Topics: Bankruptcy - 57 results

The U.S. Senate is considering a law that would allow consumers to discharge private student loans through bankruptcy, a measure that could bring relief to untold thousands who are drowning under oppressive college debt. “Too many Americans are carrying around mortgage-sized student loan debt that forces them to put off major life decisions like buying a home or starting a family,” said U.S. Senator Dick Durbin, one of the bill’s sponsors. “It’s not only young people facing this crisis, it …

Casey Anthony, who was acquitted in 2011 for the murder of her daughter Caylee, has filed for bankruptcy in Florida, citing debts of nearly $800,000. Anthony, 26, lists only $1,084 in assets against the massive sum she owes, mostly in legal fees. She was accused of killing her two-year-old in 2008 with chloroform and duct tape, and then dumping the body in the woods. Her defense attorney, Jose Baez of the Baez Law Firm, argued that the baby had drowned …

The Great Recession has altered the consumer landscape, forcing such familiar retailers as Borders, Circuit City and The Sharper Image into bankruptcy. And anyone who’s tried to buy a Twinkie in the last few weeks knows that 2012 was another tough year on household names. Slowly but surely, though, things are looking up. Based on the latest available bankruptcy figures, 2012 was on pace to have the fewest new bankruptcies of any year since the crisis began in 2008, according …

Gary Busey has closed his bankruptcy case, but he still owes about $450,000 in back taxes, a reminder that certain types of debt are not dischargeable in bankruptcy. The actor, famous for his maniacal grin and roles in cinema classics like “Lethal Weapon,” “Point Break,” “Under Siege” and “Universal Soldier II: Brothers in Arms,” did manage to eliminate about $50,000 in other debts he had hanging over his head owed to utility companies, banks and doctors. Busey, with dozens of …

The holiday season is upon us, a time for sharing meals with friends, family and loved ones, and for some, exchanging expensive gifts. But debtors beware: Consumers who enter into bankruptcy proceedings in the next six months may end up turning over any cash or gifts they receive to their creditors, and big gifts could even affect what kinds of bankruptcy people are eligible to file. The bad news, right off the bat: When filing for any form of personal …