Bankruptcy Chapters

Heres an email I got yesterday.

Dear Mr. Weed,

Just an update.  I did receive my clearance and thank you for your help.  I have a new question for you.  My mortgage on my house was included in my bankruptcy.  I have been paying it for the last year.  They recently changed my rate and raised my monthly payment by $1000 a month.  They offered me a refinance package that would only raise my payments by $400 a month.

Here is my question.  If I accept the refinanced mortgage, am I still covered by the bankruptcy, or is this a brand new loan and would no longer be covered by my bankruptcy from 3 years ago.

The answer is good news.  The bankruptcy does still protect you.  As lon

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Saabs chief executive handed in the Swedish automakers bankruptcy application to a Vänersborg courthouse on Monday.

For the past two years Saab has tried to revive its company with its last attempt thwarted by General Motors, which owned the company for twenty years. Saab was trying to transfer technology to Chinese investors who planned to save the firm, but GM refused since it still owns some of Saabs technology licenses. Experts say, however, that Chinese investors would not have been able to save Saab.

Saab is expected to be liquidated with GM buying its patent rights to use on existing or new models.

If you are having financial trouble and considering filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC at 414-377-0518.

Tags: Bankruptcy, Bankruptcy Application

If you are thinking of filing for bankruptcy as a debt relief measure, but feeling nervous as of its harsh impact on your credit rating, you should consider a few things. There is no doubt that a bankruptcy filing remains on your credit report for 7 to 10 years and spoils your credit score for a significant period. However, if you learn the factors that play a major role to determine the effects of bankruptcy on your credit report, you can significantly reduce it and give a twist to your finances. If you have filed for bankruptcy in recent past, you will further find it difficult to obtain a loan as lenders find it a risky proposition to lend you.  Now, to know how bankruptcy affects your credit score, you need to know how credit score works and how your FICO score is calculated.

Payment History

Usually, 35% of your credit rating depends on your past payment history. If you have record of late payments and declared bankruptcy in past, it’ll adversely affect your credit score and make it go down. Ho Read full post…

Tags: Debt Relief

The company that owns Spanish Peaks, a private golf and ski resort, has filed for Chapter 7 bankruptcy on Friday.

Spanish Peaks Holdings II filed in a Delaware court just days after announced that the ski resort will be closing and its employees were to be laid off. Spanish Peaks has had multiple legal issues and financial trouble in the past.

According to the bankruptcy filing, the company has between 100 and 199 different creditors, many of them are local businesses. Chapter 7 bankruptcy often prevents creditors from suing  you, garnishing wages and demanding payment through phone calls. The company has between $1 million and $5 million in liabilities.

Tags: Bankruptcy, Spanish Peaks

Earlier this month, “Troubleshooter” Tom Martino filed for Chapter 7 bankruptcy.  Martino hosts television and radio shows on consumer-advocacy based in Denver, Colorado.

Martino says that all of his debt is related to commercial real estate projects and that he has zero consumer debt.  The majority of the 47 creditors listed in the bankruptcy were banks that Martino had real estate loans from and had failed.

The Chapter 7 bankruptcy filing lists $78.6 million in debt and $1.37 million in assets.  Martino said, in regards to the filing, “There are so many people in this same boat.  You’ve got millions of dollars in lost value and all of a sudden you can’t refinance your loans and you are just upside down.”

To learn more about the Chapter 7 bankruptcy process, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Law, LLC at 205-324-4000 today.

Tags: Bankruptcy, Files Ch