The foreclosure crisis in our country has prompted judges, legislators and lawyers to rethink deeply embedded beliefs about mortgages in default and loan modifications. Settlement agents classically advise borrowers signing loan documents that “to stay you have to pay,” but both slowly and radically, practices are changing. New laws and procedures around the country are […]
An auction for bankrupt Seattle based Tully’s Coffee is heating up. Tully’s sells coffee to consumers out of 47 retail locations in airports, downtown Seattle street corners and the Washington State Convention Center. Under the wieght of its corporate structure, Tully’s filed for Chapter 11 bankruptcy protection in October, promptly shutting down several stores. Soon […]
For many, the loan modification process is getting out of hand. Javier Hernandez lost his job, his father was deported and the value of the home he bought for his mother seven years ago plummeted. Despite all this grief, however, Javier appeared to still be current on his payments, according to this article in the […]
Former Miss Pennsylvania USA Sheena Monnin claimed that the 2012 Miss USA beauty pageant was rigged. An arbitrator has disagreed and she has been ordered to pay pageant organizers $5 million for defamation. Under the Miss USA pageant agreement signed by Ms. Monnin all disputes were to be resolved by an arbitrator, not the courts. Apparently […]
Horry County State Bank foreclosed on nine building lots owned by Legacy Development SC Group LLC and is still $1 million short. The Bank could sue for the deficiency and then depose Legacy to try and enforce the judgment. Instead, the Bank teamed with two other creditors and forced Legacy into an involuntary bankruptcy “because […]
Scandalwatchers know that ex CIA chief David Petraeus was exposed after his paramour, Paula Broadwell, sent threatening emails to military socialite Jill Kelley who had the FBI trace those messages back to Broadwell’s laptop. Once inside the laptop the FBI discovered the trail of messages between Petraeus and Broadwell that led to his downfall. The […]
In a story of high finance and international intrigue, former billion dollar real estate tycoons Michael and Linda Mastro will return to the US to face 43 counts of bankruptcy fraud including scheming to defraud, concealment of assets, monely laundering, making false oaths or accounts, making false declaration under penalty of perjury, and unlawfully receiving […]
Bankruptcy and integrity play key roles in several campaigns across the country. This year, more races than ever implicate bankruptcy, debt and morality, raising the question whether voters are willing to overlook a candidate’s financial struggles when they cast their votes on November 6. In Massachusetts, well known bankruptcy personality Elizabeth Warren is in a […]
From America’s Poorest Presidents: Bankruptcy, Insolvency and Extreme Financial Hardship: An ambitious but poor young man, Abraham Lincoln’s early life left him in financial ruin. When he was in his 20′s he bought a general store with a friend and business associate – an investment he would later regret. Before the store went bankrupt Lincoln sold his […]
In researching the article Baseball Bankruptcy Hall of Fame and its accompanying infographic, I tried to compile a true allstar team of MLB debtors. I discovered that every position in baseball, from infielder to outfielder, from pitcher to designated hitter, has been represented as a debtor in the Bankruptcy Court, except one: the catcher. I could […]
