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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Zoo: Reptile Walk Opening Day

The signage for the San Diego Zoo’s newly opened Reptile Walk. To celebrate July 4th, I decided to take a trip to the San Diego Zoo to experience the opening day of their new Reptile Walk area. While there, I tried to remember what I had done on July

Today in Bankruptcy – 7-5-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 5, 2012 APNewsBreak: Arkansas’ Smith facing bankruptcy Stockton Bankruptcy The Result Of 15-Year Spending Binge Big Banks’ ‘Living Wills’

What the Heck is a Notice of Payment Change?

Mortgage If you are in a chapter 13 case right now, and you are buying a home, you will likely see a “Notice of Payment Change” come in the mail sometime soon, if you have not already. What the heck is a Notice of Payment Change? A wonderful (I’m

Credit Reform

As a person who regularly checks his credit report, I was surprised a few years ago when one of the credit bureaus reported that I had filed for bankruptcy. This was not true; I was only eighteen or nineteen at the time, and had no reason to file. It

Credit Reform

As a person who regularly checks his credit report, I was surprised a few years ago when one of the credit bureaus reported that I had filed for bankruptcy. This was not true; I was only eighteen or nineteen at the time, and had no reason to file. It

Our Early Warning System for Financial Crises Is at Risk

The Office of Financial Research is not yet fully operational. Critics on the Hill want to gut the agency. Its forthcoming annual report presents a chance to win over lawmakers.

Dividing Credit Card Debt in Divorce

Debt including credit card debt is divided in divorce depending on what state you reside in. Community property states such as Texas separate debt differently than equitable distribution states, also referred to as common law states. There are a few

Praktiker, Investors Agree On Rescue Plan

Per www.globalinsolvency.com: Thu., July 5, 2012 Praktiker AG, the struggling German DIY chain, and its major investors struck a compromise late on Wednesday in a last-ditch attempt to stave off bankruptcy, Reuters reported. Fund manager Isabella de

Remaining Dewey Staff Could Get $700,000 in Bonuses

Reuters Dewey & LeBoeuf LLP is turning to a time-tested way to staunch the bleeding of its staff: cash. The defunct law firm wants to pay up to $700,000 in bonuses to make sure its 52 remaining employees stick around to help it wind down and to

Debtor Claims of Multiple Contact Attempts from Creditor after Bankruptcy Filing

A debtor who lives in Florida claims Bank of America continued to make multiple phone calls attempting to collect on outstanding debt after he filed bankruptcy, according to the Huffington Post and the Bankruptcy Law Network. The issue was recently

Car Purchased For Another Family Member Still Included In Bankruptcy Estate

People often buy cars for their children or for an elderly parent. When they do so, some of these people put their own names on the car title to get lower insurance rates or to reflect their own contribution to...

The Virtues of Variable Rate Mortgages

Not adjustable rate, variable rate. Unlike the ARMs we know here in the U.S., Canada's VRMs solve the vexing trade-off between monthly payment risk and interest rate risk. The product deserves a close look here south of the border.

The Daily Docket: Mammoth Lakes Enters Bankruptcy

Mammoth Lakes, Calif., on Tuesday filed for Chapter 9, or municipal bankruptcy, less than a week after nearby Stockton, Calif., sought the same protection. Read the Daily Bankruptcy Review article here. (Daily Bankruptcy Review and DBR Small Cap are

Round Lake Bankruptcy Attorney Addresses The Post-Filing Requirement

Round Lake bankruptcy attorney David Siegel states that in addition to pre-filing requirements, there are also post-filing requirements. One requirement is that the debtor must take a second credit counseling class which is called the personal

Plainfield Bankruptcy Lawyer On Pre-Filing Requirements

According to Plainfield bankruptcy lawyer David Siegel, prior to filing your Chapter 7 or a Chapter 13 bankruptcy, there are several things that the person must do. The first thing the person must do is give their attorney a statement of income

Former Debtor Executives' Claims Capped Under Bankruptcy Code § 502(b)(7) Because Change In Control Agreements Were Part Of Employment Contracts

In re: VeraSun Energy Corp. , Case No. 08-12606 (BLS), March 26, 2012 Debtor VeraSun Energy Corp. sought to limit its former executives (the “Executives”) claims arguing that they exceeded the cap that § 502(b)(7) of the Bankruptcy Code imposes on

When Does It Make Sense to Reaffirm an Auto Loan in Chapter 7 Bankruptcy?

Our Bay Area Chapter 7 bankruptcy clients as well as those who have read my previous posts know that I can be fairly hostile to reaffirmation agreements of car loans in bankruptcy. After all, the whole idea of reaffirming a personal debt that would

What you need to know about Chapter 7 Bankruptcy

Chapter 7 Bankruptcy helps businesses or individuals that can no longer handle the scope of his/her/its debts. What follows is a series of legal processes designed to pursue practical solutions for both the debtor and any involved creditors. One of

Today in Bankruptcy – 7-4-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 4, 2012. Mammoth Lakes, California, Seeks Bankruptcy Protection Hawker Beechcraft Eyes Potential Buyers After Bankruptcy Home Builder

Tax Settlement: 6 Solutions to Resolve Tax Debt

The Internal Revenue Service (IRS) offers multiple methods for taxpayers to settle their tax debt. Many find it easier to just ignore what they owe but this only makes things worse. The longer you put off paying your taxes the more you will owe