Chapter 7 Bankruptcy is a way to wipe out your debt by grouping all your debt together and in one shot creating a fresh start for yourself. Before filing Bankruptcy you should always meet with a qualified attorney, like Ted Machi to consider all your options. With Chapter 7, you can wipe out debt such as credit cards, lawsuits, mortgages, medical bills and more.
When you file Chapter 7 you are not required to make repayments. Your debts are completely wiped ...
Continue → ShareDo you need to save your house and your car, stop the IRS from garnishing your wages and bank accounts? Chapter 13 can protect you from these creditors while you set up scheduled repayments to get back on your feet. In this type of bankruptcy you have terms that are very favorable to you so that you can make your re-payments and complete your obligations under Chapter 13 bankruptcy.
Ted Machi can help you understand where you may qualify, either ...
Continue → ShareEven with the recent rise in the economy, foreclosure is a major possibility for millions. Filing for bankruptcy can delay a foreclosure so you can negotiate with a mortgage lender.Obama’s expansion of the Home Affordable Refinance Program will allow several refinances of mortgage lenders of Fannie Mae and Freddie Mac.
Read the full story at the Nuwire Investor.
Continue → ShareThere has been a decrease from last year in bankruptcy filings due to new changes between banks and consumers. Banks have started tightening credit, and mortgage lenders have stopped foreclosures due to challenges in their internal processes. Some debtors will have already filed for chapter 7 bankruptcy in the past two years, or need to wait eight years from filing their last chapter 7 bankruptcy.
Continue → ShareOne of the Pentagon’s top defense suppliers, Lockheed Martin, recently announced a voluntary layoff program for 6,500 employees its Bethesda, Md. headquarters and business services unit. That announcement comes on top of 1,500 layoffs in the company’s aeronautics division, 1,200 layoffs in its space systems unit and 600 voluntary buyouts of senior executives earlier this year.
Continue → ShareIf a loved has passes away with debt their debt dies with them. Unless members of the deceased family co-signed with the loan, they are usually not legally obligated to pay. This doesn’t stop debt collectors from harassing families to pay the debt. The number of debt collectors using this deplorable tactic has grown in recent years. They work on the behalf of financial giants such as; Bank of America, Capitol One, and others. Targeting families when they are at ...
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Tough times await most of the 81,000 employees at American Airlines and parent company AMR. They’ll likely be spared pay cuts as the airline works its way through bankruptcy. But they face severe pension cuts, longer hours and layoffs.
Many of American’s employees may face tough economic struggles in the next few years. A crisis at home, a large medical bill, may put a family’s lifetime of hard work at jeopardy. ...
Continue → ShareFederal bankruptcy judge, Mary France, made a ruling last month that Harrisburg, Pennsylvania may not seek bankruptcy protection. Harrisburg is burdened with about $300 million in debts related to the city’s old trash incinerator. After the machine was hindered with environmental problems and fines for numerous years the Environmental Protection Agency shut down the incinerator. Harrisburg’s City Council attorney filed an appeal with the U.S. District Court for the Middle District of Pennsylvania on Saturday about Judge France’s decision to ...
Continue → ShareThe U.S. Postal Service’s first-class mail will slow down next spring due to the company cutting costs to try and avoid bankruptcy next year. The cuts would close 251 mail processing centers around the country as well as cutting about 28,000 jobs. Changes are expected, such as delays and added costs to mail delivery. Public opinion is opposed to the cuts, Maine Senator Susan Collins the top Republican on the Senate committee overseeing the post office thinks the agency is ...
Continue → ShareAmerican Airlines’s parent company, AMR, filed for bankruptcy last week, leaving many DFW residents concerned with the airline’s future. Economic experts say AMR’s bankruptcy will have more have smaller effect than thought on Tarrant county’s economy. Director of the Maguire Energy Institute at Southern Methodist University and economist, Bud Weinstein, said ” We won’t see any effect in the short term, but in the long term American’s impact in the region’s economy will be smaller than it is today.”
AMR filed bankruptcy ...
Continue → ShareToday marks the ten year anniversary of Enron’s bankruptcy filing. At the time it was the largest bankruptcy in U.S. History. Enron’s collapse was the fault of greed and abuse of accounting standards. Remind yourself of this corporate scandle.
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