Many debtors use debt consolidation in an attempt to repay creditors after their finances spin out of control.  But in many cases debt consolidation fails to help debtors repay their creditors and get on their feet.   Many debtors waste money in debt consolidation schemes and eventually end up filing bankruptcy after years of avoiding it, here’s why:

Creditors are not required to play …

Author: Reed Allmand

Category: Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Debt Consolidation , Filing Bankruptcy

Tags: Chapter 13 Bankruptcy Conversion to Chapter 7 debt consolidation

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Donovan Lindhorst was placed in an involuntary bankruptcy in October 2007, but he didn’t plan on allowing authorities to access to all of his assets.  According to bankruptcy judge, Lindhorst hid gold, silver and his ownership of a vintage pickup truck in an effort to defraud the bankruptcy system.

Federal prosecutors said 69-year-old Donovan Lindhorst of Gresham had about $82,000 in …

Author: Reed Allmand

Category: Bankruptcy , Bankruptcy Fraud , Economy

Tags: Bankruptcy Donovan Lindhorst Hiding Assets

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You’re up late at night listening to the radio, surfing the internet or watching TV when you’re bombarded with an over the top credit repair commercial promising to fix all of your credit problems if you would only hire their company.  But before you pick up the phone to call the so-called credit repair “gurus” arm yourself credit repair scam list:

You know that the credit repair …

Author: Reed Allmand

Category: Credit Counseling , Credit Crisis , Managing Your Finances

Tags: Credit Repair Organizations Act Credit Repair Scam Credit Report New Identity

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In 1990 Willie Nelson was one of the most popular country singers of all time, but due to tax debts of over $16 million owed to the IRS he chose to file bankruptcy. But before filing bankruptcy, Willie Nelson suffered the indignity of IRS raids and asset seizures that left him in a serious financial pickle.   The taxes owed were from tax returns filed in the 1970’s and 1980’s where the …

Author: Reed Allmand

Category: Bankruptcy , High-Profile Bankruptcies , Tax - Debt Garnishments

Tags: Bankruptcy Tax Debts Willie Nelson

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MC Hammer’s meteoric rise to fame hit a pinnacle in 1990 when Forbes Magazine estimated the rapper’s worth at about $33 million.  So, why is it that MC Hammer filed bankruptcy only six years later?  For this celebrity, his road to bankruptcy began with his inability to say no to himself and to others.  Before filing for bankruptcy, MC Hammer was known for his ostentatious lifestyle.  …

Author: Reed Allmand

Category: Bankruptcy , Debt Collectors , High-Profile Bankruptcies

Tags: Bankruptcy Lavish Lifestyle MC Hammer Rapper

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Bankruptcy is not just about discharging debts and saving your salary from wage garnishment, it is about protecting your future.  One of the ways that bankruptcy protects your future is by protecting qualified retirement account from creditor seizure.  Below are a few ways that you can protect your retirement as you consider filing bankruptcy :

The first thing the debtor should do is …

Author: Reed Allmand

Category: Bankruptcy , Bankruptcy Q&A , Filing Bankruptcy , Managing Your Finances , Retirement

Tags: Bankruptcy IRA Retirement Account

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A mega-star of the 1970’s and 80’s Burt Reynolds was best known for appearing in hit movies such as “Smokey and the Bandit,” “Deliverance,” “The Longest Yard” and “Cannonball Run.” But all of his success and fame collided with a string of financial crises, bad investments and an expensive divorce from actress Loni Anderson which left him seeking Chapter 11 bankruptcy …

Author: Reed Allmand

Category: Bankruptcy , Chapter 11 Bankruptcy , High-Profile Bankruptcies

Tags: Avoiding Bankruptcy Burt Reynolds Celebrity Bankruptcy

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Once again rumors are buzzing that Blockbuster, the struggling home video rental company, is preparing to file a Chapter 11 bankruptcy in mid-September.

Executives from Blockbuster and its senior debt holders last week held meetings with the six major movie studios to discuss their intention to enter a “pre-planned” bankruptcy in mid-September, said several people familiar with the …

Author: Reed Allmand

Category: Chapter 11 Bankruptcy , Dallas Bankruptcy , Economy , High-Profile Bankruptcies

Tags: Blockbuster Inc. Chapter 11 Bankruptcy Debt Restructuring

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Credit card delinquencies have dropped slightly while foreclosures continue to rise; but one of the reasons cited for this shift is debtors’ neglect of mortgage payments in favor of keeping their credit cards current. Current high levels of unemployment and financial uncertainty have conspired to create an incentive for debtors to neglect their mortgages while making payments on their …

Author: Reed Allmand

Category: Bankruptcy , Credit and Bankruptcy , Foreclosures , Lawsuits , Loans / Mortgages , Managing Your Finances

Tags: credit cards Delinquencies Mortgage Payments

Permalink: /foreclosures/paying-credit-cards-while-neglecting-mortgage-payments-can-hurt-your-future/

The foreclosure crisis has special significance for homeowners with properties governed by homeowner associations which often charge large monthly fees for the general maintenance of the common areas.  Many homeowners who have lost their condos and planned community homes to foreclosure are finding that they are indebted to homeowner associations for thousands of dollars long after they have …

Author: Reed Allmand

Category: Filing Bankruptcy , Foreclosures , Managing Your Finances

Tags: Foreclosures Homeowner Associations Monthly Fees

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As the recession continues to sweep through the entertainment industry, another on-demand music company files bankruptcy.  Playlist, a site which hosts on-demand music filed Chapter 11 bankruptcy with $24 million in debt from unpaid royalty payments to major record labels.

Playlist, a site which hosts on-demand music for users to share and generate playlists, is mired in debt. The …

Comment author: Maxwell Law Firm, PLLC

Comment by Maxwell Law Firm, PLLC: very interest post, as a chapter 7 …

Author: Reed Allmand

Category: Bankruptcy , Chapter 11 Bankruptcy , Lawsuits

Tags: Chapter 11 Bankruptcy On-Demand Music Site Playlist Royalty Payments

Permalink: /lawsuits/playlist-files-chapter-11-bankruptcy/

Legendary marathon runner Dick Beardsley and his wife Jill have filed for Chapter 13 bankruptcy, listing assets of $72,509 and liabilities of $176,734. 

Beardsley and his wife, Jill, filed a petition for Chapter 13 bankruptcy petition on July 20, listing assets of $72,509 and liabilities of $176,734.

They owe the Internal Revenue Service $87,616 in taxes from 2006 to 2009, making …

Author: Reed Allmand

Category: Bankruptcy , Chapter 13 Bankruptcy , High-Profile Bankruptcies , Tax - Debt Garnishments

Tags: Chapter 13 Bankruptcy Dick Beardsley Marathon Runner

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