Getting a Mortgage After Bankruptcy: The Letter That May Make the Difference

Since filing for bankruptcy protection may shave more than 200 points off your credit score (more if your house was foreclosed on!), it stands to reason that you may not be the picture of a good risk when applying for a mortgage. However, that doesn’t mean you can’t get a loan approved; a good letter […]

Know Your Rights: Fair Debt Collection Practices Act

You applied to a loan or a line of credit and, based on your credit score and past payment history, the lender took a chance on you. Since then, your financial world has collapsed. Perhaps you lost your job or got into a car accident and now have mounting medical bills. It doesn’t matter why […]

Hulk Hogan Argues against Gawker’s Bankruptcy Shield for Company CEO

The bankruptcy proceedings involving online media purveyor Gawker Media took an interesting turn recently when one of the company’s creditors objected that the Chapter 11 bankruptcy was being improperly used as a shield from personal liability by the Gawker CEO. The creditor who raised the objection is none other than Hulk Hogan, the former professional […]

Bankruptcy – It Can Happen to Anyone; Just Ask the NFL

In a statistic that proves that bankruptcy can happen to everyone, the National Bureau of Economic Research reports that a startling number of retired football players have filed for bankruptcy protection in recent years. Poor money management, over-extended debts and legal issues have forced 15.7 percent of all retired players into bankruptcy after 12 years. […]

NJ Business and Personal Bankruptcies Down in 2014

The early trend during the first half of 2014 is a positive one for the Garden State. According to figures revealed by the U.S. District Bankruptcy Court in Newark, business bankruptcy filings are down about 15 percent and personal cases are down approximately six percent, compared to last year at this time. Overall, the number […]

Large New Jersey Trucking Company Files for Bankruptcy

New Century Transportation, the NJ-based trucking company announced that it plans to shut down and file for Chapter 7 bankruptcy liquidation. In a June 9 letter written to its employees, New Century Transportation wrote that the decision came after its lender “unexpectedly declined to continue funding on a regular basis.” This decision prompted them to […]

I Have an LLC; What are My Bankruptcy Options?

If you’re a small business owner who has run into financial problems and debt issues, you may have wondered about what bankruptcy can do for you. With creditors hounding you, fewer customers walking through the door and shrinking revenues, it’s easy to understand. Unfortunately, a limited liability corporation cannot file for Chapter 13 bankruptcy. So […]

Gadget Specialty Company Brookstone Prepares for Bankruptcy

Citing declining sales, weak liquidity and high levels of debt, the once popular shopping mall gadget retailer, Brookstone, is preparing to file for bankruptcy protection. However, it appears that another specialty company, Spencer Spirit Holdings Inc., may be ready to swoop in and purchase Brookstone. After missing a payment to its creditors in January, Brookstone […]

Multiple Large Companies Filing for Bankruptcy

Multiple well-known and established businesses have recently filed for bankruptcy protection. Sbarro, along with retailers Dots and Ashley Stewart, have filed for Chapter 11 bankruptcy so far in 2014. Under Chapter 11, a company must reorganize its business operations, while remaining in possession of the business, as a debtor in possession. In this role, the […]

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