According to a bankruptcy judge in New Jersey, it is time to re-evaluate the way current law deals with student loan debt. In a recent article, Judge Michael B. Kaplan called burgeoning student loan debt a looming crisis that touches every generation of Americans. Although the Bankruptcy Code largely lives up to its purpose of providing debtors with a fresh start, student loans are the notable exception to this rule.
According to an article published by the Chicago Tribune, Illinois homeowners plotting to strategically walk away from their homes is not an alarming new trend. For years, homeowners who have been feeling the sting of the housing market whims have often turned to an experienced Strategic Defense attorney to discuss Strategic Default of their mortgage as a method to relieve persistent debt concerns.
Bankruptcy, as defined by LendingTree, LLC, the nation’s leading online lender exchange, is a complicated situation that can open the door to a personal or business “do-over” without the burden of insurmountable debt but not without possible financial consequences.
It may be easy to briefly define bankruptcy but for those facing the reality, the situation can raise numerous questions, especially when it involves your Roth IRA.
A bankruptcy is like a fresh start for someone who is buried in debt and filing for bankruptcy can have a major impression on your life and credit score. Taking some small steps post-bankruptcy can help to allow you to rebuild your credit and establish good habits for the future.
If you ask Amy Flaten, filing Chapter 7 bankruptcy was stressful and emotional, but it also allowed her to start a new life and get out from under credit card bills that she could no longer afford to pay. Flaten wracked up credit card debt when her boyfriend at the time was injured, stopped working, and brought home increasingly higher medical bills. Flaten was buried under the weight of the credit cards she used to finance purchases during that time, which led her to meet with bankruptcy attorneys to review her options.
Purchasing a home requires planning and budgeting skills. Mortgage payments must be included on family calendars and paid on time. The joys of home ownership are great, but can require sacrifice. When hardships happen, it can make the home ownership even more stressful and financially difficult. In Illinois home owners do have the option of a short sale for their homes to quickly get rid of a home they no longer can afford.
A federal bankruptcy judge has ordered online auctions to liquidate the inventory of the J. Parsons retail store in Springfield, IL. The funds raised from the sale will go to pay millions of dollars in federal and state back taxes and penalties the company owes. The State Journal Register reported that the Illinois Department of Employment Security is owed nearly $603,000 because the company did not withhold from employee paychecks.
In Illinois, the owner of six coal fired electric generating plants, including Fisk and Crawford stations in Chicago, is very close to filing for bankruptcy. The chairman and chief executive officer at Edison International, the holding company for Edison Mission Energy whose subsidiary is Midwest Generation, Ted Craver said EME is not expecting to repay $500 million debt that is due in June 2013.
The second-largest newspaper publisher in America, Tribune Co., filed for bankruptcy in December 2008. It was the biggest bankruptcy ever in the history of the American media industry. The company has been in the process of emerging from a Chapter 11 bankruptcy protection and was granted approval of a reorganization plan that would enable this emergence. However, some creditors have opposed the settlement of legal claims stemming from the company’s 2007 buyout and the way some bondholders are treated in the reorganization plan.
Bloomberg reported a story about ATP Oil & Gas Corp., a Gulf of Mexico oil producer, getting approval for bankruptcy financing a week after they filed for bankruptcy. U.S. Bankruptcy Judge Marvin Isgur gave interim approval to the $618 million financing from Credit Suisse Group AG and other lenders after requiring that changes are made to certain terms.