June 2016 Archives

Fair Debt Collection Practices Act Prevents Creditors from Harassing Relatives

Bankruptcy is an option for individuals that cannot pay their credit card debt or medical bills. Bankruptcy gives individuals more time to pay their bills. It also stops collection agencies from contacting creditors about their debts.

Credit Card Debt Elimination in Chapter 7 Personal Bankruptcy

Eliminating credit card debt is one reason many people file for chapter 7 personal bankruptcy. A drop in income, a divorce, or illness can cause credit card debt to accumulate. Bankruptcy is a good option in eliminating this credit card debt. A trustee compares your income to expenses and reviews the equity to your assets. A trustee will order the liquidation of your assets to repay your debt only if the equity in assets exceeds allowed exemptions. In most chapter 7 individuals keep all of their assets.  Bankruptcy exemptions vary by state. If a married couple owns a home in Cherry Hill New Jersey or Voorhees New Jersey and the home is worth $300,000 and there is a mortgage of $260,000, because each can exempt approximately $24,000 worth of equity in their home for bankruptcy purposes they would be able to protect the equity in their home and they would be in a position to file a Chapter 7. They could eliminate their credit card debt. If there is disposable income this would be used to repay creditors. Chapter 7 is often a good option to help get a fresh start. If you are struggling financial, you should consult with an experienced attorney about your options.

Taj Mahal Casino Chapter 11 Bankruptcy Receives Favorable Supreme Court Ruling

Taj Mahal Casino Chapter 11 Bankruptcy Receives Favorable Supreme Court Ruling. The US Supreme Court rejected the Union's Benefits Appeal in the Taj Mahal Casino Bankruptcy Case. In a Reuters article, http://www.reuters.com/article/us-usa-court-casino-idUSKCN0YM1OC, it is noted that Local 54's appeal to preserve pensions and health benefits at the Taj Mahal was unsuccessful. Trump Entertainment Resorts Inc filed for bankruptcy in 2014. In 2009, the company was granted permission to impose new lower-cost contracts on unionized workers as a condition of a rescue deal purchase of the casino company by billionaire investor Carl Icahn.

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