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According to a report based on current data, the biggest reasons for personal bankruptcies is rising medical bills. It is expected that 1.7 million personal bankruptcy cases will be filed this year that can be attributed to medical bills. Even those with medical insurance will face medical costs that they cannot afford to pay. The number of medical-related bankruptcy cases is lower than during the recession; however, they still represent about three of every five cases filed. For more on … [Read more...]

Kelly Rutherford, best known from “Gossip Girls,” has been fighting for her children since last year when a judge ordered that the two young children must move to France to live with their father, Daniel Giersch. With legal fees in the millions of dollars, Rutherford filed for bankruptcy relief last month. According to reports, her assets total less than $24,000 and her monthly income is now just under $1,300 per month. Her total debt is reported to be over $2 million. For more details … [Read more...]

Buying your first home is an exciding time; however, it can also be a stressful time. Dealing with lenders, realtors, closing attorneys and sellers can be overwhelming. Something a first time homebuyer can do to help decrease the stress is not worrying about things that can be easily fixed. If you do not like the color of the walls, that is easily fixed after you move in by painting them a color you like. Likewise, replacing the front door with one of your choosing is an easy fix and should … [Read more...]

AMF Bowling Worldwide filed for protection under Chapter 11 late last year with a $300 million debt load that was preventing it from making improvements to attract more customers. This week a bankruptcy judge approved a plan that will allows the merger of AMF with Bowlmor, New York based company that operates high-end bowling centers. The plan will pay first-lien holders in full and give second-lien holders an ownership in the new company. For more read, “AMF Bowling plan to emerge from … [Read more...]

The bankruptcy trustee serving in the Bernard L. Madoff Investment Securities LLC bankruptcy case has actively pursued all courses of action available to him to try to retrieve as much money for the victims of Madoff’s Ponzi scheme. This included filing actions within the bankruptcy to sue several large banks and financial institutions for billions of dollars alleging they were complicit in the Ponzi scheme. Unfortunately, the bankruptcy court disagrees with the trustee and found that he has … [Read more...]

The saga of Casey Anthony’s bankruptcy case continues. From the trustee wanting to sell the rights to her story to the meter reader and Gonzalez wanting to continue state court actions, Anthony’s Chapter 7 case has been anything but a typical Chapter 7 bankruptcy. However, now Anthony’s lawyers are claiming that she may “simply disappear” if the judge allows the state court actions to proceed. For the latest details on this ongoing story read, “Casey Anthony may 'disappear' if lawsuits … [Read more...]

According to a report by an independent monitor, banks may be doing better to meet the requirements set forth in last year’s national mortgage settlement; however, there is more work to be done. Customers complain of not having a contact person that handles their specific account and the banks are slow in providing information and responding to customers. The settlement set guidelines for banks with regard to troubled home loans and provided billions of dollars in financial relief for … [Read more...]

As the Backstreet Boys begin their music tour to promote their new album for their 20th anniversary, the bankruptcy trustee serving in Lou Pearlman’s case said “No, No, Uh, uh” to their claims in bankruptcy court. After filing a proposed payment plan in the Pearlman bankruptcy, the trustee filed objections to $3.5 million in claims filed by the members of the Backstreet Boys. The trustee alleges that the claims lack support and information necessary for him to make a determination as to their … [Read more...]

When you file bankruptcy, you must disclose all assets that you own at the time of the case filing, including but not limited to, a 401k or other retirement account. In almost all cases, 401k accounts are protected provided that the debtor claims the proper exemptions. Therefore, a person can discharge all credit card and other unsecured debt while keeping every penny in his or her retirement. However, you must leave the money in the retirement account to keep it safe. To see how you could … [Read more...]

Last week, the IRS sold two parking spaces in Boston for $560,000 while one space in San Francisco was purchased for $82,000. According to real estate experts, as cities become more crowded and parking spaces become scarce, the demand for prime parking spaces will increase. This could also drive the prices of these spaces up as more people look for places to park in crowded areas. For more about this growing real estate trend read, “Real Estate’s Hot New Commodity: Parking Spots.” … [Read more...]