Donald Trump Loves Bankruptcy

Donald Trump has written many books about business but they all seem to end at Chapter 11! The following summary of the six (6) Trump bankruptcies was complied from the Associated Press; Washington Post; and Politifact news organizations. Bankruptcy # 1: The Trump Taj Mahal, 1991 Trump’s first bankruptcy involved the construction of the $1,000,000,000.00 billion Trump Taj Mahal casino in Atlantic City, N.J., which opened in 1990.  A year later, the casino was nearly $3 billion in debt, while Trump had racked up nearly $900 million in personal liabilities. Bankruptcy # 2: Trump Castle, 1992 Within a year of 

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Free Credit Report in 10 Easy Steps

Download the 10 Easy Steps to a Free Credit Report…. This easy to follow presentation takes the stress out of downloading your free credit report. Each easy to follow step contains a screen shot to ensure that you are able to access your credit report and save it as a PDF on your desktop. 1. Visit www.annualcreditreport.com           2. Click here for your free credit report…   3. Click here for your Free Credit Report in 10 Easy Steps…                

You Gotta Know The Rules If You’re Gonna Play The Game

Rules of Bankruptcy Procedure The Federal Rules of Bankruptcy Procedure deal with notice and service in bankruptcy cases.  Rule 2002 governs “notice” of general matters that typically concern all parties, such as the deadline for filing proofs of claim and notice of the confirmation hearing.  Notice may be given by first class mail. Rule 7004, on the other hand, governs “service” of matters that typically involve only certain parties (i.e., adversary proceedings and contested matters). Rule 7004 incorporates certain provisions of Fed.R.Civ.P. 4 requiring personal delivery but, like Rule 2002, also authorizes service by mail. The Difference between Notice and Service 

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Is a lump sum workers’ compensation settlement protected in bankruptcy?

Workers’ compensation awards may be exempted under 11 U.S.C. § 522(d)(11)(E) Section 522(d)(11)(E) provides as follows: (d) The following property may be exempted under subsection (b)(2) of this section: (11) The debtor’s right to receive, or property that is traceable to (E) a payment in compensation of loss of future earnings of the debtor or an individual of whom the debtor is or was a dependent, to the extent reasonably necessary for the support of the debtor and any dependent of the debtor. 11 U.S.C. § 522(d)(11)(E). Workers’ compensation awards are given to offset a worker’s loss of future earnings as a result of 

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Erasing Student Loans

Erasing Student Loans 99.9% of bankruptcy student loan debtors don’t even try to discharge their student loans because they mistakenly think that student loans cannot be discharged. Can Student Loans be Erased? YES, YES, YES. A recent study conducted by Jason Iuliano, a Harvard Law graduate and a Ph. D. candidate at Princeton revealed that 40% of filers with large student loan debt received some form of discharge from the bankruptcy court when they filed an adversary proceeding seeking a discharge of their student loans. An adversary proceeding is a lawsuit within a bankruptcy case asking the bankruptcy judge for 

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Buying a Home After Bankruptcy

Buying a Home After Bankruptcy It’s getting easier to get approved for a mortgage. The wait time has been reduced to 2 Years for Fannie Mae mortgage loans and 1 Year for FHA mortgage loans.  The FHA Back to Work allows certain mortgage borrowers to apply for a mortgage within 12 months after a significant derogatory event on their credit report.                                                      “Significant derogatory event” is defined as any one of the following which may 

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The Buffalo Treatment

Buffalo Treatment The Buffalo, New York area has the largest concentration of debt collectors on the East Coast. The Bureau of Labor Statistics shows that the Buffalo-Niagara Falls area has approximately 4,700 collectors. The Buffalo area is also home to many companies that are the subjects of debt collection complaints at the Federal Trade Commission. The “Buffalo Treatment” refers to the following illegal debt collection strategies: False threats that consumers would be arrested if they did not pay their debts within a short time period Threatening lawsuits with no intention of actually filing a lawsuit Calling a consumer’s family members, 

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Debt Buying Industry

Debt Buying Industry The debt buying industry preys upon low-income households, often in black and Latino neighborhoods and it’s profitable, really profitable.  The debt-buying industry is worth billions of dollars annually. In 2013 and 2014, one of the country’s largest debt-buying firms, Encore Capital, purchased accounts with a value of close to $100 billion. The Big 3 Debt Buyers The biggest firm is Encore Capital Group, based in San Diego; it is the parent of Midland Funding, the company that pursues payment. Encore last year surpassed $1 billion in revenues, a 39 percent increase over 2013, spurred by major acquisitions, 

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Boost your Credit Score after Bankruptcy

Credit reports should be checked 30 to 60 days after bankruptcy to ensure that creditors are reporting accurately. Creditors frequently fail to report an updated status for discharged accounts. All debts discharged in bankruptcy should show a zero balance (“$0.00”).     Boost Your Credit Score – Remove Negative Tradelines The following negative descriptions should not appear in your credit report after bankruptcy: Charge-off reported after the discharge in bankruptcy is inaccurate. Delinquency reported after the discharge in bankruptcy is inaccurate. Any balance other than “$0.00” reported after the discharge in bankruptcy is inaccurate. Any late notation reported after the 

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Reversing a Tax Sale in Philadelphia

Reversing a Tax Sale in Philadelphia Philadelphia is one of the few places in Pennsylvania where a home owner can reverse a Tax Sale. Believe it or not, most tax sales are final in Pennsylvania once the gavel comes down. Thanks to the Municipal Claims and Tax Liens Act (Act), Act of May 16, 1923, P.L. 207, as amended, 53 P.S. § 7293, a homeowner has a statutory right to redeem their sold property within 9 months from the date of the acknowledgment of the Sheriff’s Deed conveying the Property. Redemption Petition pursuant to Section 32(a) of the Act, 53 

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