Supreme Court Decides Against Stripping Second Mortgage In Chapter 7

Supreme Court Decides Against Stripping Second Mortgage In Chapter 7

This session of the Supreme Court decide a bankruptcy dispute that was widely watched by bankruptcy attorneys: Caulkett v. Bank of America. In Caulkett v. Bank of America, Justice Clarence Thomas and his Supreme Court colleagues unanimously decided that underwater homeowners cannot use the chapter 7 bankruptcy process to remove second mortgages that are entirely…


‘Real Housewives of New Jersey’ Star Teresa Giudice Now In Prison For Her Bankruptcy Crimes

In early January, Real Housewives of New Jersey star Teresa Guidice reported to federal prison in Danbury, CT. She is now serving a 15 month sentence for committing bankruptcy fraud and mail and wire fraud conspiracy. Her husband, Joe Giudice, was sentenced 41 months. He will have to report to prison after Ms. Guidice gets…


Post-Sandy Bankruptcies in Queens, NY

Over the past 12 month period, there were 3,800 consumer bankruptcy filings from residents living in Queens. The breakdown was: 3,436 Chapter 7, 363 Chapter 13 and only 1 Chapter 11. That’s one bankruptcy petition for every 591 people residing in Queens. During the recession, and almost one year after Hurricane Sandy, there are still…


The Student Loan Debt Bubble

Approximately 37 million people in the United States of America have outstanding student loan debt. The average balance per borrower for outstanding student loan is around $23,300. Comparatively, the college class of 2013 will graduate owing on average $35,000 in federal, state and private loans. The total amount of student loan debt in the United…


Famous People File For Bankruptcy

What do all these people have in common? PT Barnum, circus promoter L. Frank Baum, author of “The Wonderful Wizard of Oz” Kim Bassinger, model and actress Lorraine Bracco, actress and model Gary Busey, actor and reality tv star Jose Canseco, athlete George Clinton, musician Gary Coleman, child actor John Connally, former Texas governor Francis…