There might be good reasons because Nortel Networks Corp. is handing out income hikes as well as bonuses this year, but it will be tough pressed to clear it to former employees fighting for severance packages or pensions.
Monday, November 30, 2009
Saturday, November 28, 2009
Judge Paves Way for Moonlight Basin's Opening
A failure decider pronounced Tuesday that Moonlight Basin can make use of money from the recent sale of the $1.4 million condo to conduct business as usual at the review - the statute that company officials contend will safeguard that lifts will be using this December.
Tupeloa S Trace Inn To Be Torn Down
The old Trace Inn in Tupelo has been scheduled for demolition. The city condemned a make up progressing this year after a owners, Tupelo-based JSK Hospitality, filed Chapter 7 bankruptcy.
I May Inherit Money Soon After My Bankruptcy Discharge, Now What?
The bankruptcy law says that if a debtor inherits money from someone who dies within 180 days of the date the debtor filed bankruptcy, that money becomes part of the bankruptcy estate even if you received a Chapter 7 bankruptcy discharge. What that means is that if you filed bankruptcy September 30, 2009 and a relative/friend died December 30, 2009, and you inherited money from them, you would need to report that money to the bankruptcy court and it would become part of the bankruptcy estate. However, it is not illegal to make plans so that your inheritance does not fall under the jurisdiction of the bankruptcy courts. Here are your options:
1. Your friend/relative can setup a spendthrift trust for your inheritance. The bankruptcy court cannot seize a spendthrift trust if it is properly created. You will need an attorney to properly create the spendthrift trust and avoid trouble with the bankruptcy court.
2. Your friend/relative can rewrite their will to remove you from it so that another person inherits the money. That person, if they choose can then gift the inheritance to you 180 days after you filed bankruptcy or they may be able to give you the gift before the 180 days has lapsed because the bankruptcy court cannot seize gifts after your bankruptcy has been finalized.
3. You can simply not claim the inheritance. You are not by law required to claim an inheritance.
Remember, there is nothing wrong with planning to maximize the benefits of bankruptcy. You can legally do so by planning the timing of an inheritance or using tools to avoid the seizure of assets in bankruptcy. However, it is illegal to hide an inheritance, by not telling the bankruptcy court about it or using illegal means to avoid including it in the bankruptcy estate. If you plan to receive an inheritance during or after your bankruptcy please discuss with your bankruptcy attorney, how you can protect this asset.
Reed Allmand is constantly looking for ways to improve the financial situation of his clients. You can visit http://www.allmandandlee.com to view more articles like this and find great tips on managing your financial situation. Are you already considering bankruptcy? Take this Free Evaluation to determine if bankruptcy is right for you: http://www.allmandandlee.com/Free-Bankruptcy-Evaluation.php.
Article Source: http://EzineArticles.com/?expert=Reed_Allmand
1. Your friend/relative can setup a spendthrift trust for your inheritance. The bankruptcy court cannot seize a spendthrift trust if it is properly created. You will need an attorney to properly create the spendthrift trust and avoid trouble with the bankruptcy court.
2. Your friend/relative can rewrite their will to remove you from it so that another person inherits the money. That person, if they choose can then gift the inheritance to you 180 days after you filed bankruptcy or they may be able to give you the gift before the 180 days has lapsed because the bankruptcy court cannot seize gifts after your bankruptcy has been finalized.
3. You can simply not claim the inheritance. You are not by law required to claim an inheritance.
Remember, there is nothing wrong with planning to maximize the benefits of bankruptcy. You can legally do so by planning the timing of an inheritance or using tools to avoid the seizure of assets in bankruptcy. However, it is illegal to hide an inheritance, by not telling the bankruptcy court about it or using illegal means to avoid including it in the bankruptcy estate. If you plan to receive an inheritance during or after your bankruptcy please discuss with your bankruptcy attorney, how you can protect this asset.
Reed Allmand is constantly looking for ways to improve the financial situation of his clients. You can visit http://www.allmandandlee.com to view more articles like this and find great tips on managing your financial situation. Are you already considering bankruptcy? Take this Free Evaluation to determine if bankruptcy is right for you: http://www.allmandandlee.com/Free-Bankruptcy-Evaluation.php.
Article Source: http://EzineArticles.com/?expert=Reed_Allmand
How Does Filing Bankruptcy Affect Your Mortgage?
When someone experiences financial crisis like job loss or business failure, it becomes quite difficult for him to repay the existing loans/debts. Though filing bankruptcy may seem to be a viable option in order to get rid of the multiple debts, yet it may become difficult to qualify for a new mortgage. You should also know that your existing mortgage gets affected when you file bankruptcy.
What happens to your existing mortgage after bankruptcy filing?
When you want to declare bankruptcy, you need to file either chapter 7 or chapter 13. However, the consequences of filing chapter 7 are different from that of chapter 13. The effects on your existing mortgage after filing bankruptcy are discussed below.
Consequences of filing Chapter 13:
You can protect your home from a foreclosure by filing chapter 13 bankruptcy; however, it is advisable that you seek help from an experienced bankruptcy lawyer. By filing chapter 13, you can work on a structured debt repayment plan, which can also take care of your monthly expenses. Usually, you need to repay your loan within 3-5 years. Chapter 13 can also give you automatic stay protection, which can prevent your creditors from suing you. It is also helpful to stop collection efforts during the repayment tenure.
Consequences of filing Chapter 7:
Sometimes filing chapter 13 can be really expensive for the homeowners. In that case, filing chapter 7 bankruptcy is favorable for them. It can free you from your personal liabilities to pay back the existing debts. However, homeowners may still be unable to keep their house after the discharge of bankruptcy.
Reaffirming mortgage debt:
If you want to save your home even after filing chapter 7 bankruptcy, then you need to file a reaffirmation agreement. Once you file the paperwork, the mortgage company may agree to work with you and also approve your plan so that you can clear the delinquent account within a specific time period. It means that you are agreeing to pay off the debt amount, which you owe to your lenders.
Paying for deficiency after foreclosure:
If your bank forecloses your property but cannot recover the unpaid debt, then you might have to pay for the deficiency.
How do you qualify for a new mortgage after bankruptcy?
Go through the following points to know how you can qualify for a mortgage even after filing bankruptcy.
1. Try to rebuild your credit - If you have some debts that you've not included while filing bankruptcy, then try to repay them on time. It will help rebuild your credit so that you can apply for new loans in 2 years of time.
2. Plan a budget and follow it - Analyze your financial status and prepare a budget. Try to follow it in order to save yourself from any more debt problems in future.
3. Try for FHA or VA mortgage loans - It is relatively easier to qualify for an FHA or a VA mortgage loan than that of conventional mortgage loans.
4. Get ready for making a down payment - You may not qualify for a zero down payment mortgage. Therefore, you may need to make a down payment in order to qualify for the mortgage.
5. Check your credit reports regularly - It is really important to check your credit reports regularly. If there are errors, then fix them immediately.
It is quite important to learn from your past mistakes. Therefore, you should not make any more mistakes that can compel you to file another bankruptcy in future. When you are taking out any loan/debt, you should carefully analyze your financial situation in order to ensure that you'll be able to make the required monthly payments on time.
Author Bio:
Jessica Bennet is an experienced financial writer associated with Mortgage Fit Community. She has been guiding the Community through her writings on bankruptcy, filing bankruptcy, mortgage, loan modification and related financial topics. Her views and opinions shared in the forums have helped community members and guests get over problems in their mortgage.
Article Source: http://EzineArticles.com/?expert=Jessica_N._Bennet
What happens to your existing mortgage after bankruptcy filing?
When you want to declare bankruptcy, you need to file either chapter 7 or chapter 13. However, the consequences of filing chapter 7 are different from that of chapter 13. The effects on your existing mortgage after filing bankruptcy are discussed below.
Consequences of filing Chapter 13:
You can protect your home from a foreclosure by filing chapter 13 bankruptcy; however, it is advisable that you seek help from an experienced bankruptcy lawyer. By filing chapter 13, you can work on a structured debt repayment plan, which can also take care of your monthly expenses. Usually, you need to repay your loan within 3-5 years. Chapter 13 can also give you automatic stay protection, which can prevent your creditors from suing you. It is also helpful to stop collection efforts during the repayment tenure.
Consequences of filing Chapter 7:
Sometimes filing chapter 13 can be really expensive for the homeowners. In that case, filing chapter 7 bankruptcy is favorable for them. It can free you from your personal liabilities to pay back the existing debts. However, homeowners may still be unable to keep their house after the discharge of bankruptcy.
Reaffirming mortgage debt:
If you want to save your home even after filing chapter 7 bankruptcy, then you need to file a reaffirmation agreement. Once you file the paperwork, the mortgage company may agree to work with you and also approve your plan so that you can clear the delinquent account within a specific time period. It means that you are agreeing to pay off the debt amount, which you owe to your lenders.
Paying for deficiency after foreclosure:
If your bank forecloses your property but cannot recover the unpaid debt, then you might have to pay for the deficiency.
How do you qualify for a new mortgage after bankruptcy?
Go through the following points to know how you can qualify for a mortgage even after filing bankruptcy.
1. Try to rebuild your credit - If you have some debts that you've not included while filing bankruptcy, then try to repay them on time. It will help rebuild your credit so that you can apply for new loans in 2 years of time.
2. Plan a budget and follow it - Analyze your financial status and prepare a budget. Try to follow it in order to save yourself from any more debt problems in future.
3. Try for FHA or VA mortgage loans - It is relatively easier to qualify for an FHA or a VA mortgage loan than that of conventional mortgage loans.
4. Get ready for making a down payment - You may not qualify for a zero down payment mortgage. Therefore, you may need to make a down payment in order to qualify for the mortgage.
5. Check your credit reports regularly - It is really important to check your credit reports regularly. If there are errors, then fix them immediately.
It is quite important to learn from your past mistakes. Therefore, you should not make any more mistakes that can compel you to file another bankruptcy in future. When you are taking out any loan/debt, you should carefully analyze your financial situation in order to ensure that you'll be able to make the required monthly payments on time.
Author Bio:
Jessica Bennet is an experienced financial writer associated with Mortgage Fit Community. She has been guiding the Community through her writings on bankruptcy, filing bankruptcy, mortgage, loan modification and related financial topics. Her views and opinions shared in the forums have helped community members and guests get over problems in their mortgage.
Article Source: http://EzineArticles.com/?expert=Jessica_N._Bennet
How to Avoid Small Business Bankruptcy and Save Your Company
Many companies are currently struggling for many different reasons, although the current economic climate is a big factor for most companies.
Also, many of these companies are declaring bankruptcy. It is always very sad to hear of a company that has to go through this, especially when so much hard work has gone into building the company in the first place and also when you consider that most companies do not actually have to go through this process, as there is help available.
Business debt relief organizations can actually work on behalf of companies that find themselves in trouble, to help them pay off their debts. The procedure is know as debt relief, or debt negotiation and can allow a company the breathing space it needs to stop worrying about their debts and get back to running and managing their company.
The way it works is that a debt relief organization is instructed to work on behalf of the company that has debts. They work with the company to come up with a revised repayment plan, that the company will be able to keep too.
Once they have done this, they then approach the creditors of the person to negotiate discounts on the debt that is owed.
They are able to do this because, although creditors obviously want to be re-payed the full amount, if they are made to see the real situation of a company and realize that that company may be forced to declare bankruptcy, they then become much more reasonable.
The reason for this, is that if a company has to declare bankruptcy, the creditors will get nothing. So it becomes in their interest to negotiate.
The reductions in debt will depend on each situation, but we have seen companies reduce their debts by up to 80%. The size of the reduction also means that the debts can be payed off quickly.
It is important however, to make sure that a company only signs up with the very best debt relief organizations. Only the best companies will be able to ensure the biggest discounts on debt levels.
Also, the better the company the more support they will provide throughout the process. For example, during the negotiation and repayment process, good debt relief companies will completely take over the handling of all the creditors, lawyers and collection agencies. Less experienced companies often leave their clients to continue to deal with threats and demands.
During the negotiation process a companies credit score can be affected, but this will improve as the repayment process progresses.
To read a review of the best Debt relief organizations to help a company avoid Small Business Bankruptcy, just Click Here.
Article Source: http://EzineArticles.com/?expert=Ben_Davies
Also, many of these companies are declaring bankruptcy. It is always very sad to hear of a company that has to go through this, especially when so much hard work has gone into building the company in the first place and also when you consider that most companies do not actually have to go through this process, as there is help available.
Business debt relief organizations can actually work on behalf of companies that find themselves in trouble, to help them pay off their debts. The procedure is know as debt relief, or debt negotiation and can allow a company the breathing space it needs to stop worrying about their debts and get back to running and managing their company.
The way it works is that a debt relief organization is instructed to work on behalf of the company that has debts. They work with the company to come up with a revised repayment plan, that the company will be able to keep too.
Once they have done this, they then approach the creditors of the person to negotiate discounts on the debt that is owed.
They are able to do this because, although creditors obviously want to be re-payed the full amount, if they are made to see the real situation of a company and realize that that company may be forced to declare bankruptcy, they then become much more reasonable.
The reason for this, is that if a company has to declare bankruptcy, the creditors will get nothing. So it becomes in their interest to negotiate.
The reductions in debt will depend on each situation, but we have seen companies reduce their debts by up to 80%. The size of the reduction also means that the debts can be payed off quickly.
It is important however, to make sure that a company only signs up with the very best debt relief organizations. Only the best companies will be able to ensure the biggest discounts on debt levels.
Also, the better the company the more support they will provide throughout the process. For example, during the negotiation and repayment process, good debt relief companies will completely take over the handling of all the creditors, lawyers and collection agencies. Less experienced companies often leave their clients to continue to deal with threats and demands.
During the negotiation process a companies credit score can be affected, but this will improve as the repayment process progresses.
To read a review of the best Debt relief organizations to help a company avoid Small Business Bankruptcy, just Click Here.
Article Source: http://EzineArticles.com/?expert=Ben_Davies
Advantages and Disadvantages of Filing Bankruptcy
When you happen to be in a financial brink, the last thing you want to hear is the word bankruptcy. You are probably in the most difficult time in your life but as they always say, for every problem, there's always a solution. Understanding bankruptcy may help you go through everything more easily or perhaps it will help you decide whether or not you have the need to file one. Like many other things, filing bankruptcy has its own disadvantages as well as advantages. The number one disadvantage of filing bankruptcy is its effect on your credit rating and it can remain on your credit report for 10 years. In some cases, you will still be allowed to obtain some credits but be prepared for ridiculous interest rates. Another thing you have to deal with is the cost for filing bankruptcy, talk about expensive attorney fees. You're looking into $1,000 to $2,000 just for a regular Chapter 7 case. The last disadvantage and usually the most painful one is the loss of property. Have your lawyer assess all of your assets to check which ones can be exempted.
We talked about the disadvantages now let's take a look at some of the benefits you will acquire from filing bankruptcy. Your main goal when filing Chapter 7 is to obtain a discharge of all unsecured debts. This means creditor harassment will cease. Also for Chapter 7, any unpaid balances due after your assets have been sold and distributed are fulfilled. Another advantage will be your ability to keep all or most of your property through federal or state exemptions. Some involuntary transfers may also be avoided if you take actions on time. Weigh the pros and cons before you jump right away into filing bankruptcy. It's always better to seek the advice of an attorney who specializes in these kinds of cases.
Choosing the right lawyer for your financial situation is a crucial decision. Feel free to stop by http://www.barrowcountybankruptcy.com and see our featured bankruptcy attorney in Barrow County Georgia
Article Source: http://EzineArticles.com/?expert=Ianne_Mazzello
We talked about the disadvantages now let's take a look at some of the benefits you will acquire from filing bankruptcy. Your main goal when filing Chapter 7 is to obtain a discharge of all unsecured debts. This means creditor harassment will cease. Also for Chapter 7, any unpaid balances due after your assets have been sold and distributed are fulfilled. Another advantage will be your ability to keep all or most of your property through federal or state exemptions. Some involuntary transfers may also be avoided if you take actions on time. Weigh the pros and cons before you jump right away into filing bankruptcy. It's always better to seek the advice of an attorney who specializes in these kinds of cases.
Choosing the right lawyer for your financial situation is a crucial decision. Feel free to stop by http://www.barrowcountybankruptcy.com and see our featured bankruptcy attorney in Barrow County Georgia
Article Source: http://EzineArticles.com/?expert=Ianne_Mazzello
Top 5 Reasons People File For Bankruptcy
There are many different reason people file for bankruptcy but here I have the top 5 reasons people file for bankruptcy.
1. Stop foreclosure on your home so that you can catch up on your missed mortgage payments.
By filing bankruptcy you won't eliminate your mortgage on your property. What will happen is you will structure a plan so that you can repay the amount that you are behind on your mortgage.
2. Reduce Medical Bills
It's possible that an accident or major illness can completely run you out of money. Medical costs these day are really expensive and it doesn't take much to add up to $100,000 or more. Many times people that run into this situation have to make a choice to determine what bills are going to get paid and what bills are not possible to be paid. Filing for Chapter 7 bankruptcy can reduce your medical bills or possibly even eliminate them
3. Loss Of Job
This is one of the most common reasons for people to file for bankruptcy. If a family goes from depending on two salaries every month and all of a sudden that is reduced to one then financial trouble is almost certain. Filing for bankruptcy may be one of your only options.
4. Prevent your vehicle from being repossessed
If your vehicle has been repossessed, filing for bankruptcy could force the creditor to return your vehicle. When filing for chapter 13 bankruptcy the past missed payments will be consolidated into your bankruptcy plan.
5. Stop The Harassment From The Creditors
Many times creditors don't approach collecting debt the proper way. their abusive behavior is completely unnecessary and unethical. bankruptcy can put a hold on your account so that the inappropriate phone calls will a stop.
Filing for bankruptcy is a big decision. Sometimes it is beneficial to people to file for bankruptcy and for others it's not. Before you make any decision I highly suggest you read more about bankruptcy by Clicking Here. Find out as much as you can about bankruptcy before you make any decisions.
Article Source: http://EzineArticles.com/?expert=Brian_Osland
1. Stop foreclosure on your home so that you can catch up on your missed mortgage payments.
By filing bankruptcy you won't eliminate your mortgage on your property. What will happen is you will structure a plan so that you can repay the amount that you are behind on your mortgage.
2. Reduce Medical Bills
It's possible that an accident or major illness can completely run you out of money. Medical costs these day are really expensive and it doesn't take much to add up to $100,000 or more. Many times people that run into this situation have to make a choice to determine what bills are going to get paid and what bills are not possible to be paid. Filing for Chapter 7 bankruptcy can reduce your medical bills or possibly even eliminate them
3. Loss Of Job
This is one of the most common reasons for people to file for bankruptcy. If a family goes from depending on two salaries every month and all of a sudden that is reduced to one then financial trouble is almost certain. Filing for bankruptcy may be one of your only options.
4. Prevent your vehicle from being repossessed
If your vehicle has been repossessed, filing for bankruptcy could force the creditor to return your vehicle. When filing for chapter 13 bankruptcy the past missed payments will be consolidated into your bankruptcy plan.
5. Stop The Harassment From The Creditors
Many times creditors don't approach collecting debt the proper way. their abusive behavior is completely unnecessary and unethical. bankruptcy can put a hold on your account so that the inappropriate phone calls will a stop.
Filing for bankruptcy is a big decision. Sometimes it is beneficial to people to file for bankruptcy and for others it's not. Before you make any decision I highly suggest you read more about bankruptcy by Clicking Here. Find out as much as you can about bankruptcy before you make any decisions.
Article Source: http://EzineArticles.com/?expert=Brian_Osland
Pacific Ethanol aims to reopen as market improves
California-based Pacific Ethanol Inc. filed documents in U.S. Bankruptcy Court in Delaware this week asking for permission to reopen the plant in Burley, Idaho.
Sparks casino building faces foreclosure, auction
The former Silver Club casino building in Sparks will be auctioned off Dec. twenty-three after a foreclosure notice was issued for it.
Subscribe to:
Posts (Atom)