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WHAT’S COOKING WITH THE “KITCHEN COUSINS”S’ BANKRUPTCY

According to Patch.com Staff Writer Daniel Hubbard, what’s cooking is that co-hosts of the “Kitchen Cousins” home improvement TV Show John Colaneri and Anthony Carrino each filed personal bankruptcy in New Jersey after losing a law suit against them for shoddy renovation, fraud and breach of contract on a New Jersey house that once belonged […]

My Two Cents Worth on Fifty Cent

(Is He Getting Rich or Is He Dying Trying?) As most everyone by now knows, Rapper Fifty Cent filed for bankruptcy. Mausoleums may be the final folly of the rich, but the massive Connecticut mansion that “Mr. Cent” now seeks to rent out may prove to be an earlier folly. It apparently has more than […]

WHO’S FILING BANKRUPTCY THESE DAYS?

By David G. Hicks* *Attorney at Law, Certified Bankruptcy Specialist, Debt Relief Agent             Currently, bankruptcy case filings are at historic lows and are down whether analyzed by bankruptcy chapter type or by geographic region.  Nationally the economy is doing quite well, and regionally here in the Midwest, it’s doing even better.              However, the […]

The Bankruptcy Code’s Lien-Strip Tease: The Value of Your Home and the Balance of Your Mortgages

The Supreme Court has agreed to hear two cases in which Bank of America has appealed two lower Court Rulings involving Florida homeowners which allowed the debtors in bankruptcy to lien-strip their second mortgage in a Chapter 7 filing; to date the circuit courts have been split on this issue.  A summary of the question […]

BANKRUPTCY AS ASSET PROTECTION

            Bankruptcy is usually viewed or presented as debt reduction, debt elimination or financial reorganization and it is those things.  However, bankruptcy is also an asset protection strategy and should be viewed and presented as such.             Asset protection from a legal standpoint is usually thought of as estate planning, wills, trusts and family business […]

BACKSTREET DEALS… ALRIGHT!

                A bankruptcy case was filed in Florida by a number of related companies that essentially functioned as the management company for the Backstreet Boys musical group. Claims were filed by the Backstreet Boys totaling nearly three and half million dollars they alleged was owed to them by the former manager.                 Following a protracted […]

Is this debt collector the “Real Deal”?

There has been a recent uprising of scam collection calls targeting both debtors that have filed for bankruptcy and those that have not.  Sometimes, the collection calls are merely targeting people who are not delinquent on payments, but have taken out an online loan.  These collection efforts are called “Scams” or “Phantom Debt Collectors”, but […]

VIRTUAL REPO

There’s good news (a little) and bad news (a bunch).  The good news is that even if you have sub-prime credit (in the world of auto loans, this is apparently a score less than 640), you can now get a new car loan.  The bad news is more extensive. Michael Corkery and Jessica Silver-Greenberg of […]

BANK ACCOUNT: ZERO AMOUNT!

(Creditors Can Legally Wipe You Out) If you’re sued by a bill collector your bank account could be an endangered species.  If someone to whom you owe money sues you and gets a judgment, this gives them a legal right to enforce that judgment through means such as wage garnishment, asset seizure and sale and […]

Chapter 7 Debtors- WELLS FARGO FREEZING BANK ACCOUNTS!

Here is the scenario: On the date of filing bankruptcy, the Debtor has checking and savings accounts with Wells Fargo Bank, N.A. The Debtor claimed the Accounts as exempt in his Schedule C filed with the petition. Immediately upon learning of the Debtor’s bankruptcy filing, Wells Fargo Bank placed an administrative freeze (hold) on the […]

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