What Happens When A Corporation Or LLC Files A Chapter 7 Bankruptcy A corporation or LLC can�t get a discharge by filing bankruptcy. �That means there will be no final order from the court saying that all of the debts are gone. �So why file a Chapter 7 bankruptcy for your company? �My colleague, Russell [...]
October 2009
Adjustable Rate ARM: This loan features a lower rate at the beginning of the loan with periodic adjustments, typically 6 months or one year, based on the moving London Interbank Offered Rate LIBOR. Many ARM loans contained artificially low teaser rates that kicked in addition to the LIBOR reset rate. Fixed Rate: The most common [...]
Here is a list of the top 10 types of documents you should keep for tax purposes. Proof of income can be established by a W-2 form or a 1099. Bank account statements and credit card statements show a history of account transactions. Invoices and payment receipts and canceled checks show how much is owed [...]
The 2007 FBI Mortgage Fraud report explains how an unscrupulous real estate developer commits mortgage fraud with a seller in a builder bailout scheme. Say the developer built a house that normally sells for $200,000. In a declining market, the builder fears a fair market sale will not cover the bridge loan for construction costs. [...]
75% of tax filers get a refund. And the average refund amount is over $ 2,300. I was surprised by these figures. Am I the only one not getting an “annual bonus” from the government? What is wrong with getting a refund check, and what does it have to do with filing for bankruptcy? [...]
Will wonders never cease? The Comptroller of the Currency and the Office of Thrift Supervision issued a joint report on home loan modification recently for Second Quarter 2009. What a surprise to find that many modified home loans went into default when the payment wasn’t lowered or when it was actually increased. More than half [...]
