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Did you know that there is a secret network of agents that have listings that no one else knows about? Well, if you are then you may be lucky enough to snag one of these great homes before it is offered to the public at large. Homes that are for sale but have not been listed with MLS are known as pocket listings. There are several advantages of pocket listings and some agents are using these to the advantage of their clients. For more about pocket listings read, “Tapping into real estate's … [Read more...]

IGPS Co, LLC filed for bankruptcy relief blaming its financial troubles on missing pallets. The irony is that the pallets are traceable. IGPS owns millions of plastic pallets that are traceable because of real-time tracking embedded in the pallets. IGPS lost over a million of the pallets causing a default on loans resulting in creditors demanding immediate payment. IGPS filed bankruptcy with the intent of selling is assets to a predetermined purchaser. For more details read, “Traceable … [Read more...]

As it struggles to exit bankruptcy successfully, Eastman Kodak first must deal with ghosts from its past. Multiple claims have been filed by state and federal officials claiming that the company owes millions of dollars for environmental damage to the Genesee River. The environmental issues relate to toxic chemicals that were leaked and spilled at the Eastman Business Park in New York. Kodak paid over $2 million in 1990 for violations of environmental laws. As part of its bankruptcy, Kodak … [Read more...]

Halsey Minor sold his company in 2008 for $1.8 billion in 2008 – five years later his is asking for a complete discharge of his debts through a Chapter 7 bankruptcy case. Filed last month, Minor’s Chapter 7 bankruptcy case reported assets totaling less than $50 million with debts of up to $100 million. Under a Chapter 7, a trustee will take whatever assets are not exempt, liquidate those assets and pay as much as he can to Minor’s creditors. The remaining debts will be discharged so that … [Read more...]

Across the county, homeowner’s insurance rates rose by 36% from 2003 to 2010. The largest increases were seen by states that are along the Gulf of Mexico and the Atlantic Ocean. Homeowners in these areas experienced insurance rate increases of more than 40% with residents in Florida seeing the highest rate increase (91 percent). Insurance companies claim that the higher insurance rates are a direct result of the risk involved in insuring coastal property. For the complete story read, … [Read more...]

Sound Shore Health System, Inc. located in New York City filed for relief under Chapter 11 of the Bankruptcy last week. Sound Shore blames cuts in government spending under Medicare as the reason why it is struggling financially. Even though the company had over $241 million in revenue during 2012, the bankruptcy filing reports that it owes about $200 million in debts with only about $160 million in assets. This is not the first medical facility to file for bankruptcy citing cuts in Medicaid … [Read more...]

Casey Anthony was not present for the latest hearing in her bankruptcy case – she is still in hiding after being acquitted of the murder of her daughter. The meter reader and the nanny who were implicated during the murder trial have sued Anthony for defamation. Anthony’s bankruptcy halted the defamation cases; however, attorneys for the two plaintiffs are seeking relief from the bankruptcy court to continue the actions in state court. Anthony’s attorneys are arguing the matter should remain … [Read more...]

The Internal Revenue Service has petitioned the bankruptcy court requesting that it be allowed to pursue collection of taxes owed by Dionne Warwick. When Warwick filed for bankruptcy protection in March, she listed tax debts of almost $7 million to the IRS alone. The taxes were owed for tax years 1999 through 2007. The IRS wants to use funds from two companies affiliated with Warwick to pay down her tax debt. For more read, “IRS Targets Dionne Warwick’s Tax Debt.” … [Read more...]

First, you must have a health insurance policy that is HSA eligible. You can only transfer money from your IRA to your HSA once during your lifetime and it is limited to the yearly maximum HSA contribution less any contributions you had already made for that year. Remember, even though you have until April of the following year to contribute to your HSA account for the current tax year, an IRA rollover counts for the calendar year when the rollover is made. For more information read, “Be … [Read more...]

If you are leasing your home, beware of making any major interior design changes or improvements. Because you are not the owner of the property, you may not be allowed to make major renovations to the leased property. First, check your lease agreement to see if it prohibits tenants from making any changes to the homes interior (i.e. paint, wallpaper, flooring, etc.). If the lease allows for renovations, it is likely to require that the tenant obtain the property owner’s approval before … [Read more...]