A few years ago I settled a debt with a credit card company and I had to claim the part of the debt that was forgiven as income. Now here it is about 8 years later and I am having to file chapter 7, with all the $25K in unsecured debt that I have, will I have to claim this as income too?

Are there any tax implications for filing Chapter 7 bankruptcy? is a post from: Chapter 7 Bankruptcy Information

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Has global financial reform run out of steam? is a post from: Chapter 7 Bankruptcy Information

ANN ARBOR, Mich.,  Feb. 16, 2011 /PRNewswire-FirstCall/ –

“It has become increasingly clear that in light of the environment of curtailed customer spending, our ongoing discussions with publishers and other vendor related parties, and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor and which are essential for it to move forward with its business strategy to reposition itself successfully for the long term. to position Borders to remedy this condition, Borders Group, with the authorization of its board of directors, has filed a petition for reorganization relief under Chapter 11 of the Bankruptcy Code. This decisive action will give Borders the opportunity to achieve a proper infusion of capital in order to have the opportunity to have the time to reorganize in order to reposition itself to be a successful business for the long term,” said Mike Edwards, Borders Group President.

“In this regard, operating under Chapter 11, Borders has received commitments for $505 million in Debtor-in-Possession (DIP) financing led by GE Capital, Restructuring Finance. This financing should enable Borders to meet its obligations going forward so that our stores continue to be competitive for customers in terms of goods, services and the shopping experience. It also affords Borders the opportunity to move forward in implementing the appropriate business strategy designed to reposition Borders to be a potentially vibrant, national retailer of books and other products,” mr. Edwards emphasized.

The company said that it is serving customers in the normal course, including honoring its Borders Rewards program, gift cards and other customer programs. Additionally, the company expects to make employee payroll and continue its benefits programs for its employees.

Borders said that it has many strengths upon which to build a solid plan of reorganization and implement a new business model for Borders to address the changing needs of the American reader. “For decades, Borders has been a beacon of engagement – a highly frequented destination for consumers and a significant venue for authors and vendors to showcase new books and merchandise. We have the ability, based on our brick and mortar presence nationally; the on-line capabilities we have in place; the loyalty of, and access to, our customers; and the products and services we offer to be an important and easy access destination of exploration and purchase for readers across the country,” commented mr. Edwards.  

The company noted that, among other initiatives and subject to court approval, Borders plans to undertake a strategic Store Reduction Program to facilitate reorganization and its repositioning. Borders has identified certain underperforming stores — equivalent to approximately 30 percent of the company’s national store network — that are expected to close in the next several weeks. At the same time, the company noted that a major strength of Borders is its national presence, and its extensive network of remaining stores as well as Borders.com, will continue to run in normal course. The company emphasized that the closings were a reflection of economic conditions, cost structures and viability of locations, among other factors, and not on the dedication and productivity of the workforce in these stores.

“We are confident that, with the protection afforded under Chapter 11 and with the support of employees, publishers, suppliers and creditors, and the reading public, a successful reorganization can be achieved enabling Borders to emerge from the process as a stronger and more vibrant book seller,” concluded mr. Edwards.

“We are very pleased to be able to make this commitment to Borders as support for their plan to re-organize the company,” said Tim Tobin, Managing Director, Retail Restructuring, GE Capital, Restructuring Finance.

The Chapter 11 petition for relief was filed in the U.S. Bankruptcy Court, Southern District of new York.  Completion of the company’s DIP financing arrangements is subject to approval of the Bankruptcy Court and the satisfaction of certain conditions provided in the financing commitments received by the company from the lenders providing such financing.  

Additional information about the reorganization is available at bordersreorganization.com or by telephone at (877) 906-7675.

About Borders Group, Inc.

Headquartered in Ann Arbor, Mich., Borders Group, inc. (NYSE:BGP – News) is a leading specialty retailer of books as well as other educational and entertainment items. Online shopping is offered through borders.com. find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as “expect,” “believe,” “planning,” “possibility,” “opportunity,” “goal,” “will,” “may,” “intend,” “anticipates,” “working toward” and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. these statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company’s forward-looking statements.

These risks and uncertainties include but are not limited to (i) the ability of the company to continue as a going concern, (ii) the company’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases, (iii) the ability of the company and its subsidiaries to prosecute, develop and consummate one or more plans of reorganization with respect to the Chapter 11 cases, (iv) the effects of the company’s bankruptcy filing on the company and the interests of various creditors, equity holders and other constituents, (v) Bankruptcy Court rulings in the Chapter 11 cases and the outcome of the cases in general, (vi) the length of time the company will operate under the Chapter 11 cases, (vii) risks associated with third party motions in the Chapter 11 cases, which may interfere with the company’s ability to develop and consummate one or more plans of reorganization once such plans are developed, (viii) the potential adverse effects of the Chapter 11 proceedings on the company’s liquidity or results of operations, (ix) the ability to execute the company’s business and restructuring plan, (x) increased legal costs related to the company’s bankruptcy filing and other litigation, (xi) the company’s ability to maintain contracts that are critical to its operation, to obtain and maintain normal terms with its vendors, landlords and service providers and to retain key executives, managers and employees. In the event that the risks disclosed in the company’s public filings and those discussed above cause results to differ materially from those expressed in the company’s forward-looking statements, the company’s business, financial condition, results of operations or liquidity, and the interests of creditors, equity holders and other constituents, could be materially adversely affected.

(Logo: photos.prnewswire.com/prnh/20060208/BORDERSGRPLOGO )

Borders Group Files for Reorganization Relief Under Chapter 11

Borders Group Files for Reorganization Relief Under Chapter 11 is a post from: Chapter 7 Bankruptcy Information

When anyone fails to make ends meet he has to go to get a bankruptcy. For those who are thinking about filing a Chapter seven bankruptcy then it is the perfect time to review each and every and each and every feature of the monetary situation and request all by yourself whether bankruptcy is your only choice left or is there any strategy to remove debt without the need of liquidation. within a monetary crunch individuals are inclined to make negative selections. a single these kinds of selection is heading to get a bankruptcy (Tampa) when there may be no must do it. like individuals can’t see the right after results of bankruptcy which consist of a negative credit score and extreme monetary hurdles. all they see is a possibility to obtain rid of their debt.

A Chapter seven bankruptcy attorney would be the particular person who possesses the demanded capabilities and experience to symbolize your circumstance successfully. there are lots of critical components to think about when selecting an attorney. Price, specialty, training and practical experience are a few of them. within this report I’ll talk about some of these components in detail in order that the daunting approach of selecting a Chapter seven bankruptcy attorney can become somewhat much easier to suit your needs.

Expenditures Connected to a Chapter seven Bankruptcy:

Expenditures differ from circumstance to circumstance and depend on the metropolis you live in, the amount and quality of legal firms within your spot and most significantly the degree of proficiency of the bankruptcy attorney. The costs of an attorney can selection any where between $600 to $4000. even so there are some typical expenses that are pretty predictable. For instance you should shell out someplace between $247 to $299 as court costs. take some time to familiarize all by yourself using the price framework within your spot. also, in the event you discover the expenses to be too much then you definately can attach an application to get a waiver though filling.

Communication using the Attorney:

Largely, attorneys have assistants with them who deal with most paperwork and some critical issues. from time to time this may be harmful to your circumstance. if an attorney asks you to satisfy him in a no cost consultation session then it’s the perfect time to request him about his type of communication. Will the attorney stay in contact you frequently? Will there be ordinary exchange of information between you and your attorney? they are some issues that you simply need to request while in the session. if your attorney keeps you in dark then you definately won’t feel comfortable so it is ideal to make clear while in the beginning.

Time is essence. The sooner your cases closes the far better. soon after all, you don’t choose to continue to keep worrying to get a very long time. Do you? great attorneys give the due consideration to their consumers and attempt to decrease the quantity of time concerned while in the legal process.

How to decide on a Chapter 7 Bankruptcy Attorney is a post from: Chapter 7 Bankruptcy Information

With a credit card you are able to receive money, goods, or services in the present, in exchange for a promise to pay in the future.
True
False

2: Minimum payments are a trap; they are often designed so that it takes months or years to pay off the balance.
True
False

3: The adjusted balance is a measure of the cost of credit, expressed as a yearly rate that must be disclosed before you become obligated on the account and on your account statements.
True
False

4: Federal law prohibits issuers from sending you a renewal or substitute card without your request.
True
False

5: accurate negative information can generally stay on your credit report for seven years, with certain exceptions.
True
False

6: Realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy are all methods of dealing with debt.
True
False

7: Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. (Exempt items would include items such as work-related tools and basic household furnishings.)
True
False

8: in exchange for an up-front fee, companies which guarantee that applicants will get the credit they want-usually a credit card or a personal loan – are always pre-approved by the FTC.
True
False

9: "Dead Man Walking" was an example of companies scamming citizens out of their social security benefits.
True
False

10: Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year.
True
False

Seriously, poke around this forum and others for a little while. take a look at all the people who have screwed themselves over because they didn't understand how credit worked, or didn't realize how fast they could get themselves in too deep.

Think about that for a while, and try to understand why doing your own homework and actually learning something is a better idea than just getting the answers fed to you on the Internet.

Good luck to you.

1. True
2. True
3. False
4. False
5. True
6. True
7. True
8. False
9. False ("dead man walking"-refers to cancellation of social security benefits/etc. due to erroneous or fraudluent production of a death certificate in one's nme or soc sec#.)
10.True

Credit card math help? is a post from: Chapter 7 Bankruptcy Information

My brother is in trouble financially..BIG trouble. he has had a lot of outstanding medical, credit cards, standard bank loans that re all do and over bearing for him. plus he is laid off at the moment. he recently had a bad car accident and is awaiting huge debt from that. he has no medical insurnce. this is the state of Iowa. he wants to file for bankruptcy to clean all this up. he wants to have a fresh start. what are the requirements and steps for him to take. what can be and cannot be concidered assetts? Any help please.

If he is waiting for cash settlement from auto insurance company, that is considered an asset. lump sum money being paid to him for physical injury from accident is considered an asset.

Chad, I filled chapter 13 and my lawyer went over both chapter 7 and 13 with 7 you loose everything except for one car or truck and every thing is wiped clean but it comes with a price like 2500,00 up front or you can make payments and then it will be filled but when i did chapter 13, i payed 2500.00 thrue my bankruptcy and i only have 1.5 years to go and i pay them 327.75 a week but i keep my home and my cars and every thing inside of my home, now if he does not owen nothing i would go chapter 7, but let me say this chapter 13 is way better than chapter 7

This is not the place to come with these questions. most bankruptcy attorneys will provide an initial consultation free of charge, and the questions you've asked will all be answered accurately in that session.

Bankruptcy questions?

Bankruptcy questions? is a post from: Chapter 7 Bankruptcy Information

I want to file chapter 7 bankruptsy and file for divorce, can 1 atty handle this? How long would I be able to stay in my home after filing bankrupt?

The best thing to do is look in your phone book for an atty, that handles both. they will be able to answer how long you will be able to stay in your home, but that will really be up to the lender. best of luck!

Bankruptsy and divorce? is a post from: Chapter 7 Bankruptcy Information