Now, if you or I were owed $45.9 billion dollars, in a bunch of states, by a bunch of people, and had over 1,000 lawsuits going to get some of that money back, what would it mean if, all of a sudden, we dropped those suits? It would mean we got religion, decided…
Category Archives: Bankruptcy
Funniest Celebrity Poker Stories
Well, to the extent we think it is funny when the rich and famous get sued. For playing games we can only dream of entering. Like a poker game where you win $311,000. But, the money (allegedly) was won from a crook who stole it in a Ponzie scheme. And now the crook is bankrupt,…
The Truth About Michigan Bankruptcy Petition Preparers
In the Eastern District of Michigan Bankruptcy Court, Detroit, ten percent of the Chapter 7 cases filed are by people without attorneys. Many of the bankruptcy petition preparers abuse the process. First, they charge more than allowed. All of the Judges in the Eastern District of Michigan Bankruptcy Court have signed an order limiting bankruptcy…
Petition Preparer Statement
order_re_max_fee UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF MICHIGAN In re: Case No. Chapter Hon. Debtor(s) / STATEMENT OF PETITION PREPARER PURSUANT TO F.R.BANKR.P. 2016(c) The undersigned, pursuant to Fed.R.Bankr.P.2016(c) states that: 1. The undersigned is the petition preparer for the Debtor(s) in this case. 2. The compensation paid or agreed to be…
The New Truth About Debt Settlement Companies
“We can settle your debt for pennies on the dollar!” You don’t hear those ads as much as we used to, because the federal government finally clamped down with FTC regulations 7 months ago. “Settle your debts for 60, 70 as much as 85% off!” What these debt settlement companies left off their spiel was…
Who Gets A Loan When Needed?
How are you doing with that loan modification you requested last year? How is that big bank treating you? Are they sympathetic to your financial difficulties? Willing to lower your interest rate? Help you through these tough times? Yeah, right. Hey, its the real world, deal with it, nobody helps them out, right? Those poor…
The Truth About Bankruptcy Fraud
The creditor lobby would have you believe that people who file bankruptcy are the ones committing fraud. They sold the bankruptcy law reforms as a way to stop the rampant fraud going on, people filing bankruptcy to skip out on their debts, debts which they could afford to pay. That was the company line. Debt…
The House Payment In Bankruptcy Story
What can I keep paying for if I file bankruptcy? What bills do I have to stop paying if I file bankruptcy? These are common questions I get from people. Too much to cover in one post, so more later. First, let’s discuss mortgage payments. In chapter 7, if you want to keep your house,…
The Truth About Bankruptcy And Forgiveness Of Debt Income
DISCLAIMER: NOTHING IN THIS POST IS MEANT AS TAX ADVICE, CONSULT A PROFESSIONAL I was shocked to hear that some of my clients were about to pay income tax because of 1099-C forms received on rental properties they had abandoned. Being my clients, they had already filed Chapter 7 and received discharges. Which means, no…
What You Need To Know About Chapter 11
You may run a small business, that is, or is not, incorporated. If it is a corporation, the corporation has to file for Chapter 11 to get bankruptcy relief. But, you do not have to be a corporation to file for Chapter 11. You may run a store, own and rent a bunch of houses,…
