Bankruptcy Issues in the News
During the past few years, bankruptcy issues often the highlights of the news reels. It seems that everyone has felt a pinch in this current economic crisis. Below are the current bankruptcy related headlines. Surely, there are more to come.
• As of May 1, 2011, the bank must investigate and determine whether any federal benefits have been electronically transferred into a bank account before freezing the account upon a garnishment order. Federal benefits cannot be frozen. For detailed information, see: http://www.fms.treas.gov/greenbook/guidelines_garnish0311.pdf
• In the first quarter of 2011, foreclosures were down 27% compared to that same time period in 2010. However, this is not likely good news. Most experts agree that the drop in foreclosures is due to bank back logs, not an improving economic situation.
• A Texas court has recently held that an inherited IRA is protected from bankruptcy creditors; Chilton v. Moser (2011, DC TX) 2011 WL 938310 , March 16, 2011.
• Celebrities are always a hot topic. If you wonder if you can be like the phoenix and rise out of the ashes of bankruptcy, consider these celebrities who have done just that: MC Hammer, Cyndi Lauper, Burt Reynolds, Kim Bassinger, Donald Trump, and Mike Tyson. In fact, Trump has filed bankruptcy 3 times.
• The Crystal Cathedral mega church in Orange County, California, just south of Los Angeles, has bankruptcy exit plan strategy. If approved, this plan will discharge a $36 million mortgage and $10 million in unsecured debts.
• Borders books stores and Blockbuster video stores have both filed for Chapter 11 bankruptcy protection. In fact, just today, June 20, 2011, the U.S. Trustee has ruled that Blockbuster’s bankruptcy lawyers’ fees cannot yet be paid because Blockbuster has so little money left. They may not be paid at all.
• Florida banks start lending again in the wake of 51 bank failures in the last 4 years. Yes, 51 Florida banks have failed since 2007.
• Ohio developer files for bankruptcy protection. Apex Realty Enterprises LLC, an affiliate of the Short North’s RMRW Ltd. development firm, filed for Chapter 11 bankruptcy April 27, 2011 in Columbus, listing liabilities $10 million to $50 million and assets of less than $10 million.
Where do I get help with my bankruptcy questions?
Bankruptcy is a very specialized area of law; be sure your attorney focuses his or her practice on bankruptcy and helping people like you. We focus our practice on bankruptcy law and help people just like you. You can reach us at 513-793-6555 or Thomasjr@geygan.com.
We will gently walk you through the bankruptcy process, answer your questions, analyze your case, and aggressively fight for your legal rights.
