bankruptcy - Articles

Mistakenly Declared Bankrupt? Here's What to Do

AP By AJ Smith Bankruptcy is one of those things that makes people cringe. It's not an experience people desire, so imagine how much you'd freak out if your bank mistakenly told a credit reporting agency you were bankrupt. That's exactly what happened to some Fifth-Third Bank customers, according to the Cincinnati... Continue Reading »

Bankrupt But Still Want to Buy a Home? There's a Chance You Still Can

By Christopher Maag Steve Campbell took a big financial hit when his company went bust. Campbell and his wife went broke and filed for Chapter 13 bankruptcy, in which they would have kept some of their debts and continued making payments on them. But Campbell and his wife decided they didn't like the payment plan. The... Continue Reading »

Squatters in Littleton, Colo., Couple's Home Refuse to Vacate Despite Judge's Ruling

Despite a judge's ruling that a pair of squatters vacate a Colorado couple's home in two days, two weeks later they are still there, forcing the home's owners to stay put in a relative's basement. Troy and Dayna Donovan (pictured above) had spent a few months away from their home in Littleton, Colo., and when they... Continue Reading »

Biggest Loser: Celebrity Home Edition

The "Great Recession" has been anything but great for most peoples' bottom line. According to the National Bankruptcy Research Center, over 1.5 million people have declared bankruptcy in 2010, while RealtyTrac reports that 1.05 million homes went into foreclosure the same year. Both of these rates are record high... Continue Reading »

Couple Owns Home After One Payment Due to Foreclosure Glitch

Facing foreclosure and fed up with the banks trying to take back your home? Well, a foreclosure loophole that helped an Ankeny, Ia., home construction worker and his mortgage loan originator wife win a 2009 court judgment against CitiMortgage, giving them title to their $278,000 house free and clear after only one mortgage... Continue Reading »

Sports Stars: From Homebuyers to Renters?

NBA star Kevin Martin (pictured left), who was traded by the Sacramento Kings to the Houston Rockets in February, just received a notice of default on his California home, even though he is set to earn at least $10 million this year. The Rockets guard, who missed his first payment on the $1.5 million loan in June,... Continue Reading »

Lehman Brothers Back From Dead With New Real Estate Operation

If there is one financial firm that remains inseparable from the real estate calamity of the last two years, it's Lehman Brothers. Today's shocker? Lehman's back in business, as an aggressive player in the post-crisis commercial real estate market. Remember that Lehman filed for Chapter 11 bankruptcy on September 15, 2008,... Continue Reading »

Avoiding Foreclosure: Declaring Bankruptcy Sometimes Helps

It's sad but true. Americans are increasingly filing for bankruptcy in order to avoid foreclosure. Katherine Porter, a bankruptcy expert at Harvard Law School, estimates that 75 percent of Chapter 13 filings fall into this category. "Despite all the government programs, bankruptcy is probably the most commonly used... Continue Reading »

Do Tougher Bankruptcy Laws Increase Mortgage Defaults?

It used to be that when people got into more financial trouble than they could manage on their own, they would declare personal bankruptcy. Then, in 2005, U.S. bankruptcy laws became more stringent: The amount of home equity that was protected from creditors was subject to tougher rules and, along with additional costs,... Continue Reading »

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