It is still quite rare for towns or countries in the US to end up this way, but some fear that what happened here might be a warning of more pain to come. Across the United States, cities, counties and States are going broke, struggling to recover from the recession and, in some cases, years of fiscal mismanagement. In Washington the debt ceiling fights and discussions over possible cuts to Social Security and health benefits show how difficult it is to reinvent a system after too many years of living beyond its means.?
Source: aljazeera.net
Video: Debt Management Tips : How to File Bankruptcy
Lawmaker files for Chapter 13 bankruptcy
Finances can quickly spiral out of control, and before a person even realizes what happens, there is simply not enough money to go on with day-to-day living while still paying back creditors who are owed. And while in some cases this can lead to people stopping making important payments ? like mortgages ? and can lead to foreclosure or wage garnishment, the truth is that there are often other options, including filing for a personal bankruptcy.
Source: bankruptcylawyersanjoseca.com
Professional athletes who have filed for bankruptcy (SLIDESHOW)
Former Super Bowl-winning running back Jamal Lewis, formerly of the Baltimore Ravens, has joined a growing list of black professional athletes who have filed for bankruptcy on their way to being broke. Lewis has learned to earn money and spend it with ease. He continues to earn $35,000 a month and is self-employed, but this pales in comparison to the millions he was making while playing professional football. According to the paperwork, the former NFL star filed for Chapter 11 in Atlanta and has $14, 455, 854 in assets, but has $10, 566, 765.18 in debts, according to TMZ. Lewis owns five homes, a slew of cars, a $500,000 401(k) and 50 percent ownership in Fort Rapids Indoor Water park in Columbus, OH (worth about $6 million).
Source: thegrio.com
Mall owners file for bankruptcy
WALLA WALLA ? The owners of the defunct Blue Mountain Mall property have filed for bankruptcy in a move that postpones another auction proceeding that had been scheduled for the end of this week. Walla Walla Town Center LLC filed chapter 11 business reorganization Wednesday in U.S. Bankruptcy Court. That particular filing seeks protection from creditors while the business owners devise a plan for reorganization. The retail property had been slated for the auction block Friday after creditor Key Bank initiated foreclosure proceedings.
Source: union-bulletin.com
Tips And Advice For Dealing With Personal Bankruptcy
One you realize you are in financial trouble and have decided to file for personal bankruptcy you should move quickly. Waiting to the last minute to file bankruptcy can cause a number of issues. You may face negative repercussions such as wage or bank account garnishment or foreclosure on your home. You can also not leave time enough for a thorough review of your financial situation, which will limit your available options.
Source: typepad.com
To file or not to file: How the timing of the bankruptcy can impact the exclusion of cancellation of indebtedness income : Contra Costa Lawyer Online
First, a taxpayer may elect to reduce the basis of his depreciable property by the amount of excludable income.? For example, if the debtor owns a home that is worth $500,000 encumbered by a $500,000 mortgage and has credit card debt of $100,000, he or she may be allowed to keep the home.? If the debtor purchased the home for $250,000, the basis will be decreased by the $100,000 in cancellation of debt income from the discharge of the credit card debt and the exclusion of the income.? Upon sale, the $100,000 in reduced basis will be taxed at capital gains rates.? The basis in bankruptcy estate assets is reduced first with any residual reduction applied against assets of the debtor.
Source: cccba.org
Things to Consider before You File Bankruptcy
You may even consider looking into DIY bankruptcy options or using bankruptcy forms available online to try to file bankruptcy yourself. In reality, however, this is a very bad idea and you should always consider hiring an Orlando bankruptcy attorney? to help you with your case. While there are many reasons why it makes sense to hire a bankruptcy attorney Seattle, here are three of the most important: 1)??? Your bankruptcy attorney Seattle will help to ensure that all bankruptcy forms are completed in their entirety There is an extensive amount of paperwork associated with filing for bankruptcy under each of the different chapters. You will need to list details about your assets, your creditors and your financial situation. It is easy to make mistakes or leave something off of these forms when you do not have the legal knowledge that a bankruptcy attorney Seattle has. If you leave something off or fail to fill out the forms completely, your bankruptcy may be delayed or even dismissed. Worse, you may have your bankruptcy completed but accidentally leave off some creditors or fail to follow the proper procedures for certain debts, which can result in those debts not being discharged. The last thing you want is to file bankruptcy and still be left with debt- especially since there is a limit on how often you can file. 2)??? Your bankruptcy attorney Seattle will advise you on what chapter of the bankruptcy code to file under Consumers filing for bankruptcy have several different options including chapter 7 bankruptcy and chapter 13 bankruptcy. There are significant differences between these different chapters both in terms of what you need to qualify for bankruptcy and in terms of the impact the bankruptcy is going to have on your debt. You are going to need the advice of a bankruptcy attorney Seattle to decide what chapter makes sense for you. 3)??? Your bankruptcy attorney Seattle will help you to comply with all court requirements When you file for bankruptcy, there are many rules of court procedure you must follow. Not only do you need to complete documents using a proper format, but you also must meet deadlines, provide your creditors with appropriate notice, and respond to any motions filed in the bankruptcy proceedings. Knowing how to do all of this can be a major challenge, but your bankruptcy attorney Seattle has the legal knowledge and skills necessary to make sure your case proceeds so you can get the bankruptcy over with and put behind you. A bankruptcy attorney Seattle will help you in filling out the bankruptcy forms in the right manner. Better you contact multiple Seattle bankruptcy attorneys to understand the bankruptcy proceedings properly. Source: boman08.com Source: medicalbankruptcyco.com Source: bankruptcyforumco.com Source: whatisbankruptcyco.com
Source: foreclosureattorneyco.com
Keeping Your Car When Filing Bankruptcy in Ohio
An experienced Columbus Ohio Bankruptcy Attorney can determine your eligibility for filing bankruptcy and can help you explore other avenues if bankruptcy is not the best option for you. Legal counsel will ensure that your rights are protected and that someone is looking out for your best interest. The friendly Law Office of M. Sean Cydrus can help you craft a plan to rebuild your financial future. We understand the stress of financial worry. We use a personal approach to solving your financial challenges and are here to help you through this difficult time. We pride ourselves on the ability to provide our legal expertise with compassion and understanding. We can meet with you at our conveniently located offices in Columbus and Chillicothe. Call today for a free consultation. Help is one phone call away!
Source: ohiodebtsolutions.com
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