bankruptcy discharge

O.J.  Simpson’s defense attorney Francis Lee Bailey Jr.  has filed for bankruptcy in Maine to eliminate a $5 million debt to the IRS. Normally, overdue payments to the IRS cannot be discharged by bankruptcy.  But Bailey said that it is possible if one follows certain rules, including filing and paying taxes promptly. According to reports, […]

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Law-school graduates filing for bankruptcy protection can have the benefit of cancelling their accumulating debt during the time of their bar exams, since these loans are different from the federal student loans. Judge Carla Craig, a bankruptcy judge in Brooklyn, said that the loan incurred by the bar-exam is a result of an agreement of […]

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The Department of Education has made an effort to help clarify what constitutes undue hardship, to help determine whether a student loan debt can be discharged in bankruptcy. These factors and criteria are offered as considerations by lenders for the debt relief: The debtor has filed for bankruptcy resulting from circumstances beyond his or her […]

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The story of Mason’s situation encouraged many readers to help after CNNMoney ran their story. To date, they have received around $10,000 in donations through the Masons’ GoFundMe website. During the Senate Banking Committee hearing, Senator Elizabeth Warren talked about the situation of the family. Steve Mason, a pastor, was grateful for all the help […]

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Credit Card Marketing Traps to Avoid

by San Antonio Attorney

Credit card companies have stiffened their requirements shortly after the recent economic crisis. Consumers have made the decision that they did not want to contend with credit card debt. But now that confidence is coming back, many cardholders incurred a higher card balance in June 2012 than in the same month last year. Mailboxes are […]

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A court ruling in Sentinel Management Group’s case might make it harder for customers to recover the money they invested in MF Global, according to the bankruptcy trustee of Sentinel. Bank of New York Mellon was put ahead of the customers in the waiting line of those who want to recover the money they invested […]

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Solar panel manufacturer Solyndra would pay $3.5 million to settle a lawsuit filed by its former employees who accused the company of not notifying them properly that they had been laid off. The company received $535 million of U.S. government loans but filed for Chapter 11 bankruptcy last year. The settlement papers were filed on […]

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The bankruptcy filings of businesses in Texas have dramatically decreased in the first half of 2012. But the experts are saying that the bankruptcy courts in Texas will probably experience another wave of business bankruptcy filings under Chapter 11 if the economy recovers. If the economy does not get better, the courts would possibly see […]

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What Bankruptcy Cannot Do

by San Antonio Attorney

While bankruptcy can provide relief for debtors from the actions of creditors, eliminate some consumer debts or lead to the creation of a repayment plan for those debts that must be settled, eventually leading to a discharge, there are some things bankruptcy cannot do. Bankruptcy cannot protect the debtor from the claims of creditors not […]

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What is Bankruptcy?

by San Antonio Attorney

Bankruptcy is a procedure set out under the jurisdiction of federal law to assist individuals and businesses burdened by debt, but it is not without consequences. Bankruptcy provides an avenue for debtors to seek relief from debt through a prescribed set of procedures governed by the Bankruptcy Code. The bankruptcy process is administered by both […]

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