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Researchers released a report that shows a correlation in the number of bankruptcy cases filed in relation to cancer patients.  The results of the research reveal that cancer patients are two and one-half times more likely to file for bankruptcy relief than non-cancer patients are.  The highest rate of bankruptcy filings occurs in younger women with thyroid cancer while the lowest rate was among men with prostrate cancer.  The cause may be related to the age more than the gender. For more … [Read more...]

If you waited until the last minute to mail your tax return to the federal government, you may be waiting even longer for your tax refund.  Due to budget cuts, the Internal Revenue Service will close for five days between May and August.  IRS workers will not receive pay for those days and may even be required to take an additional two furlough days.  To find out what the closure could mean for taxpayers read, “IRS to close for 5 days due to budget cuts.” … [Read more...]

There are many things to consider when you are shopping for a new home for your family. The size of your family has a huge impact on the type of home you will purchase. Likewise, if you have school-age children, you will want to investigate the neighborhoods and schools in the area before you sign a contract to purchase a home. Of course, the number one consideration is can you afford the monthly mortgage payments and still provide for the basic needs of your family. For more things to … [Read more...]

A gay couple in Florida has filed for bankruptcy relief after losing their home. The couple’s marriage was legalized in Vermont; however, Florida does not recognize same sex marriages and there is no provision for an unmarried couple to file a joint bankruptcy petition. The attorney for the couple states that he hopes the bankruptcy will be approved but he does intend to appear the decision if the bankruptcy case is denied. An appeal could put the issue of the Defense of Marriage Act back on … [Read more...]

Retirees and at least one shareholder are not happy with how the Eastman Kodak Co bankruptcy case has progressed. In a letter to the Bankruptcy Court, a shareholder and attorney in Florida, Matthew Glassman, states that Kodak’s bankruptcy plan is designed to “rob both shareholders and unsecured debt and bond holders.” In a separate matter, retirees have petitioned the court for an official committee to represent their interests in the bankruptcy case. For more details read, “Kodak bankruptcy … [Read more...]

New guidelines regarding the fees charged by attorneys in corporate bankruptcies are scheduled to be announced by July 1. These guidelines are designed to lower the fees that attorney’s charge debtors, and sometimes creditors, in corporate bankruptcies. Some attorneys can charge up to $1,000 per hour in very large cases. Some feel that this is not fair when creditors are only receiving a portion, sometimes pennies on the dollar, of the amount owed to them. Other professionals involved in … [Read more...]

Many first time homebuyers are so excited about purchasing their first home that they fail to take into consideration how they will pay for this home in addition to their other bills and living expenses. The Department of Housing and Urban Development (HUD) advises that homebuyers should purchase a home that will cost no more than thirty-one percent of their gross monthly income. Of course, other variables must also be taken into consideration when deciding how much you can spend for your … [Read more...]

Casey Anthony, acquitted of the murder of her daughter, filed for bankruptcy relief claiming assets of only $1,000 and debts of almost $800,000. Most of the debts were accumulated as a result of her defense of the criminal charges. A hearing this week in bankruptcy court revolved around two defamation suits that were filed against Anthony in state court by the babysitter and the meter reader. Both are asking the bankruptcy judge to allow the cases to continue. At least one creditor is … [Read more...]

Oreck Corp., maker of the famous upright vacuum cleaners and other items, filed for protection under Chapter 11 of the United States Bankruptcy Code. Citing “deteriorating sales” and an inability to pay debts as this come due, the company had no choice but to file for bankruptcy protection. It is expected that the company will sell its assets through the bankruptcy after reorganize debts and consolidating assets. Along with Oreck, eight of its affiliates also filed for bankruptcy protection. … [Read more...]

Lauryn Hill, award-winning singer, was sentenced to three months in prison for tax evasion this week. The singer failed to file tax returns from 2005 through 2007. She owed more than $1.8 million in taxes for those years. Even though Hill paid almost one million dollars in federal and state taxes prior to the sentencing, the judge decided to give her time in prison, and home arrest thereafter, rather than probation. For more details and to find out what Hill should have done about her … [Read more...]