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Taxpayers in Illinois paid over $3 billion more last month – a 33% increase. Gov. Quinn said the extra funds would be used to pay some of the state’s massive debts - - over $9 billion. Officials are quick to remind people of the state’s high unemployment rate of over nine percent, second highest in the country. When combined with other factors, officials say that it is not safe to believe this trend may continue next year. For more read, “Illinois income tax collections rise 33% in April.” … [Read more...]

Dr. Akshay Desai has been accused of hiding assets in the bankruptcy case of Universal Health Care.  The trustee in Universal’s bankruptcy case has alleged that Dr. Desai moved money to a nonprofit foundation before transferring it to a college attended by his children.  The bankruptcy trustee also believes that Dr. Desai has attempted to hide larger sums of money from the bankruptcy and plans to investigate and recover the money for the bankruptcy estate. To read more see, “Universal CEO … [Read more...]

The devastating storms that hit Oklahoma could have happened almost anywhere in the United States. Homeowner’s are faced with the emotional and daunting task of trying to recover and rebuild. When a homeowner’s experiences the loss of their home, there are certain things they must keep in mind. One is not to re-enter their home until it is safe. Another is to refrain from signing any documents until they have read them completely and understand the legalities. For eight more tips read, “After … [Read more...]

Landlords must be careful when dealing with tenants who file for bankruptcy relief. Depending on when the tenant files his or her bankruptcy petition and whether or not he or she is past due on the rent payments effects how the landlord can proceed with regard to eviction. Prior to the changes in the bankruptcy code in 2005, landlords had little choice when their tenants filed bankruptcy but now that is not necessarily the case. To find out how bankruptcy effects a landlord’s right to evict … [Read more...]

After six long years, the bankruptcy case of Lou Pearlman may actually pay some money to creditors.  The creator of ‘N Sync and the Backstreet Boys has been serving time in a federal prison for the past five years for a Ponzi scheme while the bankruptcy trustee has worked diligently to recover roughly $35 million from various sources such as asset sales, lawsuits and royalty payments.  It is unclear how much of this money will be paid to creditors at this time. For more details read, “It … [Read more...]

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...]