Bankruptcy in the News

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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Hot Off the Press: Loan Servicers Must Make “Good Faith Effort” To Keep Homeowners Out Of Foreclosure

April 30, 2014

While the economic downturn affected everyone, some homeowners had a particularly tough time as they saw their mortgages sold from one company to another and discovered promises made by one lender not being honored by the next.  The result was a large number of foreclosures, many of which could have been avoided. However, that’s about […]

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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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Maximize Your Social Security Benefits Part 2.

December 30, 2013

When, exactly does retirement happen? While the answer to that question for many is, “as soon as possible, please….” – the bottom line is that the current full retirement age to start receiving Social Security benefits varies depending on the year that your were born. The age was recently increased to 67 for anyone born […]

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Maximize Your Social Security Benefits Part 1

December 15, 2013

.  While the latter isn’t likely to occur, there are two “lesser known” strategies that can help married couples maximize their Social Security benefits.  Here’s how they work: Claim Now & Suspend.  This generally applies to married couples where one partner has earning significantly more than the other.  It allows someone who has reached full […]

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Jefferson County, Alabama: The Bankruptcy “Comeback Kid”

December 12, 2013

There’s been a lot of talk lately about towns, cities and counties filing for bankruptcy. Detroit Michigan, Stockton and Vallejo California and Central Falls Rhode Island are just a few. However, most people may not recall that Jefferson County Alabama was the largest municipal bankruptcy filing in U.S. history before Detroit and a good example […]

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New Report Shows 1.1 Million People Filed For Bankruptcy In 2012

November 6, 2013

It’s no secret that the economic downturn has affected many Americans.  For some, filing for bankruptcy was the best option to allow them to have their debts discharged and move on with their lives.  Bankruptcy continues to be viable option.  In fact, according to a recent report from the Administrative Office of U.S. Courts, 1.1 […]

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