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Archive by category 'Bankruptcy' (Page 12)
Written by: Christopher Gordon | Publish date: April 5th, 2010
On Mach 31st, the once major film studio, MGM, now struggling, with its head barley above water, won a bonus six weeks to pay their off their enormous debt; and consider options including, according to the New York Times, plans to give control to some of its lenders, some major bids (Time Warner and Len Blavatnik), potential takeovers as well as quite possibly, filing for bankruptcy. Though MGM used to take in roughly $500 million a year from both its film and television libraries, as of last year, MGM is nearly $3.7 billion in debt. Interest payments, alone, total $250 [...]
Written by: Timothy McFarlin | Publish date: March 29th, 2010
There is no minimum debt required to file for bankruptcy. Since bankruptcy is a consumer protection program, designed to protect all consumers, the amount of debt required to file for bankruptcy is relative to a person’s ability to pay their debts, or relative to the consumer. Folks have successfully filed for bankruptcy that were in debt for a few thousand dollars and others have filed that were in debt for millions of dollars. Just because a person’s debt may seem minimal to most of us, it is the fact that the person can’t manage to pay off their debt that is the main deciding factor in bankruptcy [...]
Written by: Timothy McFarlin | Publish date: March 29th, 2010
Bankruptcy is a funny thing. While it is true that a bankruptcy can negatively impact a person’s credit score in a very bad way, the process of bankruptcy recovery is something that starts as soon as the bankruptcy process is officially over. In theory, a person can begin the process of improving their credit score the same day their case is finalized. This is true because there is no single method for improving credit, only a large collection of very small methods. It is the responsibility of the person who filed for bankruptcy to take the steps to improve their [...]
Written by: Timothy McFarlin | Publish date: March 29th, 2010
The word bankruptcy has several negative connotations attached to it. Many people are afraid of the word because they have the idea that it is associated with losing everything they have worked so hard to gain. In reality, a bankruptcy is a form of consumer protection law designed to allow the cancellation or lowering of certain debts. While it is true that a bankruptcy can affect a person’s credit score, it should be remembered that credit scores are fluid and can always be repaired, but generally not until the person in debt has the opportunity to begin the repair process. [...]
Written by: Timothy McFarlin | Publish date: February 27th, 2010
Avvo ranked U.S. Supreme Court Justices Ruth Bader Ginsburg and Samuel A. Alito Jr. with a 6.5, the same rating as a lawyer who is serving a prison term for conspiracy
Written by: Timothy McFarlin | Publish date: January 3rd, 2010
Your high balances are removed as are any late payments or records of unpaid debts
Written by: Timothy McFarlin | Publish date: December 17th, 2009
Good people caught in this economic downturn are losing their homes because of campaign contributions
Written by: Timothy McFarlin | Publish date: December 15th, 2009
Controversial legislation that would give judges new power to rewrite home mortgages is on life support
Written by: Timothy McFarlin | Publish date: September 14th, 2009
These percentages are based on the importance of the five categories of the general population. For particular groups of people, the relative importance of these categories may be different (for example, someone who has not been using credit for that long).
Written by: Timothy McFarlin | Publish date: August 31st, 2009
Before you can file for bankruptcy, you must receive credit counseling by an agency approved by the United States trustee’s office.
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