Posted
on January 21, 2010, 9:50 am,
by kimberly,
under Bankruptcy.
Founded in 1924, MGM Entertainment has had a good long run. It has produced some excellent classics such as:
For a cleaner sale, MGM is considering a prepackaged bankruptcy as well, reducing its liabilities and clearing up its balance sheet. Although $3.7 billion dollars in debt, MGM Entertainment already has many first-round bids in an auction. Less than $2 million have been the current bids. Will Time Warner or Lion’s Gate Entertainment be the next owners? Well, MGM has until January 31 for a debt forbearance, so things are rolling quickly.
Posted
on January 20, 2010, 2:24 pm,
by David Appelman,
under Bankruptcy.
Chicago bankruptcy rates are sky rocketing. In 2009 the bankruptcy rate rose all the way up to 38.2 percent which was considerably higher than the national increase of 34.5 percent. Out of more than 55,000 bankruptcy petitions filed in Chicago the largest chunk of them were filed under Chapter 7, a vehicle for individuals and businesses to liquidate their assets, distribute the proceeds to creditors, and erase their liabilities.
Now while the real estate buisiness was hit hardest, industries and people across the board took a heavy blow in 2009. Illinois saw an increase of 98 percent in filings under chapter 11, which is a huge increase considering the national increase was only 50 percent. Nobody know wether or not these trends continue, but this could be a good sign for the economy. Lenders are extremely hesitant to allow buisinesses to file for bankruptcy during a recession. The fact that they are doing so now could mean that they believe Chicago has seen the worst of the recession and is climbing out of it.
Bankruptcy is actually no laughing matter, especially if you are the individually filling for bankruptcy. When you are finally at that moment when you know that you are flat broke is really nothing to laugh about. But on the other hand, I have found some great jokes that show a humorous side to bankruptcy and foreclosure. If you are having money trouble and on the brink of bankruptcy, I hope these jokes help you to realize that a lot of other people are going throw the same thing. Don’t let bankruptcy get you down, it’s not the end of the world. Always try to find light in any situation that your in.
Posted
on January 19, 2010, 11:19 am,
by David Appelman,
under Bankruptcy.
Many people worry that they will be treated differently should they file for bankruptcy.The truth of the matter is that if you file for bankruptcy it is illegal for you to be fired or denied employment on the grounds that you have done so. Section 525(b) of the bankruptcy code clearly states that this sort of discrimination is illegal.
No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title, a debtor or bankrupt under the Bankruptcy Act, or an individual associated with such debtor or bankrupt, solely because such debtor or bankrupt
Now while it may be illegal to discriminate against somebody for having filed bankruptcy this does not mean that it does not happen. There is legal precident that private corporations may deny employment based on having filed bankruptcy. In this case you could either argue that they are bending the law by saying that it does apply to private companies, or if you are lucky enough to have been hired on some level first then they are in fact breaking the law. Myers v. TooJay’s Management Corporation is a prime example of this. Myers was offered the job and he accepted before they did a credit check on him. Since he was able to prove that he was offficially an employee first he had a case.
Posted
on January 18, 2010, 1:01 pm,
by zackawii,
under Foreclosure.
When you miss a mortgage payment the steps to foreclosure begin. You get a notice in the mail from your lender that you have missed a payment. If you don’t make this payment then that is when the mortgage company starts calling you and formally declare that you are in default. This is how foreclosure happens for a lot of people and they feel completely powerless to stop it. The truth is that if people would just talk to their lenders in a timely fashion they could possibly get a mortgage loan modification and work through their past due payments. Your house is worth less to lenders and bankers than it is to you so even making small payments is a good practice. Showing some effort in keeping your house goes a long way for lenders, especially if you keep the lines of communication open. Simple things like this are key to keeping your house if it is in foreclosure. There is however a ‘point of no return’ in which it becomes near impossible to keep your house from being foreclosed on. This point varies from state to state so if you are in foreclosure you should check with your lender if you are beyond that point. If you are beyond help you will get a foreclosure notice in the mail and there will be a court hearing, which you will lose because you have violated the terms of your loan contract. If your home is auctioned and purchased you will be required to vacate in a set time frame. This process can be avoided if you make the necessary calls to your lender early on however so don’t feel like the world is ending. There is hope if you act quickly!
Posted
on January 12, 2010, 3:42 pm,
by danielrouse,
under Avoid Bankruptcy.
Okay, we all come into debt at some point or another, and no matter how much debt you have you still want to get rid of it. If you live in the Chicago Area you are in luck. There are many debt solutions businesses that ae offered in the area that can assist you.
These business’s range from debt consoling services, to debt repair business’s. All of these places can help you with your issues and money problems and all of these will be able help out with your problem not matter how bad it is. Just remember, when you make a plan with one of these to stick with it. That way, you will be out of debt in no time.
Posted
on January 12, 2010, 12:50 pm,
by zackawii,
under Avoid Bankruptcy.
Bankruptcy may seem like an end-all answer to your financial problems, but it is not all what it is chalked up to be. Filing for chapter 7 bankruptcy can leave your credit in pretty bad shape. In fact, depending on the severity of your claims, your credit could drop 200-250 points and take years to wipe off your slate. Avoiding bankruptcy is very necessary in some cases and it is important to know how to do so. For starters you could look into different debt consolidation practices. Consolidating your debt makes it easily digestible and allows you to make monthly payments on it at a reduced interest rate. This practice has a very positive impact on your credit as it helps you pay your way out of debt, making it a very practical way to avoid bankruptcy. The other best way to avoid bankruptcy is to try and get your debt reduced. Debt settlement is a last-way-out option if you can’t meet your minimum payments and can actually reduce the amount you have to pay by 40-60% of what you owe. You can negotiate with your creditors a minimum pay-out option if you can prove to them you can’t meet the standard minimum monthly payments you are surely already attempting to make. Negotiating with your creditors really is a key move in avoiding bankruptcy and should never be underestimated. Hopefully you have learned a little something from this post and will think twice about filing for bankruptcy in these financially difficult times.
Posted
on January 12, 2010, 12:00 pm,
by zackawii,
under Bankruptcy.
Filing for bankruptcy can be a very stressful experience depending on what is ailing you financially. Afterward you are liable to feel relieved, but drained. You should start planning for life after bankruptcy as soon as you feel up to it because if you don’t you are much more likely to fall back into the same habits and un-do everything you have worked towards. Do yourself a favor play it safe for a while. Just because you are somewhat financially stable now does not mean you should try making payments on a new HD TV. Keep it simple and safe for a while so you wont end up biting off more than you can chew. You should also make sure to have all bills paid on time. Do not even allow yourself to take advantage of any kind of grace period and get those bills paid ASAP! If you feel up to it you should also try taking on a credit card and making payments on it monthly. This can greatly improve your credit and get you off to a great start on your new debt-free life! Check out this great instructional video for more tips on life after bankruptcy.
Posted
on January 11, 2010, 2:03 pm,
by zackawii,
under Bankruptcy.
1. Eliminate the Obligation to Pay Many of Your Debts- Whether it is through traditional bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared pretty easily. 2. End Foreclosure on Your Home So You Can Catch Up and Make Mortgage Payments- Filing for Chapter 13 Bankruptcy can effectively stop the foreclosure of your house, but it will not eliminate any missed mortgage payments. Instead it will help create a plan to pay those mortgage arrears. 3. Prevent Your Property From Being Repossessed- If you file for bankruptcy quickly enough you can potentially get back anything that has been repossessed by creditors. You will of course have to enter a payment plan where you make monthly payments to the trustee of your Chapter 13 Bankruptcy who will then pay the finance company. 4. Reduce High Medical Bills- Large medical bills associated with terrible accidents or life-threatening diseases can be greatly reduced if you file for chapter 7 bankruptcy. 5. Losing Your Job- Losing your job can feel like the end of the world, especially if you have someone depending on you to help support them. Fear not, filing for bankruptcy can help ease many every day costs associated with insurance and debt. 6. Stop Creditors From Hassling You Further- Overzealous debt collectors can quickly become your worst enemy. They are persistent and often rude. Filing for bankruptcy keeps creditors from contacting you about your debts directly. 7. Prevent Your Utilities From Being Shut Off- If your home is marked for foreclosure there is a good chance your utilities are in danger of being shut off as well. Bankruptcy will prevent utility companies from leaving you in the dark. 8. Get Help With Large Amounts Of Student Loan Debt- Student loans are one of the few debts that can not be eliminated entirely by filing for bankruptcy. It can however help to consolidate your loans and make them easier to pay. 9. Keep Your Wages From Being Garnished- If your wages are being garnished or are in danger of being garnished filing for bankruptcy will effectively end this. 10. Challenge Fraudulent Creditors Claims- If you feel like creditors are charging you more than you owe you can get an attorney and file for bankruptcy which will help you contest any fraudulent charges being reported by a collector.
Okay, we all come into debt at some point or another, and no matter how much debt you have you still want to get rid of it. If you live in the Chicago Area you are in luck. There are many debt solutions businesses that ae offered in the area that can assist you.
