Well, if you are Donald Trump, you just keep filing bankruptcy. Actually, The Donald never files, just his companies. His casinos have filed multiple times. But, those were all Chapter 11 bankruptcies, like the latest one linked to above. What about Chapter 7 bankruptcy? Is it one and done? No, it is not. …
RESPA stands for Real Estate Settlement and Procedures Act. Especially in Chapter 13 bankruptcy cases, you need to know the correct numbers on your mortgage(s). Some provisions relate to how mortgage companies must handle escrow accounts, and various notices they must provide, and the timing for same. My favorite part requires your mortgage company to…
Bankruptcy filings skyrocketed in the weeks and days before the current bankruptcy laws took effect October 17, 2005. The perception was it would be much more difficult to file AFTER the bankruptcy laws changed. Well, it has not turned out the way that creditors hoped. Of course, filings were down after the 2005 rush,…
How to avoid filing bankruptcy? We should revert to the old rules of family finance, even guru Suzie Orman agrees. Remember, those Depression era folks? Some are still around, like my in-laws. They considered it damn near a sin to borrow money. Pay interest? No way. Never had a credit card or a car…
Hell, yes. Just because a person or company, or even a college, has filed bankruptcy, does not mean you are off the hook if you owe them money. Lon Morris College filed Chapter 11 bankruptcy, and expects to get as much as one million dollars by suing students for unpaid tuition. These are not…
There may be some for Michigan homeowners caught in the foreclosure crisis. And filing bankruptcy does not disqualify your, automatically, from the program. I am not sure why government bureaucrats like long names for programs, perhaps, it makes them feel more important. This is about Michigan’s Helping Hardest Hit Homeowners program, otherwise known as…
He played Warrick Brown on CSI: Las Vegas, and now, bankrupt. Gary Dourdan filed Chapter 11 bankruptcy. You may think his would be a unique case, but, a little internet research shows similarities with many of my clients. Bought too much house when times were good. $5,000 per month payments back in 2004 when…
Bankruptcy “reform” was enacted at the behest of the creditor lobby, you know, the ones with the money, in 2005 partly on claims that many people were filing Chapter 7 bankruptcy who could afford to pay at least some of their debts in Chapter 13 bankruptcy. Contrary to popular belief, that has NOT happened….
General Motors filed the biggest Chapter 11 bankruptcy in history. Lots of corners were cut, laws and rules ignored for political reasons. Bondholders, among others, got zip. The president wanted it over quickly, wanted the unions to come out on top. Now, it seems, not all of the maneuvering was done in the open…
Chapter 13 bankruptcy, and Chapter 11 bankruptcy, are payment plan bankruptcies, unlike Chapter 7 bankruptcy, which is to wipe out debt. Being payment plans, you pay some of your debts in Chapter 13 or Chapter 11, but perhaps a small percentage. How much you pay depends, among other things, how much you make. But,…
