In a recent Chapter 7 bankruptcy in Texas, a creditor attempted to have a debtor’s bankruptcy discharge denied because they allegedly made a false oath. The bankruptcy code describes the parameters for which a debtor’s discharge can be denied as the following: Denial of Discharge Under §727(a)(4)(A): False Oaths. Section 727(a)(4)(A) provides that: (a) The [...]
Source: allmandlaw.com
Video: Chapter 11: Bankruptcy Restructuring
Chapter 11 vs. Chapter 7 or 13
Chapter 11 bankruptcy is the exact opposite of a Chapter 7 action, which calls for liquidation of all assets of the debtor, the proceeds of which are then divided amongst the creditors. A company getting relief under Chapter 11 is allowed to continue operating as a going concern. Its former creditors are supposed to receive payment in full (or sometimes an agreed upon percentage) of all debts owed prior to the filing of the petition over a pre-arranged payment schedule
Source: howtoapplyforbankruptcy.com
Part 1: Medical debt ruining credit scores
When it comes to this debt, while it’d be natural to assume the medical bills were for hundreds — or even thousands — of dollars worth of medical treatments, the truth is that many of the debt showing up on consumer credit scores are for less than a few hundred dollars. Others are for as little as $20 co-pays. However, even just $20 can still wreak havoc on a person’s credit score and greatly impact their financial future.
Source: bankruptcylawyersanjoseca.com
Hotel Whose Chapter 11 Case Was Filed in Bad Faith Can “Stay” in Bankruptcy – Part I
(A) substantial or continuing loss to or diminution of the estate and the absence of a reasonable likelihood of rehabilitation; (B) gross mismanagement of the estate; (C) failure to maintain appropriate insurance that poses a risk to the estate or to the public; (D) unauthorized use of cash collateral substantially harmful to 1 or more creditors; (E) failure to comply with an order of the court; (F) unexcused failure to satisfy timely any filing or reporting requirement established by this title or by any rule applicable to a case under this chapter; (G) failure to attend the meeting of creditors convened under section 341(a) or an examination ordered under rule 2004 of the Federal Rules of Bankruptcy Procedure without good cause shown by the debtor; (H) failure timely to provide information or attend meetings reasonably requested by the United States trustee (or the bankruptcy administrator, if any); (I) failure timely to pay taxes owed after the date of the order for relief or to file tax returns due after the date of the order for relief; (J) failure to file a disclosure statement, or to file or confirm a plan, within the time fixed by this title or by order of the court; (K) failure to pay any fees or charges required under chapter 123 of title 28; (L) revocation of an order of confirmation under section 1144; (M) inability to effectuate substantial consummation of a confirmed plan; (N) material default by the debtor with respect to a confirmed plan; (O) termination of a confirmed plan by reason of the occurrence of a condition specified in the plan; and (P) failure of the debtor to pay any domestic support obligation that first becomes payable after the date of the filing of the petition.
Source: weil.com
American Gods Reread: Chapters 7 and 8
The section with Salim is another of my favorite vignettes in the book, and one of the most ambiguous sections, I think. Salim’s encounter with the jinn results in them basically switching lives, or at least in Salim taking up the jinn’s life in America. On the one hand, this could be viewed as the act of a trickster – the type of jinn that the cab driver is, an ifrit, is know in Arabic literature for cunning and is more often a danger to protagonists than a helpful hand. On the other hand, what the ifrit offers Salim is a new beginning, a chance to reinvent himself. Not a brilliant chance that’s full of promise, but a chance that offers more choices than he seemed to have before. It’s interesting that the jinn keeps insisting that he does not grant wishes (which an ifrit would not do, it’s true), but arguably grants an unspoken wish for Salim. And in that way, this small aside almost reads as a modern day Aladdin. It’s bittersweet, but it always leaves me feeling strangely happy.
Source: tor.com
OB Diner’s Former Owners Plan to Take it Back
Someone said people aren’t going to diners anymore, that’s because diner owners have changed the way diners are. They want to make restaurants out of diners instead of the diners we are all used to. They took out the Juke boxes which were the hallmark of diners, the menus are ridiculous for a "diner" all kinds of crazy dishes instead of plain old American fare that’s been the backbone of diners forever. The diners of old which was plain good food served fast and at reasonable cost are all trying to be Outbacks and such. Bring back the old diners with the old atmosphere and watch what happens. If there is anyone who can bring back the OB is Andy. There is one exception I hope he puts back on the menu and that’s the London Broil with Greek salad, my favorite (except for the Feta cheese which I always had them leave off).
Source: patch.com
Chapter 7 Guest Post: Addicted to Adrenaline
About two hours later, my sister knocked on the cabin door and said that my mom was going to watch our children so I could go down and enjoy the jet ski with my husband. While I would certainly have rather stayed put, I knew my husband would love for me to go careening around on the jet ski with him. So I took our children over to my parent’s cabin to spend time with Grandma and I headed down to the boat dock where I was told I was supposed to meet up with my husband.
Source: incourage.me
Review: Civil War Talks: Further Reminiscences of George S. Bernard & His Fellow Veterans
The editors, John Horn, Hampton Newsome, and John Selby, did not originally start out as a threesome intent on putting together a single book. Horn and Newsome were working on a book which feature Bernard’s personal memoirs and war diary, while Selby was working from a newly found cache of Bernard papers discovered in Roanoke, Virginia in 2004, papers long thought destroyed. It is a credit to all of these men that they joined forces to produce a stunning and important new book of first person accounts which are again widely available to students of the Civil War. John Horn is the author of an overview of the Petersburg Campaign which was written for the “Great Campaigns of the Civil War” series in the 1990s. Hampton Newsome is the author of Richmond Must Fall: The Richmond-Petersburg Campaign, October 1864. I am less familiar with Professor Selby of Roanoke College, but I do appreciate his willingness to work with Horn and Newsome to produce a better book than either camp could have produced on their own. For some great background on how this all came together, see this online article from the Roanoke Times. In addition, note that the George S. Bernard Collection has been digitized and is freely available online at the History Museum of Western Virginia.
Source: beyondthecrater.com
Feds, IRS Not Happy with Solyndra’s Bankruptcy Plan
The U.S. Department of Energy is concerned that, under the plan, Solyndra would pay back less than half of the $528 million in federally backed loan debt it owes the government, according to Market Watch. The IRS objected to the plan as well, citing the hundreds of millions of dollars in tax breaks the company is to receive post-bankruptcy.
Source: phoenixbankruptcynews.com
Why Chapter 7 Works As Well As Chapter 11
The next step in the analysis is to consider what the client envisions doing with his assets after bankruptcy. Before undertaking a Chapter 11 to strip off a lien, consider whether the same result might be achieved by negotiation after the discharge. Alternatively, might the same amount of money required for a Chapter 11 buy out the worthless lien?
Source: bankruptcymastery.com
‘Rich Dad, Poor Dad’ Author Filed Bankruptcy
Even though the title is misleading as it looks like only one of his companies is going under, I’ve always thought Kiyosaki is a fraud. This is a guy who went around telling everyone that he made it big in real estate when in fact he wrote a book, “Rich Dad, Poor Dad” that went nowhere until an Amway guy picked it up. The Amway guy then made sure it was a must-read among Amwayers. The book is a financial lesson based on his well-educated father who worked hard but lived paycheck to paycheck (poor Dad) and a “friend’s father,” who dropped out of school at the age of 13 but was an entrepreneur who did well for himself (rich Dad) and taught Kiyosaki a lot of financial/life lessons. The reality is that this book is what made Kiyosaki a bunch of money as all of a sudden sales soared once a lot of Amwayers began buying it up and others became curios as well and bought it. There is no evidence that the Poor Dad ever existed. Kiyosaki has repeatedly refused to reveal the identity of this man and some have done extensive research to find out who this man is. There are other discrepancies in his background as well. I remember watching him on one of these financial news networks back in the early 2000′s and when asked about his net worth, he stated “$50-100 million, depending on the day.” How could your net worth swing that wildly if all you own is real estate and precious metals? Then, a few years later, when asked again, he stated “oh, around $35 million.” If you invested in precious metals and real estate in the early 2000′s, your net worth should not have gone down by the mid-2000′s. Anyway, he may be super-wealthy now and his advice may make sense at times, but I think this guy is a total sleaze and engages in general and repeated douchebaggery.
Source: businessinsider.com