A Texas pastor and his wife who had been convicted of hurricane fraud in August of 2017 filed for Chapter 13 bankruptcy just a few months later in an effort to alleviate the stress of the debts they are facing. The couple stated that their debt liabilities are between $500,000 and $1 million and that their assets are worth about the same as their debt.
Jason Sheehan of New Haven, Connecticut, was the sole member of a limited liability company called Infinistaff, LLC that provided temporary workers to employers. In September of 2010, Infinistaff voluntary filed for Chapter 11 bankruptcy with the Connecticut Bankruptcy Court.
Sheehan: False Claims and Representations to the IRS
When an individual, organization, or business entity faces more debt than can be managed, they sometimes opt to file for federal bankruptcy. Filing for bankruptcy protectors debtors from creditors who are pursuing the unpaid debts. If the bankruptcy petition is granted in federal court, the judge will look at:
When Bernie Madoff was arrested in 2008 and admitted that a significant part of Bernard L. Madoff Investment Securities LLC was an elaborate Ponzi scheme, nearly 5,000 clients were affected and lost more than $50 billion, collectively. This, of course, resulted in a slew of personal bankruptcies for people who likely never dreamed they’d face bankruptcy proceedings, and a tightening of federal regulations on companies like Madoff’s.
According to a recent article, a very long, complicated scheme centered in Chicago but that included a murder in Mexico City ended Tuesday with three defendants facing mandatory life sentences.
This entire operation was based in Chicago’s Little Village neighborhood. The scheme lasted for at least 15 years until it was broken up in 2007. In total, it generated somewhere around $3 million in annual sales of fake Social Security cards, driver’s licenses, and various other documents.
A New Jersey man has been sentenced to 18 months in prison for concealing assets in a November 2008 bankruptcy petition he filed. Brian Young, 39, was the sole proprietor of Brys Landscaping, d/b/a AAA Interlocking Pavers, when he filed a petition for Chapter 7 bankruptcy protection in the state of New Jersey.
Lenny Dykstra had a career in baseball that spanned more than a decade with the Philadelphia Phillies and the New York Mets. He was named to multiple all-star games and served as a catalyst for the Mets winning the World Series in 1986. Yet his personal life has not seen the same amount of success. The 49 year old Dykstra has served time for grand theft auto and exposing himself to a woman
As the economy worsened and more people began looking for relief, debt settlement companies that claim to provide student loan settlement started to crop up across the country. Currently Americans owe more on student loans than they do on their credit cards. As a result, companies are expanding into so-called student loan settlement services.
Are these companies really a legitimate option to for erasing student debt?