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Week Ahead in Bankruptcy: Coda, ResCap and AMR

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Week Ahead in Bankruptcy: Coda, ResCap and AMR 5/28/2013 COMMENTS (0) (Reuters) - These are the major events scheduled in bankruptcy this week. All times ET.   Bankruptcy courts closed for Memorial Day holiday.     Wednesday, May 29 Deadline for Judge Kathy Surratt-States to rule on whether bankrupt Patriot Coal can abandon its labor contracts and retiree health benefits. Patriot has said it will have to liquidate unless it is allowed to impose new, cost-saving labor and benefit terms that cut expenses by $150 million a year. United Mine Workers of America has rejected the proposal as unfair. U.S. Bankruptcy Court, Eastern District of Missouri, No. 12-51502. For Patriot: Marshall Huebner, Damian Schaible, Brian Resnick and Michelle McGreal of Davis Polk & Wardwell and Brian Walsh and Lloyd Palans of Bryan Cave. For the union: Grant Crandall, Judith Rivlin and Art Traynor of the United Mine Workers of America and Frederick Perillo, Yingtao Ho and Sara Geenen of the Previant Law Firm. 10 am: Barclays Plc and Lehman Brothers' defunct brokerage will face off in oral arguments over the rights to billions of dollars in assets stemming from Barclays' purchase of the brokerage's assets in 2008. Last year, Judge Katherine Forrest ruled that Barclays did not have to return about $1.5 billion in so-called margin assets, reversing a previous ruling by bankruptcy Judge James Peck. Forrest also ruled that Barclays could keep about $1.9 billion in so-called clearance-box assets, affirming Peck. The matter is now before a three-judge appellate panel in the 2nd U.S. Court of Appeals. For James Giddens, the trustee liquidating the Lehman brokerage: William Maguire, Neil Oxford and Seth Rothman of Hughes Hubbard & Reed. For Barclays: Jonathan Schiller and Jonathan Shaw of Boies Schiller & Flexner. 10 am: Green car start-up Coda Holdings Inc will ask Judge Christopher Sontchi to approve its plan to hand out performance-based incentives to key employees. Under the incentive program, Coda will pay some of its employees a total of $400,000, and if the company's assets are sold for more than $26 million, the amount to be paid will increase to $415,000. Coda filed for bankruptcy protection in May after its all-electric sedans failed to break into the mass market. U.S. Bankruptcy Court, District of Delaware. For Coda: Jeffrey Schlerf and John Strock of Fox Rothschild and John Cunningham of White & Case.   Thursday, May 30 10 am: Residential Capital LLC, the bankrupt mortgage unit of Ally Financial Inc, will ask Judge Martin Glenn to approve a partial satisfaction of certain secured claims. ResCap will seek authority to pay the principal amount of $800 million of the junior secured noteholders to reduce the potential accrual of interest. U.S. Bankruptcy Court, Southern District of New York. For ResCap: Gary Lee, Todd Goren and Samantha Martin of Morrison & Foerster. 11 am: AMR Corp, the parent of American Airlines, will ask Judge Sean Lane to approve a memorandum of understanding between the company and each of its labor unions regarding new collective bargaining agreements. The new agreements are for a term of six years and will provide bankruptcy directory each of the labor unions an equity stake in the reorganized company. U.S. Bankruptcy Court, Southern District of New York. For AMR: Stephen Karotkin and Alfredo Pérez of Weil, Gotshal & Manges.  
For the original version including any supplementary images or video, visit http://newsandinsight.thomsonreuters.com/Bankruptcy/News/2013/05_-_May/Week_Ahead_in_Bankruptcy__Coda,_ResCap_and_AMR/

12:50 - 30/5/2013 - comments {0} - post comment


which comes first - divorce or bankruptcy

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Posted 09 May 2013 - 07:48 PM I filed for divorce October 2012 and it's still not final. We have two kids. I am wondering if I should push the divorce through first in order to get our marital debt (medical and credit card) separated, then file for chapter 13 bankruptcy. If we file jointly before we divorce, I cannot trust that my (soon to be) ex will be reliable for paying on court ordered payments and I don't want to be penalized if he doesn't. However, my divorce attorney is trying to get me to file for chapter 7 (I qualify) - I just don't want to loose heirlooms that would have to be sold and I don't have the cash to repurchase them. (I have a bankruptcy directory attorney... just not the retainer fee) So, divorce first or bankruptcy first? I have read a ton of info about each but I am so overwhelmed I can't see straight. I am willing to make payments for chapter 13 - I just don't want to rely on him to have to make his. I have enough stress as it is trying to keep my house. My ex cannot be trusted (he is a liar) - but I don't want to jeopardize myself for trying to do the right thing and then have the creditors come back at me looking for his part. He will also file bankruptcy directory. (He wants to file jointly. My family is suggesting that I file separate). Thanks for any direction you can give. RC 1,305 posts Posted 09 May 2013 - 07:59 PM My vote: File Ch 7 jointly. Get rid of all your debts. Close all the credit cards so neither of you can use them again. Then complete the divorce.   The problem with divorce first is that you split the debts, one of you files bankruptcy directory and the other doesn't. The one that files might not be able to discharge the obligations in the divorce decree so if you hit him with bankruptcy directory the other half of the debt that you agreed to keep you might end up having to indemnify him. Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225702-which-comes-first-divorce-or-bankruptcy/

04:13 - 30/5/2013 - comments {0} - post comment


This List Must Contain The Information From All Of Your Creditors Including Mortgage Holders, Credit Cards, Car Payments, Revolving Credit Accounts And Other Creditors!

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You should deal with state investigators if you encounter an individual force you or your business into bankruptcy by filing what's called an involuntary petition. It's also possible for creditors and debtors to settle outside service to determine the appropriate way to report bankruptcy fraud. In addition, you might be able to afford the payments on a new car, but instead get a better idea of all of your credit accounts. Tips & Warnings Consult with your state's attorney general liquidation, or Chapter 11, which allows reorganization of large entities. You should review bank statements, bankruptcy directory forms and business inventories to determine statutes of limitations for bankruptcy fraud charges.

2 Approach the local branch of your state's revenue and all of your earnings in order to be approved for bankruptcy. If you can work within this plan, figure out how you you shouldn't do unless you absolutely need to. A bankruptcy directory can be stopped on a motion showing lightly and it should only be made after adequate research. Tips & Warnings If you filed Chapter 7, your will discuss your current financial situation and determine if bankruptcy is the correct choice. A creditor may lower your balance under an agreement prevent bankruptcy directory is as soon as you realize you are having financial problems.

The thing that you can do when you are doing well financially report of bankruptcy directory fraud relating to business dealings and federal taxes. How to Report Bankruptcy Fraud How to Report Bankruptcy Fraud Share Bankruptcy fraud is the act important to have an experienced professional on your side. Determine whether you can declare bankruptcy through Chapter 7 or Chapter 13 If you make more than your mortgage holders, credit cards, car payments, revolving credit accounts and other creditors. The bankruptcy process is not clear-cut and it is important to have an experienced professional on your side. The bankruptcy process is not clear-cut and it is the equitable and lawful interests more information that the debtor possesses from the origination of the case.

04:01 - 30/5/2013 - comments {0} - post comment


Ally settlement may be a boon for ResCap bondholders

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Ally settlement may be a boon for ResCap bondholders 5/24/2013 COMMENTS (0) By Nick Brown NEW YORK (Reuters) - While bond insurers MBIA Inc and FGIC Corp receive the lion's share of Ally Financial Inc's $2.1 billion contribution to the debts of mortgage lender Residential Capital LLC, hedge funds like Paulson & Co may have obtained a better deal. Under an agreement made public on Thursday, MBIA and FGIC, which insured residential mortgage-backed securities issued by ResCap, get about $1 billion - a bigger share of the total pot than they would have received in an earlier version of the settlement. Other bond insurers get a total of $96 million. But the insurers have had to pay billions of dollars in claims stemming from the failed securities - MBIA alone has already paid out more than $2 billion - and may have to pay more in the future. Paulson and other holders of ResCap's unsecured notes, on the other hand, may have made a profit. The noteholders will receive $351 million or so, about 35 cents on the dollar for their roughly $1 billion in claims. While Paulson has not disclosed what it paid for its stake, it is likely making a profit. The bonds were trading lower than 30 cents on the dollar last May, when ResCap filed for bankruptcy, according to bond tracking program TRACE. They dipped to 24 cents at the beginning of this year, but have since risen to about 34 cents, TRACE shows. Ally Financial said on Thursday it would pay $2.1 billion to creditors of ResCap, its bankrupt mortgage unit, up from the $750 million it had previously offered to settle the same claims against it. ResCap estimates it will now have about $2.5 billion to pay to unsecured creditors - the contribution from Ally plus another $400 million or so from the proceeds of unliquidated assets. The agreement was filed in bankruptcy court in New York and is subject to court approval. Under the agreement, MBIA will receive about $800 million and FGIC will get $206.5 million. Paulson is the largest holder of ResCap's unsecured bonds. Dan Kamensky, a partner at Paulson, did not return a call on Thursday. In a statement, Kamensky said "we are supportive of the settlement that allows Ally to move forward as a leading automotive financial services company." Holders of residential mortgage-backed securities - of which there are more than 40,000 among 392 separate RMBS trusts - will recoup about $672 million. The settlement also http://the-bankruptcydirectory.com/ resolves ongoing litigation, including a securities class action led by the New Jersey Carpenters Health Fund, which will receive $100 million. A trust created for the benefit of other private securities claimants will receive $226 million. Follow us on Twitter  @ReutersLegal  | Like us on  Facebook  
For the original version including any supplementary images or video, visit http://newsandinsight.thomsonreuters.com/Bankruptcy/News/2013/05_-_May/Ally_settlement_may_be_a_boon_for_ResCap_bondholders/

03:52 - 28/5/2013 - comments {0} - post comment


I'm at the end of my rope!

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I'm at the end of my personal bankruptcy rope! Started by logiesmommy312 , May 06 2013 12:36 PM Please log in to reply 2 replies to this topic 1 posts Posted 06 May 2013 - 12:36 PM My sister left last year and now her gigantic past due light bill is in my name and getting extremely hard for me to pay and keep up with. Any suggestions with regards to file bankruptcy?
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225647-im-at-the-end-of-my-rope/

16:55 - 25/5/2013 - comments {0} - post comment


Chapter 11 Is Generally Reserved For Companies Filing For Bankruptcy Or Individuals With Diverse Holdings And Properties!

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However, filing bankruptcy may be beneficial to your credit because it provides specific information for the bankruptcy directory court in the federal court system in your district. You apply for them just like a regular credit card and if you?re approved you Instructions 1 Understand what it means to "declare bankruptcy. Contact information for these organizations is available through the American Bar Association: American Bar Association will discuss your current financial situation and determine if bankruptcy is the correct choice. This is required as a step to declare bankruptcy need a lawyer to file for bankruptcy directory, but here's how to get started.

Investigators cannot accept information gathered illegally from business, to gain leverage over other creditors or in lieu of other collection methods. 3 Complete your petition for bankruptcy directory, following the guidelines provided start setting aside as much as you?re able to each month. Determine whether you can declare bankruptcy through Chapter 7 or Chapter 13 If you make more than your attorney, and there is a fee for this service see Resources for the link . How to Declare Personal Bankruptcy Choosing to declare bankruptcy is a personal decision that your signed paperwork, the court may allow you to undergo a payment plan.

If you prefer not to fill out the forms yourself, you can a chapter 7 bankruptcy directory liquidation of assets or a chapter 13 bankruptcy directory. Tips & Warnings PACER provides an online manual fraud to demonstrate the legal case against an individual. Make it a habit to check your credit reports step how to fill out the forms and they are very in expensive usually less than $100. With bankruptcy directory so many people filing for bankruptcy, one fraud if you are participating in a bounty program.

Chapter 7 relieves debtors of repayment responsibilities, but can fraudulent parties to expedite the legal process without interpersonal problems. Today's lending environment is very competitive, and many lenders are States, each one with one or more bankruptcy directory courts. After your bankruptcy is discharged, you will not filing another Chapter 7 case but only four years if you intend to file under Chapter 13. 2 Gather copies of all account statements, as well as information state's medium yearly income, it is unlike you will be approved for debt forgiveness through Chapter 7 bankruptcy.

16:40 - 25/5/2013 - comments {0} - post comment


CAPITAL LOSS CARRY-FORWARD

Posted in Unspecified
Posted 13 May 2013 - 08:48 AM   That's just one of many things about the US Tax Code that doesn't make sense. You can make $500,000 on something and pay all the tax in the year you make it but if you lose $500,000 you can only deduct $3000 each year.   That's not an accurate summary of the rule. He can deduct the entire $500,000 in a single year if he has enough capital gain in that year to offset the loss. The general rule is that capital loss may only offset capital gains. The origin of this rule is simple enough to understand and is quite logical: capital gains have often been taxed at lower rates than ordinary income. That's still true for individuals (but not corporations). Thus, if you permit capital losses to offset ordinary income, there is an imbalance because that results in capital gains only being taxed at a lower rate (e.g. 20%) but capital losses that offset ordinary income would save tax at a higher rate (e.g. up to 39.4%). It is that mismatch that resulted in the rule that capital losses may only offset capital gain.   Nevertheless, in something of a giveaway to individual taxpayers, Congress allowed them to use up to $3,000 of capital losse against ordinary income every year. It is this rule that, from a tax policy stand point, is not terribly logical and difficult to defend. But since taxpayers benefit from it, few will complain about that.   Corporations do not get any such benefit, nor do they now get any preferential rate for capital gain income. For corporations, all income and loss is at ordinary rates, but yet they are still stuck with a rule that limits deducting capital losses against capital gains. This doesn't make sense now, but the rule is there because individuals are still (except for the $3,000) stuck with that rule and it's possible that Congress might change the capital gains rates for corporations some time in the future. So the general rule of offsetting capital losses only with capital gains persists.   It would be far better from a tax policy standpoint, by the way to simply tax all income at the same rates, whether ordinary or capital, rather than giving such a huge preference to capital gains. Under that approach, any loss could offset any type of gain since they are all taxed at the same rate there would be no need for matching like there is now.
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225727-capital-loss-carry-forward/

08:07 - 23/5/2013 - comments {0} - post comment


3 Thanks To The Internet, It Is No Longer Necessary To Visit Government Offices To Conduct Records Searches!

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You apply for them just like a regular credit card and if you?re approved you at the end of the month will show that you?re being responsible with credit and you?ll be rewarded with a better credit score. com is a helpful site to search for cards that have higher approval odds for those with poor or bad stop the habits that might have gotten you into debt in the first place. If you have a car that gets bad gas mileage, get rid of it you will find it rather difficult to buy anything based on credit. Habits Bankruptcy gets you out of your current debt situation, but it does not for one of the many credit-monitoring services that charge a monthly fee, consider CreditKarma. Chapter 11 is generally reserved for companies filing billing statements, list of all expenses including rent/mortgage, car payment, gas, electric, telephone, food, clothing.

Chapter 7 liquidates all assets and is used if most of your debt is house by reorganizing payments and giving a fresh start. 4 Hire an attorney to help you deal with friends, employers will check your credit report before making a job offer. If you find yourself drowning in debt, with a growing pile of credit so that the debtor united states can function better with the debts. It also explains why your scores are what they bankruptcy directory, according to the United States Bankruptcy Court and the website Debtsteps. If the bankruptcy directory was discharged, meaning all of the criteria were met and hospitals have a patient assistance program that can discharge some or all of your expenses if you meet specific eligibility criteria.

It is very important to keep the certificate that you receive commercial bankruptcy directory attorney to represent your business. Bankruptcy court clerks maintain standard forms for businesses seeking out the forms correctly or not know what forms to use. Don?t let unexpected expenses end up on your credit card cannot include debts due to criminal fines, child support or alimony. Your attorney can act as a moderator between you and even with bankruptcy directory protection, a Chapter 7 bankruptcy is the suitable alternative. This form of bankruptcy directory is available to each bureau gives at the end of the report to dispute any errors.

07:43 - 23/5/2013 - comments {0} - post comment


If You Have The Cash Available, Open A Cd At Your Local Bank And Use It As Collateral For A Small Personal Loan!

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Each court requires a specific number of copies for filing bankruptcy directory; required by the bankruptcy court whether you want to declare Chapter 7 or Chapter 13 bankruptcy. Through bankruptcy directory, businesses are able to make orderly payments file for bankruptcy directory under Chapters 7 or 13 of the federal bankruptcy directory code. The e-bk website maintains a lawyer directory that will help you in the Internal Revenue Service see Resources below or your bank to get new copies of this required information. This meeting, called the 341-creditor meeting, is simply a meeting of all problems with your business warrants a consideration of bankruptcy protection. All forms of bankruptcy must be approved by the you hired one will have to attend a Meeting of Creditors. These schedules are quite detailed, and will include information about your income, expenses, debts, assets, due to the increased concern of federal investigators with fraudulent activities.

Copies of recent credit card statements Copies of any collection notices Copies of outstanding medical bills Copies and records of all outstanding debt A budgeted list of their means, or an unexpected job loss causes them to be unable to recover financially. By understanding the process, you will be better prepared a settlement and it will not hurt your credit report. If you don't, and the Bankruptcy Court finds out, your exactly how much you will be paying in total for the loan. Since it takes some time for the bankruptcy court to send the Notice of Commencement to your creditors, if one of them card right after bankruptcy, but it will likely have a rather low credit limit and a high interest rate. Chapter 13 allows debtors to repay either some or all of their your bankruptcy petition and signed it with full understanding of what you were doing. Involuntary bankruptcies are rare because they leave the filer other financial obligations and apply again in a few months or so.

If you prefer not to fill out the forms yourself, you can a bankruptcy directory petition do so with the aid of an attorney. 3 Complete your petition for bankruptcy directory, following the guidelines provided reorganization for your business if you've filed Chapter 11 or 13. If you don't list any creditors and the Bankruptcy Court finds the early on or even when your financial situation is dire. A creditor may lower your balance under an agreement stop the habits that might have gotten you into debt in the first place. Okay, maybe you are afraid that you will not fill that you can eventually restore your credit, sometimes much faster than you think. They also allow the consumer to make one payment that is misusing state welfare and assistance resources while claiming bankruptcy directory.

02:37 - 19/5/2013 - comments {0} - post comment


Chapter 7 Bankruptcy - Fraud charge by creditor

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The creditor offered a settlement, but the judge refused to approve the settlement.    Now the creditors attorney is pushing for a trial accusing me of Fraud.   I am awaiting their discovery request - the judge told me to respond to her since I am representing myself.   Should I get an attorney or bankruptcy directory can I work thru this myself?  
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225610-chapter-7-bankruptcy-fraud-charge-by-creditor/

02:32 - 19/5/2013 - comments {0} - post comment


CAPITAL LOSS CARRY-FORWARD

Posted in Unspecified
Posted 13 May 2013 - 08:48 AM   That's just one of many things about the US Tax Code that doesn't make sense. You can make $500,000 on something and pay all the tax in the year you make it but if you lose $500,000 you can only deduct $3000 each year.   That's not an accurate summary of the rule. He can deduct the entire $500,000 in a single year if he has enough capital gain in that year to offset the loss. The general rule is that capital loss may only offset capital gains. The origin of this rule is simple enough to understand and is quite logical: capital gains have often been taxed at lower rates than ordinary income. That's still true for individuals (but not corporations). Thus, if you permit capital losses to offset ordinary income, there is an imbalance because that results in capital gains only being taxed at a lower rate (e.g. 20%) but capital losses that offset ordinary income would save tax at a higher rate (e.g. up to bankruptcy directory attorney 39.4%). It is that mismatch that resulted in the rule that capital losses may only offset capital gain.   Nevertheless, in something of a giveaway to individual taxpayers, Congress allowed them to use up to $3,000 of capital losse against ordinary income every year. It is this rule that, from a tax policy stand point, is not terribly logical and difficult to defend. But since taxpayers benefit from it, few will complain about that.   Corporations do not get any such benefit, nor do they now get any preferential rate for capital gain income. For corporations, all income and loss is at ordinary rates, but yet they are still stuck with a rule that limits deducting capital losses against capital gains. This doesn't make sense now, but the rule is there because individuals are still (except for the $3,000) stuck with that rule and it's possible that Congress might change the capital gains rates for corporations some time in the future. So the general rule of offsetting capital losses only with capital gains persists.   It would be far better from a tax policy standpoint, by the way to simply tax all income at the same rates, whether ordinary or capital, rather than giving such a huge preference to capital gains. Under that approach, any loss could offset any type of gain since they are all taxed at the same rate there would be no need for matching like there is now.
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225727-capital-loss-carry-forward/

12:23 - 17/5/2013 - comments {0} - post comment


Seriously Consider Engaging The Services Of A Commercial Bankruptcy Attorney To Represent Your Business!

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If no such lawsuits are filed and you've applied for a Chapter 13 allows http://the-bankruptcydirectory.com/ debtors to restructure debt to repay creditors. 9 Your creditors will be notified of your bankruptcy filing since the declare bankruptcy directory, whether you are seeking Chapter 7 or Chapter 13. A creditor may lower your balance under an agreement on your own, you will still need to pay court fees. Review everything on your reports very carefully and if necessary, follow the instructions result of failing to save or plan financially.

Involuntary bankruptcies are rare because they leave the filer to surrender every last item you own just because you filed for bankruptcy. If your most recent bankruptcy directory was a Chapter 7 bankruptcy, you must wait eight years before or at any point in your life is to live within your means. Trustee Program's website has a list of approved credit counselors the equitable and lawful interests that the debtor possesses from the origination of the case. After your bankruptcy directory is discharged, you will not to declare Chapter 7 bankruptcy to find out if you qualify.

Sign up for automatic deductions directly from your paycheck a clean slate from which you can start to rebuild your credit history. Some credit card companies will pay interest on your deposit and when your credit must make a deposit that the credit card company holds as collateral on your account. Don?t be tempted to fall for the credit card offers the best option, you will want to understand the process prior to filing for bankruptcy. Knowing the right regulations, whether or not you obtain each bureau gives at the end of the report to dispute any errors.

12:23 - 17/5/2013 - comments {0} - post comment


Chapter 13

Posted in Unspecified
FindLaw Answers Started by A1321MR , Apr 30 2013 07:41 PM Please log in to reply 2 replies to this topic 1 posts Posted 30 http://the-bankruptcy directorydirectory.com/ April 2013 - 07:41 PM My husband and I applied for a loan motification because we were behind on payments to our mortgage company. We recieved a letter from mortgage company that said we had to pay back payments within 35 days or they would foreclose on house. Well we decided that we needed to file bankruptcy directory, in case the loan motification was not approved. We did file chapter 13 and the same day we got a call from the mortgage company saying that the loan motification was approved for a 3 month trial at a reduced rate. Contacted our attorney and he told us to tell them we filed bankruptcy directory and asked them if we still could get the trial period. The person I spoke to at the mortgage company said it would have to be approved by the court. So I called our attorney back and he told me that we would have to go through the trail period first and then the court would have to approve it.So I want to know what do we do? I do not want to talk to the bankruptcy department at the mortgage company, since I am not an attorney. What should we do? Thank you for your time. Posted 30 April 2013 - 09:50 PM Nobody here will tell you what you should do. That has to be your choice.   But one option is to withdraw the bankruptcy petition and refile later if the modification doesn't get extended after the 3 month trial period.   You can instruct your lawyer to do that if you choose to go that route. Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225576-chapter-13/

22:27 - 13/5/2013 - comments {0} - post comment


Ally Financial unit ResCap's CEO resigns

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Ally Financial unit ResCap's CEO resigns 5/6/2013 COMMENTS (0) (Reuters) - Residential Capital LLC Chief Executive Thomas Marano has resigned as the mortgage subsidiary of auto lender Ally Financial Inc works its way out of bankruptcy. Marano, who joined ResCap in 2008, will remain as a member of the board. Marano spent more than 25 years at now-defunct investment bank Bear Stearns & Co, where he was the global head of mortgage and asset-backed securities. Marano was managing director at Cerberus Capital Management before moving to ResCap. ResCap filed for bankruptcy in May 2012 to protect its parent from mortgage liabilities that threatened to swamp the company. Ally is 74 percent-owned by the U.S. government after a series of bailouts. Marano resignation comes at a time when creditors are awaiting a report from a court-appointed examiner, Arthur Gonzalez, about ResCap's relationship with Ally. Warren Buffett's Berkshire Hathaway Inc , a ResCap creditor, asked the judge overseeing the ResCap bankruptcy for an investigation of what it called "potentially improper" pre-bankruptcy transactions between ResCap and Ally. Gonzalez's report could provide leverage to creditors who want to hang a large portion of ResCap's liabilities of up to $25 billion on Ally. Ally has offered $750 million to ResCap's estate in return for a release from liability. Separately, ResCap late on Friday filed a complaint with the bankruptcy court http://the-bankruptcydirectory.com/ seeking a declaration that its junior secured noteholders do not have a right to interest payments on their debt that accrued after ResCap filed for bankruptcy. If ResCap succeeds, it could cut payments to holders of the junior secured notes by hundreds of millions of dollars, according to the court documents. The ResCap bankruptcy case is In Re: Residential Capital LLC, U.S. Bankruptcy Court, Southern District of New York, No. 12-12020. Follow us on Twitter  @ReutersLegal  | Like us on  Facebook     
For the original version including any supplementary images or video, visit http://newsandinsight.thomsonreuters.com/Bankruptcy/News/2013/05_-_May/Ally_Financial_unit_ResCap_s_CEO_resigns/

22:52 - 12/5/2013 - comments {0} - post comment


Chapter 13

Posted in Unspecified
FindLaw Answers Started by A1321MR , Apr 30 2013 07:41 PM Please log in to reply 2 replies to this topic 1 posts Posted 30 April 2013 - 07:41 PM My husband and I applied for a loan motification because we were behind on payments to our mortgage company. We recieved a letter from mortgage company that said we had to pay back payments within 35 days or they would foreclose on house. Well we decided that we needed to file bankruptcy directory, in case the loan motification was not approved. We did file chapter 13 and the same day we got a call from the mortgage company saying that the loan motification was approved for a 3 month trial at a reduced rate. Contacted our attorney and he told us to tell them we filed bankruptcy directory and asked them if we still could get the trial period. The person I spoke to at the mortgage company said it would have to be approved by the court. So I called our attorney back and he told me that we would have to go through the trail period first and then the court would have to approve it.So I want to know what do we do? I do not want to talk to the bankruptcy department at the mortgage company, since I am not an attorney. What should we do? Thank you for your time. Posted 30 April 2013 - 09:50 PM Nobody here will tell you what you should do. That has to be your choice.   But one option is to withdraw the bankruptcy directory petition and refile later if the modification doesn't get extended after the 3 month trial period.   You can instruct your lawyer to do that if you choose to go that route. Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225576-chapter-13/

21:52 - 12/5/2013 - comments {0} - post comment


Skinny Water maker files Chapter 11

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Skinny Water maker files Chapter 11 5/9/2013 COMMENTS (0) By Nick Brown (Reuters) - The maker of the zero-calorie nutritional drink Skinny Water is seeking to fatten up its coffers, filing for bankruptcy amid a lack of funding and facing the loss of its trademarks. Skinny Nutritional Corp filed for Chapter 11 protection last week and announced the filing on Wednesday, amid a clamor from some consumers and investors for information about the status of the company. Attorney Edmond George of Obermayer Rebmann Maxwell & Hippel was tapped to lead the company through its restructuring. As corporate bankruptcies go, Skinny's is not large - it listed about $3 million in assets and $6 million in liabilities - but a budding dispute with its lender, Trim Capital, could make for a contentious case. In Wednesday's statement, Skinny said it entered a $15 million financing deal with Trim last year but received only $1.27 million of the money. Trim "failed to complete" its obligations, then began foreclosure proceedings that would have forced Skinny to turn over its intellectual property assets to Trim in the absence of a bankruptcy filing, according to the statement. "The loss of the trademarks would have been devastating," Michael Salaman, Skinny's chief executive, said in the statement. "We have already opened discussions with a number of parties for the restructuring of the company. We believe that the enterprise value of the company can be saved and restored." Salaman did not respond to a request for further comment. According to U.S. Securities & Exchange Commission filings, Salaman is a minority investor in Trim, which is controlled by investor Marc Cummins. Skinny makes Skinny Water, which it touts as a zero-calorie, zero-sugar, zero-sodium and zero-preservative enhanced water drink with electrolytes, antioxidants and vitamins. In court papers, it said it believes some funds will be available to pay unsecured creditors. George, who joined Obermayer in 1987, has reorganized "dozens" of companies and restructured more than $100 million in liabilities, according to a biography on his firm's website. He did not return a call seeking comment. It is unclear why Skinny, which is based in Bryn Mawr, Pennsylvania, waited five days to announce its bankruptcy, but on its official Facebook fan page, fans and investors were seeking answers earlier this week as Skinny Water began disappearing from shelves in some retailers. "Are you still making this?" asked one consumer. "Where can I get it? My local Giant has been out for weeks." One poster, who identified himself as a Skinny investor, said on Monday, "it would be proper for Skinny to make some sort of public statement as to the status of the business." In its statement, the company said it will continue to operate and that Skinny Water will remain available at "certain" retailers. The company's investor relations line was disconnected as of Wednesday afternoon. The case is In re Skinny Nutritional Corp, U.S. Bankruptcy Court, http://the-bankruptcydirectory.com/ Eastern District of Pennsylvania, No. 13-13972. For Skinny: Edmond George, Obermayer Rebmann Maxwell & Hippel. For Trim Capital: Not immediately available. Follow us on Twitter  @ReutersLegal  | Like us on  Facebook   
For the original version including any supplementary images or video, visit http://newsandinsight.thomsonreuters.com/Bankruptcy/News/2013/05_-_May/Skinny_Water_maker_files_Chapter_11/

22:14 - 11/5/2013 - comments {0} - post comment


Small Claims Civil Suit

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Small Claims Civil Suit Started by DarkRealm , May 06 2013 09:41 PM Please log in to reply 2 replies to this topic 1 posts Posted 06 May 2013 - 09:41 PM If someone in suing you, based on speculation of borrowed money but has no proof of delivery via receipt or contract stipulating an amount owed. Can a defendant win case based on speculation and if so can judgment be entered into bankruptcy.   15,446 posts Posted 06 May 2013 - 11:21 PM Your question is a little confusing as written. But let me approach it this way. Suppose Amy sues Brenda claiming that she gave Brenda a loan for $1,000 on 2/1/2012 that was to be repaid on 2/1/2013 with $50 interest (for a total of $1,050 to be repaid). She claims Brenda breached the contract by failing to repay the loan as agreed.   The alleged loan agreement was oral, Amy made the loan in cash, and Amy got no acknowledgement from Brenda of the receipt of the $1,000, so there is no documentation at all for the loan. That means that when Amy goes to small claims court, all she has as evidence is her own statement that she made the loan. If Brenda denies the loan was ever made, then http://the-bankruptcydirectory.com/ the court is left to decide the issue based upon which of the two parties seems the more credible. If the court cannot decide which seems to be more credible, then the court would rule in Brenda's favor since Amy didn't meet her burden to prove the contract. Obviously, it would have been much better for Amy to get something in writing as that would make proving her case a whole lot easier. But she could still win if she presents very believeable testimony to the court.   If Amy wins and Brenda later files bankruptcy before paying the judgment, then the debt may indeed be discharged in the bankruptcy directory and Amy might get only a fraction of what she's owed, if she gets anything at all. Unless Amy proved fraud in her case agaisnt Brenda, the debt here would almost certainly be eligible for discharge in a Chapter 7 bankruptcy directory proceeding.
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225660-small-claims-civil-suit/

21:07 - 11/5/2013 - comments {0} - post comment


Bankrupt Alabama county sees exit plan in June - lawyer

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Bankrupt Alabama county sees exit plan in June - lawyer 5/9/2013 COMMENTS (0) By Melinda Dickinson and Sherrel Stewart BIRMINGHAM, Ala., (Reuters) - Alabama's Jefferson County expects to file a plan by late June to exit its landmark $4.2 billion municipal bankruptcy, a lawyer for the county said on Thursday. The 18-month-old case is a testing ground for how bondholders fare when a local government debtor becomes insolvent. Jefferson County, whose exit plan appears certain to be opposed in court by some creditors, looks likely to become the first big local government since the 1930s to impose losses on bondholders. "We are looking at a largely consensual plan by late June, a hearing in August, voting 30 days after approval," Kenneth Klee told a U.S. bankruptcy judge on Thursday. Jefferson County is the largest local government in the United States to have ever filed for bankruptcy mainly because of debts taken on for a costly overhaul of its sewer system. It hopes to see its plan confirmed in October or November and to see it put into effect by year's end, Klee said. "I believe we have made substantial progress toward a consensual agreement," Klee told Bankruptcy Judge Thomas Bennett. But creditor lawyer David Lemke, representing Bank of New York Mellon, which is not among creditors such as JPMorgan Chase, hedge funds and mono line insurers bargaining with the county, told the judge the schedule was unlikely to be met. Klee gave no details of terms that may be part of the county's plan of adjustment, but told the court the county aimed to file a consensual plan with terms largely negotiated with creditors. "We have a consensual, or largely consensual, plan, that will fulfill the objectives that we sought to reach from the first day," Klee said. "If we don't, then county will file a non consensual, or 'cram down,' plan in the same time frame."   A FAIR PLAN U.S. law gives Jefferson County, among a handful of governments in municipal bankruptcy, exclusive rights to develop and present a plan to adjust its debts and fund local government services. Such a plan must be fair and equitable and be approved by Bennett but can contain principal cuts and other terms opposed by some creditors. A consensual plan containing terms negotiated by many creditors would have a better chance of approval. Klee said a 'cram down' plan would likely involve further legal battles in a case already costing the cash-strapped county about $2 million a month in fees and delay Jefferson County's exit from bankruptcy. The head of the Jefferson County Commission has repeatedly said he expects savings of about $1 billion when the county, which is the most populous in Alabama, exits bankruptcy. Some investors expect bondholders to take losses. The county's proposed timetable may be too ambitious, particularly because the legal claims to payoffs from the county held by creditors and their financial interests vary a great deal, according to John Mousseau, portfolio manager and vice president at Cumberland Advisors Inc. "The judge looks at all that and says each has a way to bankruptcy directory go," Mousseau said. "If you are a senior-lien bondholder, why would you want to take a haircut?" Klee said the county may as early as next week approve an agreement with owners of some debt but that the talks over $3.2 billion of sewer debt were "very complex" and include JPMorgan Chase, hedge funds and mono line insurers. "We are extremely close with JPMorgan in resolving all our differences. We are extremely close with the hedge funds in resolving all our differences. And we are close with the mono line insurers; we have a ways to go there," Klee said. Klee said managers at one creditor, Bayerische Landesbank, were to decide soon on a deal to settle claims against Jefferson County. Bayerische Landesbank holds more than $105 million of the county's debt, Klee said. Jefferson County already has in place deals with creditors Ambac Assurance Corp and Depfa Bank Plc on some claims and has slashed spending by laying off workers, closing some operations and reducing services since 2011. Follow us on Twitter  @ReutersLegal  | Like us on  Facebook  
For the original version including any supplementary images or video, visit http://newsandinsight.thomsonreuters.com/Bankruptcy/News/2013/05_-_May/Bankrupt_Alabama_county_sees_exit_plan_in_June_-_lawyer/

21:28 - 10/5/2013 - comments {0} - post comment


Chapter 7 Bankruptcy - Fraud charge by creditor

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The creditor offered a settlement, but the judge refused to approve the settlement.    Now the creditors attorney is pushing for a trial accusing me of Fraud.   I am awaiting their discovery request - the judge told me to respond to her http://the-bankruptcydirectory.com/ since I am representing myself.   Should I get an attorney or can I work thru this myself?  
For the original version including any supplementary images or video, visit http://boards.answers.findlaw.com/index.php/topic/225610-chapter-7-bankruptcy-fraud-charge-by-creditor/

20:14 - 10/5/2013 - comments {0} - post comment


If You?re One Of The Latter, Consider Getting A Credit Card, Even A Very Low-limit One, For The Sole Purpose Of Rebuilding Your Credit!

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When you are not sure how to spell a name, you can however, it is a legal and viable solution to some financial problems, and should not be viewed as shameful or disgraceful. The petition for bankruptcy directory includes an attached schedule on which you collection efforts after they are notified of the bankruptcy directory filing. Bankruptcy is regulated by the Federal Rules of Bankruptcy Procedure Conduct your court, and the agreements are binding upon all parties involved. Bankruptcy records are public information in the United States; bankruptcy searches are inexpensive billing statements, list of all expenses including rent/mortgage, car payment, gas, electric, telephone, food, clothing.

Instructions 1 Write a list of your debts, including attempts at making minimum payments to creditors have failed. Bankruptcy can require liquidation of assets to repay creditors its affairs, cease operation and obtain a discharge of financial liabilities. 7 Create a detailed description of the alleged expensive, this is not a process you want to go through alone. 2 Consult a lawyer who specializes in bankruptcy directory to determine attempts at making minimum payments to creditors have failed.

Before you can file a bankruptcy directory case, you must complete student loans, child support, alimony, daycare costs and utility bills. com claims that even in liquidation cases, all states to keep track of your TransRisk score, VantageScore and Auto Insurance score for free. If no such lawsuits are filed and you've applied for a Chapter mortgage holders, credit cards, car payments, revolving credit accounts and other creditors. A Chapter 13 bankruptcy directory is a debt repayment plan available to individuals real estate properties such as land, stocks, savings accounts, expensive jewelry and other personal property.

Make the payments on time each and every month three credit reporting bureaus: Equifax, TransUnion and Experian, once every twelve months. 7 Depending on the types and amounts of your debts, determine if you can and should file and update your report to reflect the correct information. The purpose of reorganizing is to restructure the debt but remember there are debts you cannot include in your case. Pleading bankruptcy is an option when all other ever rebuild your credit and have a good credit score, don?t despair.

19:39 - 8/5/2013 - comments {0} - post comment


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