Archive for April, 2008
Wednesday, April 30th, 2008
Hello,
I have some questions about what i recently found on my credit report.
Background:
I had very good credit in 2003 but a debt load that was too large to carry after discussing with a credit councellor it was determined that my only real option was to declare bankruptcy.
I went in to bankruptcy on November 26, 2003 and was discharged on September 12, 2004.
When I was discharged I sent copies of the discharge papers to both EQUIFAX and TransUnion requesting that the update their files. I received notice form both that this occurred.
My credit report seems to have a TON of irregularities the most concerning being that many of the creditors from my bankruptcy have reported late payments between December 2003 and August 2004 - the period of my bankruptcy.
Questions
1) How can a creditor from my bankruptcy report late payments when I was unable legally to make payments as a result of the bankruptcy.
2) One creditor reports `activity` on the card in July of 2004 - How do I prove this is not true? I have provided all the bankruptcy papers and EQUIFAX refuses to update this information.
3) I mailed a registered letter Monday April 21 and received a response April 30th - It seems to me that they sent a form letter out and did not even look at the report. What can I do.
4) Finally - where to I go for help with this and where to I find out my legal rights with regards to credit reports and credit reporting?
Thank you in Advance for your assistance
Cheeers,
KL
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Wednesday, April 30th, 2008
Chapter 13 payments are arranged through the reorganization of debt at the time when bankruptcy is filed. The debtor is required to make regular payments directly to an assigned Trustee who oversees the case.
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Wednesday, April 30th, 2008
What happens if I have gone bankrupt but do not file the income tax form prepared by the trustee and a refund is due to me?
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Wednesday, April 30th, 2008
See what makes Chapter 11 Bankruptcy unique. And find out if it’s the right decision for you.
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Tuesday, April 29th, 2008
It’s been a while since I’ve talked about the subprime mess. For the record, I believe I was the first person to ever link the words "subprime" and "tsunami" in a single article when I predicted back on March 16, 2006, in a post entitled "The Subprime Squeeze," that "tsunami-like" waves of defaults would likely result from the "hockey stick" growth patterns in the subprime industry. In fact, I just did a search of WESTLAW’s newspaper database, and no one had ever used the words subprime and tsunami in the same article before I had written that post. How things have changed! The "Subprime Tsunami" has hit land, deluged households, stalled the economy, revived a moribund class action industry, and become the full employment act for a battalion of defense lawyers worldwide.
Back about a year ago when subprime litigation was first revving up, I was moved to comment in this post on the Bankers Life v. Credit Suisse case, one of the first subprime litigation complaints filed nationwide, based on a post I had read in the Calculated Risk Blog (which remains to this day my number 1 "go-to" blog for timely, insightful, and depressing financial news). In that post, I predicted the 8-count complaint wouldn’t fare too well.
Well, my prediction proved correct, as the plaintiff substantially amended the complaint about five months later to drop the four securities law-related counts and the third party beneficiary count that I predicted would be dismissed. In its 17-count amended complaint, the plaintiff kept the fraud claims, which I predicted would be dismissed for lack of particularity, and added several new breach of fiduciary duty and breach of contract causes of action. It also repled the negligent misrepresentation claim, which I predicted would be dismissed, by smartly beefing up this count to include specific allegations pointing to alleged misstatements in the prospectus upon which plaintiff allegedly relied in purchasing the depressed securities.
So how did the amended complaint fare against BigLaw’s motion to dismiss?
In this decision handed down by US District Court Judge Elizabeth A. Kovachevich last week, pretty darn well. Bankers Life Ins. Co. v. Credit Suisse First Boston Corp., 2008 WL 1817294 (M.D. Fla. 4/22/08). The fraud claims were dismissed, as predicted, for failure to plead with particularity, as was the conspiracy claim. But, most of the breach of contract claims, the beefed-up negligent misrepresentation claim, and the breach of fiduciary duty counts stuck, to the sure dismay of the six defendants, none of whom were given a free pass by Judge Kovachevich.
So where does the litigation go from here? My guess is that a global settlement is reached, and fast, with the hardest question being how to allocate fault (i.e., dollars) among the various deep-pocket defendants. The plaintiff’s total stated loss is about $875,000, and with six different law firms representing the six defendants in the case, you can bet that $875,000 would be burned through long before the close of discovery.
So, congrats to the plaintiff’s lawyers at The Hodkin Lopelowitz Ostrow Firm and Ledbetter & Associates, who proved, through their persistence, that hard work in litigation does sometimes pay off.
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Tuesday, April 29th, 2008
I ran into financial difficulties and I am considering filing bankruptcy. I own 50% of the shares of a LTD company, and I have loaned $50,000 to the company a year ago. I know once I file personal bankruptcy, the trustee will demand the company to repay the $50,000 because that is my asset, and the money will go to the trustee. Since I own 50% of the company, that means I have to be responsible for 50% of the loan. However, I am already bankrupt, how could I repay 50% of the loan? I don`t understand how that works? Could you provide me with some advice?
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Tuesday, April 29th, 2008
Have you got yourself in an impossible situation financially, and do not know where to turn? Do not fear bankruptcy, consider it as an option, and if you need to, take that option with pride!
Click here to play
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Tuesday, April 29th, 2008
Have you got yourself in an impossible situation financially, and do not know where to turn? Do not fear bankruptcy, consider it as an option, and if you need to, take that option with pride!
Click here to play
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Tuesday, April 29th, 2008
Have you got yourself in an impossible situation financially, and do not know where to turn? Do not fear bankruptcy, consider it as an option, and if you need to, take that option with pride!
Click here to play
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Tuesday, April 29th, 2008
The laws pertaining to bankruptcy are very complicated. That is the reason why you are recommended to be properly aware of the timeline before filing your petition under chapter 13 bankruptcy. The following timeline describes the laws at different stages before, during, and after filing your petition.
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