FICO Chief Talks About Credit After Bankruptcy
People considering bankruptcy are usually concerned about bankruptcy’s effect upon their credit score and what they need to do in order to rehabilitate their credit. I saw an interesting article in Yahoo Finance about an interview with Mr. Mark Greene, the CEO of Fair Isaac & Co., the managers of your FICO score. Mr. Greene [...]
Is There Really a Stigma to Filing Bankruptcy?
One of the concerns most frequently expressed to me in consultations with potential Chapter 7 and Chapter 13 bankruptcy clients in my southeast Michigan practice is whether their reputations will be ruined by the filing of a bankruptcy. It is almost universally believed, I gather from my clients, that a bankruptcy, once filed and once known [...]
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 [...]
Is Income Tax Debt Dischargeable in Bankruptcy?
Income tax debt is, under some circumstances, dischargeable in Chapter 7 bankruptcy. Even outside of those circumstances, it is at least “treatable” in a Chapter 13 bankruptcy in a manner that can be a much better deal for the taxpayer than any of the payment schemes offered by the IRS. Income tax debt, whether Federal [...]
Bankruptcy Filings Are Down, but Chicagoans Seeking Help in Record Numbers
The New York Times reported recently that the number of people who have filed for bankruptcy protection in Chicago and throughout the country is down, but it doesn’t necessarily mean the economy is on its way to improving. In fact, experts believe that bankruptcy numbers simply indicate that lenders are being more generous with extending [...]