Feb 21
T-Boz, a singer in the R&B girl group TLC, recently had her Chapter 13 bankruptcy case dismissed by a judge in Atlanta. The singer previously filed for bankruptcy last February, but this case was also thrown out. Also, T-Boz and the rest of TLC filed for Chapter 11 bankruptcy in 1995 when they were beginning to gain fame.
The Chapter 13 bankruptcy case was dismissed because the judge felt that creditors provided sufficient evidence that T-Boz had not been making an effort to follow through with the bankruptcy process. For example, creditors told the judge that the singer had not appeared at meetings to negotiate their debts, made any payments to resolve her debt, filed paperwork required in Chapter 13 bankruptcy, or attempted to recover $250,000 of child support she is owed.
T-Boz can refile for bankruptcy 180 days after the day that the judge threw out her latest Chapter 13 filing. In the meantime, creditors may attempt to seize any of the singers assets.
Tags: Judge
Feb 18
Filing bankruptcy impacts every aspect of your finances. If you need to fund your child’s education, it is important to discuss the details with your bankruptcy attorney. Three common educational financing concerns during bankruptcy are: funding a 529 educational savings account, paying for private school tuition, and college loans.
Section 529 of the Internal Revenue Code makes special tax allowances for contributions to protected education accounts. These accounts are also protected from creditors (and from the trustee) during bankruptcy, but special rules apply. For instance, the beneficiary of the account must be your child, stepchild, grandchild, or step-grandchild. You cannot set up a 529 fund for yourself, then file bankruptcy and protect the money.
The timing of deposits into a 529 Plan will determine whether the money is protected. Deposits made within 365 prior to your bankruptcy filing are not protected at all. Deposits made between 365 days and 720 days prior to your bankruptcy filing are exempt up to $5,850 per beneficiary. Any deposit made over 720 days before filing bankruptcy is entirely exempt.
Private school tuition for elementary and secondary schools may or may not be allowed during a Chapter 13 bankruptcy.
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Tags: Bankruptcy
Feb 17
Tescos Big Price Drop has not proved to be a resounding success. My view always was that in a country where everything is permanently on sale and you cant move for signs shouting about that fact, this was hardly a way to stand out from the crowd.
We are bored of stuff being on sale, meanwhile the bargain hunting ultras, such as those who follow cult leader Martin Lewis, are wise to any price trickery and keen to catch big business out wherever possible. So it was hardly surprising the view that prices were going up before they were going down swiftly spread.
These famished devourers or loss leading products are also, I would presume, notoriously difficult to make money off, even if spending £56 on Chocolate Oranges you dont need is hardly money saving.
But if you do feel that you have to go down the Big Price Drop route, it might be an idea to actually be lowering your prices and not promoting the fact that youve put them up.
I took the photo above a few weeks back, in my local Tesco, its taken a while to stick up here but its still worth it.
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Tags: Big Price, Big Price Drop, Price, Price Drop
Feb 15
One of the major benefits of Chapter 13 Bankruptcy is the ability to avoid second mortgages that are not secured by any value in your home. By following standards outlined in the Banrkuptcy Code, you can reclassify that loan on your home into the same category as credit cards or other ordinary bills and discharge them at the end of your Chapter 13 payment plan. This is called lien stripping. You cannot do this to a mortgage in a Chapter 7 case.
However, if there is even a penny of value in the home that would go to a second mortgage when the property was sold, the loan cannot be valued as unsecured. That means it must be paid during the Chapter 13 case and it also survives the Chapter 13 as a lien on the property until it s paid off.
So wheres the Time Bomb? Lets assume that youve been dealing with your lender trying to work out a modification of your first mortgage. Well, what if your lender were to give you a modification that reduces your principal balance? That modification now results in a little equity in your home. Sounds like good news, right? Nope. With th
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Tags: 13 Bankruptcy, Chapter 13, Chapter 13 Bankruptcy, Mortgage
Feb 10
The fuel prices are on the rise again, forcing us to stretch our budget even more. This means that we really have to make the time to organize and plan out every trip to make it as economical as possible. We hope we can help by giving you our weekly deals:
Aldi
- Happy Farms, Spreadable Cheese Wedges $1.49
- Steak-Eze Angus Philly Beef Steak 15oz., 100% sirloin $4.99
- Mama Cozzi’s Pizza Kitchen Lite Garlic Texas Toast, 8 slices $1,64
- Mama Cozzi’s Pizza Kitchen spinach & Goat Cheese Pizza $3.49
- Season’s Choice Whole Onion Rings $1.99
Save-A-Lot
- Raw Shell-On Cocktail Shrimp12 oz. $4.99
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