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Casey Anthony filed for protection under Chapter 7 of the bankruptcy code claiming that she was unemployed and that she could not afford to pay her debts. Anthony testified at her First Meeting of Creditors that she has never received any money for her story. The bankruptcy trustee in Anthony’s case has filed a motion with the court asking for permission to sell Anthony’s life story through the bankruptcy court. The money would be used to pay Anthony’s debts. For more you can read, “Date … [Read more...]

The group that has offered $410 million to purchase Twinkies, and other Hostess brands, out of bankruptcy has already been thinking about how to get the tasty treats back on store shelves. One of the members of the group, Evan Metropoulos, has said that possible stars that might appear in future advertising campaigns include Zach Galifianakis and the men of “Duck Dynasty.” Metropoulos should know all about advertising as his family owns Pabst Brewing co. For more details read the full story … [Read more...]

Geokinetics was forced to file for bankruptcy protection after it missed a $14.6 million interest payment on notes that was due in December and failed to meet the 30-day grace period note holders gave the company to make the payment. Bankruptcy forms show that Geokinetics has approximately $12 million in assets but over $350 million in debt. The company analyzes and provides data to oil and gas companies. According to the company, it has already reached an agreement with senior secured note … [Read more...]

Last year, Discover purchased the mortgage business known as Tree.com Inc. and began to fund residential loans under that business entity. Now Discover Financial Services says that it will begin offering home equity loans as it pushes further into the direct banking market. Discover will offer fixed-rate home loans up to $100,000. The company feels that the real estate market has shown a sustained recovery and demand for homes is rising. The company also wants to tap into the market of … [Read more...]

Unfortunately, many of us have had to deal with debt collectors. Their job is to harass consumers until they agree to pay the debt. There are laws that prevent debt collectors from crossing certain legal lines in their harassment; however, knowing what acts are not permitted under the Fair Debt Collection Practices Act helps consumers know how to deal with debt collectors. For example, late-night telephone calls are not permitted and calls must stop when you file a bankruptcy. For more … [Read more...]

The term bankruptcy still carries with it a certain amount of shame and reproof. Many people feel bankruptcy is a “bad” word and that filing bankruptcy is something to be ashamed of and concealed. Common myths associated with filing for bankruptcy relief include that it is only for people who are poor. Many believe bankruptcy is associated with poverty. This is not the case as bankruptcy means you have more debt that you can pay whereas poverty means you do not have the money to pay even your … [Read more...]

JP Morgan Chase & Co. has agreed to a settlement that may lead to the approval of MF Global’s bankruptcy plan. JP Morgan objected to the bankruptcy plan filed by hedge funds in the MF Global bankruptcy case. The group of hedge funds proposed a plan, which was backed by the bankruptcy trustee, wherein general unsecured creditors of the holding company would receive up to 39 cents on the dollar while unsecured creditors of the finance company would receive up to 34 cents on the dollar. … [Read more...]

The housing market is beginning to bounce back due to lower interest rates, a better economy and the rising cost of rent. Sellers are motivated to sell and now have more buyers who are searching for a new home or their first home. However, lenders are still looking critically at potential buyers and their ability to pay ongoing mortgage payments. If you are ready to buy a home, there are three tips that will help you make the process less stressful. For the tips and more information on … [Read more...]

Rhythm & Hues, the special effects company that worked on the “Life of Pi” has found a party interested in buying the company out of bankruptcy. JS Communications Co., a South Korean Media company, has put in a bid to buy the company. The bid would assume about $16 million in debt in addition to paying approximately $1 million toward other liabilities. The agreement would require bankruptcy court approval prior to taking effect. For more read, “Bankrupt ‘Life of Pi’ Special Effects House … [Read more...]

Kodak hopes a new financing agreement will allow it to obtain the required financing to exit bankruptcy later this year. The original financing agreement was $700 million; however, Kodak will now only need to raise $600 milling in financing. Kodak hopes to raise the money through the sale of noncommercial imaging assets including document imaging and trademarks. If a bankruptcy plan is filed, the creditors and the Bankruptcy Court must first approve the plan before Kodak can begin its exit … [Read more...]