by Credit Card Companies Increasing: Here’s What to Do If You Are Sued
It’s difficult to track exactly how many debt collection cases for defaulted credit card debt are filed because they are filed along with all civil cases through the prothonotary’s office. Capital One, a credit card company known for lending money to individuals with less than perfect credit histories, have filed a large number of cases. In Lancaster, Pennsylvania, of 255 cases filed during the first three weeks of April, Capital One filed 45% of them (a total of 114). Neither the attorney representing most Capital One lawsuits in court, Paul Klemm, nor Capital One representatives returned phone calls from reporters regarding this issue. more...
May 4, 2009
Chrysler files for Bankruptcy
None other than The Great Obama himself announced it, to top it all off. Chrysler, LLC is officially under Chapter 11 bankruptcy protection. Just to clarify, this is a “restructuring” type of bankruptcy, not the liquidation that occurs in Chapter 7.
This bankruptcy is, of course, with the blessing of the United States government. They have been providing the cash needed for Chrysler to stay alive. They will also be pouring an additional $8 billion into the company to help move it through a “quick” bankruptcy. more...
May 2, 2009
Energy Partners files for Chapter 11 bankruptcy
Oil and natural gas producer Energy Partners Ltd (ERPL.PK) said on Friday it had filed for Chapter 11 in a Texas bankruptcy court and had reached a restructuring deal with an ad-hoc committee of senior noteholders that would substantially cut its debt and provide a "long-term solution" for its balance sheet.
"During the past year, an extraordinary confluence of factors led to our need to pursue this financial restructuring, including the impact of hurricanes, the collapse of the credit markets, sharply declining commodity prices and a resulting deficiency in the company's borrowing base," Chief Restructuring Officer Alan Bell said in a statement. more...
April 30, 2008
Credit Card Company Suing You? How to Respond
In some rare cases, although they are becoming more common as the financial sector continues melting down, a credit card company may not sell a defaulted debt to a collection agency. Instead, it may initiate a lawsuit against a borrower directly and attempt to get a default judgment and begin garnishing wages, attaching liens to property, or collecting on the debt in any other ways that the law allows. more...
April 28, 2009
Desperate Creditors May Seize Bank Accounts Without Notice
As job losses mount and more Americans find themselves overextended on debt, credit card companies are becoming more aggressive with their collection practices. Unfortunately, some of creditors are not playing fair. As we have discussed previously on this blog, credit card companies are using the legal system more now than ever to collect debt. But many credit card companies are failing to properly notify debtors of lawsuits and many debtors are finding their bank accounts seized having never received notice that they were being sued. more...
April 26, 2009
Avoiding Credit and Charge Card Fraud
A thief goes through trash to find discarded receipts or carbons, and then uses your account numbers illegally.
A dishonest clerk makes an extra imprint from your credit or charge card and uses it to make personal charges. more...
April 24, 2009
Harassed By Credit Card Debt Collectors?
So perhaps the recession/depression has hit too close to home and you have missed a couple of payments on the credit cards.
Now the calls start coming. Debt collectors. They are willing to do or say anything in order to make you pay your bills. more...
April 23, 2009
Are there any laws protecting me from credit card lawsuits in Texas?
Texas is one of those neat places that it is almost impossible to collect on a judgement against an individual.
Basically whatever property that you designate up to a value of 60,000 for a family and 30,000 for a single person exclusive of any liens or security interests in the property. more...
April 22, 2009
$500,000 Award for Violations of Fair Debt Collection Practices Act
Finally some good news to report. Following a nine day trial in the United States District Court for the Northern District of California. The jury awarded Plaintiffs, Manuel and Luz Fausto, $500,000 in their suit against Credigy Services Corporation. The verdict consisted of $100,000 in actual damages and $400,000 in punitive damages. An important win and it appears to be the largest under the FDCPA for a consumer that had debt. more...
April 21, 2009
Man successfully sues debt collectors
BILLINGS, Mont. A Laurel man with a disabling brain injury, who was twice sued over a $3,800 credit card debt, received a $311,000 judgment after a federal judge determined a North Dakota law firm violated debt collection laws.
Timothy McCullough sued the firm of Johnson, Rodenburg & Lauinger in 2007, alleging it violated the federal Fair Debt Collection Practices Act and related Montana law by engaging in abusive, unfair and unlawful debt collection litigation. more...
April 20, 2009
How to get rid of debt without filing bankruptcy
If you're knee deep in debt, cannot pay your bills and wish to avoid collection calls, you may consider debt settlement (also known as debt negotiation). This is when you negotiate and reduce the outstanding debt by 40-60% of the amount you owe. The creditor forgives the remaining debt thereby helping you to get out of debt faster.
With proper help you can
Lower your monthly payments
Reduce interest rates
Waive late fees
Eliminate collection calls
Avoid bankruptcy
Have only one monthly payment
Become debt free more...
April 17, 2009
Class Action Lawsuits Filed Against Credit Card Companies
Below are summaries of class action lawsuits filed against major credit card banks. This is not a complete list, just a few samples.
First USA (which became BankOne which became Chase)– A class action lawsuit was filed against First USA when it changed the due date so that some customers, accustomed to paying by a certain date each month, would be caught off guard. Many of them would send in their payments late, not realizing that their due date was a few days earlier than they thought. First USA charged customers $29 every time a payment was late. When two payments were received late, they increased the interest rate 10 full points. (First USA has been accused of this practice more than once.) more...
April 16, 2009
Head of LI process-serving firm in fraud plot
William Singler, the head of American Legal Process in Lynbrook, was arrested on charges of running a massive fraud scheme by failing to properly serve court papers on thousands, New York Attorney General Andrew Cuomo announced. (Photo by Howard Schnapp / April 14, 2009)
The Long Island head of one of the largest process-serving firms in the state was arrested Tuesday morning on charges of running a massive fraud scheme by failing to properly serve court papers more...
April 15, 2009
Cuomo Tries to Enforce Notification to Debtors of credit card lawsuits
It may be the consumer nightmare of the moment: You try to get cash from an A.T.M. and discover that your money is gone, seized under a court order that you never knew about.
This has happened to thousands of people across New York — and potentially tens of thousands more across the country — because companies that were supposed to notify them of collections proceedings had failed to do so, the New York attorney general’s office is charging. more...
April 14, 2009
Credit Card Lawsuits, Some debtors getting payback
Consumers winning lawsuits against collectors not following the law
BARRED PRACTICES
It’s against federal law for debt collectors to:
• Tell a neighbor, co-worker or non-spouse that you owe money.
• Call at work after you’ve told them you can’t receive such calls.
• Call before 8 a.m. or after 9 p.m. more...
April 13, 2009
How Can I Rebuild My Credit After Bankruptcy?
Bouncing back after bankruptcy is tough. And seems especially tough if your bankruptcy is the result of medical bills that were out of your control. One such reader has this question about improving his credit after bankruptcy:
I went through Cancer, and had to declare bankruptcy because of over 500,000 in debt. Now 2 years have gone by and my credit is still crap. more...
April 10, 2009
Consumer lawyers find niche suing debt collectors
The crushing debt faced by consumers is spawning a growing practice niche for consumer lawyers: suing debt collectors for illegal collection practices.
Moore attorney M. Kathi Rawls said she has seen a 40-percent to 50-percent increase in clients coming to her with complaints about debt collectors over the past year. more...
April 9, 2009
Higher Bankruptcy Filings Foreshadow Deeper Pain For Lenders
BOSTON (Dow Jones)--More cash-strapped borrowers are being pushed over the edge; personal bankruptcy filings in the first quarter shot up 35% from a year ago, according to a report published Wednesday by an equity research firm.
In the first quarter, 308,530 bankruptcies were filed, an increase of 6% compared with the last quarter of 2008, said the Fox-Pitt Kelton Cochran Caronia Waller report. In March alone, filings totaled 121,413, a nearly 41% increase from a year earlier, and a 23.5% increase from February. more...
April 8, 2009
Downturn Pushes More Toward Bankruptcy
The ailing economy continues to pull more Americans into bankruptcy court, where the number of troubled consumers filing for protection soared in March to its highest level since October 2005, when a new law made it more arduous and expensive to file.
And as job losses continue to climb, they may well drag bankruptcy filings along with them. more...
April 7, 2009
House Preparing To Legalize Payday Loans With 391% APRs
A House subcommittee wants to legalize payday loans with interest rates of up to 391%. Lobbyists from the payday industry bought Congress' support by showering influential members, including Chairman Luiz Gutierrez, with campaign cash. The Congressman is now playing good cop, bad cop with the payday industry, which is pretending to oppose his generous gift of a bill. more...
April 6, 2009
Transmeridian files for Chapter 11
Transmeridian Exploration Inc. and two of its subsidiaries, Transmeridian Exploration Inc. (BVI) and Bramex Management Inc., have filed for Chapter 11 bankruptcy protection.
In the March 20 voluntary petition in the U.S. Bankruptcy Court for the Southern District of Texas, the Houston energy company listed assets of $377.9 million and liabilities of $451.7 million. more...
April 3, 2009
More senior citizens forced to declare bankruptcy
Hit hard by the slumping economy and surviving on fixed incomes, senior citizens have experienced the sharpest increase in bankruptcy filings.
Jose Abrahantes has been working for about half a century -- in construction, landscaping, even as a janitor cleaning offices on the night shift. He figured he would eventually enjoy a relaxing retirement. more...
April 2, 2009
Bankruptcy: The Basics
I started out to write one long post about bankruptcy when I realized there’s just too much information to write one post. So, I’ll be breaking this up over several posts. This post will give you the basics of bankruptcy: what it is, when to file, and the different chapters available. Future posts will delve into specifics with greater detail.
What is bankruptcy? more...
April 1, 2009
Wolf Camera parent gets OK to liquidate 400 stores
The owner of Wolf Camera and other photography shops has taken another step in its bankruptcy reorganization.
Beltsville, Md.-based Ritz Camera Centers Inc. has won approval of rules governing the sale of assets at 400 stores it plans to shutter. Locations of the targeted stores weren’t immediately available. more...
March 30, 2009
Bankruptcy Court Accepts Valero Energy's Bid for Seven VeraSun Energy Ethanol Plants
Valero Energy Corp., Wednesday said its bid to buy seven ethanol plants, including two additional plants, from VeraSun Energy Corp. (VSUNQ.OB: News ), has been accepted by the Bankruptcy Court. As per the original bid, Valero will buy plants in Charles City, Fort Dodge and Hartley, Iowa; Aurora, S.D.; Welcome, Minn.; and the site under development in Reynolds, Ind. The court also approved the sale of two additional plants in Albion, Neb. and Albert City, Iowa. more...
March 28, 2009
Charter files for bankruptcy, names restructuring chief
Charter Communications Inc. filed for Chapter 11 bankruptcy protection Friday in an effort to reduce its debt by $8 billion. Charter has cable operations nationwide including in the Dallas-Fort Worth area.
Charter appointed attorney Gregory Doody as its chief restructuring officer to oversee the financial restructuring process and minimize the impact on day-to-day operations. Charter had recently hired Doody as a turnaround specialist and adviser. more...
March 27, 2009
Pilgrim’s gets Ch. 11 filing extension
Chicken processor Pilgrim’s Pride Corp. said Wednesday a bankruptcy judge has granted the company an extension for the filing of its Chapter 11 bankruptcy reorganization plan.
In a statement, a company spokesman said, “It is not at all unusual in Chapter 11 cases for the debtor to request extensions to file a plan of reorganization.” He added that from the beginning, Pilgrm’s has said that it would likely request one or more extensions. more...
March 26, 2009
Herbst Gaming files for bankruptcy protection
Herbst Gaming Inc. of Las Vegas said it filed for Chapter 11 bankruptcy protection on Sunday and that on Monday it would ask a bankruptcy judge for approval to continue paying its daily expenses while it carries out an agreement with creditors that will restructure debt and break apart the company.
The voluntary plan of reorganization, filed in U.S. Bankruptcy Court in Reno, incorporates the terms of the restructuring agreement the company entered into with its senior lenders earlier this month and that was announced on March 10. The company at the time said holders of 68 percent of its senior debt had signed off on the deal. more...
March 24, 2009
Real estate bust has them filing into bankruptcy hearings
TAMPA — He works at Lowe's, making $12.60 an hour selling appliances. She's a retiree who gets $1,015 a month in Social Security. They live in Clearwater in a house mortgaged for $346,000, now worth about half that.
On this St. Patrick's Day, garbed in green for some much-needed luck, they've come to the federal building in downtown Tampa to explain to attorney Mara Mandell how they ended up in bankruptcy. more...
March 23, 2009
Do I Need To Use A Bankruptcy Lawyer?
If you are considering filing for bankruptcy then you may also be thinking about whether you need the help of a lawyer to guide you through the process. Declaring yourself or your company bankrupt is not something that you have probably done before so the answer to this question in most cases will be that you will find the help of a lawyer useful here.
This is especially the case in business bankruptcy. Even the smallest business can be hard to wind down here and the rules and regulations governing your actions in this kind of scenario can be hard to understand. You’ll simply make it easier for yourself and make sure that you get things right with some professional advice. more...
March 21, 2009
Bankruptcy: an overview
Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid in full. more...
March 20, 2009
Greenbrier resort files for Chapter 11 bankruptcy:Marriott may purchase
Greenbrier resort, which has gone from hosting presidents and royalty to posting losses, filed for Chapter 11 bankruptcy protection Thursday and unveiled a deal to sell itself to hotel giant Marriott International Inc. for up to $130 million.
Marriott would receive $50 million over two years from current owner CSX Corp. to operate the resort, according to The Greenbrier. Marriott would pay the Jacksonville, Fla.-based railroad operator between $60 million and $130 million within seven years. The deal is expected to close later this year. more...
March 19, 2009
Eurway closing bankrupt shop in Austin
Two months after modern furniture retailer Eurway Inc. filed for Chapter 11 bankruptcy protection, the Dallas-based company is closing its Austin store.
An associate in the company’s store on Braker Lane confirms that today is the last day of business for the local outlet. It's unclear how many workers are employed by Eurway in Austin. In February, the company closed its largest store in Tempe, Ariz. more...
March 17, 2009
In a first, bankruptcy judge rules Calif. city can void union contracts
In the first ruling of its kind, a bankruptcy judge held the city of Vallejo, Calif. has the authority to void its existing union contracts in its effort to reorganize, holding public workers do not enjoy the same protections Congress gave union workers at private companies.
Municipal bankruptcy is so rare that no judge had yet ruled on whether Congressional reforms in the 1990s that required companies to provide worker protections before attempting to dissolve union contracts also applied to public workers' union contracts more...
March 16, 2009
Building Credit after Bankruptcy Three Strategies
Here are three "Building Credit After Bankruptcy" strategies you can use to increase your chances of being approved for auto loans, credit cards, and home loans if you have a bankruptcy on your credit report:
Building Credit After Bankruptcy Strategy #1 more...
March 13, 2009
Debt grip released
Struggling with stacks of unpaid bills can be crushing, causing many people to consider bankruptcy. But a better option could be appeasing creditors via a debt-settlement firm.
The insomnia merely gave Brenda Yates more time to consider how bad her financial situation had become.
The 57-year-old home-care worker was staring into a chasm of credit-card debt that grew deeper from family emergencies and was about to cripple her future irreparably if she couldn't find a way out. more...
March 12, 2009
Edge Petroleum may file for bankruptcy
Edge Petroleum Corp., a Houston-based oil and natural gas company, said it may file for bankruptcy protection as lenders extended the due date on a $19 million payment by one week. The installment was due yesterday.
Union Bank of California NA and other lenders are to receive six installments totaling $114 million by Aug. 10 to cover a borrowing base deficiency, the company said today in a filing with the Securities and Exchange Commission dated March 10. Edge said it got an extension on the initial payment date of Feb. 9 in exchange for a $5 million prepayment of outstanding advances under its credit facility. more...
March 11, 2009
Report: Austin credit card debt 13% higher than U.S. average
A new report on credit card debt shows Austin area residents are carrying a higher balance than the statewide and national average.
People living in the Austin metropolitan area had average credit card debt of $6,479 in the fourth quarter of 2008, according to the report from TransUnion.com. That’s higher than the average in Texas, which stood at $5,819 during the quarter, and the United States, which was $5,729. more...
March 10, 2009
Legally Eliminate Debt – What Are Your Options?
Let’s say you’re in debt. Well congratulations, you’re in good company. The majority of people are living with at least some debt. An astounding 47% of those surveyed in a July, 2006 study on debt in America performed by Greenberg Quinlan Rosner Research described debt as a “very serious” problem. Only 5% described debt as “not a problem at all”. 48% were concerned about not having enough money to pay bills, while 44% reported having concern that a serious medical problem would drive them deep into debt. more...
March 9, 2009
Bankruptcies in Houston fell in 2008
Houston’s been bucking national bankruptcy trends to a rather remarkable extent.
While the nation’s bankruptcy filing rate rose 31.4 percent in 2008 compared to the year before, in the Houston area filings didn’t go up. Instead, the rate dropped 6.1 percent. more...
March 6, 2009
House passes bill to let bankruptcy judges rewrite mortgages
The House on Thursday approved contentious legislation that would give bankruptcy judges new power to change mortgages so they're more affordable for homeowners.
The new granting of judicial power would be aimed at prodding lenders and other servicers to make mortgage changes — an influential stick in the Obama administration's housing rescue plan, which also provides financial incentives for servicers that make mortgage modifications. more...
March 5, 2009
Robbins Bros. filed for Chapter 11 bankruptcy
Robbins Bros., the 16-store Azusa, Calif.-based chain known as an engagement ring destination, has filed for Chapter 11 bankruptcy protection and will be broken up into two parts and sold.
Wilmington, Del.--California-based jewelry chain Robbins Bros. Corp. filed for Chapter 11 bankruptcy protection on Tuesday, making it the latest major jewelry retailer to fall prey to the economic crisis. more...
March 4, 2009
Hallwood Group affiliates file for Ch. 11
Hallwood chairman proposes liquidation
Hallwood Group Inc., a holding company for textile products and energy businesses, said Monday that Hallwood Energy LP and other affiliates have filed for Chapter 11 bankruptcy protection in the U.S. Northern District of Texas, Dallas Division. The bankruptcy filings are related specifically to Hallwood Group affiliates and do not include Hallwood Group, the parent company. more...
March 3, 2009
Bankruptcy in the United States
Bankruptcy in the United States is permitted by the United States Constitution (Article 1, Section 8, Clause 4) which authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States." Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy Reform Act of 1978, codified in Title 11 of the United States Code, commonly referred to as the Bankruptcy Code. more...
March 2, 2009
Recovery Through Debt Slavery
Obama’s address Tuesday evening contained a fascinating lesson in economics and monetary policy for the American public. Let’s review:
So the recovery plan we passed is the first step in getting our economy back on track. But it is just the first step. Because even if we manage this plan flawlessly, there will be no real recovery unless we clean up the credit crisis that has severely weakened our financial system. more...
February 27, 2009
California home builder with Houston ties files bankruptcy
A California builder doing business as John Laing Homes in Houston filed for Chapter 11 bankruptcy reorganization in Delaware last week, claiming between $500 million and $1 billion in debts.
Irvine-based WL Homes LLC, which builds under the John Laing brand in Texas, California, Colorado and Arizona, has between 25,000 and 50,000 creditors, according to its Feb. 19 bankruptcy filing. more...
February 26, 2009
Court Imposes $2,000 Fine Upon Bankruptcy Petition Preparer
A New Mexico bankruptcy court recently imposed a fine of $2,000.00 upon a bankruptcy petition preparer (BPP), as a sanction for offering legal advice to the debtors in whose case she had prepared the bankruptcy documents. The court held that the BPP’s conduct in offering legal advice violated bankruptcy code section 110.
This case, In re Rojero, 2008 WL 5191689 (Bky.D.N.M. Dec. 10, 2008), involved bankruptcy petition preparer Tammy Adams, who did business under the name Winds of Change more...
February 26, 2009
Court Imposes $2,000 Fine Upon Bankruptcy Petition Preparer
A New Mexico bankruptcy court recently imposed a fine of $2,000.00 upon a bankruptcy petition preparer (BPP), as a sanction for offering legal advice to the debtors in whose case she had prepared the bankruptcy documents. The court held that the BPP’s conduct in offering legal advice violated bankruptcy code section 110.
This case, In re Rojero, 2008 WL 5191689 (Bky.D.N.M. Dec. 10, 2008), involved bankruptcy petition preparer Tammy Adams, who did business under the name Winds of Change Document Preparation Services. She was neither an attorney licensed by the state of New Mexico, nor did she work under the supervision of such an attorney. more...
February 25, 2009
House to Vote Thursday on Revised Bill for Mortgage Modification in Bankruptcy
A new bill, H.R. 1106 to Prevent Mortgage Foreclosures and Enhance Mortgage Credit Availability, has been introduced in the U.S. House of Representatives and is scheduled for a vote on the floor Thursday. The sections for mortgage modification in chapter 13 bankruptcy are in the first part of the bill. H.R. 1106 incorporates H.R. 200 with the bill manager’s amendment. The King amendment is not included.
H.R. 1106 to Prevent Mortgage Foreclosures and Enhance Mortgage Credit Availability more...
February 24, 2009
Ritz Camera files for bankruptcy
Ritz Camera Centers Inc., parent company of Wolf Camera and other retail brands, has filed for Chapter 11 protection in U.S. Bankruptcy court in Wilmington, Del., amid weakening sales.
Ritz is the nation's largest camera store chain with more than 1,000 locations in 45 states, including seven Wolf Camera stores in the Austin area and four Wolf Camera stores in San Antonio. more...
February 23, 2009
Publisher Journal Register Co. files for Chapter 11
PHILADELPHIA — The Journal Register Co. filed Saturday for Chapter 11 protection from its creditors and said slumping advertising revenue and circulation are to blame.
In court documents filed in U.S. Bankruptcy Court in Manhattan, company Chairman and Chief Executive James W. Hall said the recession had placed an even greater burden on an already distressed industry. more...
February 20, 2009
Tom Gorman takes new role as bankruptcy trustee
Tom Gorman is the new Chapter 13 bankruptcy trustee for the Alexandria Division of the U.S. Bankruptcy Court. The division had more than 8,000 personal bankruptcies last year, the highest in 10 years. The self-proclaimed “bankruptcy geek” discussed the impact of bankruptcy reform, the housing bust and the repercussions if Congress allows judges to knock down mortgage balances on primary residences to the current value of the property.
February 19, 2009
What is The Truth About Debt Management Plans and Bankruptcy?
More Americans are turning to, or thinking of turning to, bankruptcy as a way out of their financial distress.
A survey by legal information Web site FindLaw.com finds 12 percent of Americans have either filed, or have considered filing, for bankruptcy. more...
February 18, 2009
Houston-based Renaissance Healthcare Systems has agreed to the bankruptcy reorganization plan
Grand Prairie hospital property heads to foreclosure
As part of its bankruptcy reorganization plan, Houston-based Renaissance Healthcare Systems has agreed to the foreclosure of a shuttered hospital in Grand Prairie that it had planned to reopen this year. more...
February 17, 2009
Peanut Corp. of America files for bankruptcy
ATLANTA (AP) - The peanut processing company at the heart of a national salmonella outbreak is going out of business.
The Lynchburg, Va.-based Peanut Corp. of America filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in Virginia Friday, the latest bad news for the company that has been accused of producing tainted peanut products that may have reached everyone from poor school children to disaster victims. more...
February 13, 2009
Midway Games files for bankruptcy protection
Midway Games Inc. filed for Chapter 11 bankruptcy protection Thursday because it doesn't expect to be able to pay back accelerated debt obligations stemming from media mogul Sumner Redstone's sale of a majority stake in the company.
Midway, best known for the "Mortal Kombat" video games, had about $281 million in debt and $167.5 million in assets as of Sept. 30, according to its bankruptcy filing. more...
February 12, 2009
Expect even more consumers to file bankruptcy
It's testament to how sick the economy has become.
U.S. consumer bankruptcy filings jumped almost 33 percent in 2008 from 2007, according to the American Bankruptcy Institute, which studies bankruptcy issues.
"Consumers are under great financial stress, with no immediate end in sight," said Samuel J. Gerdano, ABI executive director. "We expect the upward spike in personal bankruptcies to continue in 2009." more...
February 11, 2009
Muzak files for Chapter 11
Muzak Holdings is negotiating a debt restructuring agreement with its major creditors and has filed with the U.S. Bankruptcy Court for reorganization under Chapter 11.
Chief Executive Steve Villa would not discuss what is involved in negotiations. But he says significant progress has been made and the creditors have supported the effort to reach a negotiated settlement. He would not say whether it would involve giving the creditors significant equity in the company, which is now largely owned by the equity fund ABRY Partners. more...
February 10, 2009
What causes personal bankruptcy?
The majority of cases are just people who don't make enough money; they have 3 kids and make 20-30 grand a year or they retired and realized that Social Security is a bad joke (the almost qualifies for food stamps set).
Then there's the guys who bought a 40,000 F-150 when they make 40g a year; this is mostly people skating on the edge until the ice cracks (the guy who lives in a studio apartment and drives a BMW, or has a 250,000 house and drives a 99 Malibu.) more...
February 9, 2009
Personal bankruptcy is caused primarily by too much consumption?
Having a serious medical condition makes you 50% more likely to file for bankruptcy.
I was going to cite job loss as a major cause of bankruptcy, which is the conventional wisdom. But this paper argues it isn't true: more...
February 6, 2008
Bankruptcy cases spike 65 percent in January
George Prentice is the clerk for the U.S. Bankruptcy Court for the Western District of Texas. He says bankruptcy filings continue to rise both locally and nationally in response to the economy.San Antonio bankruptcies rose 65.4 percent for the month of January 2009, compared with January 2008.
A total of 357 new cases were filed in January this year in the U.S. Bankruptcy Court for the Western District of Texas in San Antonio. That is 140 more cases than were filed in January 2008, according to George Prentice, clerk of the court for the U.S. Bankruptcy Court’s Western District. A total of 217 bankruptcies were filed in San Antonio during January last year. more...
February 5, 2009
Lyondell Chemical Co. has obtained the biggest bankruptcy loan in history
Though dozens of lenders sought to fund the $8 billion “debtor in possession” loan, allowing the chemical maker to stay in business, the scrum by no means spells the end of the credit crisis. Chris Taggert, a senior loan strategist at CreditSights Inc., said only firms willing to pay higher fees and interest can get loans.
Lyondell, based in Houston, listed assets of $27.1 billion, debt of more than $19.4 billion and 25,000 creditors in a Jan. 6 bankruptcy petition filed in U.S. Bankruptcy Court in Manhattan. Lyondell cited a “dramatic softening in demand” and volatility in raw materials costs, and needed a $100 million “super-emergency” loan to keep running while it sought a DIP loan that could fund it through reorganization, according to court papers. more...
February 4, 2009
Bankruptcies continue to plague consumers
Consumer bankruptcy continued to soar in January, but there were not as many business bankruptcy filings.
Last month, there were 1,796 bankruptcy filings in South Florida, just 111 of them businesses, according to preliminary statistics from the U.S. Bankruptcy Court for the Southern District of Florida. more...
February 3, 2009
Five steps for achieving financial health:
•Keep a cash reserve – enough to pay all expenses for three months. Have the money in a place you can get to in a hurry. If you dip into the reserve to replace a broken water heater, start paying yourself back right away.
•Don’t let credit card payments grow to more than 20 percent of your take-home pay. more...
February 2, 2009
How to choose a bankruptcy attorney
In the Houston and Texas markets we serve, there are hundreds, if not thousands of attorneys who file bankruptcy cases. How do you choose?
I am reminded of the three characteristics which True Value Hardware used to describe their business.
Quality
Value
Service
And then, I think about what I would want from someone important to me, when I am in pain, in need of help. Someone like a dentist who performs root-canal surgery. more...
January 30, 2009
Protect your income tax refund in bankruptcy
If you file a bankruptcy case between January and April, you may be expecting a tax refund. If you want to keep your tax refund in bankruptcy, read on. Your bankruptcy trustee wants to take your tax refund from you. Tax refunds are perhaps the largest single type of asset which debtors lose in bankruptcy. These days, you might also be expecting an economic stimulus payment.
What should you do?
First, tell your bankruptcy attorney if you are expecting a tax refund. Your attorney should ask but make a point of disclosing. If the tax refund is small enough, it might be exempt under your state law. Texas allows an exemption of up to $4,000 which can be applied to any asset. Wisconsin allows reasonably liberal exemptions under both state and federal law. Your state may too. more...
January 29, 2009
USOBA, Nation's Leading Debt Settlement Industry Association, Announces New Measures to Safeguard Consumers
Houston, TXA new link on USOBA provides consumers with a convenient means of verifying whether a company belongs to The United States Organization for Bankruptcy Alternatives (USOBA), the leading debt settlement industry association dedicated to consumer protection.
Policy Partners and donations from our membership toward the legislative fund will allow USOBA to work on gaining access to important states where legislation may not be specific to the debt settlement industry more...
January 28, 2009
5 Credit Card Company Tricks — and How to Thwart Them
True or False? Credit card companies lure you in with big promises, but bury the nasty stuff in fine print.
It would be hard to find many people that disagree. Unfortunately, when the consensus is that card companies are out to get you, you might be tempted to throw up your hands and give in, saying “What can I do?” If that’s your attitude, you can be sure they’ll take full advantage. more...
January 27, 2009
Foreclosure debate shifts to bankruptcy court
Homeowners struggling with unaffordable mortgages soon may have a place to turn to get the loans modified: bankruptcy court.
Congress has been considering changing bankruptcy law to allow judges to restructure mortgages on primary residences by adjusting interest, principal and other terms – a practice banned under existing rules. more...
January 26, 2009
Clothier Hartmarx files for bankruptcy
Hartmarx Corp., the maker of suits favored by President Barack Obama, said it filed for federal bankruptcy reorganization late Friday.
The Chicago-based company said existing lenders agreed to provide up to $160 million in debtor-in-possession financing to allow it to keep operating as it reorganizes. However, the company said it might consider selling some or all of its assets. more...
January 23, 2009
Specter of bankruptcy shadows Texas chemical industry
Industries may not be the last for the struggling chemical industry.
Other large chemical makers including Ineos Group, Chemtura Corp. and Georgia Gulf Corp. could also be forced to seek Chapter 11 bankruptcy protection, analysts said, raising the threat of more hardship for Texas’ massive chemical sector. more...
January 22, 2009
Wall Homes files for Chapter 11
Homebuilder Wall Homes Inc. and its subsidiary, Wall Homes Texas LLC, have filed for Chapter 11 bankruptcy protection.
The Arlington-based homebuilder, which builds homes in Houston, Austin, Dallas, Fort Worth and San Antonio, currently features homes in 10 developments in the Houston area on its Web site. more...
January 21, 2008
Five Debt Reduction Methods
Debt Avalanche -
* List your debts - from highest rate to lowest rate - and make minimum payments to all accounts.
* Make extra payments to the first account on the list, until it is paid-in-full. more...
January 20, 2009
Bankruptcy court seeks new judges as cases soar
The federal bankruptcy court for North Georgia is seeking two more badly needed judges as it grapples with a big spike in cases. more...
January 18, 2009
Black Angus parent files bankruptcy
Hit like many other businesses with lower consumer spending, the Los Altos-based parent of the Black Angus Steakhouse restaurant chain has filed for Chapter 11 bankruptcy. more...
January 16, 2008
Minneapolis Star Tribune files for bankruptcy
The Minneapolis Star Tribune, the 15th-largest daily U.S. paper based on circulation, filed for bankruptcy on Thursday, one of the biggest U.S. newspapers yet to financially flame out under a heavy debt load and a punishing decline in advertising revenue. more...
January 15, 2008
Nortel files for bankruptcy
Canadian telephone equipment maker files for Chapter 11 protection a day before deadline on $107M more...
January 14, 2008
Plan to Cut Foreclosure Rate Clears Key Hurdle
WASHINGTON -- A Senate bill aimed at giving strapped homeowners more leverage in renegotiating their mortgages cleared a hurdle Thursday when Citigroup Inc. dropped its opposition. more...
January 13, 2008
Debt Cures – How You Can Get Out of Debt
People are scared of debt. In many cases they damn well should be, while in others, debt can be your friend. By a score of 39% to 20%, a recent survey by the National Association for Business Economics found that Americans feel that excessive debt is a greater threat than to the nation than terrorism. Weather or not that's true will never be confirmed, if we have any luck (plus some great intel and a lot of hard work) at all. more...
January 10, 2009
Mosaic's developer files Chapter 11 protection
The developer of the Mosaic condominium tower on the edge of Hermann Park has filed for bankruptcy protection, averting foreclosure of the 29-story building. more...
January 9, 2008
Chapter 13 bankruptcy is also called a wage earner's plan
Individual Debt Adjustment
The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.) more...
January 8, 2009
9 Methods for Mastering Your Money in 2009
2008 was a miserable year for money. The stock market tumbled, unemployment soared, the housing market continued to crumble, and retirement savings shriveled away. Whew! Here’s hoping 2009 will be better!
January 7, 2009
LyondellBasell Enters CHAPTER 11
Bankruptcy's effect on Houston operations of LyondellBasell unclear
LyondellBasell has about 4,500 employees and 2,600 contractors throughout the Houston area.
January 6, 2009
Waterford Wedgwood enters form of bankruptcy
LONDON — Waterford Wedgwood PLC said today that its U.K. operations are being placed in administration and a receiver has been appointed for its Irish businesses after it failed to secure new financing. more...
January 5, 2009
Woman turns bankruptcy into cottage industry
Victoria Ring took what she learned from working with bankruptcy attorneys and started a business that helps lawyers file all the electronic documentation required from bankruptcy courts and developed a curriculum that teaches others across the country to do the same.
more...
January 2, 2009
How Chapter 11 Works
Background
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. more...
January 1, 2009
Chapter 7 Liquidation Under the Bankruptcy Code
The chapter of the Bankruptcy Code providing for "liquidation," ( i.e., the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.)
a. Alternatives to Chapter 7
b. Background
c. Chapter 7 Eligibility
d. How Chapter 7 Works
e. Role of the Case Trustee
f. The Chapter 7 Discharge
December 31, 2008
The Right Debt Management Solution
How It Can Help You Succeed Financially
How can you find the right debt management solution? Nearly everyone needs a good debt management solution, weather it's one they developed and use on their own, or through the services of a professional debt management company. The ability to properly manage debt is one of the primary determinants of an individual's, and many businesses, financial success or failure. Managing debt correctly will allow you to effectively use leverage, one of the most powerful wealth generating financial principles. more...
December 30, 2008
Don’t get taken to cleaners when cleaning up credit
NEW YORK — Getting your credit report in shape in 2009 is a sound New Year’s resolution. Just make sure you’re not reeled into any scams. more...
December 29, 2008
10 Signs You’re Addicted to Debt
It’s pretty clear that America has a debt problem. Irrespective of the media’s recent recession coverage, Americans have been spiraling out of financial control for some time. Debt is increasing and savings numbers have been negative for the last decade. Now, if you display one or two of these warnings, that doesn’t necessarily mean that you’re addicted to debt; however, it could lead to addiction if left unchecked. But, if you, like many Americans, have all 10 tendencies, then I suggest you seek professional help because you’re probably in real financial trouble. more...
December 26, 2008
Southeast Texas bucks nationwide explosion in bankruptcy filings
Bankruptcies are up 13 percent in 2008 compared with the previous year in the Eastern District of Texas, records from U.S. Bankruptcy Court show. more...
December 25, 2008
Bankruptcy court judge deals setback for Anthony Cutaia
Although he recently returned to co-hosting a radio show with his wife, Anthony Cutaia suffered a setback in bankruptcy court when the judge in his Chapter 7 case denied him protection from his creditors. more...
December 24, 2008
Refinery expansion to go forward despite bankruptcy
Flying J Inc., a major oil company whose operations include the Big West refinery on Rosedale Highway, filed for reorganization bankruptcy Monday, citing a plunge in oil prices and the credit squeeze. more...
December 23, 2008
Learning the Art of Bankruptcy Warfare
Intensive boot camp trains consumer lawyers to do battle with lenders
Bankruptcy boot camp is not your typical continuing legal education seminar. It is a
four-day, high-intensity program at a mountain hideaway that is turning out a phalanx of consumer-side bankruptcy lawyers trained in spotting and fighting abuses by lenders. more...
December 22, 2008
Polaroid in Bankruptcy Again, Cites Petters Charges
Polaroid Corp., the pioneer of instant photography, sought bankruptcy protection for the second time in seven years, blaming an alleged $2 billion fraud at its parent company Petters Group Worldwide LLC. more...
December 20, 2008
New Report: Worldwide Bankruptcy Wave About to Hit
Europe and the U.S. are about to experience a significant increase in business failures.
That's the conclusion reached by Paris-based Euler Hermes, the world's largest credit insurer, in a recently released 57-page report on business insolvencies worldwide. more...
December 18, 2008
Banks and consumers brace for new credit card rules
WASHINGTON - The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday. more...
December 17, 2008
Credit cards: Dirty little secrets
I like to read real-life stories when it comes to dirty credit card secrets. Theories and hypothetical scenarios are great, but a real life scenario is a sure thing, and that's what I want when it comes to my finances. more...
December 15, 2008
Frequently Asked Questions about the Public Debt
General Information
Where is the money spent that is borrowed from the public and who decides where it goes? more...
December 12, 2008
Retailer KB Toys files for bankruptcy protection
In another sign of the grim holiday season, KB Toys filed for bankruptcy protection for the second time in four years on Thursday and plans to begin going-out-of business sales at its stores immediately. more...
December 11, 2008
Chicago Tribune files for bankruptcy protection
The Chicago-based company, which owns the L.A. Times and KTLA Channel 5, will stop making interest payments on $12 billion in debt as it attempts to restructure its loans, chairman Sam Zell says. more...
December 10, 2008
Here’s how I got out of debt:
1. Stop Spending. I know this sounds simple, but it’s probably the most effective thing you can do to. I mean, don’t spend a thing. Don’t make excuses for spending. Just stop. Cut up or freeze your credit cards and give yourself a cash allowance. Take that tax refund check or the tax credit check and SAVE IT. Vacation in your local state park instead of the Bahamas. more...
December 8, 2008
Texas bankruptcy laws favor debtors
Homeowners fleeing underwater mortgages in California and Florida know where to come up for air: Texas.
"Texas is an extremely friendly place to live if you owe money and do not want to pay," said Marjorie Britt, a bankruptcy attorney with Britt & Catrett PC in Houston. "If you have a lot of money and even more debt and want to shelter your assets, you can live fairly normally." more...
Dec 05 2008
How I Got Out Of Debt:
For the first fifteen years of my adult life, I lived paycheck to paycheck. In April of 2005, I got sick and tired of being sick and tired, and I decided to do whatever it took to escape the paycheck to paycheck cycle. Here’s what I did - more...
December 4, 2008
Introgen Therapeutics To File For Bankruptcy Protection
Austin - Introgen Therapeutics Inc. announced Wednesday that it has elected to file for Chapter 11 bankruptcy protection as a part of its ongoing restructuring program. The company said it expects to emerge from Chapter 11 during 2009. more...
December 3, 2008
BTWW to Hold Going out of Business Sale at Remaining 78 Stores
All Inventory Including Western Apparel, Footwear and Accessories Must be Liquidated
CHEYENNE, Wyo. -- BTWW, a specialty retailer of western apparel, footwear and work wear, has announced a final liquidation sale on all merchandise at its remaining 78 retail locations. The going out of business sale will be managed by a consortium of asset recovery firms including Great American Group, LLC; Hudson Capital Partners, LLC; SB Capital Group, LLC; and Tiger Capital Group, LLC. The liquidation sale will be conducted under the orders of the U.S. Bankruptcy Court, which is supervising the BTWW bankruptcy proceedings. more...
December 2, 2008
Texas-based Pilgrim’s Pride seeks bankruptcy protection
AUSTIN — Pilgrim’s Pride Corp., which became the nation’s largest poultry producer under the leadership of one of Texas’ most controversial political donors, filed for federal bankruptcy protection Monday. more...
December 1, 2008
5 Biggest Bankruptcies the World has Witnessed
Every Company or organization is known and remembered by its success and Power . In this fast world, we just see the successful companies and forget the old Big companies due to their failure. The companies come and go like they never existed. Here is a list of 5 Biggest Bankruptcies the World has Witnessed. more...
November 28, 2008
Homeowners Tap Texas Bankruptcy Laws
Homeowners fleeing underwater mortgages in California and Florida know where to come up for air: Texas. more...
November 27, 2008
The Addison case highlights court ideology that could provide helpful strategies as you work to attain a workable bankruptcy exemption plan.
Section 522(o) directs the bankruptcy court to reduce the debtor's homestead exemption by the amount of any non-exempt property the debtor may have transferred to the homestead. This transfer is usually accomplished by paying down a mortgage. The key as to how the court views the transfer will turn on the determination as to whether the transfer was intended to hinder, to delay, or defraud creditors, and if the transfer occurred in the ten years prior to the bankruptcy. more...
November 26, 2008
Is Chapter 13 Better Than Chapter 7 Bankruptcy?
It’s a tough position to find yourself in – you’re way over your head in debt and there seems to be no way out, except to resort to declaring bankruptcy. It’s not an easy decision to make, but when you find yourself staring down the barrel of a gun, the choice is out of your hands, and you may want to start with a clean slate by filing under Chapter 7. This kind of bankruptcy allows you to erase all your debts – your assets, if you have any, are sold and the proceeds used to pay off your lenders. But there are certain circumstances under which you may not be allowed to file for bankruptcy using Chapter 7. more...
November 25, 2008
Lenox Group files for Chapter 11 bankruptcy protection
Lenox Group Inc. has filed for Chapter 11 bankruptcy protection, the company announced Monday.
November 23, 2008
Top 10 Reasons Why America is leading the World in Bankruptcy Filing
Why is America leading the world in bankruptcy filings? Is it our mind-set? Is it our need to acquire everything we didn’t have when we were younger? more...
November 22, 2008
6 Tips for Reducing Your Debt
Here are some tips to help you to reduce your debt:
1. Pay Your Credit Cards EVERY Month
Your debt shouldn’t be one of the things that is put off if you don’t have enough money. If money is too tight, get a part-time job or work some overtime. If you don’t even have enough money for bills and to pay minimums on your debt, then debt reduction shouldn’t be your goal, increasing your income should be the goal. Be sure to pay the minimums on all credit cards and loans, preferably more. Be careful not to spend all of your money paying off debt. Make sure that you pay your other bills and can buy groceries and gas. It’s not worth it using your credit cards every month to buy groceries because you don’t have enough money to buy groceries, because you paid more on your credit cards. Can you see the lunacy? Plus, you can incur more debt because we live in a world of late fees and adding $39 to your debt because you couldn’t pay the minimum is counterproductive to your goal of reducing debt. more...
November 20, 2008
Ranieri's Franklin Bank files Chapter 7 bankruptcy
Houston - Franklin Bank Corp FBTX.PK, the lender founded by mortgage securities pioneer Lewis Ranieri, filed for bankruptcy protection and plans to liquidate, after federal regulators seized its banking unit. more...
November 19, 2008
Business is up for collection agencies
HACKENSACK, N.J. — You won’t find many bill collectors twiddling their thumbs these days.
But as collection workloads expand while the economy declines, a longer account list hardly spells a profit windfall, agency owners say. more...
November 18, 2008
More Americans slipping into bankruptcy
The deep troubles of the U.S. economy are pushing a growing number of already struggling Americans into bankruptcy, often with far more debt than those who filed in previous downturns. more...
November 16, 2008
Auto Makers May Face Bankruptcy
The troubled economy and the global credit crunch are having a huge effect on U.S. car manufacturers. There have been mass layoffs in the industry, with more likely to come and whispers of mergers and bankruptcy. A recent article in the Wall Street Journal questioned if all three of the large auto manufacturers in Detroit will weather the storm. more...
November 14, 2008
Bankruptcy Filings Spike in October
As yet another indicator of the tough economic times for American families, bankruptcy filings spiked in the month of October. According to the latest data from Automated Access to Court Electronic Records (AACER), there were 108,595 total bankruptcy petitions filed in the month of October for an average of 4,936 for each of the 22 business days during the month. October 2008 is the first time since the 2005 changes to the U.S. bankruptcy that there have been more than 100,000 bankruptcy filings in one month. (Anyone looking for more sensational but less helpful headlines can focus on the absolute number of filings in October 2008 and ignore the fact that the month had one more business day than many other months. more...
November 13, 2008
Bankruptcy rates rise amid economic crisis
McALLEN -- Bankruptcy filings rose this year in the Rio Grande Valley as increasing numbers of people sought protection from creditors amid the deepening worldwide economic crisis. more...
November 12, 2008
How I Got Out of Debt
Debt can be a wonderful thing. Good debt can help you generate additional income. With the right understanding you can leverage debt in good ways. You'd be hard pressed to find a business that didn't use loans in their everyday structure in order to stay afloat and generate positive cash flow. For the average person though, debt can be an overwhelming lifetime struggle. Most people are not financially literate enough to understand how to use debt in good, productive ways. This lack of understanding has catapulted the world into an economic downturn. And, unfortunately, the powers to be aren't promoting financial understanding to pull us out. If you rely on governmental support to pull you through an economic slow down, you cannot gain the economic leverage you need to become recession proof. It is that reliance, and lack of financial understanding, that leaves you vulnerable to the swings of the economy to begin with. more...
November 11, 2008
Circuit City files for bankruptcy protection
RICHMOND, Va. – Facing pressure from vendors and consumers who aren't spending, Circuit City Stores Inc. filed for bankruptcy protection Monday as it heads into the busy holiday season with hopes that the move will help it survive. more...
October 10, 2008
Houston City Attorney forces La Casita Apartments, 313 Sunnyside into bankruptcy
Residents grew uneasy when some got notices that they would have to move because water service would be cut. The apartment managers, who collected bills and were responsible for paying utilities, had failed to pay hundreds of thousands of dollars to utility companies. more...
November 7, 2008
100 Ways to Save One Dollar a Week
Is your rainy day fund all wet? Every paycheck, you plan to save, but it seems like there's nothing left over after bills and creditors get their share. It's getting tougher to pay the bills on time, let alone save any money! Don't fret; there's a solution. There are a lot of ways to put another dollar in your pocket here and there. Here's what you need to do: more...
November 6, 2008
Consumer bankruptcies soar in October
Personal bankruptcy filings soared 40 percent in October and are expected to keep climbing as home values sink and individual debts balloon, the American Bankruptcy Institute (ABI) said on Tuesday. more...
November 5, 2008
Dirty Debt Collection Practices skirt the law
Getting the Money at All Costs Causes Some Debt Collectors to Break the Law
In tough economic times, millions of Americans are in debt. Some of them have been contacted by collections agencies. more...
November 4, 2008
Debt-Relief Firms Attract Complaints
Wally Bowman, a part-time security guard in Miamisburg, Ohio, had roughly $15,000 in credit-card debt when he signed up with a "debt settlement" firm last year. The company said it could resolve his debts for far less than the amount he owed and advised the 63-year-old to stop making payments to his creditors, according to Mr. Bowman. more...
November 3, 2008
Consider a lawsuit to combat Zombie Debt Collectors
Have you ever received a letter or phone call asking you to pay a debt that you’re not sure you owe? If so, you may be the target of zombie debt collectors. What is zombie debt? How does it rise from the dead? What you can do if zombie debt starts its relentless lurch toward you? more...
October 30, 2008
B of A to slash mortgage payments
The foreclosure prevention program is the most aggressive initiative undertaken yet to help stem the housing crisis.
NEW YORK - A plan announced today by Bank of America will be the most aggressive foreclosure prevention effort ever undertaken by a U.S. bank. more...
October 28, 2008
Country singer Lorrie Morgan files for bankruptcy
NASHVILLE, Tenn. — Country singer Lorrie Morgan has filed for bankruptcy for primarily business related debts, according to a court filing. more...
October 27, 2008
Credit Cardholders' Bill of Rights: What it means for you
While the $700 billion bailout and presidential election have dominated the news, the U.S. House passed a major piece of credit card reform legislation. The Credit Cardholders' Bill of Rights Act of 2008 passed the House on Sept. 23 by a vote of 312-112 (with nine members not voting). more...
October 23, 2008
Why getting sued on purchased debt is of minimal concern.
A recent speaker at the Michigan Institute of Continuing Legal Education had talked about suing on purchased debt. He said that a debt buyer does not have to produce a witness from the originating creditor in order to prove his case at trial. While that may be true, its equally true that most debt buyers do not get enough information to successfully sue on their debts. For example, most debt sellers do not have supporting credit card statements and/or even credit card contracts. Usually, they just sell a spreadsheet of names, addresses, social security numbers and balances due to unsuspecting debt buyers. more...
October 22, 2008
House and Senate Approves National Guard and Reservists Debt Relief Act
Kudos to the House and Senate for passing the National Guard and Reservists Debt Relief Act of 2008. This Act suspends the bankruptcy means test for 18 months for those who qualify, after September 11, 2001, and have been called to active duty or to perform a homeland defense activity for not less than 90 days.
National Guard and Reservists Debt Relief Act of 2008 - Amends federal bankruptcy law to prohibit the bankruptcy court from dismissing or converting a case based on means testing while the debtor: more...
October 21, 2008
S. 2136: Helping Families Save Their Homes in Bankruptcy Act of 2008
Congressional Research Service Summary
The following summary was written by the Congressional Research Service, a well-respected nonpartisan arm of the Library of Congress. GovTrack did not write and has no control over these summaries.
10/3/2007--Introduced.
Helping Families Save Their Homes in Bankruptcy Act of 2007 - Amends federal bankruptcy law to permit a bankruptcy plan to: (1) modify a loan secured by the principal residence (mortgage) of a chapter 13 debtor (individual with regular income); and (2) provide for payment of such loan at a fixed annual percentage rate of interest, over a 30-year period. more...
October 20, 2009
Famous millionaires who filed for bankruptcy
Billionaires don’t go bankrupt, millionaires sometimes do. Ordinary people may wonder how people with wealth beyond what most of us can comprehend managed to file for bankruptcy. It can happen to anyone. Think that all those famous millionaires –popular actors and artists of extraordinary genius, professional athletes and legendary business founders, distinguished writers and accomplished musicians – can be guaranteed against loss of money? Definitely not. There are countless stories of mega-rich stars who have filed for bankruptcy. Some of them could bounce back and go on to have successful careers, others were driven to the brink of ruin. Being an international celebrity doesn’t automatically mean that you will not go bankrupt. They are all in danger of loosing it all. Here is a list of 7 famous millionaires who filed for bankruptcy. more...
October 17, 2008
Couple lose home in Countrywide dispute, but may yet win
Feds seek sanctions, say lender abused bankruptcy laws
Robin Atchley and her husband, John, had spent the previous six months working furiously to avoid such a scene. Their plan had been to watch the kids grow up in their five-bedroom house in a rural corner of Cherokee County. more...
October 16, 2008
Bankruptcy judge orders victim to pay back thief
NEW HAVEN, Conn. — Mark Poveromo feels ripped off twice over. A judge ordered him to repay money he collected from a builder convicted of stealing from him — and told him to kick in the thief's attorney fees and court costs, too. more...
October 15, 2008
Supreme Court Debt Collection Ruling Means More Work for Lawyers
Lawyers are preparing for an onslaught of collections lawsuits after a U.S. Supreme Court ruling allowing plaintiffs to sue to recover unpaid debt, even if they don’t have a financial stake in the outcome. more...
October 14, 2008
FDIC moves to free up bank liquidity
The Federal Deposit Insurance Corp. on Tuesday said it will fully cover non-interest bearing deposit transaction accounts, regardless of dollar amount, in an attempt to free up bank liquidity. more...
October 13, 2008
For People on Debt Management Plans: A Must-Do List
Facts for Consumers
For People on Debt Management Plans: A Must-Do List
Reputable credit counseling organizations employ counselors who are certified and trained in consumer credit, money and debt management, and budgeting. Those organizations that are nonprofit have a legal obligation to provide education and counseling. more...
October 11, 2008
T. Boone Pickens sues Lehman Bros. for $59.9M
Texas billionaire T. Boone Pickens has filed suit against Lehman Brothers Commodity Services Inc. in New York Supreme Court, claiming the investment bank owes him and four of his energy funds $59.9 million. more...
September 9, 2008
Houston's economy spared from bankruptcy bug
It may not make you feel better while pumping gas, but another sign of Houston's economic strength can be found in that barometer of financial weakness: bankruptcies. more...
Weston & Associates, PLLC, also serves other areas in the Houston area including:
Houston, Pasadena, Baytown, La Porte, Channelview, Deer Park, Katy, Cypress, Tomball, Sugar Land, Pearland, The Woodlands, Galveston, Clear Lake, Kemah, Dickinson, Richmond, and Hempstead
Weston & Associates, PLLC
5001 Bissonnet, Suite 200
Bellaire, Texas 77401
713.623.4242
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Bellaire (Houston Area)
Weston & Associates, PLLC
5001 Bissonnet, Suite 200
Bellaire, Texas 77401 map Phn - 713.623.4242
Fax - 713.623.2042
Alt Fax -
888-265-8740
mail@westonlegal.com
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9901 I.H. 10 West
Suite 800
San Antonio, Texas 78230
Phn - 210.787.3539
Fax - 888-265-8740
Austin - by appointment only
106 E. Sixth Street
Suite 900
Austin, Texas 787011
Phn - 512.782.4377
Fax - 888-265-8740
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Suite 600
Dallas, Texas 75205
Phn - 214.329.9837
Fax - 888-265-8740
Principle Office, Bellaire Texas
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Weston & Associates, PLLC, whose principal office is in Bellaire, Texas provides Debt Lawsuit Defense in all cities of Texas, USA including: