The Story Behind Today's MF Global Congressional Testimony
They had no plan to file bankruptcy until they were forced to at least plan for the contingency and, according to the first day filings with the bankruptcy judge, hired Skadden on Friday the 28th. Corzine and Co.'s goal was to sell the company or, …
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Alabama County Will Default On April 1 Bond Payment
By Kelly Nolan Of DOW JONES NEWSWIRES Jefferson County, Ala., which last year filed for the largest municipal bankruptcy in US history, will default on a $ 15 million general-obligation bond payment due April 1, county officials said Wednesday.
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Providence Bankruptcy Seen as Unavoidable on Budget Gap
“I don't see how they can get out of it without going there,” said Flanders, a former state Supreme Court justice and a partner at Hinckley, Allen & Snyder LLP in Providence. He put Central Falls into bankruptcy in August and has since torn up …
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AMR wants to emerge from bankruptcy quickly
The 50-year-old Horton, a devoted runner who trains for marathons, wants to set a fast pace and push American through bankruptcy. He says the company can't afford to move slowly in Chapter 11 unless it wants to be sold to a rival or broken up.
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Federal SEC investigates Donnan bankruptcy
In court papers filed this month, lawyers for the SEC say they plan to file a claim of as much as $ 13 million against Donnan, who coached the UGA football team from 1996 through 2000. The company, GLC Limited, filed for bankruptcy last year, …
Read more on Online Athens
'Fee Only' Chapter 13 not bad faith per se
March 26 (Consumer Bankruptcy News) – Good faith in filing a Chapter 13 petition and in proposing a plan must be determined based on the totality of the circumstances. It cannot be based on a single, make-or-break requirement such as whether the …
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Question by : Should i file bankruptcy?
I just got off the phone with a good friend of mine, he was repeatedly asking me the question “should i file bankruptcy”?
He and his wife owe about $ 100K in credit cards. The both of them originally held great well-paying jobs which they lost due to the economy and recent cost-cutting by their companies.
They were intending to repay the debt but as a result of their job loss, their current employment which is only paying a fraction of their original income is significantly not enough. They are being hounded frequently by creditors as well. I’m unsure what is the best option for him.
I am hoping i will be able to answer his question “should i file bankruptcy” in a assured manner to calm his nerves down. Is it the only option with regards to this issue of his? Any alternatives?
Best answer:
Answer by Rob
You should say to your friend “No, Do Not file for bankruptcy. The reason is that since 2005, the laws have changed and it is very difficult to file chapter 7 and so most people file chapter 13 which puts the borrower or creditor into what can be referred as a ward of the state or court because the court determines how your momey is spent plus they add onto your debt their bill for their services. There is hope and it starts by reading a free Ebook that tells you exactly what our credit system is about and how it works. It is 35 pages in length. You can find this ebook at debtendnow.com My friend John D. was in the same boat and he found a way that gets you to renegotiate at 10 to 20% off your balance. You can email me and I will be happy to share more.
Rob
Add your own answer in the comments!
AES Corp. subsidiary files for bankruptcy
AP NEW YORK — The AES Corp. said Tuesday that a subsidiary, AES Eastern Energy, has filed for Chapter 11 bankruptcy protection after struggling with high coal costs and declining power prices. AES Corp., based in Arlington, Va., said the bankruptcy …
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How to Get Out of Debt and Avoid Fraud
Fortunately, there are many resources out there that can help you put together a plan to pay off your debt, including credit counseling agencies. You don't have to be close to filing for bankruptcy to realize that you are in financial trouble. …
Read more on PR Newswire (press release)
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