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Does Chapter 13 Prop Up Bankruptcy Filing Rates? - Credit Slips

Does Chapter 13 Prop Up Bankruptcy Filing Rates? - Credit Slips | Business Law |

The table to the right shows the twenty federal judicial districts where bankruptcy filings declined the least. One thing immediately leaps out: many of these districts are places where the percentage of chaper 13 bankruptcies is very high.

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'There is no lien, there is no property interest, these creditors are like ...

'There is no lien, there is no property interest, these creditors are like ... | Business Law |
Their 'full faith and credit' pledge is, as a matter of contract law–and to the (rather considerable) extent that bankruptcy law reflects the 'creditors' bargain,' therefore bankruptcy law as well–merely equivalent to an 'and I really ...
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If I File Bankruptcy I Will Never Be Able to Buy Anything Again Right?

If you are struggling financially, bankruptcy may be the best solution for you. However, you may be concerned on how filing a bankruptcy case will impact your ability to make purchases on credit in the future. With a better understanding of the process, you will quickly realize that filing bankruptcy will not prevent you from being able to obtain credit after or even during the Chapter 7 bankruptcy case. Although there are four types of bankruptcies that can be filed, most debtors in Texas file a Chapter 7 bankruptcy case. One reason for this is the great exemptions under Texas and federal law available to debtors which allow the debtor to protect a significant amount of assets in a Chapter 7 bankruptcy. Although there are exceptions, most debtors who are considering bankruptcy have a less than exemplary credit rating as a result of the financial difficulties that have led them to consider filing bankruptcy. The ability to make purchases on credit is typically tied directly to your

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Rescooped by Youngdo Lee from Economics: Its History and Politics!

How Detroit went broke: The answers may surprise you — and don't blame Coleman Young

How Detroit went broke: The answers may surprise you — and don't blame Coleman Young | Business Law |

Detroit is broke, but it didn’t have to be. An in-depth Free Press analysis of the city’s financial history back to the 1950s shows that its elected officials and others charged with managing its finances repeatedly failed — or refused — to make the tough economic and political decisions that might have saved the city from financial ruin.

Instead, amid a huge exodus of residents, plummeting tax revenues and skyrocketing home abandonment, Detroit’s leaders engaged in a billion-dollar borrowing binge, created new taxes and failed to cut expenses when they needed to. Simultaneously, they gifted workers and retirees with generous bonuses. And under pressure from unions and, sometimes, arbitrators, they failed to cut health care benefits — saddling the city with staggering costs that today threaten the safety and quality of life of people who live here.

The numbers, most from records deeply buried in the public library, lay waste to misconceptions about the roots of Detroit’s economic crisis.

Via pdeppisch
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Rescooped by Youngdo Lee from Business!

Detroit's bankruptcy battle likely to be long and painful

Detroit's bankruptcy battle likely to be long and painful | Business Law |

People have already fled Detroit in droves. Forty percent of its streetlamps don't work. Don't get sick there; you'll wait a long time for an ambulance. There's even talk about plundering art by masters such as Van Gogh, Bruegel and Wyeth from the city's museums to help pay off about $18.5 billion in city debt.

Detroit's bankruptcy filing brings into sharp focus the decades-long decline of the once prosperous hub of American manufacturing; in its heyday, it was the nation’s fourth largest city. 

The case is being closely watched by retired city workers, residents and investors looking for a resolution to a long-running, downward financial spiral that has left the city buried in debt and sparked an ongoing exodus of residents looking for a fresh start.

City officials are also looking for a fresh start, but they could have a long wait. Detroit already faces a slew of lawsuits and is girding for an epic legal battle with creditors. The Thursday filing for the largest municipal bankruptcy in U.S. history came just minutes before a state court judge was to hear arguments on whether to grant an injunction to block the city from taking the extraordinary step.

“Bankruptcy gives us breathing room,” Kevyn Orr, the city's emergency financial manager, told reporters Friday. “We were being sued on almost a weekly basis. I pleaded for that not to happen.”

That breathing room got tighter Friday when an Ingham County judge said the bankruptcy filing violates the Michigan Constitution and state law and must be withdrawn.

Judge Rosemarie Aquilina ordered that Gov. Rick Snyder and Orr take no further actions to try to cut retiree benefits.

The move is just the latest indication that the battle over the city’s financial future is entering a new, and highly uncertain, chapter

Here’s what could be next for Detroit – and other cities facing similar financial pressures.


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Rescooped by Youngdo Lee from Wedding Photographer Swansea!

Why Individual Personal bankruptcy Is The Ideal Choice For Many People

Financial debt is one thing many people need to deal with on a regular basis. They may be harassed by selection companies and lenders and are not able to have their financial situation in check. If you discover your self during these conditions, you might like to consider filing individual personal bankruptcy. The personal bankruptcy regulations differ in every condition, so become knowledgeable around the regulations where you live. Don't pay out income tax specifications together with your bank cards with the idea of beginning the personal bankruptcy procedure after, without having done the research initially. The reality is that the personal credit card debt is going to be ineligible for release, as well as your income tax financial debt might improve. When the income tax could be dismissed, so can your debt. Consequently, you must not draw your charge card out for buys when it is just likely to be dismissed throughout the personal bankruptcy. Integrity is very important on your submitting, although it might be appealing to "mat" your responses a bit. Usually do not attempt to protect some resources or earnings from the lenders. This will get you in significant problems and stop your personal bankruptcy application entirely. Choose a personal bankruptcy attorney which comes from the individual suggestion rather than somebody unique on the web or perhaps in the classifieds. You desire your personal bankruptcy to visit efficiently, as well as the Web is rife with travel-by-evening businesses in whose only objective would be to victim on the monetarily needy. Don't actually pay out a personal bankruptcy lawyer to get a appointment, and inquire plenty of queries. Most lawyers offer you free of charge preliminary consultation services, and you need to benefit from the possiblity to meet with numerous experts. Make your decision right after all your queries have already been resolved. Spend some time before you document when you meet up with your attorney. That offers you the ability to talk to a variety of attorneys. Take into consideration all of your choices prior to yanking the induce. Talk to legal counsel who concentrates on personal bankruptcy to learn if choices, for instance a financial debt repayment plan or even a lowering of your interest levels, could be better for you. Bank loan customization will help you escape home foreclosure. The financial institution wishes their funds, so they could be ready to forgive some costs, modify the bank loan expression or minimize curiosity as means of helping you. When press involves shove, lenders want their funds, plus they are ready to make concessions to obtain it and stop the debtor from proclaiming personal bankruptcy. That you can now see, there exists much information accessible which will help you through your personal bankruptcy. In the event you method this having a very clear brain and properly, it can present you with your debt comfort which you have longed for and enables you to obtain back again on your own toes.

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