Debt Management Law News
February 12, 2012
County court judge files for bankruptcy
GALVESTON — County Court Judge Christopher Michael Dupuy filed for bankruptcy protection Wednesday.
Dupuy was elected to County Court at Law No. 3 in a November 2010 Republican landside.Read more...
February 9, 2012
Lawsuit: Debt collector broke patient privacy laws
MINNEAPOLIS — Attorney General Lori Swanson sued a debt collection agency that works with two Minnesota hospitals on Thursday, saying it failed to keep health care records for tens of thousands of patients confidential and did not tell patients just how much it was involved in their health care.Read more...
February 7, 2012
RoomStore announces five-store bankruptcy liquidation sale for Houston
Dallas-based RoomStore has announced it is launching bankruptcy liquidation sales at all five of its stores in the Houston area.Read more...
February 3, 2012
Consumers Can't Sue Credit Card Companies for Deceptive Language and Hidden Fees
The Supreme Court this month affirmed the right of credit card companies to deny you the ability to take them to court, leaving consumers with little recourse to fight back against abusive practices and deceptive contracts.
•Consumers have few options to avoid binding arbitration clauses Read more...
February 1, 2012
Will bankruptcy stop a credit card lawsuit?
Bankruptcy will delay or stop a credit card lawsuit no matter how far along it is. However, the effect of the bankruptcy on the lawsuit and the underlying credit card debt depends on the claims alleged in the lawsuit and whether it is a Chapter 7 or Chapter 13 bankruptcy. Read on to learn more about how bankruptcy affects credit card lawsuits.
The Automatic Stay Will Temporarily Stop Credit Card LawsuitsRead more...
January 26, 2012
Lawsuit: Debt collector broke patient privacy laws
MINNEAPOLIS — Attorney General Lori Swanson sued a debt collection agency that works with two Minnesota hospitals on Thursday, saying it failed to keep health care records for tens of thousands of patients confidential and did not tell patients just how much it was involved in their health care.Read more...
January 24, 2012
Debt collection agency sued after calling man more than 100 times
LUFKIN - Claiming he received more than 100 phone calls, a Nacogdoches County man has filed a lawsuit against a debt collection agency for harassment.
Terry Morris filed suit against Portfolio Recovery Associates on Jan. 17 in the Eastern District of Texas, Lufkin Division.Read more...
January 20, 2011
Bankruptcy may force sale of family's private shorefront property
HOUSTON—A privately-owned beach next to Galveston's seawall may be sold as part of a bankruptcy case.
Porretto Beach has been a Galveston institution for more than a half-century, hosting events for generations of beachgoers. Now it bears something unique for a beach along the seawall: a "for sale" sign.Read more...
January 18, 2011
Fort Worth-area bankruptcy filings fell 14 percent last year
Total bankruptcy filings, both consumer and business, for the Northern District of Texas, Fort Worth Division.
*Major changes in federal bankruptcy statutes took effect in October 2005, increasing filings under the old rules, which were more favorable to debtors.Read more...
January 16, 2012
JPM Chase Quietly Halts Suits Over Consumer Debts
JPMorgan Chase & Co. has quietly ceased filing lawsuits to collect consumer debts around the nation, dismissing in-house attorneys and virtually shutting down a collections machine that as recently as nine months ago was racking up hundreds of millions of dollars in monthly judgments.Read more...
January 12, 2012
Hostess Bankruptcy 2012: Maker Of Wonder Bread, Twinkies Prepares To Refile For Chapter 11
Hostess Brands Inc., the maker of Wonder Bread and Twinkies, is preparing to refile for Chapter 11 bankruptcy protection just two years after emerging, The Wall Street Journal reported Monday.
A spokesman for the privately held Irving, Texas, bakery company declined to comment on the report.Read more...
January 10, 2012
To collect debt, FEMA takes part of Ike victim's Social Security
PORT BOLIVAR - Roy Mooney was surprised to learn early last year that the federal government was deducting $180 each month from his $1,200 Social Security check.
"I had no idea they could do that, just haul off and do it," the 79-year-old said.Read more...
January 6,2012
Kodak Reportedly Preparing For Bankruptcy Auction Of Patents
Poor Kodak. At this point, they're just along for the ride. The last few years have been rough on them, and they've made a few big decisions that haven't panned out. I must admit that while my unsolicited advice to them was sound, it probably would have to have been put in place a decade ago for them to have avoided the current state of things. As it is, the WSJ has word that they are planning to file Chapter 11 and do a court-supervised auction of their many digital imaging patents.
January 4, 2012
Owner of LaGrave Field files for bankruptcy protection
The company that owns LaGrave Field, where the Fort Worth Cats minor-league baseball team plays, filed for bankruptcy court protection, preventing a scheduled foreclosure sale of the property Tuesday.
The Chapter 11 filing by LaGrave Reconstruction Co., owned by Carl Bell, lists both assets and liabilities between $10 million and $50 million. Bell signed the petition Saturday. It was filed electronically with the U.S. Bankruptcy Court in Fort Worth on Monday afternoon.Read more...
January 2, 2012
American Express Is Suing Nelly For $20K In Unpaid Credit Card Debt
American Express is turning up the heat on Nelly over an unpaid $20,000-plus credit card debt.
American Express filed a lawsuit in a Missouri court in October against the rap star, whose real name is Cornell Iral Haynes, Jr.Read more...
December 29, 2011
Capital One Accused of Illegally Suing Bankrupt Americans
Filing and completing bankruptcy proceedings is supposed to free consumers from paying any outstanding debt to credit card companies. But that hasn't stopped Capital One, one of the leading credit card lenders, from going after bankrupt Americans.Read more...
December 27, 2011
Strip of beach front could face liquidation sale in a long-running bankruptcy case
GALVESTON — A strip of beach in front of Galveston's seawall, which generated controversy and litigation for years, might be headed for a liquidation sale to satisfy creditors in a long-running bankruptcy case.
Sonya Porretto, who with her mother, Rosemarie Porretto, owns the land between Sixth and 27th streets, in 2009 filed Chapter 11 bankruptcy, which protects debtors from creditors as they attempt to reorganize their finances.Read more...
December 23, 2011
Texas appellee, statute of limitations suit reversed
DODEKA, L.L.C. v. CAMPOS
DODEKA, L.L.C., Appellant,
v.
Irma CAMPOS, Appellee.
No. 04-11-00339-CV.
Court of Appeals of Texas, Fourth District, San Antonio.
Delivered and Filed: December 21, 2011.
Sitting: Sandee Bryan Marion, Justice, Phylis J. Speedlin, Justice, Marialyn Barnard, Justice.
OPINION
SANDEE BRYAN MARION, Justice.
REVERSED AND RENDERED IN PART, REVERSED AND REMANDED IN PART
Appellant, Dodeka, L.L.C., sued appellee, Irma Campos, for breach of contract based on an unpaid credit card account issued by Chase Bank to Campos. Campos filed an answer and verified denial to the lawsuit. Campos also filed a counterclaim alleging Dodeka violated the federal Fair Debt Collections Practices Act (hereinafter "FDCPA") by threatening to and actually filing a suit time-barred by the four-year statute of limitations. Following a bench trial, the trial court rendered a take-nothing judgment against Dodeka. The trial court found in favor of Campos on her counterclaim. Dodeka appeals the trial court's judgment. We reverse and render in part, and reverse and remand in part.Read more...
December 21, 2011
End of the road as Saab files for bankruptcy
Saab Automobile has filed for bankruptcy, bringing to an end two years of efforts to rescue the iconic brand which has been the hallmark of Swedish cars for six decades.
The final desperate attempts to raise funds in China were frustrated by Saab's former owner General Motors which still holds key licences.Read more...
December 19, 2011
10th Circuit reverses course on effect of automatic stay on pending appeals
The 10th U.S. Circuit Court of Appeals has reversed its longstanding policy of allowing Chapter 11 debtors in possession to continue to prosecute appeals from judgments entered against them despite the automatic-stay provision of the U.S. Bankruptcy Code.Read more...
December 15, 2011
RoomStore Chapter 11 Not Its First Brush With Bankruptcy
RoomStore Inc. filed for Chapter 11 protection Monday with plans to get leaner, but it's not the furniture and bedding retailer's first brush with bankruptcy.
RoomStore, whose slogan is "We Don't Cut Corners. We Cut Prices," went into Chapter 11 along with its former parent more than a decade ago. It's since used bankruptcy to snatch up stores from its competitors.Read more...
December 13, 2011
KLN Steel gets another extension
Furniture maker that filed for bankruptcy can keep using cash.
AUSTIN — Bankrupt San Antonio furniture maker KLN Steel Products Co. LLC can continue to use its cash to pay its operating expenses until at least Jan. 12.
KLN bankruptcy lawyer Patricia Tomasco said during a Monday hearing in U.S. Bankruptcy Court that the continued use of the cash on an interim basis was seen as "absolutely necessary" by CEO Edward Herman.Read more...
December 9, 2011
Austin woman sues Bank of America over foreclosure procedures
An Austin woman filed suit Thursday against Bank of America Corp., alleging the company fraudulently sought to foreclose on her home. The suit claims that the bank wrongly invalidated a loan modification agreement because it wasn't signed by her husband even though he died in 2007, more than three years before the agreement was made.Read more...
December 7, 2011
Dynegy proposes plan to exit bankruptcy
Dynegy Inc. and its subsidiary Dynegy Holdings LLC have filed a proposed Chapter 11 plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York.
If confirmed by the bankruptcy court, the plan should settle all pending and potential actions against the company related to Dynegy's restructuring efforts. Furthermore, company officials say this plan satisfies all claims against Dynegy. The company filed for Chapter 11 bankruptcy reorganization on Nov. 7, 2011. The company expects to emerge from bankruptcy protection in 2012.Read more...
December 5, 2011
American Airlines files for Chapter 11 protection
American Airlines' parent company AMR Corporation has filed for Chapter 11 bankruptcy protection.
Shares in the airline plunged immediately they resumed trading on Tuesday and closed 81% down. They are now worth 31 cents each.Read more...
December 1, 2011
House panel considers change of rule on venue in Chapter 11 cases
The House Judiciary Committee heard testimony on the pros and cons of proposed legislation that would change Bankruptcy Court venue rules by limiting where corporations may file reorganization cases.
The Chapter 11 Bankruptcy Venue Reform Act of 2011, H.R. 2533, is sponsored by Lamar Smith, R-Texas, and John Conyers Jr., D-Mich. It would require large corporations to file reorganization cases only in the judicial district where they have their principal place of business.Read more...
November 29, 2011
Bill would change filing options for Chapter 11 cases
From the Dallas Stars hockey team to energy giant Dynegy, some of the biggest and most high-profile bankruptcy filings by Texas businesses are handled by lawyers and judges in Delaware and New York.
That may soon change.
Congressional leaders and a contingent of Texas lawyers are pushing legislation they say would bring dozens of major corporate bankruptcies back to Dallas, Austin and Houston by forcing companies to file Chapter 11 restructuring in jurisdictions where they have a significant portion of their business.Read more...
November 25, 2011
Wesley Snipes Sued by American Express
Actor Wesley Snipes probably should have considered paying his American Express bill before he went to prison. Now the credit card company has filed a lawsuit against him.
According to a report from TMZ, the company is looking for almost $30,000 from the jailed actor. They are even charging him for the attorney fees incurred by taking the claim to court.Wesley SnipesRead more...
November 23, 2011
General Maritime Files for Bankruptcy After Freight Rates Slump
General Maritime Corp., the second- largest U.S. owner of oil tankers, filed for bankruptcy protection from creditors after falling oil demand and a surplus of ships led to two years of losses.
The New York-based company listed assets of $1.71 billion and debt of $1.41 billion today in a Chapter 11 petition in U.S. Bankruptcy Court in Manhattan. Lender Oaktree Capital Management LP agreed to make a $175 million equity investment and a group led by Nordea Bank Finland Plc will provide as much as $100 million in financing to help the company through reorganization, General Maritime said.Read more...
November 20, 2011
Michael Giventer: Sudden-Stop-Accident Scammer Arrested For Bankruptcy Fraud
Michael Giventer owed State Farm Insurance $8.6 million after losing a civil suit where the company proved he had been scamming the company for years through false claims stemming from "sudden-stop" accidents.Read more...
Novmber 17, 2011
MF Global Clients Accuse J.P. Morgan of Overreach in Bankruptcy
A group representing former customers of MF Global Holdings Ltd. on Monday charged that J.P. Morgan Chase & Co. is trying to unfairly claim their assets in a court tussle over the remains of the failed broker-dealer.Read more...
November 15, 2011
Contingency planning in counterparty bankruptcies
Over the past decade, the energy industry has faced significant uncertainty. From Enron Corp. through SemGroup LP and Lehman Brothers Holdings Inc., this volatility has led to several prominent energy-related bankruptcies.
Today, the industry continues to face challenges concerning economic prospects, commodity prices and interest rates. Thus, energy traders should act now to review their contingency plans for a major counterparty bankruptcy.Read more...
November 11, 2011
Jefferson County Files Biggest U.S. Municipal Bankruptcy
Jefferson County, Alabama, filed the biggest U.S. municipal bankruptcy after an agreement among elected officials and investors to refinance $3.1 billion in sewer bonds fell apart.
The county, home to Birmingham, the state's most-populous city, listed assets and debt of more than $1 billion in Chapter 9 papers filed today in U.S. Bankruptcy Court in Birmingham.
Read more...
November 9, 2011
Dynegy Files for Unusual Bankruptcy
Dynegy Inc.'s holding company filed for Chapter 11 bankruptcy protection in a way that could cause losses for bondholders without harming parent-company shareholders that include Carl Icahn and hedge fund Seneca Capital.Read more...
November 7, 2011
Wallace Bajjali project files bankruptcy
Development firm took over struggling Waco complex in 2009
A troubled Waco development entered bankruptcy in October despite efforts to save it by the master developer of Amarillo's $113-million downtown project.
Waco Town Square Partners, developer of the Austin Avenue Flats loft and retail complex in Waco, filed for Chapter 11 bankruptcy last month in U.S. Bankruptcy Court in Houston.Read more...
November 1, 2011
5 Things You Need To Know To Stay Out Of Debt Collectors' Grasp
Debt collectors can be scary: the endless calls, the contacting your boss and the threats of a lawsuit.
If you're being hounded, or fear you will soon, you should know your rights and what the law actually permits collectors to do.Read more...
October 28, 2011
DODEKA, L.L.C. v. GARCIA
DODEKA, L.L.C., Appellant,
v.
Maria GARCIA, Appellee.
No. 04-11-00016-CV.
Court of Appeals of Texas, Fourth District, San Antonio.
Delivered and Filed: October 12, 2011.
Sitting: Catherine Stone, Chief Justice, Phylis J. Speedlin, Justice, Marialyn Barnard, Justice.
MEMORANDUM OPINION
PHYLIS J. SPEEDLIN, Justice.
Dodeka, L.L.C. appeals the trial court's judgment rendered in favor of Maria Garcia in her action against Dodeka under the Deceptive Trade Practices Act ("DTPA"). See TEX. BUS. & COM. CODE ANN. § 17.45(4) (West 2011).Read more...
October 26, 2011
Collection agency sued for contacting wrong person about debt
A Port Arthur resident has filed a lawsuit against a debt collection agency for repeatedly calling her about someone else's debt.
Pamela J. Webb filed suit against Global Acceptance Credit Co. on Oct. 13 in the Eastern District of Texas, Beaumont Division.Read more...
October 24, 2011
FTC Targets Credit Repair Firm that Lied to Consumers and Bureaus
The Federal Trade Commission has charged the operators of a credit repair company with making false statements to credit bureaus about information in consumers' credit reports, and illegally collecting fees from consumers before performing any services. The action is part of the FTC's continuing crackdown on scams that prey on financially distressed consumers.Read more...
October 20, 2011
Dynegy bondholders now betting on bankruptcy
Sometimes, bankruptcy may be the better option. That seems to be what Dynegy's bondholders are thinking. Earlier this week they spurned a plan by the struggling Houston-based power company to replace existing bonds with ones that have a lower face value. Fewer than 10 percent of the face value of the existing $1.25 billion worth of bonds were voted in favor of the company proposal.Read more...
October 18, 2011
Pennsylvania debt collection company sued after consumer called vulgar name
A Pennsylvania debt collection company is facing a lawsuit for violating federal regulations after one of its employees allegedly called a consumer a vulgar name.
Debora Bright filed suit against Law Offices of Thomas Landis on Sept. 26 in the Eastern District of Texas, Beaumont Division.Read more...
October 14, 2011
Bankruptcy filings fall nearly 7 percent in September
Bankruptcy filings dipped almost 7 percent in September from a year ago in South Central Texas, but were up 17 percent over August 2011.
The U.S. Bankruptcy Court for the Western District of Texas reported 422 bankruptcy filings in September, down from 453 in September 2010. There were 360 filings in August 2011.
Read more...
October 12, 2011
House Is Gone but Debt Lives On in Texas
LEHIGH ACRES, Fla.—Joseph Reilly lost his vacation home here last year when he was out of work and stopped paying his mortgage. The bank took the house and sold it. Mr. Reilly thought that was the end of it.
In June, he learned otherwise. A phone call informed him of a court judgment against him for $192,576.71.Read more...
October 10, 2011
JK Harris to file for bankruptcy
The JK Harris company once advertised that it could resolve people's tax debts for "pennies on the dollar," but now it could be the company's creditors and disgruntled former clients who will get less than they are owed.
JK Harris & Co. plans to seek bankruptcy protection in Charleston to head off an attempt by the Texas attorney general's office to force the company into receivership, said company founder John K. Harris. The company, a national tax-debt-resolution service based in Goose Creek, has been dogged by cash-flow problems and the cost of large settlements related to claims that it misled consumers.Read more...
October 6, 2011
Collection Operation Ordered To Stop Deceptive Practices
A U.S. district court has halted an operation that allegedly subjected consumers to abusive collection practices and deceived the small-business clients for whom it collects.
The Federal Trade Commission had filed a complaint against six individuals and three companies involved in a Van Nuys, Calif.-based collection operation doing business as Rumson, Bolling & Associates.Read more...
October 4, 2011
Texas Bankruptcy Exemptions
Texas Personal Property Exemptions: The Property They Can't Take
Texas is one of the most liberal exemption states. Discussed below are the personal property bankruptcy exemptions available under Texas state law and the most commonly claimed federal law exemptions.Read more...
September 30, 2011
Debt Collectors Lobby to Block Tougher Rules
A wave of U.S. state laws that require debt collectors to document exactly who owes what has triggered a state-by-state lobbying battle over rules of evidence that the industry says could slice into profitability.Read more...
September 29, 2011
FTC Targets Mortgage and Debt Relief Websites
The U.S. Federal Trade Commission has asked a court to shut down websites that falsely suggested they were federal consumer assistance agencies or affiliated with government agencies focused on mortgage or debt relief, the agency said Thursday.Read more...
September 27, 2011
When a Bankruptcy 'Event' Doesn't Mean Bankruptcy
In finance and law, bankruptcy is understood to mean a process for resolving financial distress, like those under the United States Bankruptcy Code or the Companies' Creditors Arrangement Act in Canada. State law assignments for the benefit of creditors could also been seen as a bankruptcy process under this definition.Read more...
September 23, 2011
Debt Collectors Lobby to Block Tougher Rules
A wave of U.S. state laws that require debt collectors to document exactly who owes what has triggered a state-by-state lobbying battle over rules of evidence that the industry says could slice into profitability.Read more...
September 21, 2011
Slidell man sues collection agency for discloses financial information to employer
A Slidell man has filed a lawsuit against a collection agency for allegedly violating federal regulations by calling his employer and disclosing information about his debt.Read more...
September 19, 2011
Debt Collection Practices
The OCCC frequently receives questions and complaints from consumers about the negative debt collection practices they experience. Examples of unlawful creditor behavior includes excessive amount of telephone calls to debtors, misrepresentation of the facts to third parties, threats of arrest, and illegal repossession.
If you have complaints about the collection practices of an OCCC licensed lender, please call the Consumer Assistance Hotline at 800.538.1579 or fill out a complaint form and send it to this agency .Read more...
September 16, 2011
Ransom's, El Dorado Jacks close, file for bankruptcy
Ransom's Steakhouse and Saloon in Montgomery and El Dorado Jacks on Lake Conroe have closed their doors for good.
RSAS Holdings Inc., the company that owns and operates Ransom's Steakhouse and Saloon and El Dorado Jacks, filed for an emergency motion Wednesday to convert its Chapter 11 bankruptcy filed April 14 to Chapter 7 bankruptcy, according to documents filed with the United States Bankruptcy Court for the Southern District of Texas Houston Division.Read more...
September 13, 2011
Dallas Stars hockey team to be sold in bankruptcy
The Dallas Stars hockey team plans to file for bankruptcy this week with a proposal for a quick sale to a Canadian businessman for about $230 million, according to sources close to the talks.Read more...
September 9, 2011
Superior Offshore Ex-Managers Looted Company, Committee Says
A Superior Offshore International Inc. bankruptcy committee accused four former managers in a lawsuit of taking millions of dollars from IPO proceeds while the company was short of cash.Read more...
September 7, 2011
Collection agency sued for not marking debt as disputed on man's credit report
TYLER - An Overton man is suing a Richardson collection agency for failing to indicate that he was disputing a debt on his credit report.Read more...
September 6, 2011
Bank of America 'called grieving widow 48 times a day to remind her of husband's debt'
Many families who have just lost a loved one have had to deal with the unfortunate task of dealing with the debt left behind after death. One widowed woman is suing Bank of America Home Loan Servicing, saying they called her as many as 48 times a day demanding payment.
Bank of America bombarded a grieving widow with calls up to 48 times a day to remind her that her recently deceased husband had missed a mortgage payment, it is claimed.Read more...
September 2, 2011
Debt after death: Banks chase down mourners
Nobody wants to remember a deceased family member by the debt they left behind, but many creditors certainly make it difficult to forget.
Denise Townley was appalled when she received a letter from her mother's credit card issuer less than two weeks after her mother passed away.Read more...
August 29, 2011
Debt Relief USA has declared bankruptcy
FTC Permanently Halts Operation that Allegedly Made Bogus Claims about Eliminating Consumer Debt
As part of its continuing crackdown on scams that target consumers in financial distress, the Federal Trade Commission settled charges against a debt relief operation that allegedly lured consumers nationwide into paying thousands of dollars in up-front fees, but in most cases failed to actually reduce their credit card debts, and in many cases left them even deeper in debt. The proposed FTC settlement orders ban the company, Debt Relief USA, Inc., from doing further business, and ban company principals James Wojcik and Valerie Leath from marketing any financial products and services. Litigation continues against the two other principals, Kelly Reilly and Alvin Bell.Read more...
August 26, 2011
Study: Small Business Bankruptcy Numbers Down
The number of small businesses that filed for protection under bankruptcy law fell 15 percent in the first quarter of 2011 from a year earlier, accoding to data released by Equifax.
The Atlanta-based credit ranking agency analyzed bankruptcy filings by metro area. The drop in filings sounds promising, though the study also found that the total number of bankruptcies in the first quarter of 2011 is still 30 percent higher than in the pre-recession first quarter of 2008.Read more...
August 25, 2011
What to Do if You Are Being Abused by a Debt Collector
If debt collectors are calling you at any hour of the day and night they might be breaking the law. Debt collectors are hired by companies that you owe money to, or the collectors purchase the debt from a company that you owe money to, and they try to collect from you. Though you do owe the debt, you have rights not to be abused in any way by an unscrupulous debt collector. You, as a debtor are protected under the Federal Trade Commission (FTC). All you have to do is tell a debt collector verbally or in writing not to call you and they can't call you; there is one exception to this rule though, and that is the debt collector can call you one time to tell you that he/she/they are planning to bring suit against you for the purpose of collecting a debt. Debt collectors can be lawyers, debt collecting companies and individual proprietors.Read more...
August 24, 2011
The court finds that Financial Hope for America ("FHA") violated certain Bankruptcy Code provisions regulating debt relief agencies.
IN RE VALDEZ
In re: CARLOS H. VALDEZ, Chapter 13, Debtor(s).
Case No. 11-30883.
United States Bankruptcy Court, S.D. Texas, Houston Division.
This Court finds that Financial Hope for America ("FHA") violated certain Bankruptcy Code provisions regulating debt relief agencies. This Court also finds that FHA engaged in the unauthorized practice of law in Texas. FHA must disgorge any fees collected from Mr. Valdez and is liable for any actual damages. 11 U.S.C. § 526(c)(2). In addition, FHA and all successor entities are enjoined from operating in the Southern District of Texas until FHA demonstrates compliance with these provisions. 11 U.S.C. § 526(c)(5)(A). Additionally, this Court will refer FHA to the Texas Unauthorized Practice of Law Committee.Read more...
August 23, 2011
Texas judge sides with Cape, allows Commander eviction to proceed
A bankruptcy judge in Texas granted a motion Tuesday morning to allow the city of Cape Girardeau to move forward with plans to evict Commander Premier Aircraft Corp. from city-owned property at the airport.Read more...
August 22, 2011
GM Says Bankruptcy Shields It Against Impala Lawsuits
General Motors Co. is seeking to dismiss a lawsuit over a suspension problem on more than 400,000 Chevrolet Impalas from the 2007 and 2008 model years, saying it should not be responsible for repairs because the flaw predated its bankruptcy.Read more...
August 19, 2011
Court Awards Fees, Applauds Baker Botts' Performance in Multi-Billion-Dollar ASARCO Bankruptcy
HOUSTON -- The Honorable Richard S. Schmidt, United States Bankruptcy Judge for the Southern District of Texas, Corpus Christi Division, has entered an order approving the fees previously paid, and awarding additional fees, in recognition of Baker Botts' role as chapter 11 counsel to ASARCO LLC.
Judge Schmidt wrote in his supporting opinion that the ASARCO bankruptcy was "truly a rags-to-riches story" and "probably the most successful Chapter 11 of any magnitude in the history of the [Bankruptcy] Code." Creditors in the ASARCO bankruptcy received more than $3.5 billion, which represented payment in full of all claims, plus interest and attorney's fees. Read more...
August 18, 2011
US credit card delinquency rates falls
The US' national credit card delinquency rate has decreased for the sixth consecutive quarter to 0.6%, the lowest mark observed for 17 years.
Information and risk management firm TransUnion has revealed in its quarterly analysis that credit card debt per borrower increased slightly by $20 in Q2 to $4,699 though it still remains near record-low levels. This is believed to be due to consumers tightening their spending and having better control over their credit card payments.Read more...
August 17, 2011
Beware of Interest Charged on Closed Accounts in Collection
When a debt collection agency has your closed credit card account, can they charge accrued interest on the account? I have an annual statement from a debt collector indicating that they are applying all of my payment toward the interest and none of the payment is applied to the principal. Read more...
August 15, 2011
Marcus Oil files for bankruptcy protection
A Houston-based oil company has filed for bankruptcy amid a web of lawsuits over contract breaches and patent disputes — and increasing mud-slinging.
HRD Corp., which does business as Marcus Oil & Chemical, filed for Chapter 11 bankruptcy in July, reportedly owing Dow Chemical Co. $68 million, and a chemist who once worked for the company more than $20 million. According to the bankruptcy filing, HRD has $6.7 million in assets and owes more than $100 million to creditors.Read more...
August 12, 2011
Alabama County Gets a Reprieve, Staving Off Bankruptcy Filing
Alabama's Jefferson County on Friday held off from filing for bankruptcy over a $3.14 billion bond debt and allowed more time for talks with creditors to try to thrash out a restructuring agreement.Read more...
August 11, 2011
Bankruptcy filings fall in July
Bankruptcy filings in South-Central Texas last month fell to their lowest level in more than a year.
The U.S. Bankruptcy Court for the Western District of Texas in San Antonio recorded 352 filings in July, 100 fewer filings than the same time a year ago. It's the lowest number of filings since 326 cases were filed in June 2010.Read more...
August 10, 2011
Landry's to run Eva Longoria's bankrupt restaurant
Houston-based Landry's Restaurants plans to acquire actress Eva Longoria's Las Vegas restaurant Beso, which has been in bankruptcy since January.Read more...
August 8, 2011
Collection company's practices under fire
A company you never heard of may be getting ready to raid your bank account for money you may or may not owe it.
Midland Funding has filed more than 3,300 debt collection lawsuits in Sedgwick County in the past 5 1/2 years, totaling more than $7 million in claims.Read more...
August 4, 2011
Bankruptcy stalls plans for deserted hotel
An investor group that bought a long-deserted downtown building with plans to renovate it into an upscale hotel has filed for bankruptcy.
New Era Hospitality, which bought the old Days Inn hotel building in 2008, filed for Chapter 11 bankruptcy late last week to avoid foreclosure after money woes stalled its construction plans, said partner Ray Mohiuddin of Castle Development and Construction, the project's general contractor.Read more...
August 3, 2011
Texas car dealership set to exit Chapter 7 Bankruptcy, leaving $5.1 million in unpaid creditor claims
AutoPro, a car dealership located in Amarillo, Texas, filed for Chapter 7 Bankruptcy last year and is expected to exit the procedure with $5.1 million in unpaid claims to creditors, according to the Amarillo Globe-News.Read more...
August 1, 2011
WOMAN WINS $1.26 MILLION IN WRONGFUL WAGE GARNISHMENT CASE
Here is an interesting wage garnishment story out of New Mexico.
There, a woman had to sue a collections law firm after it twice tried to garnish her wages for a debt she did not actually owe. She was awarded $1.26 million by a federal jury Friday.Read more...
July 30, 2011
Inmate sues credit union over repossession of truck
GALVESTON - Claiming Amoco Federal Credit Union wrongfully repossessed his vehicle, an inmate in the Texas Department of Criminal Justice System has filed a lawsuit.Read more...
July 27, 2011
Supreme Court addresses limits on bankruptcy judges' powers
In a 5-4 opinion delivered June 23, the U.S. Supreme Court ended litigation that had outlived all three of the parties involved: Vickie Marshall (aka Anna Nicole Smith); her husband, J. Howard Marshall II; and Howard's son Pierce Marshall.1 In doing so it has addressed in an important way the extent to which bankruptcy judges have jurisdiction over state law claims.Read more...
July 25, 2011
A push for more proof in debt-collection lawsuits
Consumer advocates cheer as Maryland's highest court considers a change in rules
Marquis Jones doesn't believe she owes money on a credit-card account that a debt-buying company sued to collect from her.Read more...
July 22, 2011
Borders Group Bankruptcy: The Top 10 Businesses to Ever File for Chapter 11
The bookstore's filing isn't the first - or the biggest - in the history of companies who've sought protection from creditors.
Liquidation sales officially began on Friday for all 399 of Borders Group Inc.'s retail stores. The company, which filed for bankruptcy in February, is currently in talks to transfer as many as 35 of its stores to Books-A-Million, currently the country's third-largest book retailer. Read more...
July 20, 2011
Business Bankruptcies: Filings Down, but Workload Isn't
Although business bankruptcies are down in Texas, commercial bankruptcy lawyers say their workload hasn't decreased -- it's just changed.
Consumer bankruptcy filings in bankruptcy courts in Texas rose 5 percent last year, from 55,435 in 2009 to 58,239 in 2010, according to the Administrative Office of the U.S. Courts. Read more...
July 18, 2011
Borders bookstore chain could begin liquidating Friday
There will be no storybook ending for Borders. The 40-year old book seller could start liquidating its 399 remaining stores as early as Friday.Read more...
July 16, 2011
Omega files for Chapter 11
Omega Navigation Enterprises (ONE) has entered into Chapter 11 proceedings in Houston in an attempt to stave off its creditors.
The company said that the Court had granted it the interim relief measures requested.
These included –Read more...
July 15, 2011
Following a bench trial in this lawsuit to collect a credit card debt, the trial court rendered judgment in favor of appellee Dodek
TROUNG v. DODEKA, L.L.C.
JIMMY TROUNG, Appellant,
v.DODEKA, L.L.C., Appellee.
No. 14-10-00818-CV.
Court of Appeals of Texas, Fourteenth District, Houston.
Memorandum Opinion filed July 12, 2011.
June 13, 2011
Bankruptcies Are Down, But Will it Last?
Finally, some good news on the personal finance front: Consumer bankruptcies are down by 8% in the first half of 2011. Americans seem to be getting a better grip on their money, but with fresh evidence the economy is stalling -- including the rising unemployment rate -- how long will the good times last?Read more...
July 12, 2011
Texas Court Upholds FDCPA Claim Against Collection Agency
A Texas class action lawsuit against a Coloradan collection agency and a Delaware-based mortgage company won't succeed solely on the strength of its Fair Debt Collection Practices Act (FDCPA) violation claim. (Take a breath.) Or, at least, the mortgage company is somewhat in the clear. It may, however, succeed based on Texas's own Texas Debt Collection Act (TDCA).Read more...
July 11, 2011
Omega Navigation, Athens-Based Fuel Shipper, Files for Bankruptcy in Houston
Omega Navigation Enterprises Inc. (ONAV), an Athens-based shipper of refined fuels such as gasoline and heating oil, filed for bankruptcy in the U.S. after failing to reach an agreement with lenders to restructure debt.
The company listed assets of $527.4 million and debt of $359.5 million as of Dec. 31 in Chapter 11 papers filed today in U.S. Bankruptcy Court in Houston. Several affiliates also sought protection.Read more...
July 8, 2011
Texas AG files suit against debt collector
HOUSTON (Legal Newsline) - Texas Attorney General Greg Abbott charged Encore Capital Group on Friday with state debt collection law violations.
The alleged violations include attempting to collect debts based upon inaccurate or incomplete account information and employing deceptive and unlawful debt collection tactics. Abbott alleges multiple violations of Texas debt collection laws and the Texas Finance Code. Encore and its subsidiaries - Midland Funding, LLC and Midland Credit Management, Inc. - are named as defendants in the case.Read more...
July 7, 2011
More problems for Orono investor
With his Orono vacation home already in foreclosure, Duane Lund now has put a Texas apartment complex in bankruptcy.
Troubles continue to mount for Duane Lund, founder of the now-defunct Geneva Organization in Minneapolis.Read more...
July 6, 2011
Consumer Bankruptcy Filings Down 8% Through First Half Of Year
Consumer bankruptcy filings in the first half of the year fell 8% compared to in the first six months of 2010, the American Bankruptcy Institute (ABI) reports, citing data from the National Bankruptcy Research Center.Read more...
July 5, 2011
Collection company sued for calling debtor's husband
SHERMAN - A collection company is facing a lawsuit after making collection calls to a debtor's husband and disclosing information.
Claiming violations of the Fair Debt Collection Practices Act, Minerva Bennett filed suit against Client Services Inc. on June 13 in the Eastern District of Texas, Sherman Division.
Read more...
June 30, 2011
How Bankruptcy Can Lead to Victory
Los Angeles Dodgers owner Frank McCourt's decision to file for Chapter 11 bankruptcy protection this week set tongues wagging across the country. The Dodgers are the most prestigious organization to take this action in recent memory. But if history is any guide, hope is hardly lost.Read more...
June 28, 2011
Enron loses appeal of pre-bankruptcy debt sale
An Enron Corp successor seeking money for the energy giant's creditors cannot rely on bankruptcy law to undo the company's rushed sale of commercial paper just before its 2001 collapse.
The 2nd Circuit Court of Appeals in New York on Tuesday said funds that bought the debt were shielded by "safe harbor" laws that prevented Enron from categorizing their purchases as illegal conveyances.Read more...
June 27, 2011
Saab faces bankruptcy
SAAB is on the brink of bankruptcy after the car maker admitted it cannot pay the wages and salaries of its 3700 employees.
Losses, sustainable under the previous owner, General Motors, are on the verge of overwhelming Saab's Dutch parent, Swedish Automobile, which was forced to stop salary payments for 1500 factory workers on Thursday. The IF Metall union set the clock ticking on the company, warning it would enforce bankruptcy proceedings to reclaim the unpaid wages within a fortnight.
Read more...
June 24, 2011
Man Sues Bank of America, Wants To Send a Message
HOUSTON - Owning a house was supposed to be the American Dream, but Long Nguyen says it has turned into a real American nightmare.
"It was sad and then frustrating and I don't know what to say, it's unbelievable," Nguyen said.Read more...
June 23, 2011
Supreme Court rules against Anna Nicole Smith estate
WASHINGTON — The estate of the late Anna Nicole Smith lost big Thursday, as a closely divided Supreme Court rejected the estate's claims for hundreds of millions of dollars.
Wading back into soap opera territory, the justices ruled that a bankruptcy court lacked the authority to award the former Playboy model's estate $475 million from the estate of Smith's late, billionaire husband.Read more...
June 21, 2011
Bankruptcy Abuse Prevention and Consumer Protection Act
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) (Pub.L. 109-8
, 119 Stat. 23, enacted April 20, 2005), was a law enacting several significant changes to the U.S. Bankruptcy Code. It was passed by the 109th United States Congress on April 14, 2005 and signed into law by President George W. Bush on April 20, 2005. Most provisions of the act apply to cases filed on or after October 17, 2005. Referred to colloquially as the "New Bankruptcy Law", the Act of Congress attempts to, among other things, make it more difficult for some consumers to file bankruptcy under Chapter 7; some of these consumers may instead utilize Chapter 13. Voting record of S. 256 [1]Read more...
June 20, 2011
Texas judge blocks Vitro bonuses to U.S. execs
A Texas bankruptcy judge denied Vitro SAB's (VITRO.MX) attempt to pay bonuses to two top executives, saying the Mexican glass maker failed to show how the would-be recipients improved the price the company received for its U.S. units sold at auction.Read more...
June 17, 2011
Pilgrim's sued for steps taken during bankruptcy
A lawsuit brought against Pilgrim's Pride Corp. by the city of Clinton, Ark., and two former contract growers accusing the company of violating the Packers & Stockyards Act (PSA) for actions it took during its bankruptcy reorganization went to court today (June 16).
The lawsuits originally were filed separately in the federal bankruptcy court handling the bankruptcy proceedings but were combined into one suit by a federal judge and assigned to the U.S. District Court for the Eastern District of Texas in Marshall, Texas.Read more...
June 15, 2011
Linden Ponds of Hingham files for bankruptcy law protection as its restrctures debt
Linden Ponds retirement community said it made a "pre-arranged" Chapter 11 filing on Monday with the bankruptcy court in Dallas, Texas, protecting the community from its creditors while it restructures its finances.Read more...
June 14, 2011
Cash-starved SulphCo cuts staff to avoid bankruptcy
SulphCo. Inc. on Tuesday said would only be able to fund its cash requirements through early July.
As a result, the Houston-based energy technology company said it would have to reduce its work force.Read more...
June 13, 2011
Bank sues Hamshire man over debt
A Texas bank claims it is owed more than $17,000 from a Hamshire man who defaulted on a lease agreement.
Bank of the West claims it negotiated a lease with an option to purchase a John Deer 750J Dozier on April 21, 2009, with Lott Surplus Materials. Defendant Robert S. Lott acted as guarantor of the lease agreement, promising to repay any money in the event Lott Surplus defaulted, according to the complaint filed May 31 in Jefferson County District Court.Read more...
June 10, 2011
Beaumont law firm sues AmEx for not removing fraudulent charges
The Beaumont law firm Benckenstein, Norvell & Nathan has filed suit against American Express for refusing to investigate and remove fraudulent credit charges made by the firm's former office manager.
The suit was filed June 3 in Jefferson County District Court.Read more...
June 9, 2011
Texas mortage broker association files bankruptcy
It will be business as usual for the Dallas chapter of the Texas Association of Mortgage Professionals despite the bankruptcy of the state organization.
The statewide nonprofit organization, which also does business as the Texas Association of Mortgage Brokers, filed for Chapter 7 bankruptcy on May 27.Read more...
June 8, 2011
Calpine settles final bankruptcy claim
Calpine Corp. said Thursday it settled the largest remaining claim stemming from its 2005 Ch. 11 bankruptcy reorganization.
Financial terms of the agreement were not disclosed, but the Houston-based power generation company said it would fund the settlement by selling company stock.
The settlement was with holders of certain Class 12 claims, but still must be approved by the bankruptcy court.
Calpine said the settlement won't impact company earnings or cash flow.Read more...
June 7, 2011
Class action filed against Chili's for printing credit card expiration dates on receipts
SHERMAN - A class action has been filed against a restaurant chain for violating the Fair and Accurate Credit Transaction Act by printing customers' credit card expiration dates on receipts.Read more...
June 6, 2011
Tables Turn: Deputies and movers show up at bank to seize property for homeowner
COLLIER COUNTY, Fla. - A bank foreclosure story you've got to see to believe. A Collier County couple turns the tables on Bank of America, the bank that tried to foreclose on their home. Now, the family is foreclosing on the bank! Even bringing trucks and deputies ready to seize property.Read more...
June 3, 2011
Bulk of Texans owing FEMA live in Houston
937 statewide deemed ineligible for disaster aid they received
Most of the Texans who recently have been told they must repay federal disaster aid live in the Houston area.Read more...
June 2, 2011
Hopeful outlook for Bankrupt empty stores
DALLAS – Filling the space vacated by hundreds of Blockbuster and Borders stores may seem like a huge challenge for shopping center landlords, but it may not be.
Real estate experts agree that the two recent victims of digital and streaming entertainment had at least one thing going for them: great locations.Read more...
June 1, 2011
Bankrupt New Orleans Auction Galleries strike deal to continue trading
ONE of the USA's largest regional salerooms, New Orleans Auction Galleries, have filed for bankruptcy protection but struck a deal to keep trading that will ensure all consignors are paid.Read more...
May 31, 2011
Credit penalty rates 'are as high as ever'
Show up a tad late to a baseball game? Not a big deal. Finally send a long-overdue thank-you note? Most of us would be thrilled to hear from you.
Think it's OK to drag your feet paying that credit card bill? Are you really ready to see your interest rate double?Read more...
May 28, 2011
Government sues to recover defaulted student loans; lawsuits filed against 4 Crossroads residents
Feds cracking down on student loan defaults
Four lawsuits filed against Crossroads-area residents indicate the federal government's increased attempt to collect defaulted student loans.
The lawsuits, which were filed in federal court in April, were filed by Houston-based law firm Cersonsky, Rosen & Garcia on behalf of their plaintiff, the United States of America.
Read more...
May 26, 2011
Borders may liquidate if not purchased
Borders Group, which owns the recently-bankrupted book store chain, may be forced into liquidation if it cannot find a buyer soon.
Borders Group, which owns the recently-bankrupted book store chain, may be forced into liquidation if it cannot find a buyer soon.Read more...
May 25, 2011
Class Action Lawsuit Filed Against Encore Capital Group
class action lawsuit against consumer receivable portfolio buyers Encore Capital Group and affiliated debt collection agencies Midland Funding LLC, Midland Credit Management (MCM) and Fulton, Friedman & Gullace for alleged violations of federal and state fair debt collection laws. Case # 6:11-cv-00071-WSS was filed in the US District Court for the Western District of Texas. Read more...
May 24, 2011
U.S. bankruptcy claims trading more active in April
The number of U.S. bankruptcy claims that traded in April rose to the highest of 2011 in April thanks to a record level of activity in the Lehman Brothers Holding Inc case, data showed on Monday.
The total number of claims traded rose to 892 in April, up from 743 in March, according to SecondMarket, which runs a bankruptcy claims trading marketplace.Read more...
May 23, 2011
Texas plant asks bankruptcy court to approve tolling agreement
If approved in U.S. Bankruptcy court, a tolling agreement may help Levelland Hockley County Ethanol LLC start production again after sitting idle since December. The 40 MMgy ethanol plant filed paperwork on May 10, requesting approval of an arrangement with Tenaska BioFuels LLC that would put the supply of grain, natural gas and marketing of ethanol and DDGS in Tenaska's corner.
May 21, 2011
Wolf Mountain in bankruptcy
Canyons attorneys call the move an abuse of the system
Attorneys for Canyons Resort are in a race against time.
They have waged a lawsuit against Kenny Griswold and his Wolf Mountain Resorts for five years. Earlier this month a jury declared them victors, but now legal wrangling threatens to delay their collecting the judgment: $54 million in damages.Read more...
May 19, 2011
Maintenance company sues apartments over unpaid bill
GALVESTON - Presto Maintenance Supply Inc. has filed suit against Carriage Conversion Project LLC in an effort to recover a $2,000 debt, recent court documents say.
According to a lawsuit filed April 15 in Galveston County District Court, Carriage owes Presto $2,119.46 for goods it purchased for the Carriage House Apartments, one of its properties.Read more...
May 18, 2011
Houston foreclosures dip, report says
April foreclosure filings were down 27 percent in the Houston-Sugar Land-Baytown metropolitan area from a year ago, RealtyTrac Inc. reported Thursday.
There were 2,810 forclosure filings made in April, representing 1 out of every 807 homes, according to the U.S. Foreclosure Market Report. A year ago, 3,848 foreclosure filings were made.Read more...
May 17, 2011
Board hires agent to sell Amidee property
A bankruptcy court trustee in Texas has hired a Casper real estate agent to sell a property left over from a Houston company's 18-month control of the Parkway Plaza, according to court records.
"It's going to be a straightforward deal," Randy Hall, of BrokerOne Real Estate, said Monday.Read more...
May 16, 2011
Texas plant asks bankruptcy court to approve tolling agreement
If approved in U.S. Bankruptcy court, a tolling agreement may help Levelland Hockley County Ethanol LLC start production again after sitting idle since December. The 40 MMgy ethanol plant filed paperwork on May 10, requesting approval of an arrangement with Tenaska BioFuels LLC that would put the supply of grain, natural gas and marketing of ethanol and DDGS in Tenaska's corner.
May 13, 2011
Debt Collection FAQs: A Guide for Consumers
If you're behind in paying your bills, or a creditor's records mistakenly make it appear that you are, a debt collector may be contacting you.
The Federal Trade Commission (FTC), the nation's consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.
May 11, 2011
Bankruptcy in Texas
It's not easy deciding on whether or not to file for bankruptcy. There's no magic formula to tell you if it's right for you. However, if you're overwhelmed with credit card and other debts or facing foreclosure, and you've tried all other options, bankruptcy may be your best and only chance at a fresh start.Read more...
May 10, 2011
U.S. Bankruptcy Court for the Southern District of Texas ordered the land to be put up for auction.
Factory fumble: Does Tanger Factory Outlets still intend to build a 95-store outlet mall on 35 acres west of Interstate 45 and north of FM 646 in League City? Read more...
May 9, 2011
Corporate bankruptcies on decline in Houston
The number of Chapter 7 bankruptcy liquidation cases and Chapter 11 bankruptcy reorganizations filed in the Houston-Galveston region have declined sharply in the past 12 months, due in part to the region's ability to weather the economic downturn.
A Houston Business Journal examination of records in the U.S. Bankruptcy Court for the Southern District of Texas shows Chapter 7 filings fell 11 percent in the first quarter of 2011 compared to a year earlier. At the same time, Chapter 11 reorganization cases dropped 21 percent during the latest three-month period.Read more...
May 5, 2011
Hollywood Video late fees to be removed from credit reports
SEATTLE -- Thanks to the Washington Attorney General's Office, thousands of former customers of a bankrupt movie rental business will no longer have late fees and collection notices on their credit reports.
Officials announced Thursday that a nationwide settlement had been reached with Hollywood Video and Movie Gallery. Read more...
May 4, 2011
2 Years After a Bankruptcy, Chrysler Posts a Profit
DETROIT — The Chrysler Group, two years removed from its descent into bankruptcy, posted on Monday its first quarterly profit since 2006, as the company sold more cars and trucks at higher prices.Read more...
May 3, 2011
Bankruptcies drop in April
South-Central Texas bankruptcy filings tumbled 12 percent last month compared with a year ago as consumer filings continued to decline.
There were 381 filings in April, down from 433 filings in April 2010, according to figures from the U.S. Bankruptcy Court for the Western District of Texas in San Antonio. However, last month's filings were 10 more than the 371 cases recorded in March 2011.Read more...
May 2, 2011
Time is running outfor Tapatio owners
Lenders give group until June 7 to find buyer for 600 acres.
More than 600 acres of undeveloped land surrounding Tapatio Springs Golf Resort and Conference Center in Boerne is headed for the auction block again after a prospective buyer terminated a purchase agreement last week.Read more...
April 29, 2011
Texas Personal Property Exemptions: The Property They Can't Take
Texas is one of the most liberal exemption states. Discussed below are the personal property bankruptcy exemptions available under Texas state law and the most commonly claimed federal law exemptions.
The state personal property exemption cap: The Texas debtor is allowed a certain portion of personal property exempt from garnishment, attachment, etc. The aggregate amount which is allowed the debtor is determined based upon the debtor's status.Read more...
April 28, 2011
Eight Vitro U.S. Subsidiaries Aren't Properly in Chapter 11
Eight U.S. subsidiaries of Vitro SAB that didn't consent to being in Chapter 11 can't be thrown into bankruptcy involuntarily, U.S. Bankruptcy Judge Russell Nelms ruled last week in Fort Worth, Texas. In his five-page opinion on April 21, Nelms reversed himself on rulings he tentatively made at a March 31 hearing when he concluded that bondholders weren't required to make a demand for payment on the $1.2 billion in defaulted bonds.Read more...
April 27, 2011
Bankruptcy Attorney Demystifies Chapter 7 and the Bankruptcy Trustee
Most individuals try to get a Chapter 7 bankruptcy so they can forego monthly payments to a trustee. Chapter 7 bankruptcies wipe debts away and give individuals a fresh start while protecting their home and other assets.Read more...
April 26, 2011
United States District Court for the Southern District of Texas
The United States District Court for the Southern District of Texas (in case citations, S.D. Tex.) is the Federal district court with jurisdiction over the southern part of Texas. The court's headquarters is in Houston, Texas and has six additional offices in the district.Read more...
April 25, 2011
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 ("Code"). The Code has been amended several times since 1978, most recently in 2005 through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 or BAPCPA. Some law relevant to bankruptcy is found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes), tax implications of bankruptcy are found in Title 26 of the United States Code (Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure).
Read more...
April 22, 2011
Superior Bancorp considering bankruptcy
A bank based in Birmingham, Alabama, is contemplating Chapter 7 liquidation after one of its subsidiaries was recently seized and sold off.
Superior Bancorp had its main holding, Superior Bank, sold off by federal regulators last week, according to a report. In total, 73 banks were a part of the sale.Read more...
April 21, 2011
Superior Bancorp ponders bankruptcy after seizure
Superior Bancorp, the holding company whose banking subsidiary was seized and sold to new owners Friday, said Tuesday it is contemplating filing for Chapter 7 bankruptcy.
In Chapter 7, companies are liquidated and disappear. The Birmingham-based company's main asset was Superior Bank, a 73-branch operation seized by federal regulators Friday.
Read more...
April 20, 2011
Bankruptcy Judge Denies Involuntary Chapter 11 Petitions
Vitro SAB, Mexico's largest glassmaker, won another victory this week when a bankruptcy judge in Fort Worth, Texas, denied involuntary Chapter 11 petitions filed against four U.S. subsidiaries.
The judge, Russell Nelms, will decide later about the involuntary petitions filed against eight non-operating Vitro subsidiaries in the U.S. Nelms wasn't required to rule on the involuntary petitions against four other Vitro units because they put themselves into Chapter 11 on April 6.
Read more...
April 19, 2011
Dish plans to keep 2 Bankrupt Austin Blockbusters open
Austin would be down to two Blockbuster stores under a plan submitted by Dish Network, which is buying the video store chain out of bankruptcy.
Dish's list of 600 surviving stores includes the Blockbuster at 2410 E. Riverside and one at 2410 W. Slaughter Lane.Read more...
April 18, 2011
The Link Between Medical Bills And Bankruptcy
Medical bills and bankruptcy have become bedfellows because of the inability of a lot of individuals and couples to meet their medical expenses. In the United States of America, over half of bankruptcy cases are due to overwhelming health care expenses. This is despite the fact that most of these people had health insurance. Prices of goods and services are rising at a very high rate and health care is at the top of the most expensive services.Read more...
April 15, 2011
Credit Card Compay Customer service frustration leads to lawsuit
If you have ever called a customer service number, you already know how difficult it can be to get a real human being on the phone. While many fell powerless to do anything about bad customer service, one Houston man is doing something.Read more...
April 13, 2011
Dynegy Inc. (DYN), the Houston-based power producer that warned it may seek bankruptcy protection this year
Dynegy Names Harrison, Seneca-Backed Board Member, as CEO
Harrison, 66, was among four new board members supported by Dynegy's largest shareholders and elected in March after rejection of two takeover bids for the company, Dynegy said today in a statement. He replaces David W. Biegler, who took the interim positions in March after the resignation of CEO Bruce Williamson.Read more...
April 12, 2011
Crowne Plaza owner files for bankruptcy
Formal notice has been sent to the long list of creditors to which Crowne Plaza Hotel owner Zeus Investments LLC owes money. As expected, the company has filed for Chapter 11 bankruptcy.Read more...
April 11, 2011
Potential lawsuits are an asset for purposes of filing bankruptcy
When you file for bankruptcy in Texas, you are required to list all of your assets on your bankruptcy petition. What many debtors do not realize, however, is that a potential legal claim against a third party is considered an asset for purposes of bankruptcy.Read more...
April 8, 2011
Dish Network buys Blockbuster at bankruptcy auction
Dish Network Corp.'s agreement to buy Blockbuster Inc.'s assets out of bankruptcy could keep the movie-rental chain and its blue-and-gold logo from disappearing.
But whether the No. 3 pay TV company can use Blockbuster's brand, stores and streaming-video capabilities to create services more relevant to the age of Netflix and Hulu remains to be seen.Read more...
April 7, 2011
Sbarro Italian food chain files for bankruptcy
Pizza and pasta chain Sbarro filing for Chapter 11 bankruptcy protection
Pizza and pasta chain Sbarro Inc. said Monday that it is filing for Chapter 11 bankruptcy protection as it works to restructure.Read more...
April 6, 2011
U.S. families cut debt to lowest level in 6 years
U.S. families — by defaulting on their loans and scrimping on expenses — shouldered a smaller debt burden in 2010 than at any point in the previous six years, putting them in position to start spending more.Read more...
April 5, 2011
When Business Fails, Filing for Bankruptcy
My business, in operation for more than eight years, has been slow lately. There is little cash flow and debts are past due. Unsecured credit cards and business lines are up to their limits. Basically, we can't afford to pay our bills. Will I be held personally liable for the debts and liabilities of the company? Will this affect my personal credit? What are the consequences of filing bankruptcy?Read more...
April 4, 2011
Beating the Bankruptcy Blues
A good sign for the economy: Small-business bankruptcies have abated in the last year.
A study conducted by Equifax Inc., which analyzed Chapter 7, 11, and 13 filings for firms with less than 100 employees, found that 10 of the top 15 metro areas with the greatest number of small-business bankruptcies in the last quarter of 2010 experienced a drop from the same period in 2009.Read more...
March 30, 2011
You can fault government in fall of Seahawk Drilling
Regulators should adopt a graduated risk analysis
Last month, Seahawk Drilling declared Chapter 11 bankruptcy and announced the sale of its assets to shallow-water driller Hercules Offshore. This devastating decision was the culmination of a long period in which we found our customers unable to secure permits for work in the Gulf of Mexico despite the fact that both our industry and our company have excellent safety records. In the 11 months after the Deepwater Horizon accident, it became clear that Seahawk's greatest rival was no longer an industry competitor but the U.S. government.Read more...
March 29, 2011
Bankruptcy forces senior citizens to move
The Southwest Georgia Housing Development is a nonprofit corporation. And because of the economy, they have had to declare Chapter 7 Bankruptcy on two properties they own.
Willows assisted living Center will close, and 14 senior citizens have to find a new place to live. Only 14 of the 42 beds were actually being used. And in the current economic climate, closing down was the only option.Read more...
March 28, 2011
Beating the Bankruptcy Blues
A good sign for the economy: Small-business bankruptcies have abated in the last year.
A study conducted by Equifax Inc., which analyzed Chapter 7, 11, and 13 filings for firms with less than 100 employees, found that 10 of the top 15 metro areas with the greatest number of small-business bankruptcies in the last quarter of 2010 experienced a drop from the same period in 2009.Read more...
March 26, 2011
Former Austin deli owner files for bankruptcy
Marc Katz, the owner of the now-closed Katz's Deli, which shut its doors earlier this year, has filed for personal bankruptcy.
According to his bankruptcy filing, he holds assets valued at between $50,000 and $100,000, and has liabilities valued between $1 million and $10 million, the Austin Statesman reports. He reportedly owes nearly $150,000 to the IRS, more than $75,000 to the Texas comptroller's office and $1.5 million to the landlord of the now-closed deli, which filed for bankruptcy in July of last year and closed early this year.Read more...
March 24, 2011
Appeals court rules against job seekers who file for bankruptcy
In a decision that could hurt job seekers with poor credit history, a federal appeals court has ruled that private companies can refuse to hire candidates who have filed for bankruptcy.
The unanimous ruling last week by a three-judge panel of the 5th Circuit Court of Appeals affirmed that a federal statute intended to protect bankrupt individuals from workplace discrimination applies, in the case of hiring, only to the public sector.Read more...
March 23, 2011
Bankruptcy Questions Answered
Q: What is bankruptcy?
A: Bankruptcy is a process under federal law that allows debtors who owe more money than they can pay to either eliminate their debts or work out a payment plan to pay a portion (or all) of their debts over time.
Q: Will bankruptcy stop all the harassing phone calls and mail from bill collectors?
A: Yes! An "automatic stay" will take effect when you file your case. It will stop the creditor harassment.Read more...
March 22, 2011
Epic Energy to file for Chapter 11
Epic Energy Resources Inc. on Friday filed a voluntary petition of Chapter 11 reorganization.
The Houston-based energy services company filed with the U.S. Bankruptcy Court for the District of Colorado. A separate filing also includes its subsidiary, Epic Integrated Services Inc.
Read more...
March 21, 2011
10 Attributes Of The Perpetually Broke
We've all got friends in our lives that always seem to be having financial troubles. They have a hard time making ends meet, and they often end up having to ask family for a loan, get a cash advance from their credit card or signing up for a payday loan with horrible terms. They are just perpetually broke.Read more...
March 18, 2011
Give Me Chapter 7 or Give Me Debt! I Don't Want to File Chapter 13 Bankruptcy!
Very often I will sit down with a new consult and one of the first things they say is "I want this to be a Chapter 7 bankruptcy, I don't want Chapter 13."
I always then ask "Why do you say that?" because the answer gives me insight into what they have already learned (either through reading or talking to someone else, which is often wrong) and what kind of result they are looking for. Very often these same folks end up being excited about the idea of going through a Chapter 13 bankruptcy. Here's why:Read more...
March 17,2011
Filing for Bankruptcy Without an Attorney
Corporations and partnerships must have an attorney to file a bankruptcy case. Individuals, however, may represent themselves in bankruptcy court. While individuals can file a bankruptcy case without an attorney or "pro se," it is extremely difficult to do it successfully.Read more...
March 15, 2011
Bankruptcy victims can be denied for jobs
A recent ruling in the U.S. Third Circuit Court of Appeals may greatly reduce the chances of those who have filed for bankruptcy of obtaining a job.
A recent ruling in the U.S. Third Circuit Court of Appeals may greatly reduce the chances of those who have filed for bankruptcy of obtaining a job.Read more...
March 14, 2011
The 90 Days Prior to Filing for Bankruptcy
The 90 days prior to your bankruptcy are 3 very important months for you as a debtor. A lot of people ask if they can continue to use their credit cards prior to filing for bankruptcy. The answer is that they should avoid using their credit cards within 90 days of the bankruptcy filing at all costs!Read more...
March 11, 2011
Appeals court rules against job seekers who file for bankruptcy
The case began in 2008, when a Houston real estate firm, Stewart Title, offered Shani Burnett a $52,000-a-year job as a paralegal provided she undergo a background check and pass a drug test. Burnett did so, but the company rescinded its offer shortly before her start date on the grounds that she had filed for a Chapter 13 bankruptcy the year before.Read more...
March 10, 2011
Court concludes that this debtor cannot claim the Texas exemption scheme to exempt his Texas homestead from the estate
The Fifth Circuit's recent decision in Camp v. Ingalls allowed an itinerant debtor to claim federal exemptions that would not have been available to him had he remained in Florida. That was a small victory for the debtor. However, a decision released just a few days later reveals the darker side of the 730 day rule for claiming exemptions. In the case of In re Fernandez, No. 09-32896 (Bankr. W.D. Tex. 1/26/11), which can be found here, a debtor was deprived of the generous homestead exemption allowed by both Texas and Nevada law where he had gone back and forth between these states.Read more...
March 9, 2011
Sixty Five jobs at risk, Bankrupt Blockbuster says
Blockbuster Inc. said that more than 800 jobs could be slashed depending on the fate of a possible sale of the bankrupt movie and game rental chain.
In a Feb. 23 letter to the Texas Workforce Commission, the company said it has told all 238 employees at its Dallas headquarters, along with 627 workers at a McKinney distribution facility, about possible layoffs in connection with a sale of the business.Read more...
March 8, 2011
Blockbuster creditors hold off for now
Blockbuster Inc. creditors have agreed to hold off for a week on opposing a sale of the bankrupt Dallas movie- and game-rental chain, according to news reports.
In a hearing in New York, U.S. Bankruptcy Judge Burton Lifland said all creditors except Summit Distribution LLC — the movie production and distribution firm behind the "Twilight" films — agreed to wait until a March 10 hearing to air requests to reclaim things they own or simply liquidate the company, Bloomberg reported. Read more...
March 7, 2011
Bankruptcy, Debt, and Taxes
Tax FAQ's
What if I can't pay non dischargeable tax debt even over a five year Chapter 13 plan?
Consider an offer in compromise to the IRS. The IRS can negotiate with taxpayers (or non payers, as it were) to compromise tax claims based on either doubtful liability (you really don't owe that much tax) or doubtful collection (you don't have resources to pay the tax you owe).
Read more...
March 4, 2011
Three more Wunsch partnerships in bankruptcy
More partnerships involving Williamson County developer Robert Wunsch are in Chapter 11 bankruptcy, including the 18-hole Avery Ranch golf course.
The filings this week in U.S. Bankruptcy Court in Austin follow several other Wunsch bankruptcy filings in recent months for entities he controls that lenders had posted for foreclosure. A bankruptcy filing puts the foreclosure action on hold.Read more...
March 3, 2011
Credit bureaus sued for showing paid home equity loan as overdue on credit report
SHERMAN - After discovering a paid-off lien was still showing overdue on his credit reports, a Texas resident has filed a lawsuit against the credit bureaus alleging violations of the Fair Credit Reporting Act.Read more...
March 1, 2011
Bankruptcy A Stimulus Package- Know About It From A Personal Bankruptcy Attorney
With a proper personal bankruptcy advice you could erase off all your credit debts and become completely debt free within the shortest possible time. This could allow you to restart your financial life once again. Here is some crucial information on how bankruptcy filing could serve as your best stimulus package in addressing your credit woes.Read more...
February 26, 2011
DRI – The Voice of the Defense Bar Files Amicus Brief Urging Supreme Court Review of Credit Card Lawsuit
DRI – The Voice of the Defense Bar today filed an amicus curiae brief in the United States Supreme Court asking the Court to grant certiorari in CompuCredit Corporation and Synovus Bank v. Wanda Greenwood et al. At issue is whether claims brought under the Credit Repair Organization Act (CROA) can be settled by arbitration.Read more...
September 23,2011
Group Fighting Quick Cash Loan Companies
HOUSTON - Houston residents paid $185 million, last year alone, to quick cash loan companies.
That's according to a coalition of organizations trying to stop what they call "predatory lending" practices. They are speaking out against what they call a loophole in the law. Read more...
February 22, 2010
Blockbuster to put itself up for sale
Blockbuster submits a plan for auction in U.S. Bankruptcy Court. To set a floor on price, a group of creditors puts in an opening bid of $290 million.
Home video chain Blockbuster Inc. has opted to put itself up for sale after a previous bankruptcy reorganization plan collapsed and its business continued to deteriorate over the holidays.
Read more...
February 21, 2011
Company says permit barriers forced bankruptcy, sale
HOUMA — Seahawk Drilling has filed for Chapter 11 bankruptcy protection and will sell its assets to competitor Hercules Offshore in a $105 million cash-and-stock deal, the companies said Friday.
Executives with Seahawk, which is based in Houston but has an office in Houma at 1198 Barrow St., said the merger would maximize value to shareholders but also that the decision was necessary because of slow permitting activity in the wake of the Gulf oil spill. The company expects to continue operating normally throughout the sale and expects to be able to pay off all its debt. The transaction is subject to clearance from regulators and expected to close by midyear.Read more...
February 18, 2011
When Does the Bank Take Possession of a Home in Bankruptcy?
Filing bankruptcy drastically prolongs the time it takes for a mortgage company to take possession of a home. The length of time it takes depends on what chapter of the code the bankruptcy is filed under, the debtor's intention in regard to the property and whether the foreclosure process has been started before the filing. Therefore, the bank may not take possession of the home for months after the filing of the bankruptcy.Read more...
February 17, 2011
No Houston stores on Bankrupt Borders' closing list
All seven of Houston's Borders Group Inc. stores are safe from closing so far, according to a bankruptcy court document.
The Ann Arbor, Mich.-based bookstore chain on Wednesday filed for Chapter 11 reorganization.Read more...
February 16, 2011
Borders seeking $450 million bankruptcy loan: RLPC
Ailing book chain Borders Group Inc (BGP.N) is seeking a $450 million loan to keep its shelves stocked during an imminent Chapter 11 bankruptcy, Reuters Loan Pricing Corp reported on Tuesday.Read more...
February 15, 2011
Outlet mall plans tied up in bankruptcy court
LEAGUE CITY — Plans for a massive outlet mall in League City are tied up in bankruptcy court.
Compass Bank in January 2010 sued Sonrisa Realty GP LLC, Sonrisa Properties Management and the companies' president, Randal Hall, for a defaulted $8.2 million loan guaranteed by Hall, according to court records.Read more...
February 14, 2011
Seahawk Drilling Files for Bankruptcy, to Sell Assets
Seahawk Drilling Inc., which provides drilling services to the oil and natural gas industries, filed for bankruptcy protection with plans to sell its assets to Hercules Offshore Inc. Read more...
February 11, 2011
Spinosas Houston complex bankruptcy
Baton Rouge developer J.T. "Tommy" Spinosa has filed for bankruptcy protection on a Houston apartment complex where creditors are seeking more than $25 million in reported debts.
Read more...
February 10, 2011
Credit Card Interest Rates Gone Wild
Consumers may be feeling more confident to spend, and credit card companies are taking notice. First Premier Bancard in South Dakota received 9,000 applications for a credit card with a 79.99 percent interest rate, aimed at people with poor credit.
The credit card with its sky-high interest rate, was part of a "small test" the company ran, and did not have 700,000 people signed up as originally reported by news organizations. The average interest rate for a credit card plan was 13.78 percent in 2010, according to data released by the Federal Reserve this week.Read more...
February 9, 2011
Ignoring debt collection lawsuit can lead to wage garnishment
Dear Credit Guy,
The credit card people sent garnishment papers to my work, and within two days, they took money out of our checking account and left us with $13. My husband is talking to a lawyer about possibly -- or probably -- filing for bankruptcy. Can they just keep taking money out of our checking account without us knowing? I have 10 days to send in the paperwork for garnishment, but I didn't know that they would take money out of our checking account. My husband has been looking for a job for the past four months, so I am the sole breadwinner for the family, and we have two children, too. He does, however, get disability once a month to pay for an injury while he was overseas. (He is retired from the Army after 21 years.) Please advise. -- LauraRead more...
February 8, 2011
Helpful Tactics While In A Credit Card Debt Lawsuit
Credit card companies often file a credit card debt lawsuit to borrowers who fail to pay their outstanding debt. If you are a debtor who is currently involved in a credit card debt lawsuit, there are ways to protect yourself before and during the trial, and also ways to negotiate your way out of the lawsuit altogether.Read more...
February 7, 2011
Choosing A Bankruptcy Attorney – Bankruptcy Filing
If you are overwhelmed with debt, you should examine the advantages of filing with a bankruptcy lawyer. Some people would cringe at the thought of having to file. However, in reality, many people are forced to file because it is a good solution to their debt problems. These advantages for filing will help you make wise decisions.Read more...
February 4, 2011
Kinder Morgan Equity Deal Rebounds With I.P.O.
Kinder Morgan, an oil-and-gas pipeline company taken private in 2007, filed for an initial public offering to raise as much as $2.3 billion, which would be the largest buyout initial public offering on record. Its private equity owners, Goldman Sachs and the Carlyle Group among them, stand to earn billions of dollars in profits.Read more...
February 3, 2011
Bad Debt Deductions for Worthless Loans to Spouses
These being the times they are, you may be tapped for a loan by a relative or friend who is unable to come up with the down payment for a home or who wants to start a business or keep it afloat. And what if the loan goes sour, as so often happens? The tax rules on deductions for bad debts can be more bad news for you. So before staking someone, it's a good idea to know how the Internal Revenue Service looks on worthless loans.Read more...
February 2, 2011
Borders Group May File for Bankruptcy as Soon as Next Week; Shares Decline
Borders Group Inc., the second- largest U.S. bookstore chain, may file for protection from creditors as soon as next week, according to three people familiar with the matter.
The retailer will likely close at least 150 stores, one person said. The people declined to be identified because the proceedings aren't public.Read more...
February 1, 2011
Getting Your Credit Card Debt Under Control
Unfortunately we now live in a society where we have to have things now; nobody seems to save for what they want anymore and everybody uses credit. This can be a bad idea, and many people find themselves in huge amounts of debt to their credit cards. Getting into debt is easy; finding a way out can be harder than you may think. Although it is tough, it is not impossible to do you will just need to be focused.Read more...
January 31, 2011
Chapter 7 Bankruptcy VS Chapter 13 Bankruptcy
It is indeed most unfortunate situation to be under the state of debts and not able to pay them off within the stipulated time. Myriad reasons contribute to such an adversity, with the recession era being the prominent one in the recent times. The most plausible solution to get rid off such an affliction is to file for either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy under the guidance of a qualified Houston bankruptcy attorney. Read more...
January 28, 2011
Chapter 11 Bankruptcy May Be The Fate of Many Businesses throughout Texas
ike a couple of months ago when Chrysler filed for bankruptcy, this week brought one a lot more moment to an vital American enterprise that did not truly come as a surprise, but still sent shockwaves via the economy that are specific to be felt for a long time to come. An additional of the "large three" auto makers in the United States, General Motors Corporation, filed for Chapter 11 bankruptcy protection. The firm now will begin a method of reorganizing itself from top to bottom, with changes in ownership, credit owed, and even merchandise that will be placed on the marketplace all being particular consequences of the bankruptcy. If you have often been a loyal purchaser of GMC items, you could possibly call for to be prepared for the reality that your favorite vehicle could no longer be on the lot the next time you go to your local dealership.more...
January 27, 2011
Credit card lawsuit must be filed within four years
Three years ago, a credit card company filed a lawsuit against me. I answered the lawsuit. I heard nothing for almost two years until I received a notice of hearing on a motion for summary judgment. Isn't there a four-year statute of limitations for lawsuits? Shouldn't this case now be dismissed?more...
January 26, 2011
Sued For Debt - Some Answers to Some Frequently Asked Questions
As a debt lawsuit defense attorney, I routinely visit with folks who have recently been sued for consumer debt. The experience is not a pleasant one. However, the consumer should know that there are options. more...
January 25, 2011
How to Get Rid of Debt Forever
In today's society we are told that our worth is based on the stuff we have. It is in every advertisement out there. The house in the right neighborhood, determines what friends you will have. The car you drive tells everyone whether you are "well to do" or "eco-friendly". The shoes you wear determines whether people at work will respect you. All the way to the type of beer you drink decides whether you attract that awesome looking person on the other side of the room. Does all this sound familiar?more...
January 24, 2010
Speaking To A Bankruptcy Attorney Can Free You From Debt
If you're suffering from wage garnishment, foreclosure, repossession or debt collection harassment, speaking to a bankruptcy attorney can free you from debt. Bankruptcy attorneys cannot just give you helpful information regarding bankruptcy but they could be helpful in assisting you with financial planning to regain control over your debts. Bankruptcy isn't always the best-suited answer for debt crisis. Credit counseling, payment plans through your creditor or expense reduction can all be methods of debt relief which does not involve bankruptcy. more...
January 21, 2011
Answer Credit Card Lawsuit With Affirmative Defenses
Envision a basketball team that only has abilities to play with defensive skills, lacking the capability to grasp the ball from the opposing teams players and shoot to score points at their own basket! What likelihood would they have of winning? If you're the defendant preparing a defense in a lawsuit, you need to defend in a positive way or affirmatively! Steal or take the basketball from the opposing side and run toward your own goal.more...
January 20, 2011
Transferring property before bankruptcy is risky business!
Lately, a number of clients coming to see me have just transferred real property (or their interest in real property) to a family member or friend, or they are inquiring about transferring their property to a family member or friend – and, of course, for no money in return. AND, they want to file bankruptcy ASAP. Bad decisions and bad ideas! Bankruptcy law has several provisions that penalize a transfer made with the intent to hinder, delay, or defraud creditors. Any transfers made within two years of filing bankruptcy (and in some instances – further back than that) the bankruptcy trustee can undo those tranfers pursuant to his avoidance powers under Section 548 of the Bankruptcy Code. more...
January 19, 2011
Middle-class families sued for unpaid credit card bills by lenders and debt buyers
Hundreds, and perhaps thousands, of local residents are being sued for debt collection in Santa Cruz Superior Court as lenders cope with credit-card losses they say are at historically high levels.
Lawsuits are being filed not only by credit card companies but also by debt buyers that buy, for pennies on the dollar, accounts for which borrowers have stopped making payments.more...
January 18, 2011
Luby's Sues Fuddruckers Licensee for Contempt
Restaurant operator Luby's Inc., the purchaser of the Fuddruckers chain, wants the bankruptcy court in Delaware to hold a former franchisee in contempt for continuing to operate five stores under the Fuddruckers brand. The dispute is scheduled for hearing in bankruptcy court on Jan. 26.more...
January 14, 2011
When debt collectors make your life miserable
There are steps you take to get a collector off your back
Dear Credit Guy,
I had been paying $100 per month on one of my credit cards, but it's getting a little difficult. I'm now paying $50 per month. The creditor is not satisfied with my lower payment. I am not looking to stop paying. They refused to help me out in any way. Is there anything they can do to make my life miserable? They have been very nasty and are telling me to borrow money from my relatives. -- Esther more...
January 13, 2011
What to Do If a Bill Collector Crosses the Line
In order to deal with debt collectors, it pays to learn what they can and cannot do. Although most bill collectors are careful to follow the law when contacting you, some are not. If a bill collector goes too far, you can take action. more...
January 12, 2011
Bankruptcy Process
Article I, Section 8, of the United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies." Under this grant of authority, Congress enacted the "Bankruptcy Code" in 1978. The Bankruptcy Code, which is codified as title 11 of the United States Code, has been amended several times since its enactment. It is the uniform federal law that governs all bankruptcy cases.more...
January 11, 2011
Seniors Feeling Heavy Crush of Debt
From 1991 to 2007, personal bankruptcy filings by senior citizens 65 and older increased 150%, while bankruptcy filings for seniors in the 75-to-84 age group climbed 433%, according to the Consumer Bankruptcy Project, a study co-authored by Elizabeth Warren, then a Harvard University law professor. more...
January 9, 2011
Don't Wait Too Long To File For Chapter 13, Foreclosure Could Occur
I was down at the courthouse on a Chapter 13 case yesterday, where the clients had waited too long to file bankruptcy, and the foreclosure occurred. We have brought an action to invalidate the foreclosure, but it will likely be a lot more work to reverse the foreclosure, at considerable more expense, than if the Chapter 13 had been filed before the foreclosure sale took place. more...
January 7, 2011
Debt, unemployment may demand bankruptcy
Q - Dear Debt Adviser,
I am on unemployment, which will run out within the next couple of months. I have no savings and no assets except for a car worth about $1,000. A major bank just filed a collections suit against me with a court date of May 2011. I have about $40,000 in credit card debt (from various companies). I am 53 years old. What would you recommend I do -- especially about the lawsuit? more...
January 6, 2011
Bankruptcy
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a business or corporate debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the insolvent individual or organization). An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.more...
January 05, 2011
Credit Card Lawsuits: How to Fight Them
So how do credit card lawsuits work? Here's a look at the process involved when any creditor (credit card issuer or otherwise) turns to the courts to collect on a debt.more...
January 4, 2011
Debt collector sued for calling debtor's friends, family
SHERMAN-An East Texas man is suing a collection agency after one of its agents contacted and harassed his friends and family.
Jimmy Cotten filed suit against Nelson, Hirsch & Associates Inc. on Dec. 15 in the Eastern District of Texas, Sherman Division.more...
January 3, 2011
People-search website accused of deception
It took nearly a year before Isaac and Mika Turner of Northfield, Minn., noticed the $19.95 monthly charges on their credit card. Now the couple has sued Intelius, a popular people-search website, for signing them up for a service they never wanted. more...
December 29, 2010
Houston bankruptcy and Houston bankruptcy lawyer
Sometimes can be the bankruptcy of embarrassing and humiliation due to the unexpected circumstances, but you are residing in Houston that you can simply rid the embarrassing seconds faced up due to the bankruptcy, looking for the aid of the Houston bankruptcy. Serving this opportunity as the aid, the residents of Houston can save their characteristic house as well as acting on the advice and the extremities; you say this to you by the department of the aid, to take care of the situation of the bankruptcy.more...
December 28, 2010
Alabama Town Defaults on Pensions, Files for Bankruptcy Protection
The dubious honor of being the first city in the nation to completely default on pension obligations goes to Prichard, Alabama. The city has sought bankruptcy protection twice and is flat broke. It faces a choice of paying to keep city services like police and garbage running or pay pensions. It selected the former. more...
December 27, 2010
Advice on Credit Card Debt Relief
Very few consumers lose their homes because of delinquent credit card debt. In fact, I would say that it almost never happens, except in certain bankruptcy cases in which the consumers voluntarily gives up his or her home. Although forcing the sale of a consumer's home due to credit card debt is technically possible in some states, it is a very costly and risky undertaking for creditors. more...
December 24, 2010
Filing Bankruptcy After You Are Sued By A Credit Card Company
When it comes to filing bankruptcy after you are sued by a credit card company, there are several things that you need to take into your careful consideration. Though filing a petition will definitely help you to stop the lawsuits, it is not always the best way to do. You are strongly recommended to work on better alternatives before you decide to go for bankruptcy protection. It is very important for you to keep in mind that bankruptcy stays on your credit report for around seven to ten years, which means you will have to go through a tough time while trying to bring your finances back on track. The journey financial road followed by a bankruptcy is a very difficult one. Bankruptcy, therefore, must always be used only as a last option, when there are no better alternatives available to you. However, in extreme cases, when there is no way you can handle your debts, bankruptcy also turns out to be the most powerful option. As soon as you file a petition for it, all lawsuits that have been filed against you are stopped because of the 'automatic stay' issued by the court. When the court accepts your petition, they issue an order for automatic stay and send the copies of that order to all your creditors, informing them that you are seeking bankruptcy protection and so they must immediately stop all their collection practices (which include lawsuits) as long as the bankruptcy case is pending with the court.more...
December 23, 2010
Katz's Deli to close after 31 years
Marc Katz's delicatessen, a West Sixth Street institution, is closing, after 31 years in business and two bankruptcies.
Katz, whose company, M&M Katz Inc., has been mired in U.S. Bankruptcy Court since July, said the deli will shut down Jan. 2.more...
December 22, 2010
Small Biz Bankruptcies Down Yet Again
For once I'm here with good news. About bankruptcy. And the economy. Yes, seriously.
A pair of recently released studies indicate that small business bankruptcies are declining nationwide. According to Equifax Commercial Information Solutions, bankruptcies declined 11 percent in the third quarter of 2010 alone. That also marked the fifth consecutive quarter that bankruptcies have dropped for small businesses. This signals a remarkable shift from only 18 months ago. For the purposes of the study, small businesses are classified as those with 100 or fewer employees. more...
December 21, 2010
How to Avoid Being Taken in by a Ponzi Scheme
WHAT TO LOOK FOR
Sadly, the people who are most likely to involve you in a swindle are friends and relatives. It has become so common that it now has its own name: affinity fraud.
Thomas R. Ajamie, managing partner at Ajamie L.L.P., a Houston law firm that specializes in fraud litigation, and co-author of "Financial Serial Killers: Inside the World of Wall Street Money Hustlers, Swindlers and Con Men," said he was baffled when television commentators asked, after Mr. Madoff's scheme collapsed, how a Jew could involve other Jews in his scam. more...
December 20, 2010
New FTC laws change the credit card debt negotiation market for the better of the American people
Lately the FTC has produced some extremely profound rulings concerning the credit card debt relief market. These days a number of business people are starting debt settlement companies with the aspiration to make profit on the large market base. One of the most appealing reasons behind business owners to look into debt settlement has been the increased costs that could be charged. And for ages these businesses had been allowed to legitimately ask for these premiums in advance ahead of ever reducing their client's financial obligations. more...
December 17, 2010
Bankruptcy: Doomsday? No, but...
The cruelest recession since the Depression has pushed people who never would have dreamed of bankruptcy to ask themselves whether they dare file now.
Fear holds many back, as they worry their financial options would be ruined for life. But that's hardly the case, said Tara Twomey, an attorney with the National Consumer Law Center. Although bankruptcy does carry a stigma and can remain on a person's credit report for up to 10 years, "people drowning in debt can get a fresh start and go forward keeping their important assets," she said. more...
December 16, 2010
Credit card debt collectors having documentation problems
The inimitable Yogi Berra could have been talking about the debt collection industry when he observed, "This is like déjà vu all over again."
The flap over robo-signers and improper legal documentation in home mortgage foreclosures now has spread to the credit card and consumer debt collection industry. The industry is now flooding the courts with credit card and other consumer debt collection cases that often have the foreclosure flaws: the documentation of unpaid bills is defective. more...
December 15, 2010
Capital One's "terroristic debt collection" lawsuit
Pennsylvania civil procedure requires fact pleading, which is more detailed than the minimal notice pleading you need for most federal civil cases. So here's what you get when you pit a Philadelphia lawyer versus Capital One credit cards in a lawsuit for violation of various provisions of the Pennsylvania Fair Credit Extension Uniformity Act (73 P.S. § 2270.1 et seq.) and Unfair Trade Practices and Consumer Protection Law (73 P.S. §§ 201-1 – 201-9.2): more...
December 14, 2010
What You Should Know about Houston Debt Reduction Help
Credit score rules have dramatically changed.
Everybody knows how bad the economy is. More and more consumers, especially in Houston, are going into a terrible debt cycle. They are having a difficult time paying those debts and some are on the brink of bankruptcy. However, there is no need for you to despair because Houston debt reduction help is available for you. Before contemplating bankruptcy, you must first consider other favorable Texas debt relief options. In fact, debt reduction, restructuring, and renegotiation, are just some of best Houston bankruptcy alternative options that you can try today to solve your debt dilemma. more...
December 13, 2010
A&P Files for Bankruptcy as 101-Year-Old Grocer Loses Customers to Clubs
Great Atlantic & Pacific Tea Co., the 101-year-old operator of 395 supermarkets and other stores, filed for bankruptcy after failing to turn around its business amid increased competition from wholesale clubs and drugstores.
A&P, based in Montvale, New Jersey, listed both assets and debts of more than $1 billion in its Chapter 11 filing today in U.S. Bankruptcy Court in White Plains, New York. The company has 41,000 employees, 95 percent of whom are covered by union agreements, according to the filing.more...
December 10, 2010
Bank seizes MLK site
More than a decade of planning, $3 million in public and private funding, multiple marketing campaigns and $933,058 in tax incentives won't be able to save the mostly empty Renaissance Square development from foreclosure, an agent for the property said.
Regions Bank, which helped finance the two-story complex in front of the state office building on M.L. King Jr. Boulevard, is set to take over the building as early as January. more...
December 9, 2010
Free Legal Forms to Fight Debt Collection Lawsuits
The forms below are pleading form templates for filing your credit card debt Answer and Affirmative Defenses, Sworn Denial, Motion to Dismiss and Motion to Strike Affidavit of Debt. These forms should work in most courts. For full information on what to include in the below forms I encourage you to purchase the book “Stick it To Sue Happy Debt Collectors”, the book contains strategies for beating debt collection and collection attorneys at their own game in court. The book is available in eBook (PDF), Print, Kindle and Nook eReader formats.more...
December 8, 2010
Can You be Sued for Not Paying Credit Card Debts?
Credit card companies can file charges against you when you have failed to pay your bills on time. Read this article to know the things that you can do in order to minimize the damages of the lawsuit.
When we are being pressured with great debt, the first thing that comes in our mind is "Will my creditors be able to sue me?" This is the question that most people wanted to ask when they are having troubles with paying off their credits. If you want to know whether you can be sued for not paying your debts on time, I suggest that you read this article from start to finish.more...
December 7, 2010
Cuban Gives Up on Payment From Texas Rangers
Outspoken sports mogul Mark Cuban and his co-bidder are giving up their demand for a $2.65 million payment connected to their failed attempt to buy the Texas Rangers baseball team.
Cuban, rarely an apologist, contends he still should be paid for his "substantial contribution" to the $593 million bankruptcy sale of the baseball team but says fighting for the money is no longer worth it. more...
December 6, 2010
How to Avoid a Lawsuit From a Collection Agency
The first thing you need to understand is that most large collection companies have a lawyer at their disposal who writes letters on their behalf and handles any disputes. Some lawyers work exclusively for collection agencies, while others are hired only when needed. These lawyers also represent the collection agency in the likely event a debtor sues them! If the collection agency is not located in your state, there is a very good chance they will not attempt legal suit. Most likely they will call, mail letters, and when you fail to respond… they'll sell the debt to another collection agency for pennies on the dollar. In order for them to sue you (out of state), they would have to employ the services of a lawyer where you live. This can be very expensive and will usually void the benefits of a civil judgment. It is only when they have a debtor in their state that they prefer legal suit. A good candidate for legal suit is one with at least a balance of $500, at least one asset, and the debt is not in dispute. See also all of my articles on Collection Agencies and make sure to read How to avoid paying a debt. more...
December 3, 2010
Credit Card Consumer Rights – Credit Card Collection company
Question by My Thoughts U Can't Decode: Credit Card Collection company (2 part question)?
I recieved a call from a bill collector today about a credit card I defaulted on about 2 years ago. She said it is pending lawsuit and wants to make arrangements with me to "help me" pay it off. Yeah, right. more...
December 2, 2010
Exactly what does the Chapter 13 Bankruptcy Lawyer perform?
Declaring bankruptcy could be an existence altering procedure, exactly where financial obligations tend to be released as well as lender nuisance halts. The advantages are extremely several to notice in a single post; however 1 common query regarding Chapter 13 Bankruptcy Lawyer is when precisely your own attorney assists. This informative guide goes more than very first what are the attorney will, exactly how she or he can help you, how you can employ 1, after which exactly how Chapter 13 Bankruptcy Lawyer can help you save monetarily. more...
December 1, 2010
FTC tightens debt collections post-mortem
WASHINGTON, Nov. 22 (UPI) -- Consumer advocates say the U.S. Federal Trade Commission has asked for trouble by revising rules for collectors chasing debt from people who have died.
The new rules allow for a wider circle of people to be contacted, beyond family members and the legal executor of the estate. There is also the term "spouse" that some advocates say is inaccurate as a marriage ends when one of the partners dies. The Washington Post reported Monday.
Some advocates warn that some debt collectors will press even friends to pay the debts of someone who has died, using a "moral obligation" argument, the Post said. more...
November 29, 2010
Bankruptcy Attorney Knows The Ins And Outs
Personal bankruptcy is often times seen as a step that may limit your professional and personal life, but this is always the case. Just the thought of contacting a Houston bankruptcy attorney can send some people into the depths of depression, but it doesn't have to feel that way.more...
November 26, 2010
Bankruptcy filings jump 14% in 2010
As the U.S. economy struggles to recover from a deep recession, the number of Americans filing for bankruptcy continues to rise dramatically.
In the federal government's fiscal year 2010, which ended September 30, more than 1.5 million non-business bankruptcy filings were processed, according to data released Monday by the Administrative Office of the U.S. Courts. That's up more than 14% from fiscal 2009, when about 1.3 million personal bankruptcies were filed. more...
November 25, 2010
LEAVE BANKRUPTCY FILING TO THE PROS
Being a do-it-yourselfer is a great thing when it comes to home improvement, fixing your car and cutting your kids' hair. If you're considering filing a bankruptcy case yourself, though, think twice.
They are just forms, how hard can it be? Paralegals can prepare my bankruptcy for $200, why should I pay an attorney? My case is simple, so what does it matter? I've been asked all of these questions, and have also heard the following from people who decided not to hire a lawyer: The trustee wants to dismiss my case. The court just told my auto lender they can take my car. The trustee wants me to pay how much to my creditors? They want to auction my stuff. more...
November 24, 2010
Bankruptcy filings provide closer look at company's struggles, imminent closing
Lack's Stores owners are using a complicated legal process to end a seven-decade-old company.
Although Victoria owners Melvin and Janey Lack have not spoken about their plans, the company's bankruptcy filings reveal more about Lack's financial struggles and its imminent demise.more...
November 23, 2010
Credit Card Debt Lawsuit
Why Bad Debt Never Dies
The short answer is because it's always worth something to someone. To understand why you keep getting calls from one collection agency and then six months later another one, you have to understand what happens to all those debts once collection agencies get them.more...
November 22, 2010
Facebook Warns Debt Collectors About Using Its Service
A Florida debt collector contacted a St. Petersburg woman's Facebook friends in an effort to get her to repay a $362 car loan. The woman, Melanie Beacham, promptly hit the collector, MarkOne Financial, with a civil suit in Pinellas County circuit court.
Though the suit was first filed in August, Beacham's attorney amended it recently, and the story broke nationally yesterday. According to the filing, a MarkOne employee going by the name Jeff Happenstance contacted both Beacham and two of her friends. As you can see in the message above, Happenstance asked the friends to have Beacham contact him without making reference to her debt.more...
November 19, 2010
Debt collectors sued for harassing wrong woman
MARSHALL-A Texas woman has filed a lawsuit alleging debt collectors harassed her even though they had the wrong person.
Pamela Davis filed suit against G.E. Money Bank, G.E. Capital, Northland Group Inc., LVNV Funding and Law Offices of Brachfeld and Associates on Nov. 12 in the Eastern District of Texas, Marshall Division.more...
November 18, 2010
Debt collectors utilize Facebook to embarrass those who owe
Tampa, Florida -- Debt collectors can be relentless and downright rude on the phone, but now a St. Petersburg woman is filing suit alleging the company that financed her car loan began harassing family members over the social networking website Facebook.
Melanie Beacham says she fell behind on her car payment after getting sick and taking a medical leave from work. She contacted MarkOne Financial to explain the situation but says the harassing phone calls, as many as 20 per day, kept coming. Then one day she got a call from her sister saying the company contacted her in Georgia. more...
November 17, 2010
Lack's filing bankruptcy, to close 36 stores
Furniture seller Lack's Stores Inc. plans to file for bankruptcy protection and close all 36 of its stores during the next 75 days.
The 73-year-old Victoria-based company attributed the move to pressure from lenders, according to a press release. Lack's stores statewide, including two in the Houston region in Bay City and Lake Jackson, will host closing sales during the next few months. The company did not say how many jobs would be affected, but it employed 900 as of last year.more...
November 16, 2010
About Debt Negotiation Lawyer
It is one of those words that can make your stomach drop. It creates images of fortunes squandered, homes lost, and dreams shattered. Bankruptcy affects millions of people every year, but with the help of bankruptcy lawyers it does not have to be a financial death sentence. In fact, bankruptcy lawyers help people survive bankruptcy every day, and with their expert help, individuals and companies can often be back on their financial feet within a few short years. It is no secret that the economy is suffering these days. A lot of people are finding themselves out of work, companies are suffering, people are losing their homes, and it is nearly impossible to save or invest. People who would normally be comfortable find themselves struggling to make ends meet. Unfortunately, people cannot predict or plan for medical emergencies. This means in a situation when a family may already be facing financial problems, a health problem may be the final straw. If people are holding on by a thread, a major medical issue may drive them into financial ruin. Just as The Woodlands Bankruptcy Attorney would explain to everyone, even those who have planned and saved are at risk. The Woodlands Bankruptcy Lawyer would encourage people to behave responsibly in preparation for unexpected circumstances, but sometimes that does not even help. The huge costs of medical procedures can be the undoing of many people. A Houston Bankruptcy Attorney will be able to help, should you find yourself in the difficult position of dealing with financial problems in the face of a medical disaster.more...
November 12, 2010
How To File For Bankruptcy | Filing For Bankruptcy As A Corporation
Filing for Bankruptcy as a Corporation
We frequently comes into contact with people who think that filing for bankruptcy is going to be an easy, quick task just because they have heard about businesses doing it on the news. Unfortunately, that is hardly the case. more...
November 11, 2010
Houston Bankruptcy Lawyer Answers Frquently Asked Questions
Houston bankruptcy lawyer provides answers to Chapter 7, 11 & 13 Bankruptcy Frequently Asked Questions
When individuals are unable to pay their bills, they can file for bankruptcy to immediately stop all creditors from trying to collect on their debts. Bankruptcy also provides a process in which a federal bankruptcy court eliminates or determines the process by which debt will be repaid. Bankruptcy could also stop foreclosure on your home, prevent dispossession of property, or halt wage garnishment. more...
November 10, 2010
JUDGE CURLEY THE HEAD BANKRUPTCY JUDGE IN ARIZONAZ JUST RULED THAT THE BANK OF NEW YORK MELLON MUST PRODUCE THE CUSTODIAL RECORDS
JUDGE CURLEY THE HEAD BANKRUPTCY JUDGE IN AZ JUST RULED MINUTES AGO THAT THE BANK OF NEW YORK MELLON MUST PRODUCE THE CUSTODIAL RECORDS IN THEIR VAULT IN A CASE AGAINST AN AZ HOMEOWNER, THEREBY PRODUCING THE NOTE AND ALL OTHER DOCS
THIS IS A TRANSFORMATIONAL DECISION. more...
November 9, 2010
Debt Settlement FAQ - What If I Don't Agree on the Final Settlement?
The usage of credit cards has significantly increased in few years. The reason for this is recent economic crisis, the price of every thing is going beyond the reach of common people and in order to meet their necessities they use their credit card. People usually pay only the minimum amount on credit card, which means you are only paying the service charges, and the amount you actually borrow remains the same. The interest rate and other charges accumulate your debt very quickly. The amount you pay in the name of minimum payment does not reduce your debt as it all covers the hidden charges of credit card. more...
November 8, 2010
How Do Collection Agency Claims Work?
As you are aware, defaults on credit card accounts are at an all time high. The number of delinquent or defaulted credit accounts continues to rise at an alarming rate. This makes collection of delinquent debt a big business.
What often happens after a default is that the original creditor makes a few attempts to collect. This may come in the form of a letter or two, and a phone call or two. If the account is not satisfied at that time, it is turned over to collections. Most likely, the account is sold for a fraction of the amount allegedly due and owing, often times mere pennies on the dollar.more..
November 5, 2010
MGM studio files for bankruptcy, Icahn backs plan
NEW YORK, Nov 3 (Reuters Legal) - Metro-Goldwyn-Mayer Studios Inc filed for bankruptcy on Wednesday, under a plan that would put one of Hollywood's most storied film studios under the control of its lenders.more..
November 4, 2010
Bankruptcy court approves Claim Jumper sale to Landry's Restaurants
Claim Jumper Restaurants LLC, the operator of a Western-themed restaurant chain in eight states, won court approval to sell its assets to Landry's Restaurants Inc. in a deal valued at about $76.6 million.
U.S. Bankruptcy Judge Kevin Gross said he would allow Claim Jumper to complete the sale after minor changes are added at a hearing today in Wilmington, Delaware. more..
November 3, 2010
ACORN Filing for Chapter 7 Bankruptcy
ACORN, the community group from which a mighty oak of political controversy grew, announced it is filing for Chapter 7 bankruptcy by the close of business Tuesday. In March, it began bringing its national operations to a close.
"For over 40 years ACORN has fought the good fight," said CEO Bertha Lewis, today, in a statement on the group's website. "The ongoing political onslaught caused irreparable harm." more...
November 2, 2010
HOUSTON BANKRUPTCY LAWYER THE BEST BANKRUPTCY SOLUTIONS
With the slowdown in the world economy, both individuals and firms have had to suffer heavy losses. In order to save themselves from the liability of repaying the heavy loans, these individuals and firms have taken to deal with the heavy loses, they are opting for bankruptcy. Though one can file for bankruptcy himself, it is always better to hire the services of a good lawyer for this purpose. Houston Bankruptcy Lawyers provide you with the best legal services and help in an appropriate manner, if you want to file for bankruptcy in the city of Houston.more...
November 1, 2010
Law meant to police debt collection tactics
The phone calls came in three or four times a day, from two or three numbers.
"I had caller ID. It just got to the point, I didn't answer. I knew who they were," said Wayne Weiderman Sr., 63.
The "who" was Cavalry Portfolio Services, a debt collection agency.more...
October 28, 2010
Eliminate Credit Card Debt
Many American consumers have run into economic problems during the last few years as a result of the nationwide recession, which may have led them to lean too heavily on their credit cards to make ends meet. For some families, this has brought financial challenges, as their credit card bills have piled up and become unmanageable. Fortunately for them, there are a number of options that can help eliminate credit card debt, and get one back on the path to debt freedom.more...
October 27, 2010
The Importance Of A Budget
Getting yourself stuck in debt is one thing. It is way easier to do that then to get yourself out of it. If this has happened to you, do not completely panic because there are ways to get yourself out of the mess. There are ways to avoid getting into debt and if you follow the simple rules, you will live comfortably no matter how much you make and will not have to deal with money problems. If at some point you cannot handle it anymore or there is an emergency and you go into way too much debt to handle, a bankruptcy lawyer or bankruptcy attorney will always be around to help out. A legal expert will be there to help especially if there has been an emergency recently or sometime in the past that you can no longer deal with. more...
October 26, 2010
2010 consumer bankruptcy filings hit highest level since 2005
U.S. consumer bankruptcy filings for the first nine months of this year reached the highest level since 2005, according to the American Bankruptcy Institute. Data collected by the National Bankruptcy Research Center said filings from January through September totaled more than 1.1 million, up 11% from the same period one year ago. more...
October 25, 2010
Retired and broke: Why retirees are declaring bankruptcy
For more and more seniors, retirement doesn't mean a debt-free life of leisure. An increasing number of Americans aged 65 and older are declaring bankruptcy, according to a recent study by John Pottow, professor of law at the University of Michigan Law School. more...
October 22, 2010
Going to Jail? 10 Tips for Reducing the Financial Damage
Although the vast majority of the 2.4 million people serving time in jails and prisons across the United States do not have significant assets, some do have mortgages, outstanding credit card bills and even businesses that are jeopardized when they become incarcerated.
Here are 10 tips from credit counselors, attorneys and ex-convicts themselves about managing and safeguarding your financial affairs if you're heading to prison.more...
October 21, 2010
Texan sues debt collection company after collector claims to be attorney
SHERMAN-A Plano resident has filed a lawsuit against a Wisconsin debt collection company after he received harassing telephone calls from an individual claiming to be an attorney.
Anthony Bolodar filed suit against Rausch, Sturm, Israel & Hormik S.C. on Oct. 14 in the federal Eastern District of Texas, Sherman Division.more...
October 20, 2010
Chapter 9 Is a Very Tough Slog
The hassles associated with Chapter 9 municipal bankruptcies will suppress the number of filings, despite municipal revenues still being well below pre-recession levels, experts say.
The costs of paying lawyers and staying bogged down in motions, pleas, and appeals for years is enough to entice municipalities to find other avenues to relieve debt struggles. more...
October 19, 2010
Nationwide Probe Begins as to Improper Foreclosures
According to several sources, home foreclosures have increased dramatically in the third quarter of 2010. In July, August, and September, foreclosure filings increased to 930,437, while over 370,000 foreclosure auctions were scheduled. These numbers reflect a 4% increase from the previous quarter. This means one in every 139 homeowners received a foreclosure filing during the past three month period. more...
October 18, 2010
How 2 Civilian Sleuths Brought Foreclosure Problems to Light
PALM BEACH, Fla. - More than a year before lenders, law firms and document companies began owning up to widespread paperwork problems with their foreclosure filings, Lisa Epstein and Michael Redman already knew that something was wrong - very wrong.
Redman, a former online automobile consultant, got his first taste of the problem in early 2008, when he tried to help a relative who was facing foreclosure.more...
October 15, 2010
Payday Lender Settles Consumer Lawsuit In North Carolina
Spartanburg, South Carolina-based Advance America Cash Advance Centers Inc., a major payday lender, will pay nearly $19 million to settle a North Carolina lawsuit accusing it of violating state consumer finance laws. The settlement will affect 144,000 consumers who received a payday loan at Advance America or National Cash Advance in North Carolina after March 2003. Advance America's short-term loans carried annual percentage rates of as much as 400%, much higher than the state limit of 36%. The settlement must be approved by a judge in Hanover County, North Carolina.more...
October 14, 2010
LyondellBasell listing marks comeback from bankruptcy
LyondellBasell, the world's third-biggest chemical manufacturer, is listing on the New York Stock Exchange on Thursday, marking the culmination of its journey back from bankruptcy.
In getting the company this far, Jim Gallogly, chief executive, has cut $1bn in costs, reduced the workforce by 3,000 and realised the synergies from Lyondell's merger with Basell in December 2007 – something previous management had failed to do. more...
October 13, 2010
Advice on Credit Card Debt Relief
Very few consumers lose their homes because of delinquent credit card debt. In fact, I would say that it almost never happens, except in certain bankruptcy cases in which the consumers voluntarily gives up his or her home. Although forcing the sale of a consumer's home due to credit card debt is technically possible in some states, it is a very costly and risky undertaking for creditors.more...
October 12, 2010
What are the Benefits of Debt Settlement?
Debt is the most stressful thing one can get in his life. However there are facilities like debt settlement now which help us getting relieved from the stress to much extent. Debt settlement as the name itself suggests is the settlement of the debt. People usually call it as debt negotiation. The debt negotiation is bliss for the people weighed down under huge debt. It actually engrosses the negotiation with the creditors which aims the reduction in pay off total to resolve the terrific balances. more...
October 11, 2010
Debt Collector Nationwide Credit Sued for Calling Consumers Parents
Nationwide Credit a debt collector out of Kennesaw Georgia has been sued in Federal court for allegedly violating the Fair Debt Practices Act (FDCPA). Due to harassing and abusive communications, calling the plaintiff parents and discussing the alleged debt, charging the consumer more than the agreed upon terms, lack of disclosure (no mini-miranda), and failing to validate a debt as requested. more...
October 8, 2010
Judgments and Enforcement:
A judgment entered in a court of the State of Texas is generally enforceable for a period of ten (10) years. If a writ of execution is not issued within 10 years after its rendition, the judgment is dormant and execution may not be issued on the judgment unless it is revived. (Civ. P. & Rem. C. 34.001.) A dormant judgment may be revived by scire facias or by an action of debt brought not later than the second anniversary of the date that the judgment becomes dormant. (Civ. P. & Rem. C. 31.006.)more...
October 7, 2010
Editorial: Time to end debt collector abuse
Cheers to a bipartisan bill, co-sponsored by U.S. Sen. Al Franken, that would help end debt collector abuse.
The End Debt Collector Abuse Act includes several provisions to eliminate predatory practices, including prohibiting debt collectors from seeking arrest warrants to collect on debts, and ensuring consumers are better protected against abusive debt collectors.more...
October 6, 2010
Bankruptcy – Absolutely Sure It Is Your Only Option?
Are you drowning in debt? Do you get harrassing phone calls night and day? Do your children need school supplies or new shoes, and you are more anxious about feeding them? Will your gas be shut off soon? Are you scared? Do you feel you haven’t any where to turn?
When you are overwhelmed with debt, the temptation might be just to throw up your hands, walk away from it all, and declare bankruptcy. more...
October 5, 2010
Houston Bankruptcy Help and Houston Bankruptcy Lawyer: Guarantee Desired Bankruptcy Results
Bankruptcy can be embarrassing and humiliating sometimes because of the unforeseen circumstances, but if you are living in Houston you can simply avoid the embarrassing moments faced due to bankruptcy, by seeking the Houston bankruptcy help. By availing this help opportunity, the Houston residents can save their home as well as property by acting upon the advices and tips, given to you by this help department, to deal with the bankruptcy situation. more...
October 4, 2010
Credit Card Lawsuit – Bad Credit? You May Still Be Eligible For A Credit Card!
Let's face it: in order to buy or sell so many things in today's society you simply must have a credit card available in order to complete many transactions. Sure, you could pay cash for many things, but how convenient [or safe] is it to carry around a wad of bills? If you lose the money, it is gone forever. Not so with a credit card as that little plastic device can be easily replaced. What do you do if you have bad credit? Are you locked out from getting a credit card? Happily, the answer is a resounding no. You have some options that can help put a new credit card in your wallet, bad credit or not. more...
October 1, 2010
What You Should Know about Houston Debt Reduction Help
Everybody knows how bad the economy is. More and more consumers, especially in Houston, are going into a terrible debt cycle. They are having a difficult time paying those debts and some are on the brink of bankruptcy. However, there is no need for you to despair because Houston debt reduction help is available for you. Before contemplating bankruptcy, you must first consider other favorable Texas debt relief options. In fact, debt reduction, restructuring, and renegotiation, are just some of best Houston bankruptcy alternative options that you can try today to solve your debt dilemma. more...
September 29, 2010
Options To Avoid A Houston Bankruptcy
It’s affirmative. Bankruptcy can be embarrassing to have to deal with. But if you have reached that point, then it’s critical that you are up front and honest with your bankruptcy attorney. This is no time to hide any details of your financial situation. To be sure that you are sharing everything you need to with your Houston bankruptcy attorney, refer to the following: more...
September 23, 2010
After death in family,survivors hit by debt collectors
Dead men pay no bills, but their grieving families can. Collecting on those debts has become a lucrative specialty throughout the nation in the booming collections industry -- some are even sending sympathy cards.
Todd Murray recalls the exact moment when he decided to end his brief career as a debt collections attorney.more...
September 23, 2010
Blockbuster is set to file for bankruptcy
Blockbuster Inc. is set to file for bankruptcy Thursday in New York before the stock market opens, using a $125 million loan to reorganize so it can compete with rivals such as Netflix Inc. in renting movies online, according to a person with knowledge of the planned petition.more...
September 22, 2010
National Residential Auctioneers to Hold Bankruptcy Auction for 35 Residential Building Lots in Bellville, Texas
BELLVILLE, Texas,National Residential Auctioneers announces the bankruptcy auction of 35 residential building lots in Bellville, Texas, on Friday, October 8, according to Alan Jones, Regional Vice President.more...
September 21, 2010
Where Does Houston Real Estate’s Mosaic Go from Here?
The Federal Deposit Insurance Corporation (FDIC) has just taken over the famed downtown Houston condo Mosaic, along with several investors, including Starwood Capital Group.
As an intriguing part of Houston real estate, the Mosaic condos are luxurious and refined, and generally sell for about $300 per square foot. However, this stunning tower, which overlooks Hermann Park, has been seized by the FDIC after being foreclosed on by the lender.more...
September 17, 2010
Schlotzsky's to open six Houston locations
Austin-based sandwich maker Schlotzsky’s Deli has signed an agreement to open six new restaurants in the Houston market.
Franchisee Terry Lassinger plans to break ground on the first restaurant in Montgomery County next year, with more expected in The Woodlands, one in Humble, one in Porter, one in Willis and another in Houston proper. more...
September 16, 2010
Bill collector sued for contacting debtor's employer
SHERMAN-A Lewisville resident has filed a lawsuit against a debt collector after the collector contacted her employer despite requests to refrain from doing so.
Claiming violations of the Fair Debt Collection Practices Act, Janice Rowe filed suit against Capital Collections on Sept. 10 in the Eastern District of Texas, Sherman Division.more...
September 15, 2010
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. People are finding themselves stuck with homes on which they owe more than the structure is worth. Moms and dads are using credit cards to pay for monthly utilities and other living expenses. Billionaire CEOs are asking for bailouts from the federal government to keep their companies afloat and save thousands of jobs. When the decision comes that bankruptcy must be filed, where are many of these people deciding to come? Right here in our good ole Lone Star State of Texas! more...
September 14, 2010
How Chapter 7 Bankruptcy Works
Be forewarned, the following journey through chapter 7 bankruptcy law is a bit technical, so if you are considering filing for chapter 7 bankruptcy, consult a bankruptcy attorney.
Chapter 7 Bankruptcy: It All Begins
A chapter 7 bankruptcy case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets. more...
September 13, 2010
How To Be Financially Wise
The Houston bankruptcy attorney walked around in his workplace. Deep in thought, he looked over his speech for the round table. Being a Houston bankruptcy lawyer had its ups and downs, he reflected to himself. With the harsh economy wearing on so many people, he had a perpetual stream of clients, yet the steady business wasn’t satisfying. He was worried that a lot of people didn’t understand how to be fiscally smart and he wanted to be of assistance to these people. Motivated by the thought, he worked on his plan right away. He wanted to keep the seminar straightforward and realistic, so he pared his ideas down to some very basic steps that anyone could do.more...
September 11, 2010
Small business bankruptcies fall in some cities
As the economy is still struggling to recover from the recession, small business bankruptcies in some cities are finally beginning to slow.
Bankruptcy growth over the first six months of 2010 has slowed to levels last seen in the second quarter of 2009.more...
September 9, 2010
New owners for Mall of the Mainland?
Mum on MOM: Could new owners breathe life into the beleaguered Mall of the Mainland? That was the hope and word on the street Wednesday as unconfirmed reports spread that Boxer Property Management Corp. had purchased the shopping center at 10000 Emmett F. Lowry Expressway in Texas City. Officials with Boxer Property did not return calls. Nor could brothers Michael and Mayer Makabeh, principals of Brentwood Group No. 1 Ltd., be reached for comment. more...
September 8, 2010
Thinking Of Going Bankrupt?
The current crises has more and more people considering filling for bankruptcy.
Some might view filling for bankruptcy as a way to putting an end to all their financial problems. But going bankrupt is not without its problems, and will affect your life for years to come. more...
September 3, 2010
Bankruptcy – Is There Life After Personal Bankruptcy?
Affordable personal bankruptcy is usually a life-changing experience, but a chapter 7 or chapter 13 bankruptcy itself is usually an unpleasant term to the majority of people today. And consequently, there’s a simple reason for this. It may cause shame whenever refused credit. It may be the reason for getting refused for work. It can result in a person being rejected for housing options. Maybe just about the most serious impacts regarding personal bankruptcy is on relationships since it results in the end of relationships for many individuals. Nevertheless, bankruptcy doesn’t have to be the dismal idea it is built to be. You can find ways to get out of it and turn the negative into a positive. more...
September 2, 2010
LVNV and Citibank Lawsuit Attorney -- Providing a Good Defense to Fight Debt Collection Lawsuits
Citibank is one of the largest international credit card issuers. LVNV on the other hand is debt purchaser that collects consumer debts. Many lawsuits were filed by these companies to force consumers to pay credit card debts. If you want to have a good defense against their lawsuits, you should hire a Citibank lawsuit attorney or LVNV collection LLC attorney. Your lawyer can provide a good credit card lawsuit defense so you can avoid unfavorable judgment. You should also consider getting the services of a professional debt elimination company that can provide good lawyers who will represent you in court. more...
September 1, 2010
CES files for bankruptcy protection
Waste firm in disputes with city, regulators
CES Environmental Services, the Houston-based waste management company that ran afoul with neighbors and regulators over odors, explosions and on-the-job deaths at its plants, has filed for bankruptcy protection.more...
August 30, 2010
Statute Of Limitations, Credit Reports and Your Credit Card Delinquency
Filed in Credit Card Negotiation, Credit Counseling, Debt Collectors, Lawsuits,
Statute Of Limitations, Credit Reports and Your Credit Card Delinquency Debtors facing collections actions by creditors are often unaware of time limits concerning their delinquent credit card accounts and other debts. In the state of Texas, a creditor cannot sue a debtor for payment on a delinquent account four years after last payment. For example, if you last made a payment on a credit card in 2006, the creditors would only have until 2010 to sue you for the balance of the loan. That doesn’t mean that the creditor has to stop pursuing you for payment; but it does mean that they can’t use the court system to help them collect on the credit card debt. Also, the credit bureaus are only allowed to keep delinquent account information on your credit report for seven years from the first date of delinquency. What this means is that if you stopped paying your credit card in June of 2005, the credit bureaus would only be allowed to report that information until June of 2012. more...
August 27, 2010
The Debt Collector
AGENCY COLLECTORS (Beggars)
Agency collectors have correctly been deemed the worst-type of collection agents! They operate from a computer database containing all your personal information, provided to them by the original creditor. When an outside agency gets your account, it has been 'charged-off' for non-payment. They make calls as fast as the auto-dialer can picking up the first one that hits a live voice and letting the rest go as annoyance calls. That's why sometimes you get only a recorded message telling you to call about a very important matter. Commission is their livelihood; they don't have time for pleasantries or obeying the law.more...
August 25, 2010
Art gallery haven 4411 Montrose is up for sale after bankruptcy
When the gallery megaplex at 4411 Montrose opened its doors over five years ago, the moment represented a sea change in the Houston contemporary art arena. The building was to be a monumental viewing space ensconced in a mod concrete cube, culling together the international art acumen of Barbara Davis' former Colquitt Street address, Eastern Eurocentric offerings from Anya Tish's former location on Sunset Boulevard, local talent featured at the now-defunct Joan Wich & Co., hard-edge painting at the nascent Wade Wilson Art and the avant-garde design-minded collections more...
August 24, 2010
Did Changing Bankruptcy Laws Cause the Mortgage Mess?
During the debate over changes in personal bankruptcy laws, bankers were tripping over themselves to get Congress to agree to changes to make filing personal bankruptcy more difficult. The changes, they argued, would make borrowers more responsible – and by the way reduce bank losses as debts could no longer as easily be discharged in bankruptcy.more...
August 23, 2010
Consider bankruptcy if you have lost a lawsuit!
You have lost a lawsuit and you are feeling at your wit’s end! You are absolutely unsure how you will pay off the debts and what might happen if you fail to pay them. Your peace of mind is at stake and you do not know how to cope with the ordeal.
Well, then the only solution to your problems is bankruptcy. It might seem to be a hard blow to your credit score and social status. Yet it will be logical to give it a thought.more...
August 20, 2010
Seven HWA Attorneys to Speak at Upcoming Bankruptcy and Consumer Finance Conferences
HOUSTON - Seven attorneys with Hughes Watters Askanase L.L.P. (www.hwa.com) are participating in bankruptcy and consumer finance law conferences and workshops in the coming weeks and months.
Dominique Varner and Anabel Hernandez will speak at the Mexican American Bar Association of Houston Retreat and Continuing Legal Education (CLE) Conference, Aug. 27-28 in League City,more...
August 19, 2010
Deal With Houston Bankruptcy With Relative Ease
Bankruptcy is dealt painstakingly. This is the reason why people need lawyers to take a share of their burden and get through the bankruptcy. In this situation, looking for the right attorney to help you with your bankruptcy issues can be really demanding as well. You need to find the right lawyer who can address your legal needs and somehow help ease from your emotional stress as well. However, keep in mind that a lawyer is your best source for legal council, and not for emotional therapy. If you can survive the emotional stress, your lawyer will ease your stress however by clearing you from legal and emotional imprisonment. To begin your representation, consult with competent San Antonio attorneys. more...
August 18, 2010
Bankruptcy court mulls sign off for lawyers
A rule that would require bankruptcy practitioners and their clients to sign a document that describes their responsibilities throughout the bankruptcy process is being considered by the U.S. Bankruptcy Court in Minnesota.
The rule is a reaction to the increasing number of practitioners without bankruptcy experience taking on such cases as demand for bankruptcy services skyrockets.more...
August 17, 2010
Bankruptcy – The Morning After Pill of Personal Finance
I was on the Financial Peace University Forums today and happened to notice the word bankruptcy being thrown around as an option. This isn’t a rant as much as it is an argument as to why you should avoid bankruptcy completely.
I realize that this is a very touchy subject for people so my intention is not to make a judgment, but instead to express an alternate view. I would like to remind everyone that I was very close to filing bankruptcy myself at one or more times in my life and am very glad that I didn’t. I assure you it wasn’t because I struck it rich.more...
August 16, 2010
How wage garnishment works -- and how to avoid it
Ignoring credit card debt can lead to garnished wages
Ignoring outstanding credit card debt can take a bite out of your paycheck. Wage garnishment -- a last ditch effort at debt collection -- hits debtors where it hurts: their ability to pay the bills, fill the gas tank and feed their families.
Wage garnishmentWhen facing credit card debt that can't readily be paid, the best plan of action is to act early, speak to creditors, reach some sort of payment arrangement and stick to a repayment plan. more...
August 13, 2010
Stage Set For Class A Property Bankruptcy Auction
Situs Inc. is assisting a Chapter 7 Bankruptcy Trustee with the preparations for a bankruptcy auction of the Gramercy Park Condominiums, a luxury mid-rise multi-family asset located in the prime Medical Center submarket of Houston, TX. Situs has been actively exposing the 220 units (out of 224) to the market, but the sale has been delayed due to lengthy court proceedings. Pending court approval, the auction will be conducted on August 26 in the US Bankruptcy Court in Renomore...
August 12, 2010
Texas Rangers exit bankruptcy protection
The Texas Rangers exited federal bankruptcy protection on Thursday, about 14 hours after Hall of Fame pitcher Nolan Ryan's group was awarded the team at a marathon auction showdown with billionaire Mark Cuban.
U.S. Bankruptcy Judge Stacey Jernigan's approval of the team's reorganization plan clears the way for Major League Baseball to formally approve Ryan and sports attorney Chuck Greenberg as the team's owners next week, before the group's financing guarantee expires Aug. 12.more...
August 11, 2010
Debt Negotiation Lawsuit
There are several options debtors can consider when facing bankruptcy. While filing for a chapter 13 bankruptcy can protect some of the debtor’s properties from complete liquidation, even this lighter bankruptcy may not be necessary. In some cases, working through debt negotiation is the best option for a person facing substantial debt. However, creditors may not be as optimistic as a debtor can be when given such an opportunity to retain their full properties while working through their debt. more...
August 10, 2010
Information on Debt Counseling
You’re knee deep with big debts. You’ve tried budgeting, meeting with your creditors along with other self-help strategies for controlling your debt, and it just hasn’t done a bit of good. Don’t stop trying! Don’t stress! Give credit advice or debt management a try before you approach bankruptcy options.
What is Credit Counseling? more...
August 9, 2010
How To Discover A Useful Expert To Help When Debt Is A Problem
In these days of the economic downturn which has affected the world in general, many people will be forced to stop paying debts which then become overwhelming. This is the time then to turn to the Houston bankruptcy attorney to try to sort through the mess and figure out a way to remove the debt from their lives. A Houston bankruptcy lawyer will have the skills to salvage as much as possible from this extremely stressful situation and get the individual back on track to where financial recovery is as fast as possible.more...
August 6, 2010
Chapter 13 Bankruptcy- What is it?
The Chapter 13 is a kind of bankruptcy that is used for filing in the US. This term is also known as “debt reorganization”. This choice of filing for bankruptcy is better option for those who can be able to pay back the debts in partial. It is also better for those who attempt to keep the movable or immovable properties such as car or home.more...
August 5, 2010
Settle Credit Card Debt
Prevent a Lawsuit From Lenders With These Credit Card Debt Options
You might be able to realize the intensity and the extent of damage these debts can bring you unless you are a victim of such debts. History has witnessed millions of people getting blown away with the facilities of credit card debt and they finally end up in trouble for repaying the debt. Filing of lawsuits is a common story and lenders are often very harsh on the debtors.more...
August 4, 2010
Bankruptcy Or Debt Settlement – Which Option Will Hurt Your Credit Score Worse
There are many ways to hurt your credit score, but one of the most effective is choosing the wrong debt relief method. Take, for example, bankruptcy; this method would definitely smash your credit score and the possibility to a loan in the future would be nonexistent. However, methods like debt settlement, debt consolidation or debt management are much lighter when it comes to your credit score. By comparing bankruptcy with debt settlement there are other advantages to debt settlement, not only the credit score. more...
August 3, 2010
Credit Card Debt Relief ? How To Negotiate With Your Creditors And Eliminate Debt
Consumers who are “between jobs” have seen their credit card balances explode as they swipe plastic to make ends meet. Their interest rates have soared too, thanks to something called the Universal Default Provision in their credit agreement: miss any payment, anywhere and Slam! You’re at 29.9% everywhere. Add late payment fees and over limit fees and…Surprise! Some folks just can’t keep up. So they stop paying. more...
August 2, 2010
HOA Foreclosures; Necessary Tool or Extortion Racket?
n 2000, an 81-year old widow named Wenonah Blevins had fallen behind by $814.50 on homeowners association (HOA) assessments in her Houston, TX subdivision. Without her knowledge, the homeowners association (HOA) foreclosed the lien on her property, then sold her $150,000 home for $5,000 the following April.more...
July 28, 2010
Katz's Deli files for bankruptcy
About a week after CNBC broadcast from Katz’s Deli to announce Texas as the best state for business, the iconic downtown Austin eatery, which has a location in Houston, has filed for bankruptcy.
Despite the July 20 Chapter 11 filing by parent company M&M Katz Inc., owner Marc Katz said the deli’s motto — “Katz’s Never Kloses” — will remain true, albeit probably not at the 618 W. Sixth St. location he has called home for three decades.more...
July 27, 2010
Laws on Defaulting on Credit Card Debt
1. Defaulting on credit card debt can feel scary and do serious harm to your credit rating, according to Bankrate and Experian. However, if you honestly incurred a debt and couldn't pay it, you cannot go to any type of "debtor's prison." Learning what can and can't happen if you don't pay your bills as agreed is an important objective that can help protect your finances even during difficult times. more...
July 26, 2010
New wave of credit card abuses
A 2009 federal crackdown on abusive credit card practices has exposed a litany of other ways consumers are being hosed.
That's according to a report released Thursday examining the Credit Card Accountability Responsibility and Disclosure Act.more...
July 23, 2010
Do Murderers Have More Rights Than A Consumer That May Have Credit?
Over the years, Congress has passed several laws to protect consumers rights. The most recognized is the Fair Credit Reporting Act. The purpose of this Act is to “assure accuracy and fairness of credit reporting.” Consumer were given the task of assembling and judging a purchaser credit and other info about consumers. This is to be done with fairness, impartiality and respect for the consumer’s right to privacy. more...
July 22, 2010
Electric supply company files litigation over debt
Wholesale Electric Supply of Houston filed suit against Golden Triangle Electric last Thursday in hope of recovering almost $100,000 for goods and services rendered.
The suit was filed July 15 in Jefferson County District Court.more...
July 21, 2010
Possble lawsuit filed by Credit Card Company
THE last few days, I have been bombarded by solicitations from Law Offices regarding debt that is owed. They mention that there is a lawsuit filed by a credit card company in which my wages are either going to be ganished or a lien is going to be placed on my property and they are willing to assist in finding a solution.more...
July 20, 2010
Credit Card Debt Settlement – Will They Sue Me If I Attempt To Settle My Debts?
One of the greatest fears persons have when they are considering credit card debt resolving is being sued by a creditor. The question is often asked, “What are the chances of them suing me while I’m attempting to work out a credit card debt settlement?” To understand the answer you should first realize the process of credit card debt collection litigation.more...
July 19, 2010
Question:How shoulid I handle this credit card collector?
I took out a credit card with Citibank with a $2400 limit when I started college (I live in Ohio, btw). Needless to say, the card kind of fell through the cracks of my stupidity, and I eventually started getting the collector's calls. I sent a debt validation request last December because I began getting threats of lawsuits from Javitch, Block & Rathbone representing Midland Funding. They responded within 30 days with the validation and last bill stating my last payment as having been in 2006. I didn't know what to do at this point.more...
July 16, 2010
Appeals court: Debtor waited too long to challenge arbitration award
Montgomery County District Judge Frederick Edwards improperly cancelled a $25,549.30 credit card debt, Ninth District appeals judges ruled on July 8.
They ordered Edwards to confirm an arbitration award in favor of FIA Card Services. more...
July 15, 2010
Bankruptcy judge delays Texas Rangers auction to Aug. 4
FORT WORTH – A U.S. bankruptcy judge, puckishly declaring he wanted to make each side equally displeased, on Tuesday pushed the date of the Texas Rangers auction back to Aug. 4 and said the team could emerge from bankruptcy the same day.more...
July 14, 2010
Credit card wage garnishment
Wage garnishment is done by the debt collectors and even by credit car companies. They try all their methods to collect their dues from the debtors. When nothing materializes, they take the assistance of the court and go ahead with the wage garnishment process where the court issues a writ order to the employer of the debtor to withhold a part of the debtor’s income and to direct it to the creditor. This part of the debtor’s income is the wage garnishment that is enforced through the court which cannot be denied by the employer. more...
July 13, 2010
Gulf Drilling Ban May Wreak Havoc on States, Landrieu Says
A Gulf of Mexico moratorium on deep- water drilling put in place after BP Plc’s oil spill may cause “almost unfathomable” damage to state and local government finances, U.S. Senator Mary Landrieu said in a court filing.
The six-month ban imposed by President Barack Obama would cut traffic on Louisiana Highway 1, a roadway to drilling launch points, forcing the state to make up $39 million of toll revenue for bond debt, according to the friend-of-the-court brief filed July 2 by Landrieu, a Louisiana Democrat, and business groups in Gulf Coast states.more...
July 12, 2010
How to Survive Bankruptcy and Foreclosure
Seems like a tough hill to climb. Here’s how one couple did it and came out the other side stronger. The following is a guest post by Jessica Bosarii. She writes for Billeater.com, a site devoted to providing helpful money-saving tips beyond the obvious. You can read about home finance and mortgage at the site.more...
July 9, 2010
Bankruptcy In Texas
If you have financial problems, the bankruptcy process will allow you to no longer be liable for many of your debts. There's no magic formula for deciding when bankruptcy is the right choice. It's an option you might consider if you:
* Are paying only minimum amounts on your bills
* Can't budget yourself out of debt within five years more...
July 8, 2010
Lawsuit caused Bankruptcy
Commencement of a lawsuit or impending trial often prompts defendants to consider bankruptcy.
Since the legal theories behind lawsuits can range from the simple collection action to a complex business tort case, there are no universal answers about whether the filing of a suit signals time to file bankruptcymore...
July 7, 2010
How a Chapter 7 Bankruptcy Lawyer Can Assist You
Filing for bankruptcy can have a bittersweet appeal. It is a final solution to your financial problems, but it can also be a nerve wracking decision because of its finality. Because of the ambiguity of this immense process, a Chapter 7 bankruptcy attorney can prove to a be a helpful addition to your proactive stance against personal debt. The lawyer can even save your home from a foreclosure.more...
July 6, 2010
Consumers, Lawyers Push Back Against Debt Collectors
Standing up to debt collectors can be difficult but a growing number of consumers and lawyers are doing just that.
Websites and individuals have started to teach consumers how to fight back against what they call unprincipled practices, harassment and violations of the Fair Debt Collection Practices Act, according to the New York Times.more...
July 5, 2010
What to Do If You Are Sued by a Credit Card Company
Being sued by a credit card company, a debt collection agency, or other creditor can be a stressful and frightening experience. The most important thing for a person who has been sued is not to ignore the lawsuit. A defendant in a lawsuit must follow the proper procedures within the proper deadlines, or they risk a default judgment being entered against them. This article discusses how a lawsuit works, typical procedures for responding to a lawsuit, and the consequences of the lawsuit.more...
July 2, 2010
What Happens to Your Retirement Plan in Bankruptcy?
How will bankrupcty affect your 401(k), IRA, pension, and other retirement plans?
If you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you get to keep your pension and retirement plan funds, with a few limitations. If you are considering bankruptcy, you should learn about these limits, and also understand how bankruptcy treats other aspects of retirement planning, such as loans from retirement plans and voluntary contributions to fund retirement plans. (To learn about the basics of Chapter 7 and Chapter 13 bankruptcy, see Nolo's articles A Chapter 7 Bankruptcy Overview and An Overview of Chapter 13 Bankruptcy.) more...
July 1, 2010
The truth about credit card debt
Conventional wisdom is that were all hooked and struggling. The reality is, in fact, quite different and less frightening.
Youve probably heard that the average American carries more than $8,000 in credit card debt.
Its a figure frequently cited by politicians, journalists and pundits as a sure sign of impending economic collapse. They argue that consumers, already struggling under this massive burden of debt, soon will have to stop spending like drunken sailors. The economic recovery, therefore, is doomed! more...
June 29, 2010
What are other options to bankruptcy to get your debt restructured, especially heavy credit card debt?
You can consolidate all you want and pay money to a company that offers to reduce your debt… chances are you will still owe it and be out of a lot of money you could have used paying down your debt.more...
Things you can do:
June 28, 2010
Bankruptcy filings rose in May
A surge in personal bankruptcy cases led to a 7 percent increase in overall filings in May in South Central Texas.
The U.S. Bankruptcy Court for the Western District of Texas in San Antonio reported 485 filings in May, compared with 452 petitions filed in May 2009. In April, 433 cases were filed.more...
June 25, 2010
5th Circuit Finds Bankruptcy Judges Can Certify Class Actions but Nixes Wells Fargo Class
Although a Texas bankruptcy court had the authority to certify a class action against Wells Fargo Bank, it stumbled in doing so, a federal appeals court has ruled.
The 5th U.S. Circuit Court of Appeals ruled (PDF) on Friday that the bankruptcy court in Houston had jurisdiction to certify a class of about 1,236 individuals who had filed for Chapter 13 bankruptcy and had mortgages held or serviced by Wells Fargo Bank N.A. Noting a disagreement among courts as to whether bankruptcy judges can certify classes of debtors, the three-judge panel ruled that the bankruptcy court's interest in "efficiency and economy in litigation" that result from class actions is just as compelling as a district court's interest. more...
June 24, 2010
Creditors You Intend To Pay
Almost all debtors in bankruptcy are honest people who have experienced great financial difficulty. One of the most common questions asked by debtors is, “Do I need to list a creditor I intend to repay?”
The answer to this question is very simple: “Yes!” You must list all of your debts and each of your creditors, even those you intend to repay. There are two ways to repay a debt after bankruptcy. The first is by voluntary payment. more...
June 23, 2010
Keeping Household Items During Bankruptcy
Many people mistakenly believe that the bankruptcy court will take everything they own and sell it to pay creditors. Some of their descriptions of bankruptcy conjure up images of a poor unfortunate walking the streets wearing a wooden barrel with no property or money to his name.
Well, you can stop worrying about barrel chafing because there are many legal protections that allow you to keep household property during bankruptcy. These protections are generally limited to “common sense” amounts and typically apply to clothing, household furniture, musical instruments, books, electronics, appliances, etc. more...
June 21, 2010
Filing Chapter 7 and Chapter 13 Consumer Bankruptcy on the Rise in US
Of course, it is not just incident in Texas. Men and women in households around this country are facing hard financial decisions in light of our present economy. The questions being raised around the dinner table can range from how to scale back the summer vacation plans and who is going to be accountable for clipping coupons this week to which bills can go unpaid until next month and how to let your youngest child know that the plans to be present at her dream college requirements to be put on hold. What are the options available to an individual or a family that needs to see some improvement in their financial standing or else face dire penalty? more...
June 19,2010
Luby's to acquire Fuddruckers assets
Houston-based Luby's announced on Friday it will acquire most assets of the Fuddruckers hamburger chain for about $61 million. Fuddruckers, owned by Magic Brands, filed for Chapter 11 bankruptcy protection in April. more...
June 17, 2010
Do-It-Yourself Guide to Debt Settlement
Debt settlement companies are running their ads everywhere – “Settle your debts for pennies on the dollar.” “Government sponsored debt settlement plan.” “We have special programs with the credit card companies to settle your debt.” The truth of the matter is that there is nothing that a debt settlement company will be able to do for you that you probably could not do yourself. Just in the last month, I met with at least 6 clients who has been scammed by these so-called debt settlement companies. more...
June 16, 2010
How to Deal With Bankruptcy
Do you find yourself to be panic stricken and wide eyed at your company's bankruptcy? How did it happen? Obviously, no one is prepared for such hard times. Neither does anyone imagine going bankrupt. For a city as busy as Houston, not only you will have to keep up a good business schedule but also avoid yourself from going bankrupt. In case you are going through some grave times, a Houston lawyer can help you out and give you a good piece of advice. Moreover, Houston stop foreclosures are something they will let you know about beforehand. After all, who likes to have no money in the pocket? more...
June 15, 2010
Using Bankruptcy To Walk Away From A Home
For many, walking away from a home loan is the right decision. The recent economic downturn has left many homeowners owing substantially more than their home is worth and it may take many years of payments simply to break even. In other cases homeowners have suffered a job loss, a reduction in pay, or other financial change that makes their present home unaffordable. more...
June 14, 2010
9 Questions You Need to Ask yourself Before Pursuing Debt Settlement
It’s no secret that Americans are struggling financially. Massive layoffs, inflation, unaffordable healthcare, skyrocketing gas prices and hiked-up interest rates on credit card accounts are plunging millions of consumers to the brink of bankruptcy. However, many of the would-be bankrupt are turning to a less drastic solution to their debt problems: debt settlement.more...
June 11, 2010
Man Wins $1.5M Over Profane Debt Collection Calls
Collections Agents Allegedly Used N-Word, Sexual Language in Voicemails
A jury has awarded a Texas man more than $1.5 million in a lawsuit over profane voicemail messages allegedly left by a collections agency.
Allen Jones receives profanity-laced collection agency calls. more...
June 10, 2010
Chapter 11, Title 11, United States Code
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, while Chapter 13 provides a reorganization process for the majority of private individuals. more...
June 9, 2010
Debt That Cannot be Discharged Via Bankruptcy
In the same manner that certain assets are typically not included as part of a consumer’s chapter 7 or chapter 13 bankruptcy filing, there are also certain types of debt and financial obligations which cannot be discharged via bankruptcy. These types of debts are exempt from bankruptcy law, and you still need to pay them, whether or not you file for bankruptcy protection. more...
June 8, 2010
Court Approves U.S. Concrete Disclosure Statement
Sets Confirmation Hearing for July 23, 2010; Solicitation Process to Begin Shortly
HOUSTON, TX, Jun 07, 2010 (MARKETWIRE via COMTEX) -- U.S. Concrete, Inc. (PINKSHEETS: RMIXQ) today announced that the U.S. Bankruptcy Court has approved its Disclosure Statement at a hearing held on June 3 in Delaware. The Court also scheduled a July 23, 2010, hearing regarding confirmation of the Company's Plan of Reorganization. The Company expects to begin soliciting votes on its proposed Plan shortly. more...
June 7, 2010
Texas Bankruptcy Lawyer
So, you have considered the many advantages and disadvantages of filing for bankruptcy, and now you would like to know what your options are. What are the benefits of filing Chapter 7 vs. Chapter 13 bankruptcy? How can a Houston bankruptcy lawyer help you decide which type is the right one for your financial situation? Fortunately, these two options are very different; and with a bit of information about intended debtor type, you will easily be able to choose the one that is right for you with the help of a bankruptcy lawyer in Houston. more...
June 4, 2010
Bankruptcy court finds links in e-mail defamatory
The court in In re Perry held that an individual's e-mail opened him up to a defamation claim even though he did not author any of the inflammatory postings himself.
Though the case revolved mostly around the bankruptcy proceedings of William Perry, the U.S. Bankruptcy Court for the Southern District of Texas relied on state defamation laws when it found that e-mail the defendant sent, which linked to websites with blatant falsities about the business practices of David Wallace, the mayor of a Texas town, were enough to establish the "actual malice" standard that is necessary for a public official to bring a defamation claim. The court further said that sending an e-mail message with the links was enough to establish that the information had been published.more...
June 3, 2010
Furniture store bankruptcy has customers worried
SAN ANTONIO – Some upset Furniture Factory Warehouse customers are calling News 4 WOAI asking for assistance. They claim the furniture store is refusing to give them their money back and the furniture on orders they have paid in full.
“When you’ve got money down on something for layaway, you expect it to be there when you come back for it,” said frustrated customer Mike Jordan. He’s fed up over Furniture Factory Warehouse and the bankruptcy “secret” it has been keeping from its customers. “They were accepting our monthly payments,” said Jordan. ‘The furniture never was th ere.” more...
June 2, 2010
Credit Card Debt Settlement, Consolidation Or Bankruptcy?
With so many options to choose from in today’s financial world, where are consumers supposed to turn?
It can sometimes be quite difficult to know what your best option is, especially if you are in debt. As many consumers can attest, debt is an unrelenting force. It does not take days off and it rarely gives you a break, either. Instead, it just keeps coming at you until there is little that you can do and you just have to ask for a break. Debt relief companies are there to provide this break, but choosing one over another can be as significant a challenge as anything you do.more...
June 1, 2010
Getting Abusive Debt Collectors Off Your Back
What They Can and Can't Do, and What to Do if They Do What They Can't
When bills go unpaid, it's a debt collector's job to get the money.
But a growing number of consumers are complaining that debt collectors are going too far.more...
May 28, 2010
Bankruptcy Option Chosen because the Difficulty to Avoid Home Foreclosure Grows
HOUSTON - As the home foreclosure crisis continues to escalate, many homeowners are trying to save their home through a home modification loan.
Despite the government's $75 billion foreclosure prevention program, some homeowners face declaring bankruptcy as the only way to save their home.more...
May 27, 2010
What You Need to Know About Getting Out of Debt
Call it a concession to reality: Credit-card companies are now required to print a toll-free number for a nonprofit credit-counseling service on every bill.
The requirement, part of the Credit Card Act that took effect in February, is intended to prompt people to address their debt issues before they get completely out of hand. The nonprofit firms aren't quite the impartial advocates you might expect: Part of their funding comes from the credit-card companies themselves. more...
May 26, 2010
Texas Rangers have filed for Chapter 11 bankruptcy
Texas Rangers' bankruptcy is cause to celebrate, or so they tell me
Woo-hoo -- the Rangers are bankrupt!
So sounded the cries of joy Monday when word came down that the Texas Rangers had filed for Chapter 11 bankruptcy.
According to my research on a few non-sports websites, a business can file for Chapter 11 bankruptcy when it is unable to service its debt or pay its creditors.more...
May 25, 2010
Debt Settlement Options - Should You Consider Bankruptcy?
* Should I Consider Debt Settlement To Pay Off Credit Cards?
* Credit Card Debt Settlement Exposed - What A Debt Settlement Company Should Tell You
* Credit Card Debt Negotiation And Settlement - Your Really Smart Move To Avoid Bankruptcy F
* What A Credit Card Debt Settlement Letter Should Look Like more...
May 24, 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...
May 21, 2010
Houston to lose its Chevrolet dealer over GM Bankruptcy
A county family that put residents behind the wheel of GM products for nearly eight decades will exit the car business next week. Carl Honeycutt Chevrolet will shut its doors May 28.
The announcement was made Tuesday morning by owners Carl Honeycutt, who purchased the Chevrolet-Oldsmobile business from the Gentry Brown family in 1965, and his son, Joe, who has been associated with the business since 1976. more...
May 20, 2010
Saratoga Resources, Inc. Emerges from Chapter 11
HOUSTON & NEW ORLEANS, May 14, 2010 (BUSINESS WIRE) -- Saratoga Resources, Inc. /quotes/comstock/11k!sroe (SROE 2.35, -0.15, -6.00%) ("Company") announced that, on May 14, 2010, the Company filed with the U.S. Bankruptcy Court a notice of satisfaction of the conditions of effectiveness of its Modified Third Amended Plan of Reorganization, whereupon the Company, and its subsidiaries, emerged from chapter 11 bankruptcy protection.
In conjunction with the Company's exit from bankruptcy, the Company entered into amendments extending and modifying certain terms of its principal credit facilities. Under the terms of the Company's plan of reorganization, among other provisions, more...
May 19, 2010
Why Does My Bankruptcy Lawyer Care If I Have Given Things Or Sold Things To My Family ?
Your lawyer cares about these things because the bankruptcy court and trustee care about these things when you file bankruptcy. In fact, if you have sold or given away anything to family members recently, you are required to tell about that in your bankruptcy petition and related forms, which you will file to also tell the court, creditors and trustee about what you own and what you owe.more...
May 18, 2010
Houston Club Building has filed for Chapter 11 bankruptcy
The owner of downtown's Houston Club Building has filed for Chapter 11 bankruptcy protection in an effort to forestall foreclosure proceedings.
The owner is an affiliate of Cameron Management, a Houston-based real estate firm that owns office buildings in Houston and San Antonio.more...
May 17, 2010
Finance bankruptcy - What is Bankruptcy and What Are Its Different Types?
Bankruptcy is a complicated process. All bankruptcy filings include two main parties - the debtor and the creditor. The debtor can be a company or an individual. The creditor is usually an organization or a company. In most bankruptcy cases there are several creditors.more...
May 14, 2010
Debt-Collection Firms Are Denied Defense of Legal Error
In a suit involving a debt-collection law firm, the U.S. Supreme Court held yesterday that debt collectors and their lawyers do not have a good-faith defense to liability when they misinterpret the legal requirements of the federal Fair Debt Collection Practices Act.
In Jerman v. Carlisle McNellie, Rini, Kramer & Ulrich, No. 08-1200, Justice Sonia Sotomayor, writing for a 7-2 majority, said nothing in the law's language, context or history supported applying its bona fide error defense to legal mistakes.more...
May 13, 2010
Don’t Blow Off Your Debts!
1. I am now in massive of debt. What will happen if I simply ignore the credit card companies and hope that they go away?
If you learn one lesson from reading my website it is that if you blow off your financial problems then they will only get worse. Financial problems are like an infection and if they they go untreated they can kill you, ruin your marriage, and/or get you fired. If you are way behind on your bills, then you are going to be going to be charged interest and late fees that will make you feel sick. Moreover, if you blow off your bills then your phone will start ringing off the hook, and it will explode from receiving all of the collection calls. The debt collectors really only have limited power and that is to harass you. Debt collectors can’t seize your bank account, they can’t garnish your wages, and they can’t file a lawsuit against you.more...
May 12, 2010
Bankrupt Hollywood Video to close
Movie Gallery video chain to close all its stores
Movie Gallery, the second-largest North American video-rental chain behind Blockbuster, plans to shutter operations and liquidate assets in the coming weeks.more...
May 11, 2010
Consumer Concerns for Older Americans
Dealing with Debt Collection Harassment
Debt collectors have been the most complained-about industry on the Federal Trade Commission’s consumer website for many years running. And abuses by out-of-control collectors appear to be getting worse.more...
May 10, 2010
Bankruptcy Lawyer Houston Tx, Explanation Of Why We Need Them
We have been aware that many individuals as well as business people are facing a serious trial in their lives. Known as the Second Great Depression, filing for bankruptcy is usually a crucial step in order to save a person's valuable possessions, most especially their homes. Though you may file it by yourself, it is a need to hire a bankruptcy lawyer to aid you through the process.more...
May 7, 2010
When Will a Bankruptcy Court Refuse to Confirm a Chapter 13 Plan?
Chapter 13 Bankruptcy is referred to as a wage earner’s Plan. It enables individuals with regular income to develop a repayment plan for all or part of their debts. Under this chapter, debtors propose a plan to make installments to creditors over three or five years. If the debtor ’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period “for cause .” If the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. The plan must be confirmed by the Bankruptcy Court. Individuals considering Chapter 13 often ask us: under what circumstances will the Court deny confirmation of a Chapter 13 plan?more...
May 6, 2010
NorthernStar files for liquidation bankruptcy
NorthernStar Natural Gas, the Houston company that halted its plans to build a $650 million liquefied natural gas terminal on the Columbia River earlier this week, has filed for bankruptcy, according to court documents.
The Chapter 7 bankruptcy filing means the company will probably be liquidated, which means the Bradwood Landing terminal most likely won't be built.more...
May 5, 2010
How to settle debt Credit card myself?
How to "set the credit card debt yourself (Do It Yourself Debt Settlement)
I am often asked: "How can I pay my credit card debt?
It's a great question.
There is much information circulating about debt settlement, in general, some good news mixed with incomplete information dangerous … And attention to all the misinformation and inaccurate!more...
May 4, 2010
U.S. Concrete files for bankruptcy protection
U.S. Concrete, a concrete supplier for the construction industry, sought bankruptcy protection from creditors with a plan to reduce its debt by about $272 million.
The Houston-based company listed assets of $389.2 million and debt of $399.4 million as of Dec. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Del. Forty-three units also sought protection. more...
May 3, 2010
Drowning In Debt: When To Call A Bankruptcy Lawyer
As financial markets continue to weather the worst “storm” since the Great Depression, hard-working people who never worried about economic collapse are desperately trying to find work, protect their home from foreclosure, and keep credit card companies from suing them.
So, when do you decide that your debt problems are so bad that you need to file for bankruptcy? Do you only have a few inches of debt in your financial basement, or are you drowning in debt? Do you need to declare a state of financial emergency?more...
April 28, 2010
Court OK's Fuddrucker's bankruptcy plan
Fuddruckers owner Magic Brands LLC garnered court approval for its bankruptcy plan on Friday, allowing the company to move forward with selling its restaurants.
The Austin-based company currently operates 62 Fuddruckers in 11 states, with an additional 135 eateries owned by franchisees. There are nine North Texas Fuddruckers locations. more...
April 27, 2010
Nevada Gold to Acquire Seven Mini-Casinos in Washington for $11.1 Million
HOUSTON, Apr 23, 2010 (GlobeNewswire via COMTEX) -- Nevada Gold & Casinos, Inc. announced today that the Company has reached an agreement to acquire seven mini-casinos in the state of Washington for $11.1 million. The casinos are currently owned by subsidiaries of Evergreen Gaming Corporation ("Evergreen"), a British Columbia corporation, which is under bankruptcy court protection. The transaction will be financed by cash on hand as well as a $5.1 million note issued to Evergreen's current senior lender.more...
April 26, 2010
Lyondell judge approves plan to exit bankruptcy
A bankruptcy court judge on Friday approved Lyondell Chemical Co's [ACCEIN.UL] plan to exit bankruptcy, signaling the near-end of a 15-month process during which the chemical maker fended off a takeover and settled hundreds of environmental claims and a creditor lawsuit.
Judge Robert Gerber gave his assent to a plan in which Apollo Management [APOLO.UL], Ares Management and Access Industries will provide financing. Lyondell filed for bankruptcy in January of 2009 under the weight of about $24 billion in debt.more...
April 23, 2010
Can a credit card company sue you if you file bankruptcy?
One of the most well-known functions of bankruptcy is that a bankruptcy filing places an "automatic stay" on any legal or collection actions against you. If a credit card company has already sued you at the time when you file bankruptcy, then the automatic stay of bankruptcy puts an immediate hold on the credit card company’s lawsuit. The lawsuit doesn’t disappear – it just stops going forward in the court where you were sued. more...
April 22, 2010
Eight Key Ways to Pay Down Debt—Fast.
If you or a loved one is suffocating under a mountain of
debt, this week’s article offers 8 vital strategies to help you pay it down, fast.
Essentially, the first key to getting out of debt requires you to break your strategy into two key components: 1) Reduce your interest rates and determining what to pay, and 2) Pay it down. more...
April 21, 2010
Tribune reaches agreement on bankruptcy examiner
WILMINGTON, Del. — Attorneys in the Chapter 11 bankruptcy of the Tribune Co. presented a judge Monday with a draft agreement for the appointment of an independent examiner to look at issues surrounding the 2007 leveraged buyout of the media conglomerate.
The agreement was reached less than a week after Judge Kevin Carey indicated that he believed an examiner was needed to conduct at least a narrow investigation of issues surrounding the buyout engineered by real estate mogul Sam Zell. more...
April 20, 2010
Can You Be Sued for Credit Cards?
When you sign a credit card contract, you are agreeing to the credit card provider's terms -- including the condition that you will pay what you owe, plus any fees. If you do not adhere to the contract, the credit card company has the right to sue you for the debt. It is more common, however, for a credit card company to sell your unpaid debt to a collection agency which will then file a lawsuit against you.
The Facts
1. If a creditor files a lawsuit against you and the judge sides with the creditor, a judgment will appear on your credit report. Depending on your state's laws, the creditor may then proceed to garnish your paychecks or bank accounts. more...
April 19, 2010
How To Declare Bankruptcy And Not Lose Your Home Equity
Let me illustrate how by answering an e-mail I received from “B”.
Before I get to the solution, take a peak at the e-mail:
My husband and I run a small real estate business. When the “housing bubble” began to burst we had 3 spec homes on the market for sale. We had to borrow against our home to keep our houses, and used credit cards to help pay our personal bills.
After we sold the spec homes, we ended up with a debt of $30,000 on credit cards and a whopping $45,000 in equity loans against our home. more...
April 16, 2010
Landry’s buys Bankrupt Oceanaire unit for $6.6M
DALLAS (April 15, 2010) Landry’s Restaurants Inc. of Houston has won a bankruptcy court stalking-horse bid for an Oceanaire Seafood Room location in the Galleria Mall here.
Landry’s paid $6.6 million cash for the Oceanaire unit in the Westin Galleria hotel, according to Chapter 11 documents approved by the judge in the U.S. Bankruptcy Court for the Northern District of Texas. more...
April 15, 2010
Baseball’s Texas Rangers Said to Face Bankruptcy
The Texas Rangers may be forced into bankruptcy unless the terms of a planned sale of the Major League Baseball team controlled by billionaire Thomas Hicks are improved or another buyer is found, according to two people familiar with the matter.
Creditors led by Monarch Alternative Capital may block Hicks Sports Group LLC, which defaulted on $525 million of debt last year, from selling the Rangers and try to put the team into bankruptcy, said the people, who declined to be identified because the debt talks are private. more...
April 14, 2010
ADJUSTMENTS TO CERTAIN DOLLAR AMOUNTS IN THE BANKRUPTCY CODE AND OFFICIAL FORMS
On April 1, 2010, automatic adjustments to the dollar amounts stated in various provisions of the Bankruptcy Code and one provision in Title 28 of the United States Code will become effective. The amended dollar amounts will apply to cases filed on or after April 1, 2010.
The amended dollar amounts will affect, among other matters, the eligibility of a debtor to file under chapters 12 and 13 of the Bankruptcy Code, more...
April 13, 2010
Swoozie's going out of business, shuttering two Houston-area stores
Personalized gift retailer Swoozie’s is going out of business and closing 43 U.S. locations, including two in the Houston-area.
Founded nine years ago, the Atlanta-based company offered presents, paper, printing and personalization. more...
April 12, 2010
Chapter 7 and 13 bankruptcy filing of consumer head to increase in Texas
Sure, it’s not just happening in Texas. Men and women in households across the country is facing difficult financial decisions in light of our current economy. The issues raised around the dinner table can range from how to scale back vacation plans and who will be responsible for cutting coupons this week, Which May bills go unpaid until next month, and how to keep their youngest child knows that it plans to attend my dream college is to be postponed. more...
April 9, 2010
There is life after bankruptcy; Credit could thaw in 18-24 months
More and more people have found it impossible the past few years to keep up with their mortgage, car payments and credit card bills. I've received countless e-mails about how to prioritize these bills when you can't make ends meet.
Indeed, in 2008 and 2009, there were a total of 2.5 million personal bankruptcy filings, according to the American Bankruptcy Institute. In the 2006 and 2007, there were 1.4 million. Despite the economic recovery, defaults continue. Filings in February were up 14% over February 2009. more...
April 8, 2010
What to Look For in a Bankruptcy Attorney and Where to Find Them
Do you ever wonder how credit problems are solved by a Texas bankruptcy attorney?
All the features of bankruptcy law are handled by such attorneys for a particular person or commercial enterprise to resolve depts. They can bring people out of debt by creating a reorganization plan approved by the court that involves the repayment of creditor’s overtime and clearing up debts by settling provisions given out to the creditors. A Texas bankruptcy lawyer elucidates the purpose and the usage of bankruptcy laws and their functions to individuals or businesses with debt and offer a new financial start. These lawyers will outline the regulations of bankruptcy procedures which include under what chapter a debtor may file, more...
April 7, 2010
How to Beat a Credit Card Lawsuit
You may have such a huge amount of debt that you find you are unable to pay it all off. Should you stop paying a creditor completely, you may find yourself at risk of being sued by them, even if the debt is listed as a charge-off on your credit report. Creditors generally bring lawsuits in the hopes of getting a court-ordered judgment against you, to force payment of what is owed through wage garnishment, property seizure and other aggressive means. Although it might seem that the odds are against you, there are some valid solutions you can employ to turn the situation around and beat the lawsuit.
Step 1 more...
April 6, 2010
Pay Garnishments Rise as Debtors Fall Behind
When the bank sued Leann Weaver for not paying her credit card balance, her reaction was typical for someone in that situation. Personal and financial setbacks weighed her down, and she knew she owed the $2,470. So she never went to court to defend herself.
She was startled by what happened next. When she swiped her debit card at the grocery store, it was declined. It turned out Capital One Bank had taken $224.25 more...
April 5, 2010
Personal Bankruptcies Skyrocket in March
This statistic is mind boggling! Federal courts reported 158,000 bankruptcy filings in March. That amounts to 6,900 per day and a rise of 35% from February, as stated by Aacer, a court electronic records data collection agency.
More Americans filed for bankruptcy protection in March than during any month since the federal personal bankruptcy law was tightened in October 2005, a new report says, a result of high unemployment and the housing crash. more...
April 2, 2010
Stop the debt-collection sleaze
You may not want to hear this if you're overdue on a bill, but collection agencies are a necessary evil in a capitalist economy.
Collectors return billions of dollars a year to lenders, and that helps make credit more available while reducing its cost. (Trust me, lenders' current stinginess would be a lot worse if they didn't expect to recoup at least some of their massive amounts of delinquent debt.) more...
April 1, 2010
Debtors Can File for Bankruptcy for Free
Consider carefully how individuals can file for bankruptcy for free. The net result of the advantages and dangers may eventually cost more than an attorney fee.
Bankruptcy laws are complex. All courts must enforce the U.S. Code and additionally comply with federal rules of procedure and local court rules. Although anyone can file for bankruptcy for free, the odds of success are small. Legal representation prevents creditor overreaching and insures debtors receive fair treatment. more...
March 26, 2010
Bankruptcy Lawyer Houston Tx: Why Do You Need Them
Known as the Second Great Depression, bankruptcy is a major problem any business may have to face. In order to save one's possessions and investments, most importantly their homes, one must have to file bankruptcy. Though it may be filed on their own, it is still critical to hire a specialist, a bankruptcy lawyer to aid him or her through the process.
Houston residents who are facing such cases can find help with Bankruptcy Lawyer Houston Tx. The bankruptcy attorneys are your lay persons to define and explain to you the confusing legal terms. more...
March 25, 2010
Luxury car dealer files bankruptcy
New Luxury Motors Bankruptcy Cases to Stay in Houston
The parent company of Luxury Motors of Franklin Park has declared Chapter 11 bankruptcy.
Chapter 11 allows for a business to hold off from paying its creditors while it tries to reorganize and become profitable again. more...
March 24, 2010
Informal Bankruptcy Can Be the Key to Eliminate Credit Card Debt
nformal bankruptcy, what is that? Essentially it is stopping the payment of certain debts to strengthen one’s financial position without going through a formal bankruptcy proceeding.
Informal bankruptcy takes advantage of the difference between secured and unsecured debts. Auto and home loans are secured debts, while credit card balances are unsecured debts. If you are having financial difficulty and stop paying unsecured debts to eliminate credit card debt, you are strengthening your position to pay your more important secured debts. more...
March 23, 2010
Loading Up on Debt Prior to Bankruptcy
For most, the decision to file a bankruptcy is a tough choice. It is the final step in a long journey that has included great compromise and sacrifice. A person usually experiences a sense relief when deciding to file bankruptcy, and there may be a tendency to "let go" of your debt problem. Unfortunately, in some cases people will “let go” by recklessly spending money and running up credit card balances.
It is generally not a good idea to incur any new debt before a bankruptcy filing. more...
March 22, 2010
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. People are finding themselves stuck with homes on which they owe more than the structure is worth. Moms and dads are using credit cards to pay for monthly utilities and other living expenses. more...
March 19, 2010
Sued By Chase Bank For $7500. Should I Declare Bankruptcy?
Yesterday my friend was served a lawsuit from Chase Bank for $7,500. Naturally, what followed was an attempt to drink away the problem last night, which succeeded only temporarily. This morning he finds himself still being sued by Chase.
Here's some background on my friend and the lawsuit. He racked up the consumer debt with Chase when he was doing relatively well as a retail store manager. However, two job changes later, he finds himself in a low paying, sales associate position at a big box retailer. more...
March 18, 2010
A simple Solution for Getting Bill Collectors Off His Back, Sue them.
Unlike his neighbors’ homes, Craig Cunningham’s house in Northeast Dallas looks abandoned. The grass is dried out. The concrete slab under the front door is lopsided and cracked. The green exterior has faded to a toxic-looking shade. Yellow Pages pile up near the front door, and the black mailbox is stuffed full. Maybe the home has been foreclosed on. That wouldn’t be a surprise in this economy.
Craig Cunningham says no one offered hurting small-time investors like him a government bailout when he landed deep in debt. That made him mad, so he decided to get even. more...
March 17, 2010
Potential lawsuits are an asset for purposes of filing bankruptcy
When you file for bankruptcy in Texas, you are required to list all of your assets on your bankruptcy petition. What many debtors do not realize, however, is that a potential legal claim against a third party is considered an asset for purposes of bankruptcy.
A bankruptcy attorney should always ask their clients whether they have any claims against any third party that could potentially be filed in court. Essentially, your bankruptcy attorney needs to know if you have any potential lawsuits. more...
March 16, 2010
Credit Card Debt Relief
How You Can Lower Your Monthy Bill With Debt Consolidation
Debt renegotiation that result in workable debt solutions are not limited to the debt relief specialists. A tenacious consumer is completely capable of lowering their debt on their own.
Getting a lower interest rate on your debt - more...
March 15, 2010
The Worst Credit Card Lawsuit Defenses Ever
I have encountered many people who have tried to defend credit card cases themselves in the past few months and am very surprised at some of the defenses that they think will work. The following are a few of the worst defenses that I have seen, and an explanation as to why they are bad defenses.
I've never had an account with you. more...
March 12, 2010
Ex-Chase VP sues over her firing
A former assistant vice president for JPMorgan Chase Bank in San Antonio claims in a lawsuit she was fired after she told her bosses the bank had misrepresented the value of thousands of delinquent credit card accounts slated to be sold.
Chase knew that about 5,000 accounts had incorrect balance information, and that more than 11,000 accounts on which it claimed it had court judgments lacked adequate documentation showing judgments actually were obtained, former Chase credit card services “team leader” Linda Al more...
March 11, 2010
Suthers settles debt collection suit
DENVER - Colorado Attorney General John Suthers has reached a settlement with four law firms, three attorneys and one associated business barring them from violating the state's debt collection and consumer protection laws.
Wednesday, Suthers announced the settling of the lawsuit, which names attorneys Jack H. Boyajian, Marvin Brandon and Karen Nations as well as their four law firms and associated business. more...
March 10, 2010
LifeLock to pay $12 million to settle ad complaints
For years, consumer advocates have accused LifeLock Inc. of overstepping its boundaries in guaranteeing the effectiveness of its identity-theft protection services.
Now, the country's top consumer watchdog has weighed in, saying the Tempe-based company preyed on consumers' identity-theft fears to sell products that didn't fully deliver on LifeLock's promise. more...
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...
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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 - 866.579.6411
mail@westonlegal.com
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9901 I.H. 10 West
Suite 800
San Antonio, Texas 78230
Phn - 210.787.3539
Fax - 866-579-6411
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106 E. Sixth Street
Suite 900
Austin, Texas 787011
Phn - 512.782.4377
Fax - 866-579-6411
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14001 N. Dallas Parkway,
Suite 1200
Dallas, Texas 75240
Phn - 214.329.9837
Fax - 866-579-6411
Principle Office, Bellaire Texas
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