Bankruptcy in the News

Chase Sanctioned for Failure to Comply with Loan Modification in Bankruptcy Case Handled by White Plains Attorney Michael H. Schwartz

May 4, 2015

WHITE PLAINS, NY, May 02, 2015 — JP Morgan Chase Bank, N.A., has been ordered to pay $16,000 as damages after the bank failed to comply with a U.S. Bankruptcy Court order that modified the terms of a mortgage loan held by the clients of Michael H. Schwartz, the White Plains consumer bankruptcy and foreclosure […]

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Study Finds Not Filing for Bankruptcy Leaves Debtors Worse Off

April 9, 2015

Although the Bankruptcy Act of 1978 introduced personal bankruptcy as a debt-relief option for Americans who had found themselves struggling under substantial consumer debt, many debtors still choose not to file for bankruptcy protection. A new study shows that decision may leave them in a more dire financial situation. The decision not to file is […]

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Bankruptcy Could Provide a ‘Happy Ending’ for Operator of Local Friendly’s Restaurants

January 30, 2015

The struggling franchisee of a number of local Friendly’s restaurants – famous for their “Happy Endings” sundaes – officially filed for Chapter 11 bankruptcy protection earlier this month. Having closed the doors of its Lower Hudson Valley locations only a few months ago, this is the latest turn of events in the financial struggle of […]

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‘Lending Circles’ Can Help Members Reduce Debt and Build Credit

October 20, 2014

Individuals who have filed for bankruptcy often face a Catch-22: they need credit cards and bank loans to regain their credit rating, yet these are hard to come by for individuals whose credit is negatively affected by a bankruptcy filing. Rather than turning to predatory payday lenders and check-cashing stores, people who have filed for […]

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Could Filing for Bankruptcy Help You Keep Your Home?

August 26, 2014

Homeowners at risk of losing their house to foreclosure may be able to keep it by filing for bankruptcy. Although not a cure-all, bankruptcy – in particular Chapter 13 bankruptcy – may buy homeowners extra time to reorganize their finances and catch up with late mortgage payments. A new study by the University of North […]

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Inherited IRAs Not Safe From Creditors in Bankruptcy Cases, Supreme Court Rules

July 17, 2014

For many years, individual retirement accounts (IRAs) have been protected from the grasp of creditors during bankruptcy proceedings. While the owners of IRAs still enjoy this protection, the U.S. Supreme Court recently ruled that the protection does not extend to those who inherit an IRA from someone other than a spouse – making bankruptcy proceedings […]

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Consumer Group Warns Student Loan Borrowers About ‘Auto-Default’ Clauses

May 19, 2014

Very few college or graduate students can pay for their education without some sort of financial assistance. While many take out student loans through federal programs such as Sallie-Mae, many more take out private loans to finance their studies. Private loans generally require a co-signer because most students simply can’t qualify on their own. In […]

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Is Toasted Sub Maker Quiznos – Toast?

March 7, 2014

Quiznos, the sub-maker who tried – and succeeded – to differentiate itself from Subway by toasting its sandwiches, may now be toast itself.  With over $600 million in debt and numerous franchise issues, Quiznos may find itself in Chapter 11 bankruptcy in order to reorganize its debt structure and operations. Everyone Once Wanted a Toasted […]

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Mortgage Tax Break Ends: More Distressed Homeowners Likely To File For Bankruptcy

February 28, 2014

Congress reacted to the housing market crash several years ago by enacting a law that gave homeowners a break on their taxes.  However, that law recently expired.  Although a bill to extend the tax break had bipartisan support in Congress, it was allowed to expire at the end of 2013. That will likely cause more […]

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Loehmann’s Files for Bankruptcy Protection

January 6, 2014

Loehmann’s, the New York-based clothing retailer, has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Manhattan after being in business for 92 years.  Sadly, the legendary off-price clothing store may be closing down its 39 stores located in New York, the Northeast, California, Florida, and the Midwest. Goodbye toan Icon.  But Wait… […]

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