More senior citizens may face mounting medical debt as monthly premiums rise on popular Medicare Advantage plans with drug benefits. Senior citizens enrolled in Medicare Advantage plans with drug benefits will see an increase of 14.2 percent for their monthly premiums this year as opposed to the 5.2 percent increase they experienced from 2008 to 2009.

The health insurance industry blames …

… thousand dollars in their tax refund check.  But what should debtors do with that money?  Buy a car, TV, pay off credit card debt?  Well if you’re drowning in debt, like many debtors, you should probably use that tax refund to file bankruptcy if:

If you are unemployed and have been unemployed for at least a few months you should probably use your tax refund to file for bankruptcy.  Being unemployed is the number one reason for filing bankruptcy and it is a very good reason.  …

In the Chapter 13 bankruptcy case of Janssen, Richard D.; In re (Janssen v. Chase Home Finance LLC) , the bankruptcy ruled against a debtor who changed his mind about an oral creditor/debtor settlement agreement.

The details of the bankruptcy case:

After he received a Chapter 13 discharge, the debtor sued Chase Home Finance alleging that the lender failed to abide by the terms of …

… unsecured debt, repay secured debt under reasonable terms or surrender secured property such as a car or house during the bankruptcy case.  Most importantly, bankruptcy gives you the leverage with creditors that most debtors lack when they choose not to file bankruptcy.

Down tourism industry causes privately owned Las Vegas Monorail to file for bankruptcy protection.

 

The recent down economy has had a huge impact on Las Vegas, and as a result, Las Vegas Monorail filed for Chapter 11 bankruptcy protection on January 13 th .  The monorail is a very popular transportation system that connects several hotels and resorts to each other and the …

Actor Nicolas Cage’s Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year.  Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what the movie star paid for it in 2006.   Could Nicholas Cage …

Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities.  Lenders who hold 90 percent of the company’s loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less.

The company plans to borrow up to $20 million to fund operations during its …

Many retailers are recovering, but there are some retailers still struggling.

 

In 2009 there were a staggering number of retailers that filed for bankruptcy .  Retailers of all sizes saw their revenue plunge and their debts spiral out of control.  Now, the industry as a whole is seeing a recovery, but there are still companies out there that are struggling. Here is a list of …

Last year the Obama administration created the American Recovery Capital lending program which is providing $255 million in emergency loans until September for “viable” small businesses facing immediate financial hardship. Businesses facing financial problems could receive deferred payment loans of up to $35,000 interest-free for five years.  However the program has not worked out as …

When a divorced debtor files bankruptcy they are often facing a special set of circumstances that may impact how their bankruptcy proceeds.  One of those special circumstances is the obligation to pay domestic support to a former spouse or child. For the purposes of bankruptcy, domestic support obligation is defined as money that must be paid to 1) a spouse, former spouse, or child of the …

Bankruptcy offers debtors the chance at a fresh financial start.  But what does a debtor do once their debt has been discharged and their bankruptcy case closed?  Below are four tips every post bankruptcy debtor should follow if they want to start their fresh start out on the right foot.

Live within your means. Debtors exiting bankruptcy must learn to rely less on debt and more on …

The Obama administration and legislators are currently debating the feasibility of health care reform. Senate majority Leader Harry Reid made an interesting observation about how medical debt often influences a debtor’s decision to file for bankruptcy :

“In 2008, about 750,000 bankruptcies were filed. About 70 percent of those bankruptcies were filed because of health care costs. …