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Fleysher Law Blog

Dodgers

Dodgers Bankruptcy Plan to Include Divorce Payments

The Los Angeles Dodgers have cleared up last-minute money disputes ahead of a hearing. They did this to confirm a bankruptcy reorganization plan that provides for selling the team for $2 billion. The filing of documents took place on behalf of the Dodgers that sought to convince the judge to approve the plan. They stated that the plan would provide more than sufficient capital to ensure the long-term financial success

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Saab

Auto Maker Saab in Bankruptcy

The value of bankrupt Saab Automobile’s assets covers less than a third of its debts. And, only some preferential creditors will get their money back. Saab’s balance sheet showed the company has debts of $1.9 billion and assets of around $532 million. Saab owes GM 2.2 billion kronor it paid for preferential shares. But, GM would only be entitled to that if the bankruptcy produced a surplus. Trustees said that

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Fannie Mae & Freddie Mac Considering Principal Reduction Policy

Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some troubled mortgages. Furthermore, The Federal Housing Finance Agency may make a decision in the next few weeks; whether to change its policy barring the two taxpayer-owned companies from performing such loan modifications. In fact, The FHFA has come under pressure from the Obama administration and consumer advocates to cut principal for underwater borrowers. Moreover, the

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“Fee Only” Chapter 13 Filings are Not Necessarily Made in Bad Faith

Bankruptcy courts have expressed mixed views on fee-only plans as their experience accumulates. In a recent case, the Chapter 13 debtor proposed a 36-month plan paying $100 per month to the trustee. Out of this money, $2,900 was to go to the debtor’s attorney. The bankruptcy court denied confirmation citing In re Buck, 432 B.R. 13 (Bankr. D. Mass. 2010), which held that submitting “fee-only” Chapter 13 plans happens in

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Another Take on Florida’s Wild Card Exemption in Bankruptcy

In the recent case of in re Kehoe, the Chapter 7 Trustee filed an Objection to a Debtor’s Claim of Exemptions against the Debtor. The Debtor owns his home as a tenant by the entireties (TBE) with his wife. And, they used the TBE exemption to fully exempt the marital house. The Debtor did not claim a homestead exemption for the home. Instead, he applied the $4,000 wild card exemption

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TaxMasters

TaxMasters Files for Bankruptcy

TaxMasters, the tax-resolution firm, sought bankruptcy protection after coming under fire from multiple states’ attorneys general. The company listed debt of more than $1 million and assets of less than $50,000 in Chapter 11 documents filed in the U.S. Bankruptcy Court in Houston. TaxMasters said it has between 1,000 and 5,000 creditors. The company estimates that funds will be available for distribution to unsecured creditors. Three affiliates also filed for

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Tax Refunds

Using Tax Refunds to Pay for Bankruptcy Fees

While saving up to declare bankruptcy sounds odd, that’s exactly what many people have had to do. Ever since the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act was passed. Many families wait for their tax refund to file for bankruptcy. This trend has been increasing as costs related to the filing have gone up. Researchers have looked at the relationship between tax refunds and bankruptcy filings in 2001 and

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Private Student Loan

Senator Durbin Targets Private Student Loan Defaults

A top Senate Democrat took aim at the private student-loan industry, calling for new rules that would allow wiping away of educational debts during bankruptcy. Majority Whip Richard J. Durbin (D-Ill.) convened a Senate judiciary subcommittee hearing Tuesday to address what one consumer group has called the nation’s next potential “debt bomb.” Research by the Federal Reserve Bank of New York found that Americans owe about $870 billion in student

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Pride may be a Bad Reason to Avoid Bankruptcy

For years economists and financial advisers have scratched their heads and wondered how so many Americans wound up in bankruptcy. The numbers show that total U.S. bankruptcies are in decline. U.S. bankruptcies dropped by 12% from November 2010 to November 2011. The total number of U.S. consumer bankruptcies should come in lower than 1.4 million. Research has shown that Americans tend to wait far too long to look into bankruptcy

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Are Fewer People Benefitting from Bankruptcy?

Consumer debt, which drove almost 1.37 million consumers into bankruptcy during 2011, is on the rise. Yet, consumer bankruptcies slowed down last year from the 1.55 million bankruptcy filings in 2010, a decline of 12 percent. Some experts attribute it to more cautious consumer spending and a decline in credit card debt. Others say that we’re just running out of people who can benefit from filing. Despite the drop in

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