Earlier this week, the Justice Department filed a civil lawsuit against Wells Fargo seeking hundreds of millions of dollars in damages. The suit accuses the banking giant — and largest originator of home loans in the U.S. — of issuing mortgages to thousands of unqualified candidates over the last ten years and purposely submitting false certifications regarding the conditions of these mortgages to the Federal Housing Administration.
Source: sanantoniobankruptcylawblog.com
Video: Checklist to manage debt and myths about bankruptcy.
Do You Need To File Personal Bankrupcy? Use These Great Tips! at Out of the Storm News
Once you have filed for bankruptcy, you will want to open a new line of credit, as soon as possible in order to start the credit repair process. This is sometimes difficult with bad credit, but secured credit cards are a viable solution. Even though these type of cards can be costly with rates alone, they are still a good option to rebuild your credit. You will be more likely to get new loans or credit facilities when you have a new credit line established.
Source: outofthestormnews.com
Creditors Seeking Revenge: a Recipe for Expensive Discharge Litigation
Several years ago, for example, I represented a dynamic, well educated business consultant who came to me to file bankruptcy because his former business partner had just won a multi-million dollar judgment against him. It turns out that the dispute between these former partners had been festering for several years and earlier on in the state court litigation, my client had won a large judgment against his partner, and had levied against his former partner’s business banking account causing several checks to bounce.
Source: bankruptcylawnetwork.com
Church and Korhonen, PLLC Ten Bankruptcy Myths That Are Simply Not True
Bankruptcy brings shame – this is perhaps the worst myth of all. Bankruptcy is there for a reason – to help people when they need it most. Do you recognize any of these names – they have all filed for bankruptcy? President Abraham Lincoln, Mark Twain, Henry Ford, Francis Ford Coppola, Larry King, Mickey Rooney, Burt Reynolds, Kim Basinger, Jerry Lee Lewis, Wayne Newton, M.C. Hammer, Continental Airlines, General Motors and US Airways (twice).
Source: helpyourcase.com
Is Bankruptcy The Light At The End Of Your Tunnel?
There are both benefits and harms involved, if you file for bankruptcy. Never forget that being well-informed is always the key to a successful bankruptcy, no matter what your reasons for filing are. The information you just read will greatly simplify the bankruptcy filing process. Apply all of the knowledge you have gained from this article and you will be on your way to feeling more at ease about your bankruptcy.
Source: silver.ac
What You May Not Know about Bankruptcy
1. Those in bankruptcy are not seeking to escape from their debts Generally, no one files for bankruptcy protection to wiggle out of their financial obligations. If you attempt to do that, the bankruptcy judge would dismiss your case immediately. On the contrary, most bankruptcy lawyers like me find that our clients are genuinely honest people who try their best to keep up with paying their debts. It is just that debts have a way of accumulating so the struggle to repay debts becomes a vicious cycle that does not seem to end. So finally, they file for bankruptcy protection. They do not have a desire to game the system by using bankruptcy as an easy way to get rid of debts without paying for them.
Source: jdsupra.com
JPM’s Tom Lee On The Bankruptcy Purge
But a tailwind is building in 2013, in our view, which is the resetting of the credit scores for millions of Americans. The peak year of personal bankruptcies was 2005 and those records are removed from credit reports after 2012. Thus, beginning in 2013, we should see rapid improvements in the credit quality of millions of Americans.
Source: businessinsider.com
What You Should Know about Bankruptcy Exemptions
It also helps to understand what property you possess makes up your bankruptcy estate. This is basically what you have in your possession when you file but it could include community property (if your married but file bankruptcy jointly) or property you don’t physically possess but could still be considered part of your bankruptcy estate, such as property you loaned to someone.
Source: allmandlaw.com
The Bankruptcy Clause in The Federalist Papers
AFTER an unequivocal experience of the inefficiency of the subsisting federal government, you are called upon to deliberate on a new Constitution for the United States of America. The subject speaks its own importance; comprehending in its consequences nothing less than the existence of the UNION, the safety and welfare of the parts of which it is composed, the fate of an empire in many respects the most interesting in the world. It has been frequently remarked that it seems to have been reserved to the people of this country, by their conduct and example, to decide the important question, whether societies of men are really capable or not of establishing good government from reflection and choice, or whether they are forever destined to depend for their political constitutions on accident and force. If there be any truth in the remark, the crisis at which we are arrived may with propriety be regarded as the era in which that decision is to be made; and a wrong election of the part we shall act may, in this view, deserve to be considered as the general misfortune of mankind.
Source: mysmartblog.com