Saab files for bankruptcy

Published: January 12th, 2012 | Categories: Bankruptcy News | 0 Comments

After two years of struggling to revive the company, the chief executive of the Swedish automaker Saab filed for bankruptcy on Monday.

What started as a fighter jet producer, Saab only sold 5,305 vehicles in the United States this year. In its last efforts to survive, Saab attempted to transfer technology to Chinese investors; however, General Motors, who owns some of Saab’s technology licenses, would not allow the transfer.

Analysts do not expect Saab’s demise to affect the auto market. The Swedish company is anticipated to be liquidated with GM buying up its patent rights to use on its existing models or to possibly create new vehicles.

Comparison of Prices for My Purchases at the Dollar Store

Published: January 6th, 2012 | Categories: Debt Analyzer | 0 Comments

Think those dollar stores are only full of useless junk you don’t really need in the first place? Guess again. I too used to think that, until I stopped into a local Dollar Tree the other day on the advice of my grandmother, who wanted me to pick up some holiday wrapping paper for her. I had never thought of checking out one of those stores for much of anything, but she insisted that I stop there to buy the paper she needed. O

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IRS to Chapter 13 Debtors: File Your Returns by February 5!

Published: January 6th, 2012 | Categories: Bankruptcy Glossary | 0 Comments

We all know that individual tax returns are due on April 15 (or a day or two later if April 15 is on a weekend).  But Congress inserted a little tax time craziness into sections 1308 and 1307 of the new and drastically unimproved Bankruptcy Code of 2005.  Section 1308(a) states:

(a) Not later than the day before the date on which the meeting of the creditors is first scheduled to be held under section 341 (a), if the debtor was required to file a tax return under applicable nonbankruptcy law, the debtor shall file with appropriate tax authorities all tax returns for all taxable periods ending during the 4-year period ending on the date of the filing of the petition.

At first reading, this section appears to only be dealing with those returns the debtor was required to file prior to the 341 hearing or First Meeting of Creditors.  For example, if its February 5th, 2012, and Im a debtor in bankruptcy, it cant be said that I was required to file my 2011 return.  After all, the IRS gives me until April 15.

But like many provision of the Bankruptcy Code, this ones a little murky.  And section 1308(b) provides:

(1) Subject to paragraph (2), if the tax returns required by subsection (a) have not been filed by the date on which the meeting of creditors is first scheduled to be held under section 341 (a), the trustee may hold open that meeting for a reasonable period of time to allow the debtor an additional period of time to file any unfiled returns, but such additional period of time shall not extend beyond—

(A) for any return that is past due as of the date of the filing of the petition, the date that is 120 days after the date of that meeting; or

(B) for any return that is not past due as of the date of the filing of the petition, the later of—

(i) the date that is 120 days after the date of that meeting; or

(ii) the date on which the return is due under the last automatic extension of time for filing that return to which the debtor is entitled, and for which request is timely made, in accordance with applicable nonbankruptcy law. [emphasi

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How To Walk Away From Your Las Vegas Home

Published: January 2nd, 2012 | Categories: Bankruptcy Glossary | 0 Comments

There are many reasons that an individual here in Las Vegas would consider “walking away” from a home. Before abandoning your home, speak with a qualified bankruptcy attorney about the consequences. Your attorney can discuss alternatives for keeping your home such as loan modification, bankruptcy lien stripping, or Chapter 13 repayment. If surrendering your home is the best option, then a short sale, a deed in lieu of foreclosure, or even renting out your home may be better solutions than walking away. In most cases staying in your home as long as possible is the best choice. Be sure to consult with an attorney and examine all of your options before you make a decision.

If you decide to walk away from your home, be aware that you are still the legal owner. Con

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Three Bad Things About Bankruptcy

Published: December 18th, 2011 | Categories: Debt Analyzer | 0 Comments

Bankruptcy may seem like an attractive option for relieving your debt problem, but there are many negative aspects to bankruptcy that are rarely considered when debating whether to file.  Bankruptcy is generally portrayed as a simple act of signing paperwork and watching your debts vanish while your credit score decreases for a couple of years.  Unfortunately, there are many other negative aspects to bankruptcy that you will experience when you decide to file.

Bankruptcy Remains In Your Credit History For At Least Seven Years

Although the process of filing for bankruptcy can be completed in a matter of months, the consequences of filing for bankruptcy can follow you for years.  A bankruptcy filing will remain in your credit history for a period of 7 to 10 years, allowing any creditor that pulls your credit report to see that you have filed for bankruptcy and evaluate the risk of extending credit to you.  Many creditors will not extend credit to an individual with a bankruptcy in their credit history.

Bankruptcy Filings Are Public Record

Filing for bankruptcy is a legal matter handled through the local court system of the area where you live, so after the bankruptcy is filed; it becomes a matter of public record.  This means that anyone searching for information about you will be able to see that you have filed for bankruptcy at some point in your life.  The information included in the public record will include your personally identifying information and the businesses involved in the bankruptcy filing.

Some Debts Are Not Discharged

While a bankruptcy filing can get rid of many of your debts, it will not erase all of the debts you owe.  Student loan debt cannot be discharged under a bankruptcy filing and unpaid income tax bills that are less than three years old will still need to be paid to Uncle Sam.  Medical bills, credit card debts, and most other unsecured debts can be discharged with a bankruptcy, but if you have these other types of debt, you may still have to pay plenty after you have filed.