Movie studio Metro-Goldwyn-Mayer is still struggling to sale itself and find a non- bankruptcy method of reorganizing its $5 billion debt load.  But with about 10 days to go before the next round of potential investor bids are due, MGM may need to seriously consider filing Chapter 11 bankruptcy if it is to survive.

MGM put itself up for sale last fall as part of an effort to pay off …

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 …

The tax deadline is just a few weeks away and many debtors are expecting at least a few 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 …

In the Chapter 13 bankruptcy case of Hannon, Mary; In re (Hannon v. Countrywide Home Loans Inc.) , the bankruptcy court denied a debtor’s motion for sanctions against a creditor because the debtor failed to properly notify the creditor and give them time to correct the problem.

The details of the bankruptcy case:

Countrywide Home Loans filed a proof of claim stating an …

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 …

When a debtor decides to file for Chapter 13 bankruptcy, there is a limit on how much debt they can have.  As of April 1, 2010 the debt limits for Chapter 13 bankruptcy will increase by 7 percent.  Chapter 13 bankruptcy debt limits for unsecured debt will be $360,475 and for secured debt, the limit will be $1,081,400.  What this means is that a debtor filing Chapter 13 bankruptcy …

When a debtor faces a job loss, the first thing they should do is apply for unemployment insurance. Don’t make the assumption that you don’t qualify for unemployment insurance, apply and allow them to approve or not approve your benefits.  One of the mistakes that many unemployed workers make is waiting too long to apply for their unemployment benefits, don’t make that mistake, …

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 …

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 Treasury Department has admitted that the Making Home Affordable (HAMP) foreclosure prevention program has not made the type of impact that was expected.  In response the Treasury Department is instituting new rules that will take effect on June 1, 2010.

The new HAMP requirements will force servicers to have in hand all the needed documents from borrowers before they extend a …

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 …