Detnews.com reported in “Faux prince arrested in New York on Michigan deadbeat charges” that a man, age 50, posed as an Austrian prince in New York. In May 2010, he was accused of being one of Michigan’s worst dads and arrested in New York City. He began his Soho, NY family under the fake moniker [...]
Posted April 19, 2011 by Imogen Lay under Credit Report
Some people with minimal credit card debt file Chapter 13 bankruptcy primarily to strip a second mortgage. You may be able to accomplish the same result without filing bankruptcy now that banks are becoming somewhat more flexible to work out mortgage solutions on upside down property. I’ve heard of cases where a second mortgage company [...]
Tags: 13 Bankruptcy, Bankruptcy, Chapter 13, Chapter 13 Bankruptcy
Posted April 19, 2011 by Brayden Laura under Credit Report
In February 2011, crain’s new york business.com reported the founder of New York’s H&H Bagels, filed chapter 11 bankruptcy. The founder like some small business owners in California fell into debt because of payroll taxes. The founder was sentenced to jail in 2010 for failing to pay over $500,000 in payroll taxes. H&H Bagels started [...]
Tags: 11 Bankruptcy, Bankruptcy, Chapter 11, Chapter 11 Bankruptcy
Posted April 16, 2011 by Imogen Lay under Credit Report
Many people who wanted to file Chapter 13 found that they were ineligible because their debts exceeded the Chapter 13 debt limits of approximately $1 million of secured debt or approximately $360,000 of unsecured debt. The debt limits have affected more people in the past few years because inflated real estate values during the boom [...]
Tags: 13 Debt, Chapter 13, Chapter 13 Debt, Debt
Posted April 14, 2011 by Brayden Laura under Credit Report
A woman called me to ask whether she and her husband could file bankruptcy while her husband was in prison. The woman is concerned about her husband’s inability to attend the trustee meeting. She said her husband could not initiate phone calls, and that the state will not transport him to a bankruptcy meeting or [...]
Tags: Prison, Spouse Prison
Posted April 10, 2011 by Brayden Laura under Credit Report
A cynic is someone who knows the price of everything and the value of nothing. Oscar Wilde The great recession has caused a once housing obsessed country to lose its appetite for real estate. Its no coincidence that the tidal wave of house flipping reality TV shows has retreated to late night televisions infomercial nether [...]
Posted April 3, 2011 by Imogen Lay under Credit Report
Earlier this month, the Chapter 7 Trustee (the “Trustee”) appointed in the Indalex bankruptcy began filing avoidance actions against various Indalex creditors. For those not familiar with the Indalex bankruptcy, Indalex filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware on March 20, 2009. Prior to filing bankruptcy, Indalex was [...]
Tags: Actions, Indalex Bankruptcy
Posted April 3, 2011 by Brayden Laura under Credit Report
If you’ve ever applied for a credit card, there’s a good chance you’ve seen the “household income” section on the application form. And when you came across it, you may have wondered how to fill it in. If you were a kid, you may have added your parents income to your non-existent income. Or perhaps [...]
Tags: Card, Credit Card, Household Income
Posted March 25, 2011 by Brayden Laura under Credit Report
Yes, if youre behind on your mortgage, the bank can foreclose while youre in bankruptcy. There are two common situations in which foreclosure can take place during a bankruptcy. 1. Youve fallen behind on mortgage payments: While filing bankruptcy will temporarily stop foreclosure, it wont get you out of paying the mortgage. If you file [...]
Tags: Bankruptcy, Foreclose While
Posted March 24, 2011 by Imogen Lay under Credit Report