When the creditors started garnishing her wages, McKinney, 23, who is now a manager at a Walgreens drug store in Colorado Springs, Colo., faced only two heartwrenching options – file a police report and send her mother to prison for fraud for the leases she signed over five years or file for bankruptcy. Unable even to obtain a cell phone contract or rent her own apartment because of the debt, McKinney decided her only option was to file for Chapter 7 in January.

“I feel like I did the right thing even though it sucked,” she told MainStreet. “The debt made me look like an irresponsible person.”

Are you afraid to open the mail or answer the phone? Making the decision to file bankruptcy can be difficult but sometimes it’s necessary to take control over your life. If you can’t manage your debt and want to know if bankruptcy is the best choice call today at (410) 484-9000 and let us help you make the best decision for you and your family.

The post Millennials and Gen-Xers faced with filing Bankruptcy appeared first on Baltimore Bankruptcy Lawyer.

Bankruptcy Trustee Joe Womack, a Billings attorney, said in court records that Dr. John Henry Schneider was a successful neurosurgeon who claimed to have a personal net worth of $17 million as recently as 2011.

After filing for bankruptcy in 2014, Schneider claims “virtually no assets,” Womack said.

Schneider, the trustee said, carried out “this disappearing act,” through a complex scheme of using companies, trusts and transfers to “divest himself of technical ownership of virtually all assets and claims, leaving virtually nothing to satisfy his creditors.”n

Often times, Trustees have the power to look beyond the surface of a transaction in order to reach real economic substance. Property of your bankruptcy case includes not only items in your legal name, but also items in which you have an equitable interest. It is very important to disclose all of the necessary property and information.

Ron Drescher has over 25 years of experience in bankruptcy law. If you’re considering filing bankruptcy and you have questions about the next steps, we would love to answer your questions. Give us a call at (410) 484-9000 so that we can get you scheduled for a free consultation.

The post Neurosurgeon Accused of Hiding Assets in Bankruptcy appeared first on Baltimore Bankruptcy Lawyer.

PITTSBURGH — “Dance Moms” star Abby Lee Miller has been charged with hiding $775,000 worth of income from the Lifetime network reality show and spinoff projects during her Chapter 11 bankruptcy.

The investigation began when a channel-surfing bankruptcy judge saw Miller on TV in December 2012 and figured she had to be making more than the $8,899 in monthly income she was claiming, according to the 20-count bankruptcy fraud indictment announced Wednesday by federal prosecutors in Pittsburgh.

In reality, Miller had signed deals to earn up to $15,000 per episode of “Dance Moms” and up to $25,000 per episode of her spinoff , “Abby’s Ultimate Dance Competition,” not to mention income from dance sessions, public events, merchandise and apparel, the indictment said.

Often times clients will ask “Do I have to list ALL of my assets when filing a chapter 7?” In a chapter 7 bankruptcy, the bankruptcy trustee will sell the debtor’s non-exempt assets. The proceeds from the assets will be paid to the creditors in accordance with the provisions of the bankruptcy code. If it is later learned that all assets were not disclosed, the debtor could face bankruptcy fraud charges. If you have questions about your case or what’s considered a “non-exempt asset”, please give our office a call at (410) 484-9000. We would love to answer your questions.

The post Abby Lee Miller Dances her way to Bankruptcy Fraud appeared first on Baltimore Bankruptcy Lawyer.

AFTER MONTHS OF FINANCIAL WOES AND LEGAL DISPUTES WITH FORMER CEO DOV CHARNEY, AMERICAN APPAREL HAS FINALLY FILED FOR CHAPTER 11 PROTECTION.

The company filed for Chapter 11 bankruptcy protection on Monday, reports Delaware Bankruptcy Lawyer Ronald Drescher. In a deal that will supposedly allow its 130 U.S. stores to stay open, American Apparel’s $300 million of debt will be cut down to $135 million, through a restructuring that will see its lenders trading their debt for company stock. Those creditors will have to provide additional capital as well, in an effort to keep American Apparel afloat and have its Los Angeles manufacturing center continue operating. The filing did not disclose any layoffs.

Many people wonder what happens with their gift cards when a company files bankruptcy. When a company files chapter 7, they intend to close and liquidate their assests to pay off their debtors. In these cases, it is unlikely that the gift cards will be redeemable. However, when a company enters into a Chapter 11, they are attempting to reorganize and continue operating. Therefore, it is likely that they will continue to accept gift cards, and will receive a first day court order to allow this practice to continue. But don’t wait too long to use them. Sometimes a Chapter 11 can turn into a Chapter 7 if the company’s financial position continues to fail. If you have any questions about what happens with your gift cards after a company files bankruptcy, give our office a call at (410) 484-9000. We would love to answer your questions.

The post American Apparel Files For Bankruptcy appeared first on Baltimore Bankruptcy Lawyer.

It looks like bankrupt rapper 50 Cent does not want his “competition” to know how much he’s paid to be a spokesperson for high-end Frigo Revolution underwear or Dutch Effen vodka.

Attorneys in the bankruptcy proceedings of rapper Curtis James Jackson III (aka 50 Cent) are asking the judge to grant permission to keep the full financial details of his endorsement contracts confidential. Of note, 50 Cent claimed on Instagram that he was paid $78 million on the deal when it was first signed, but he later admitted to exaggerating his wealth and borrowing the expensive jewelry he frequently wore at a court hearing this year.

Legal experts note that debtors must reveal all of their assets, including endorsement deals, to creditors as a part of the bankruptcy filing. That said, bankruptcy judges can and not infrequently do grant exceptions to this requirement.

Interested in learning which assets must be revealed in a Maryland bankruptcy? Call our office at (410) 484-9000. We would love to answer your questions. We’ll even send you a free a copy of the book Life Changing Lessons from Celebrity Bankruptcies. This book sells for $24.95 on Amazon, but it will be our gift to you today when you call.

The post Rapper 50 Cent Doesn’t Want to Bare It All in Bankruptcy appeared first on Baltimore Bankruptcy Lawyer.

In 2005, Chuck Stewart’s life had come to a screeching halt. His partner was in the hospital with a terminal illness and he had only $300 in his bank account. He couldn’t find a job, and the $60,000 in student loans he took on for a doctorate in education weren’t going anywhere. That’s when he decided to file for bankruptcy.

“I spoke to two lawyers and they both said the same thing: ‘It’s going to be extremely expensive and you are going to lose,’” he said.

In a typical bankruptcy, Stewart would have to show that his income was below the median level for the state or that his expenses outweighed his disposable income. With a tower of medical bills and unable to find employment, he likely would have qualified. But because his loans were for school, lawyers said it would be impossible.

Are you a student & wondering if bankruptcy can work for you? Give our office a call at (410) 484-9000 and let us help you explore your options.

The post Can Students Loans Be Discharged in Maryland Bankruptcy? appeared first on Baltimore Bankruptcy Lawyer.

“I have used the laws of this country … the [bankruptcy] chapter laws, to do a great job for my company, for myself, for my employees, for my family,” he said during the first Republican presidential debate on August 6.

Interested in seeing how Donald Trump’s bankruptcy strategies can work for you? Call (410) 484-9000 and ask for your copy of the book Life Changing Lessons from Celebrity Bankruptcies. This book sells for $24.95 on Amazon, but will be our gift to you when you call.

The post Make Donald Trump’s Bankruptcies Work For You In Maryland appeared first on Baltimore Bankruptcy Lawyer.

Glaser and his wife, Sonja, have declared Chapter 13 bankruptcy four times since 1996. The Glasers successfully completed the 1996 bankruptcy, and the case was discharged in 2000. Records show they filed again in 2004, but the bankruptcy was later dismissed for failure to make payments to the trustee handling the case.

Glaser again filed for bankruptcy June 3, 2005, but that case was dismissed because he failed to appear at a scheduled meeting with creditors, court records show.

He filed bankruptcy for a fourth time Sept. 9, 2005, as part of the terms of that bankruptcy, Glaser agreed to surrender his home.

Glaser has reason to hope that his checkered financial past will not defeat his political ambitions: The revelation that District 45 House candidate Courtney Rogers had declared Chapter 7 bankruptcy in 2005 didn’t derail her bid to unseat Republican House Caucus Chairwoman Debra Maggart during a bitter primary battle this summer.

Perhaps as a sign of the struggling U.S. economy, bankruptcy is playing an unusually active role in this season’s campaign dramas. Harvard Bankruptcy Professor and United States Senate candidate Elizabeth Warren continues to battle integrity issues connected to her former claims of Cherokee ancestry, and the Connecticut Senate race has involved finger pointing by both candidates. Chris Murphy, the Democratic senate hopeful, has had to answer revelations that missed mortgage payments lead to the bank filing a foreclosure complaint against him in the mid-2000’s, while Linda and Vince McMahon have been shamed into repaying hundreds of thousands of dollars in debts that were discharged in their 1970’s bankruptcy. The discharge has raised integrity issues because the McMahon’s have since made millions in their WWE wrestling empire.

The post Serial Bankruptcy Candidate Steve Glaser Owes The IRS $158,000 appeared first on Baltimore Bankruptcy Lawyer.