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In a previous post we wrote about former professional football player and Dancing with the Stars alum, Warren Sapp filing for Chapter 7 bankruptcy. As a part of that liquidation he, like countless numbers of Miami residents, gave up his possessions to be liquidated. The proceeds from those sales are then given to creditors. In this post we will provide an update on the matter.
Source: miamibankruptcylawfirmblog.com
Video: Philadelphia Chapter 7 Bankruptcy Attorney PA Lawyer Bucks County Credit Card Debt Law Firm
The Bankruptcy Means Test and Its Interpretation by the U.S. Supreme Court
Forms B22A, B22B and B22C assist debtors in calculating their disposable income for Chapter 7, 11 and 13 actions, respectively. The forms take into account factors such as real and personal property ownership, vehicle expenses, marriage and living expense deductions and debt payments. In order to assist debtors in filling out the form, one point of reference for calculation is the Internal Revenue Service’s National Standards. A listing of the IRS’ standards can be found at http://www.irs.gov/individuals/article/0,,id=96543,00.html. The National Standards provide guidance on items that can be deducted from the disposable income calculation as well as items that are not subject to a deduction. All of these calculations taken as a whole yield a total monthly disposable income that the court’s use to determine whether a debtor is eligible for a Chapter 7 liquidation or a Chapter 13 reorganization.
Source: jimersoncobb.com
Rich dad or poor dad? Company of bestselling author bankrupt
However, despite the fact that one of Kiyosaki’s companies filed for bankruptcy, the author and public speaker does business through a number of different companies, including Rich Dad Co., which did not file for bankruptcy. Additionally, when it comes to the finances tied up in the lawsuit, it should be noted this has nothing to do with the author and his wife’s personal finances. Rather, it is just the business.
Source: bankruptcylawyersfl.com
Forizs & Dogali, P.A. v. Siegel, 2012 U.S. Dist. LEXIS 136052 (M.D. Fla. Sept. 24, 2012)
Lexis.com Core Terms: conflict of interest, proof of claim, invested, disclose, investor, onzi, law firm, disinterested person, adverse interest, disinterested, avoidance, interest adverse, amount greater, fraudulent transfer, professional persons, disqualification, disqualifying, disqualified, materially, accountants, disclosure, accretions, detriment, pursuit, ongoing, amounts invested, garden variety, objected, losers, hired. Collier on Bankruptcy is available online to subscribers of lexis.com and available for purchase from the LexisNexis Store.
Source: lexisnexis.com
Payments in Chapter 13 Bankruptcy
Another factor in the calculation of your monthly repayment is how much disposable income you have each month. Disposable income is the amount of money left over after deducting regular essential expenses every month. Expenses do not include credit card payments, student loans or any other payments to unsecured creditors; they include expenses for necessities like food, utilities, rental etc. Once your disposable income is determined, the bankruptcy court will decide how much of this disposable income should go towards repaying your debts under Chapter 13 bankruptcy.
Source: jdsupra.com
Florida storage facilities may find relief in Chapter 11 filing
When businesses file for bankruptcy, there are often many considerations, such as the employment status of workers and whether assets will need to be sold. This Florida developer may find that bankruptcy protection is a successful option to avoid losing his properties and his businesses. Chapter 11 bankruptcy offers the businesses the opportunity to submit a plan to the court to reorganize debt and emerge from bankruptcy with new goals and a positive outlook on their financial future. While bankruptcy can be challenging for many business owners, the benefits often outweigh the difficulties and can place business owners back on the right track.
Source: nlsbankruptcy.com
Bankruptcy and Your Child’s College Fees
Under bankruptcy law, your child’s fund or trust is protected. In other words, the bankruptcy trustee will not take the money in such an account to pay off your debts. But there are some provisos to this, for example you have to show that this account was set up solely for your child’s education and is not used for other expenses. The evidence the court looks for would be things like the account holder’s name (it should have your child’s name as a joint account holder or be solely in his or her name), the account’s movement of funds etc.
Source: jdsupra.com
Lithium Battery Maker A123 Systems Goes Bankrupt
Tina Casey specializes in military and corporate sustainability, advanced technology, emerging materials, biofuels, and water and wastewater issues. She is a regular contributor to Cleantechnica.com and TriplePundit.com, and has contributed to IdeaLab.Talkingpointsmemo.com. She is currently Deputy Director of Public Information for the County of Union, New Jersey. Tina’s articles are reposted frequently on Reuters, Scientific American, and many other sites. You can also follow her on twitter @TinaMCasey, and on Tumblr. Her professional background includes three years as Deputy Director of Public Affairs for the New York City Department of Environmental Protection, and two years as a researcher for the city’s Department of Consumer Affairs.
Source: cleantechnica.com
Bankruptcy effects may not last as long as you think
While a notice of bankruptcy generally remains on a debtor’s credit report for 7 to 10 years, debtors may obtain a mortgage or refinance an existing loan in as little as one year, provided they meet certain criteria. For example, one year after a debtor exits a Chapter 13 reorganization plan, they may obtain a mortgage backed by the Federal Housing Administration. The wait for mortgages through Fannie Mae and Freddie Mac is slightly longer, at two to four years.
Source: centralpennbankruptcy.com