Michael Lee Wilson could have 10 years removed from his 20 year sentence if his bankruptcy comes up with $2 million for his victims.

Back in October, Michael Lee Wilson Pleaded guilty to 59 felony counts of grand theft, because he had been camming people through his mortgage company, Pacific Coast Mortgage, for several years. He was originally arrestede in July and charged with 147 …

… the mortgage?  In the case of Nicholas Cage, he is struggling with massive tax debts owed to the IRS which might be dischargeable in bankruptcy if there was no fraud involved and depending on when he filed those taxes.  It is not currently clear if Nicholas Cage has other debts such as credit card debt that measure up to his massive tax bill; but it is clear that he has stopped paying the mortgages on several of his homes and that he has publicly announced he is “broke.”

It was …

The first major bankruptcy legislation since the Chandler Act of 1938 brought major changes to the U.S. Bankruptcy Code.

 

Bankruptcy is a process that has been refined over several years and through several pieces of legislation.  When looking at the history of bankruptcy, you can usually turn to just a few pieces of legislation that brought major changes to the bankruptcy …

5,548 Dallas- Fort Worth area homes were posted for forced sale in March’s foreclosure auctions.

 

Concerning foreclosures , the Dallas-Fort Worth area is definitely not out of the woods yet.  There has been somewhat of a turnaround in the economy, but many people are continuing to struggle.  According to Dallas area-based Foreclosure Listing Service Inc., 5,548 homes were …

The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online or pay their credit card bill through automatic electronic payment.  Debtors who bank online …

Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million.  Regents and creditors are proposing a debt exchange which will give creditors control of the broadcaster.

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When the Obama administration launched the Making Home Affordable Modification Program (HAMP) many homeowners thought they would finally have access to modification tools that would help them avoid foreclosure . However, HAMP has failed to deliver on its promises and many view the $75 billion invested in the foreclosure prevention program to be a waste while others say the program is a …

The first step to conquering debt that has gotten out of control is to get honest with yourself.  Take the time to find out how much you owe, how much you earn and what the real gap is in between.  One of the biggest shockers debtors experience when they file bankruptcy is just how indebted they really are compared to what they had imagined.  Don’t engage in self-deception, get to the …

When a debtor decides to file for Chapter 13 bankruptcy there is process they must follow.  Below we break down the Chapter 13 bankruptcy process into seven simple to understand steps.

Step 1: First discuss with your bankruptcy attorney all of your bankruptcy options, including Chapter 7 bankruptcy. Although Chapter 13 bankruptcy is a viable form of handling your debt make sure …

Credit experts are explaining the new trend of American debtors paying credit cards off to the detriment of their home mortgages as the ‘new payment hierarchy.”  But what some so-called credit experts may describe as a new payment hierarchy is really just more damaging behavior that could lands millions of Americans into foreclosure and on the path of financial destruction.

… a …

… remember, if you are unable to pay your taxes, you may be able to negotiate forbearance with the IRS.  Also, some taxes (depending on the age and other factors) may be dischargeable in bankruptcy.

The Mosaic Building apartments in downtown Dallas is facing foreclosure .  At least one of the building’s lenders has filed foreclosure on a $63 million loan.  Businesses and residents leasing in the building will not be impacted by the foreclosure.  Hamilton Properties which owns Mosaic said that it has no plans to lay off employees and there are no rumors of a future bankruptcy .  …