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Ex NBA Player Files for Bankruptcy
Ex NBA star Derek Coleman filed for Chapter 7 bankruptcy protection last month. He owed his creditors more than $4.7 million dollars. Derek Coleman was the number one draft pick coming out of high school into the NBA. The ex-Syracuse University standout and 1991 NBA Rookie of the Year earned tens of millions during a [...]
New $100 Bill
The United States Treasury Department has just unveiled the new $100 bill design to curtail counterfeit. “This note incorporates the best technology available to ensure we’re staying ahead of counterfeiters,” Geithner said at the unveiling ceremony. The new bill featuring a security thread decades in development: the microprinted mobile image that has inspired all the [...]
Bankruptcy Discharge
I know many of you want to know – what does discharge mean to me? In the world of bankruptcy getting a discharge means that the court is discharging your debts. That means that your creditors can no longer go after you for your debts. At least those that were discharged.
Foreclosure Down or No
Foreclosures in the month of January was 15% compared to the same month last year. But it is predicted that this number is going to dramatically increase as a surge of cash-strapped homeowners who have fallen behind were on their way. More than 315,000 homeowner received a foreclosure notice in January. That is less in [...]
Foreclosure Liability
Depending on the state that you reside in, you could be in for a rude awaking if your home was foreclosed upon. For what you asked? Well if your home sold for less than what was owed on your mortgage than you could be liable for the difference. This is known as a deficiency judgment [...]
States Filing For Bankruptcy
With individual bankruptcy filing at record place, it is not too surprising that companies and now state government are following suit. There is a thought floating around that 46 out of 50 states in American could file for bankruptcy. If that turns out to be true then we might be in for a long ride [...]
2009 Bankruptcy Filing
Bankruptcy filing in 2009 jump 32%. There were more than 1.4 million filings in 2009. The largest number since 2005. Experts believe that 2010 may see even more. There were 116,000 filing in December alone. The filings reflect the severity of the one of the worst recessions since World War II. In fact, states that [...]
Means Test
Chapter 7 is the bankruptcy relief most often sought. On filing, all assets pass to an estate administered by a trustee, who liquidates all nonexempt assets of value. Creditors can file claims against the assets and the claims are paid in accordance with the Code. If you are an individual, you can get a discharge [...]
When to file bankruptcy
Timing is frequently an important consideration with respect to the filing of a bankruptcy case. When you have made a transfer to or for the benefit of an insider, you may wish to wait until the one year preference period or the two year statute of limitation has expired. When you owe state or federal [...]