May
9
2013
Des Moines, IA (Law Firm Newswire) May 9, 2013 – The biggest concern for those who go bankrupt is how it will affect their credit rating. This can be resolved over time. It is common for debtors to wonder how they will ever get credit again after going bankrupt. While the situation may have been really bad, with some forethought and good planning, they can certainly re-establish credit. There are a number of things that one can do to positively affect credit scores after going bankrupt Iowa bankruptcy lawyer Kevin Ahrenholz indicated. Many people do not realize that the Bankruptcy [...]
Apr
26
2013
Brandon, FL (Law Firm Newswire) April 26, 2013 – Dollar figures found in bankruptcy regulations were recently adjusted for inflation. The United States Bankruptcy Code has many rules that involve specific dollar amounts, such as the value of exempted assets or the limits on eligibility for Chapter 13 bankruptcy. Every three years, on the 1st of April, those numbers are adjusted for inflation according to the Consumer Price Index for All Urban Consumers and rounded to the nearest $25. “It is important that these figures be adjusted periodically for inflation,” commented Brandon bankruptcy attorney O. Reginald Osenton. “The numbers determine [...]
Apr
19
2013
Brandon, FL (Law Firm Newswire) April 19, 2013 – A Miami jury handed a businessman a huge cash award in his dispute with a bank. Maury Rosenberg was awarded $6.1 million in a case against U.S. Bank. Rosenberg alleged the bank was trying to collect on his debt by forcing him into involuntary bankruptcy. The jury found that the bank acted in bad faith. “Forcing a debtor into bankruptcy as a means of trying to collect on a debt is prohibited by federal law,” said Brandon bankruptcy lawyer O. Reginald Osenton. The verdict includes punitive damages of $5 million and [...]
Apr
8
2013
Des Moines, IA (Law Firm Newswire) April 8, 2013 – One of the most common questions debtors have when they speak to an Iowa bankruptcy lawyer is “What is involved in foreclosure?” Declaring bankruptcy is a stressful thing to do, and with so many details, documents, rules, regulations and various meetings, it can be a nightmare to comprehend everything going on. The most upsetting part of bankruptcy is the threat of foreclosure. In general, foreclosure is when a lender takes action to repossess their property; property they have a mortgage against resulting from money lent to the debtor. In the [...]
Apr
2
2013
Brandon, FL (Law Firm Newswire) April 2, 2013 – The number of working poor in America continues to grow. That is the conclusion of a recent report from the Working Poor Project. The working poor are families struggling with poverty, despite having working parents. Much of the recent decline in unemployment comes from relatively low-paying jobs in the service and retail industries. Tampa bankruptcy attorney O. Reginald Osenton commented, “It is sad to see that despite the employment situation improving somewhat, the problem of poverty continues to grow. Huge numbers of American families are struggling to stay afloat.” According to [...]
Apr
1
2013
Des Moines, IA (Law Firm Newswire) April 1, 2013 – Preference actions return money to a bankruptcy trustee, for use in discharging a debtor’s debts. Many people are not aware of the preference action, which is a lawsuit, filed by a bankruptcy trustee, to get funds paid to a creditor before bankruptcy is filed. If the trustee has all they need to file, they must do so within two years of when the debtor files for bankruptcy protection. If they miss this deadline, the suit cannot be filed, indicates Iowa bankruptcy lawyer, Kevin Ahrenholz. The ability to get money back [...]
Mar
28
2013
Brandon, FL (Law Firm Newswire) March 28, 2013 – The owner of a company in bankruptcy proceedings was recently jailed for three days for contempt of court. Marvin Chaney, 61, founder of RoboVault, was taken into custody by U.S. Marshals on January 29 on the orders of U.S. Bankruptcy Judge John K. Olson for violation of court orders. Brandon bankruptcy attorney O. Reginald Osenton commented, “This goes to show you how important it is to follow carefully a judge’s instructions, no matter what type of case you are involved in.” Olson issued the arrest order after Chaney and his attorney, [...]
Mar
20
2013
Brandon, FL (Law Firm Newswire) March 20, 2013 – An estate in bankruptcy means any tax refund will likely become the property of the bankruptcy trustee. Many Floridians are looking forward to receiving an income tax refund from the federal government in the coming weeks and months. Some will use it to catch up on their bills, and others will perhaps treat themselves to something special. But anyone considering filing for bankruptcy in Florida should carefully consider what to do with their tax refund. Brandon bankruptcy attorney O. Reginald Osenton warned, “A pending tax refund for a person in bankruptcy [...]
Mar
13
2013
Brandon, FL (Law Firm Newswire) March 13, 2013 – Bankruptcies are down in Florida. Bankruptcy filings in South Florida plunged 19 percent in December 2012, as compared with the same month a year ago, according to recently-released federal data. Following the Great Recession, Americans may be adjusting to a new standard of living and are better able to control their spending. Brandon bankruptcy attorney O. Reginald Osenton commented, “People seem to be getting used to a ‘new normal’ and making lasting adjustments to their spending habits. Living within lowered means is unfortunately the price many must pay to stay out [...]
Mar
8
2013
Des Moines, IA (Law Firm Newswire) March 8, 2013 – A large majority of Americans file bankruptcy because of overwhelming credit card debt. This is because they use their card to bail themselves out. The worst thing to do is bail out of a cash shortage by using a credit card. It is tempting to use it of course, because it gets one out of a tough situation. However, the balance keeps creeping up and once it gets large enough, there is no way to keep up with it any longer. Some companies charge up to 30 percent interest. Trying [...]
Mar
1
2013
Des Moines, IA (Law Firm Newswire) March 1, 2013 – Not being able to pay the mortgage is a stark reality for many Americans these days. There are some tips to deal with this issue. It is not always easy to pay the mortgage when the economy is bad, remarked Iowa bankruptcy lawyer, Kevin Ahrenholz. In fact, more people find themselves defaulting, going under, struggling to hang on and losing, and are right up against the wall with worry. There are some options to consider. One of the first things to do is to talk to the mortgage lender. While [...]
Feb
15
2013
Des Moines, IA (Law Firm Newswire) February 15, 2013 – Being a celebrity or a well known person does not automatically protect anyone from going bankrupt. There are any number of celebrities that have gone bankrupt and still rebounded to continue on with their lives. They have even come back to a more financially rewarding life. It can be done. Bankruptcy is not what it used to be in terms of being shameful and tantamount to a confession that someone was lazy or dumb or dishonest. It can happen to literally anyone, including the former Duchess of York, Sarah Ferguson, [...]
Feb
8
2013
Des Moines, IA (Law Firm Newswire) February 8, 2013 – Medical bankruptcy plays a large role in many bankruptcies these days. This trend does not show signs of slowing down in the prevailing economy. Medical bankruptcy is more common than one might think explained Kevin Ahrenholz, an Iowa bankruptcy lawyer. In fact, medical bills and serious illnesses were cited as reasons for over half of the bankruptcies filed in America. There are approximately 3 million Americans seeking bankruptcy protection in any given year since the recession hit. In other words, medical bankruptcy may hit about one person every 15 seconds. [...]
Jan
17
2013
Brandon, FL (Law Firm Newswire) January 17 , 2013 – No one really looks forward to filing for bankruptcy. Often it was the last choice the debtor had to make. “Most people do not want to declare bankruptcy, and it is the last solution they turn to when all else fails,” said Reginald Osenton, a Brandon bankruptcy attorney. Many Americans these days are all too familiar with bankruptcy, and have either filed for bankruptcy themselves or know others that have. Along with those stories come a number of rumors that are in direct conflict with reality. People used to often [...]
Jan
10
2013
Brandon, FL (Law Firm Newswire) January 10 , 2013 – Every bankruptcy filed in the U.S. today is different. “No two bankruptcy cases are alike, even though a debtor may think their friend or relative is in the same boat as they are,” said Reginald Osenton, a Brandon bankruptcy lawyer. “Often, although their situations may appear similar, there are significant differences that would mean each person needs to file under a different Chapter to declare bankruptcy.” If they choose a Chapter 7 bankruptcy, often referred to as a liquidation or straight bankruptcy, a trustee is appointed to sell all non-exempt [...]
Jan
9
2013
Des Moines, IA (Law Firm Newswire) January 9, 2013 – There are not too many things that are exempt when it comes to filing for bankruptcy, but pension plans and 401Ks definitely are. For people filing a Chapter 7 bankruptcy, this basically means this is a “liquidation bankruptcy,” the most common form filed in the U.S. When the bankruptcy is discharged, debtors come out the other side free of all debts. Being discharged is only available for individuals, not businesses, advised Iowa bankruptcy lawyer, Kevin Ahrenholz. When an individual files for Chapter 7, the first thing they do is choose [...]
Jan
2
2013
Des Moines, IA (Law Firm Newswire) January 2, 2013 – Contracts cannot negate bankruptcy protection. It’s a very simple principle, one that has its origins in a U.S. Supreme Court decision in 1938. In Johnson vs. Zerbst, the court defined a “waiver” as the “intentional surrender of a known privilege or right.” A bankruptcy discharge, coupled with the benefits of starting over debt-free, is considered a privilege. Thus, any clause in a contract that attempts to render an obligation invalid in a bankruptcy is attempting to negate bankruptcy protection. However, the bankruptcy code states this is non-enforceable, remarked Kevin Ahrenholz, [...]
Dec
17
2012
Des Moines, IA (Law Firm Newswire) December 17, 2012 – Debtors used to go to prison. This no longer happens, and bankruptcy laws protect the debtor and creditor. Bankruptcy protection has an interesting history, indicated Kevin Ahrenholz, an Iowa bankruptcy attorney. It came about to protect consumers from ruthless creditors in the Old World. Unfortunately, creditors in the 21st century do not seem to be that much different. Nowadays, the bankruptcy laws in place are covered mainly under federal law, but state bankruptcy laws act to supplement the details. In other words, when someone files for bankruptcy, they are filing [...]
Dec
17
2012
Brandon, FL (Law Firm Newswire) December 17 , 2012 – Three private equity firms have agreed to pay $166 million to creditors of Mervyn’s department store. This payment is to settle allegations that the firms fraudulently profited from the company and drove it into bankruptcy four years ago. “When a company faces bankruptcy, there is usually little profit to be found for anyone,” said Tampa bankruptcy attorney O. Reginald Osenton. “Suspicion of these firms’ practices seems warranted, and is validated by this large settlement.” Mervyn’s creditors, mainly clothing companies, accused Cerberus Capital Management, Lubert-Adler, and Sun Capital of paying themselves [...]
Dec
11
2012
Brandon, FL (Law Firm Newswire) December 11 , 2012 – American Airlines, one of the largest U.S. carriers, filed for bankruptcy protection last November. Employees have been waiting anxiously since then to find out whether they would be out of a job, and how soon. Florida-based employees recently received some news on that front, and it is not very encouraging. “When big employers like this go bankrupt, it can be devastating to large numbers of people and even whole communities,” said Tampa bankruptcy lawyer O. Reginald Osenton. The worst-case scenario for the airline’s 9,000 South Florida employees is gloomy. The [...]
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