Insolvency practitioners
Nobody wants insolvency in their business, but what we wish never happen. Insolvency can happen to anyone business. Some people think that insolvency is bankruptcy but it is wrong insolvency. Insolvency situation comes when you find yourself unable in repaying debts. Insolvency is an alarm of destruction in your company and if the insolvency problem is not cure soon then you may have the problem of bankruptcy or liquidation. Insolvency problem is mostly happen in business. And two types of business insolvency are there:
1. Cash flow insolvency: inability in paying tax as come in the form of due.
2. Balance sheet insolvency: having no assets- in this liabilities are more than assets.
For coming out from the problem of insolvency we need the help of an insolvency practitioners, they are person who are expert in solving insolvency problem. And such bodies are appointed by the Secretary of state or by some well-known professional body. Read more…
Uptown girl, gutter debt
Supermodel Christie Brinkley has it backwards. The tax debt is supposed to come first, followed by a starring role alongside Chuck Norris in late-night infomercials. But long after Brinkley abandoned her once-promising movie career to peddle pawnshop junk, the IRS just accused the 57-year-old Uptown Girl of dodging $531,000 in federal taxes.
What’s owed:
- The IRS filed a $531,720 tax lien against Christie Brinkley on Nov. 21 with the Suffolk County (N.Y.) Clerk.
The address on the lien is Brinkley’s $30 million, century-old estate in Bridgehampton, N.Y.:
Her side:
Brinkley could not be reached for comment.
When Creditors Come Calling After Your Bankruptcy Discharge
Whether it’s receiving a discharge under chapter 7 or chapter 13, the result is the same: you do not owe anyone, any amount, on your unsecured non-priority debts that existed prior to filing. If you listed it and you received a discharge, then you are no longer responsible or liable for that debt. Most people think that that means no more telephone calls, dunning letters or lawsuits from people trying to collect on that debt. For the most part that is usually the case, however there are many creditors and third party debt buyers who choose to ignore this very basic tenet of bankruptcy law.
Some may honestly not know that either (A) you went through bankruptcy or (B) what it means to have a debt discharged. For these creditors a simple telephone call or letter from you or your attorney will usually stop their collection activity. I
Bankruptcy Debtors Eligible For Wildcard Exemption If They Keep Homestead And Try To Modify Mortgage
Two married Florida debtors own an upside down homestead property. They are seeking mortgage modification in the hopes of holding on to their home. They file Chapter 7 bankruptcy and do not claim their house as exempt homestead because there is no equity to exempt. The debtor’s Statement of Intention stated that they wanted to retain the homestead property. The debtors claimed a “wildcard” exemption which is available to debtors who do not receive benefits of the homestead exemption. The bankruptcy trustee argued that the debtors could not use the wildcard because they intended to retain the homestead and reaffirm the mortgage debt.
The above facts were considered by a Florida bankruptcy judge. The judge held that these banrkuptcy debtors were eligible for the wildcard exemption ($4,000 per peson) because they did not receive homestead benefits even though they intended to retain the homestead after bankruptcy and engaged in postpetition efforts to modify the mortgage. The c
Richest man in Ireland files for personal bankruptcy
Former billionaire Sean Quinn has filed for personal bankruptcy in Belfast, Ireland. The personal bankruptcy filing states that Quinn owes $3.86 billion to the Irish Bank Resolution Center.
Quinn was once the richest man in Ireland with a personal worth of around $6 million. The businessman earned his money by selling gravel and sand from a farm his father owned. This business turned into a billion-dollar mining manufacturing business. In addition, the billionaire worked in real estate and insurance.
When the nations economy and property market began to suffer in 2008, unfortunately some risky investments Quinn had made became worthless.