4 years 9 months ago

Today-In-Bankruptcy (1)Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for March 11th, 2014 Sbarro pizza chain files for bankruptcy Mt Gox bitcoin exchange files US bankruptcy papers Judge Approves Edison Mission Plan to Exit Bankruptcy

4 years 9 months ago

stock-broker-fraud-arbitration-16-7Two founders of a now defunct Ponzi scheme that took place in Southern California were arrested earlier this month for their roles that led to their company going bankrupt while collecting hundreds of millions of dollars from banks and private investors when the scheme fell apart. Michael Stewart, 66, of Phoenix, and John Packard, 63, […]

4 years 9 months ago

By Mary Ann Gorman
Melville, New York-based, Sbarro, has filed for Chapter 11 bankruptcy for the second time in three years. The pizza chain has struggled with debt and competition in the marketplace.
In the Chapter 11 reorganization plan, Sbarro hopes to cut down its debt by over 80 percent. Sbarro also plans to close approximately 50 locations, on top of the 180 money-losing operations they have already shut down.
Although the bankruptcy will not affect the franchise owned 582 restaurants, Sbarro as a company has 799 restaurants and employs over 2,700 people.
Sbarro has seen a drop off in mall traffic, where many of their restaurants are located. Their business model has also been called into question.
A restaurant consultant said, "Sbarro has been struck with an outdated business model...Its biggest shortcoming is that is sells food that has been sitting out for a while, and more people want food made to order."

4 years 9 months ago

taxesBankruptcy can help you eliminate back income taxes depending on your situation and qualifications. You can file Chapter 7 bankruptcy to discharge tax debt that qualifies under the bankruptcy code. If your debt does not meet these qualifications, you may consider Chapter 13 bankruptcy to help you repay what you owe based on your income […]

4 years 9 months ago

If you lost your Oregon home in a foreclosure or gave it up in a short sale prior to 2014, there were no tax repercussions to the forgiveness of debt. Unfortunately, the exception in the tax laws that made this so has now expired.
If you lost your principal residence in a foreclosure or gave it up in a short sale in 2014, you may still need to pay taxes on the forgiven debt. Until cooler heads prevail and the exception in the tax laws is reenacted, there are still two ways to avoid going out of pocket to the tax man. These exceptions can be applied not only to debts forgiven in a short sale or foreclosure but to debts eliminated in a debt settlement arrangement.
1. Insolvency: Forgiven debt is not counted as income if your remaining debts are greater than the value of your assets when the forgiveness occurs. So take away the mortgage that was foreclosed and total up the value of your assets and determine if the total value of those assets is less than what you still owe. Chances are if you are on this website, the answer is that your stuff is worth considerably less than what you owe on your other debts. The only real wrinkle is that the value of your 401k will be counted in the asset total.r.
2. Bankruptcy Discharge: Debt discharged in bankruptcy cannot create tax liability if the sale takes place later. Your personal liability is extinguished by the bankruptcy so there is no debt forgiveness in the later foreclosure or short sale.
If you have any questions at all regarding foreclosure, debt forgiveness, insolvency or bankruptcy, please feel free to contact either our Portland or Salem Bankruptcy Law Offices for  a free consultation.
The original post is titled Mortgage and Debt Forgiveness in Oregon and the IRS , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .

4 years 9 months ago

A Mortgage Company Rep Buys Me Lunch Every week I assure five or six nervous couples that, yes, it is possible to buy a house and get a mortgage after filing bankruptcy. Current government regs say you can qualify for a mortgage and buy a house two years after a chapter 7 discharge.  (It’s three […]The post Can I get a mortgage after filing bankruptcy? appeared first on Robert Weed.

4 years 9 months ago

Should I Declare Bankruptcy? wants to file for bankruptcy.  I guarantee that no one wished upon a star as a young person and thought to themselves “I want to be a real estate mogul and a famous singer and…bankrupt!”  That has NEVER happened.  However, even real estate moguls and famous singers have ended up bankrupt.  […]The post How Do I Know If I Should File Bankruptcy? appeared first on Tucson Bankruptcy Attorney.

4 years 8 months ago

<img src="image.gif" alt="Saving Your Home from Foreclosure in Chapter 13 Bankruptcy" />

Chapter 13 Bankruptcy 

The filing of a chapter 13 bankruptcy case puts a stop to most creditor actions, including most foreclosure cases. Under chapter 13, a property owner is given the opportunity to reorganize his affairs while under the protection of the Bankruptcy Court.

The following three main features available under chapter 13 are described below.

1. Mortgage modification
2. Chapter 13 Plan to reinstate mortgage
3. Avoiding of junior mortgages

Mortgage Modification - Mediation 

Within the chapter 13 case, a property owners may make use of the Bankruptcy Court's new "Loss Mitigation Mediation" (LMM).

This program is innovative in certain respects. Under this program, a Bankruptcy Court appoints a meditor to help the parties reach an agreement to modify the mortgage. A mediator is able to help the homeowner and mortgage company communicate and reach an agreement for modification.

This program also involves the use of an internet "portal" which allows the homeowner to upload all the documents needed for the mortgage company to consider for a modification. Through this portal the homeowner and mortgage company are also able to communicate.

Reinstate Mortgage 

If a homeowner does not want to modify his mortgage, he may propose a chapter 13 plan to provide for the reinstatement of his mortgage by catching up the mortgage arrearage over a period of 3 to 5 years, while maintaining current payments.

Avoiding of Under Water Mortgages and Association Liens

If a second mortgage is "under water," the involved lien may be avoidable. To be avoidable as to residential property, there must not be any equity in the property to support the mortgage lien. That is, more is owed on the first mortgage than the value of the property. Association liens, including condominium association liens, may also be avoidable in whole or in part, to the extent that they are "under water."

(305) 891-4055 - Jordan E. Bublick is a Miami Bankruptcy Lawyer with over 25 years of experience in filing Chapter 13 and Chapter 7 Bankrkuptcy Cases.

4 years 9 months ago

Today-In-Bankruptcy (1)Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for March 6th, 2014 Man Who Avoided Child Support By Faking Bankruptcy Gets 17 Years Over 1,500 stockbrokers fail to report bankruptcy, criminal records Mt. Gox’s Bankruptcy Case Will Be Unlike Any Other