Category Archives: Bankruptcy Law

Bankruptcy law news articles, reiews, notes and blog examples.

Repossessed Vehicle Worth More than Loan Balance

Vehicle repossession is a stressful event that can cause individuals to feel violated and at the mercy of auto loan lenders. However, you do have certain rights as a debtor that you should be aware of. The most important take away when dealing with repossessions and auction sales is that there are several remedies, even […] The post Repossessed Vehicle Worth More than Loan Balance appeared first on Richard West Law Office... To continue reading this legal news please click Read full information...

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When Red is the Color of the Season: Commercial Property Leases and Bankruptcy

Bankruptcy filings are skyrocketing as more and more companies are going deep into the red.  For retailers or their landlords holding leases in commercial property, there are special considerations to keep in mind.  This post will provide some basic information on the rights of non-debtor tenants and landlords under unexpired non-residential property leases when a debtor–landlord or –tenant, respectively, files a chapter 11 bankruptcy petition... To continue reading this legal news please click Read full information...

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Navient’s Latest Student Loan Scam

California Attorney General files a lawsuit against Navient and subsidiaries, Pioneer and General Revenue Corp., alleging violation of California’s unfair competition and false advertising laws Misrepresenting the order in which the company would apply extra loan payments and failing to properly discharge federal student debt for borrowers with a total and permanent disability. According to articles in the Washington Post and the Los Angeles Times – at issue is a practice to mislead student loan borrowers about the important difference between forbearance and income based repayment programs.  Navient encouraged borrowers to postpone payments through forbearance, knowing that interest continued to add up, which would result in a dramatic increase in the overall debt.  When there was a most cost effective option – enrolling the borrower in an income-driven repayment plan that would avoid unnecessary fees and costs. Navient….. To continue reading this legal news please click Read full information...

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What to Do About Overwhelming Business Debts & Cash Advances

Pay day is just around the corner and as a business owner, you know that your people need to get their wages. However, your clients have been slow to pay this month and you’re out of cash reserves in the bank. This is a pretty common stress when you’re a small business owner, and debts can quickly pile up even further, leaving you wondering where to turn or how you’re going to stay afloat. This is the type of person that cash advance loans target and appeal to. A cash advance loan sounds simple on principle: the company gives you a sizeable loan, sometimes even as high as $100,000 or more, and gets it to you sometimes in as little as 24 to 48 hours. In return, you agree to pay the loan off installments with interest, which can usually be done fairly quickly when you start getting those missing payments from clients. However, what you quickly find out is that your simple loan to make payroll carries a ludicrous interest rate and….. To continue reading this legal news please click Read full information...

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(Video) Are Debts Discharge In Chapter 7 Taxable?

This is a great question to ask. Normally, debts that are forgiven are taxable income to you. For example, if you had 100k in debt and your creditors all said- forget about it and wiped it out that is fantastic, except, you now will have to pay taxes on the 100k. Why? Anytime an entity writes off a loss on their taxes it is income to someone else. Make sense?  Now, let’s be clear, paying taxes on 100k is better than paying 100k. If your tax bill is 35k you just saved 65k... To continue reading this legal news please click Read full information...

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