Men’s Health magazine compiled the list taking into consideration drunk driving accidents, the frequency of binge drinking, and the number of people arrested for DUI’s, severity of drunk driving penalties, as well as fatality rates from alcohol-related liver disease.

The list includes

1. Fresno, California
2. Reno, Nevada
3. Billings, Montana
4. Riverside, California
5. Osteen, Texas
6. St. Louis, Missouri
7. San Ontario, Texas
8. Lubbock, Texas
9. Tucson, Arizona
10. Bakersfield, California

Several other California cities made it to the list, which includes 100 cities in all. These include Modesto, Sacramento, San Diego, Los Angeles, Anaheim, Oakland, San Jose, and San Francisco.

The magazine also published a list of the least drunk cities at the other end of the spectrum. These include

• Boston, MA
• Yonkers, NY
• Rochester, NY
• Salt Lake City, UT
• Miami, FL
• Newark, NJ
• Durham, NC
• New York City, NY
• Fort Wayne, IN
• Manchester, NH

To California drunk driving accident lawyers, the list really does not come as much of a surprise.  After all, last year over 1,000 people died in the state from alcohol-related car crashes alone. Those numbers may have dropped from earlier years, but they still continue to cause great concern to accident lawyers in California and around the country. The California Highway Patrol and other law agencies in California may want to compare their list with their own data to determine which areas will most benefit from anti drunk driving campaigns.

There is no way of knowing yet if the list factored in differences in population ,and other possible factors that could have influenced the results.

In December, the National Highway Traffic Safety Administration released data that showed that California has been able to bring down its DUI crash rates by 9 percent. Although those were impressive statistics, the fact is that more can be done to reduce the number of alcohol-related crashes in the state. Sobriety checkpoints and patrols have played a big role in bringing California’s drunk driving accident rates under control. However, these need to be continued, and even intensified. Motorists are less likely to drive intoxicated, if they know that there is a high likelihood of being pulled over by troopers, and even arrested.

Teen motorists continue to be at a high risk of drunk driving accidents. This section of the population can benefit from greater awareness and education efforts, as well as enforcement activities. A pilot program in California is currently in operation in 4 counties – Los Angeles, Tulare, Alameda, and Sacramento – and will require ignition interlock devices to be installed in all vehicles of all DUI offenders. Measures like this are very encouraging to personal injury attorneys in California.

The Reeves Law Group is a law firm with offices throughout California dedicated exclusively to the representation of personal injury victims, including victims of drunk driving accidents. Please visit our website at trlglaw.com. If you desire a free consultation on a personal injury matter, please call us at (800) 644-8000 or email us.

The Reeves Law Group is not acting as legal counsel for any party in the matters discussed in this posting.

According to the Deseret News, the suspect in the shooting is 70-year-old Mary Nance Hanson, the mother of Nikitana’s ex-husband, Dan Jankowski. Police stated that Jankowski was not a suspect in the case, nor was a he a person of interest. “He is just a relative of the suspect,” said Lt. Don Hutson told the Deseret News

Police are still hoping to piece together the case, and determine the motives that Hanson may have had for such a gruesome act. Hanson was the one who called 911 after the shooting.

A study of the divorce record between Nikitana and Jankowski revealed the couple’s tumultuous divorce after six years of marriage, filled with fear and animosity. In those records, starting in 2005, Nikitana stated that she feared for her life and those of her children at the hands of her husband.

Jankowski, on the other hand, filed a large volume of divorce records the belief that his then-wife was attempting to frame him with domestic abuse. He was also very concerned that Nikitana would leave the country with the couple’s two children. That fear led to a dispute over the children’s passports.

There were hundreds of pages of divorce records filed by the couple. The records covered the more typical issues that arise in a divorce, like child custody and finances, but, according to the Deseret News, disputes seemed to range into less conventional territory. There were arguments over playground equipment, gold crosses for the kids, wooden plates. There were also much more serious issues, including suggestions of child neglect, threats and domestic violence.

The divorce was filed in 2005, yet the dispute was still going on through December of 2009.

Police obtained a warrant to search the home shared by Hanson and Jankowski. In an interview with KSL in Salt Lake City, Jankowski said that he did not know why his mother would want to kill his ex-wife, and that he had had concerns about the state of her mental health in the past. Jankowski also spent a large amount of time, even hours, talking to police.

“I had no idea she was going to do anything like this,” Jankowski said about his mother, Mary Hanson.

Jankowski and Nikitana got a bifurcated divorce in early January of 2006, which meant that the union was dissolved but that they still had to figure out certain legal decisions. In August 2005 and January 2006, Nikitana tried to get protective orders against her husband, claiming, according to the Deseret News, that “her husband forcefully picked her up and threw her onto the floor in front of the children, leaving bruises and red finger marks.”

Jankowski firmly denied these allegations.

Nikitana had faced scrutiny from the Division of Children and Family Services when, in 2003, she faced a charge that she had left her children in a car alone while she went to a beauty salon. The case was resolved after DCFS visited their home and found it clean and the children healthy.

The United Kingdom Serious Fraud Office said their investigators have not produced enough evidence against the London branch of Madoff’s operation to “provide a realistic prospect of conviction,” . But the SFO also pointed out they will continue to investigate a handful of funds with outposts in Europe that invested with Madoff in the search of “wider aspects of the fraud.”

In March 2009, the Manhattan-based investor pleaded guilty to one of the largest recorded Ponzi schemes in history. Madoff had used funds from new investors to pay off older investments in a vast pyramid-style scam that has resulted in $13 billion of lost investments, according to U.S. prosecutors.

The conviction has sparked numerous lawsuits in Europe and the U.S. as beguiled investors untangle a complicated system carried out by Madoff. The scheme involved selling investments with no real value, on the promise of a high return that would come through in a short period of time.

Madoff Securities International was mostly owned by Madoff himself and functioned as the main office for trading, according to Bloomberg. The office staff was comprised of about 25 people, including traders, support staff and office managers.

Defense attorney Nicola Finnerty, who is representing former Madoff Securities International CEO Stephen Raven, told Bloomberg that Raven is satisfied with the decision made by the SFO, and that “he and his directors have been fully exonerated.”

One of the main facets of Madoff’s Ponzi scheme was sending sums of money back and forth between his New York and London offices. U.S. prosecutors have found about $250 million was sent back and forth between the two offices, “to give the appearance that he was conducting securities transactions on behalf of the investors, when, in fact, he was not,” according to the indictment.

Madoff, now 71, is serving 150 years in federal prison in North Carolina as the main sentencing for the criminal charges filed against him in relation to the massive fraud.

While investors who gave money to Madoff and his offices are not being investigated, several of his former staff members have come under investigators’ scrutiny.

Stanley Chais, Madoff’s former money manager, is under a criminal investigation in the U.S. for channeling money to Madoff’s “business” through other accounts, Bloomberg reported.

Madoff’s chief aide Frank DiPascali, accountant David Friehling and computer programmers Jerome O’Hara and George Perez have also been charged in connection to the widespread scam.

Up until now, the general theory has been that persons with severe brain injuries who have lapsed into a vegetative state, have no brain function, and little awareness of the world around them. In this context, the findings of the study by the Medical Research Council have been described as “groundbreaking”. The results of the study have been published online by the New England Journal of Medicine.

The researchers used new technologies to monitor the brain functions of 54 patients with severe brain damage to determine if they were conscious and alert.  The study included 54 patients, out of who 24 were in a vegetative state and 31 were diagnosed as being in a state of minimal consciousness. Five of these patients were able to activate their brain, just like normal people could. Out of these, 4 were in a vegetative state, and 1 was in a state of minimal consciousness.

The patients both men and women, were individually placed inside sophisticated brain scanners, and technicians gave the patients a series of instructions. They were told to imagine playing tennis or exploring rooms in their homes.

For most of the patients, there were no results on the scanner, indicating lack of brain reactions. However, for a few, the results on the scanner were just like those to be expected in any healthy, normal person who is alert and conscious. One of the patients, according to researchers, was even able to answer detailed questions on his life simply by activating different areas of the brain.

These results have obviously been shocking, and raise several questions that challenge what California brain injury lawyers and doctors have believed so far – that a person in a severely vegetative state is not conscious or alert and cannot respond to instructions. Not all of the patients in the study showed these kinds of responses. In fact, most of them didn’t. It’s also very clear – and the researchers admitted this -that there needs to be more research into this. The researchers and experts insist that the findings of the study do not necessarily mean that there are a lot of patients in vegetative states, who have a chance of recovery. In cases where there has been severe damage to the brain, it is highly unlikely, and in fact, almost impossible that there could be any response or awareness.

Approximately 20,000 people in the country live in a vegetative state.  This means that they are alive, but have no sense of awareness. Between 100,000 to 300,000 patients are a minimally conscious state. Persons in this state display signs of impaired or occasional awareness.

Over the past few years, there had been much research to indicate that some of these patients could have been misdiagnosed, and capable of more awareness than known. The new findings only corroborate those results.

The Reeves Law Group is a law firm with offices throughout California dedicated exclusively to the representation of personal injury victims, including victims of brain injuries. Please visit our website at trlglaw.com. If you desire a free consultation on a personal injury matter, please call us at (800) 644-8000 or email us.

The Reeves Law Group is not acting as legal counsel for any party in the matters discussed in this posting.

During the boom, many homeowners took out home equity lines of credit (HELOC) and are now struggling to repay those loans plus their mortgage.  Can a debtor discharge their HELOC in Chapter 7 bankruptcy and keep their home?  The short answer is no.  A debtor can discharge the home equity loan in Chapter 7 bankruptcy but they cannot discharge it AND keep their home.  However, if a debtor would like to keep their home, they may be able to file Chapter 13 bankruptcy and repay both their HELOC and their mortgage over a 3 to 5 year period. If, after completing your Chapter 13 bankruptcy repayment plan, there is a balance on your HELOC loan that may be discharged, effectively reducing the amount you pay out to the lender.

For example, if you had a $100, 000 mortgage with a $20,000 HELOC in Chapter 13 bankruptcy you may end up only paying $12,000 on the HELOC and the balance being discharge in bankruptcy.  But remember, in Chapter 13 bankruptcy, you will repay on all of your creditors, including credit cards. Also, your Chapter 13 bankruptcy repayment amount will be determined by your income and ability to pay.  If your income increases during your Chapter 13 bankruptcy that increase must be reported to the bankruptcy trustee and it may impact how much you pay to your creditors.  However, in a Chapter 7 bankruptcy, if you have a HELOC you will need to repay it only if you want to keep your home or you can discharge it and your mortgage loan and surrender the home to the lender.  It’s important for each debtor to carefully weigh the feasibility of keeping their home.  Ask yourself…can I really afford to keep this home?  If you do not earn enough income and attempt to keep your home during bankruptcy, you could possibly face foreclosure after your bankruptcy and end up in a bad financial situation again.

Related posts:

1. Three Reasons Why You Shouldn’t Get A Home Equity Loan To Avoid Bankruptcy
2. Three Reasons Why You Shouldn’t Use Your Home’s Equity To Pay Debts
3. Student Loan Debtor Denied Discharge Due to ICRP

Lawyers for Hulk Hogan filed documents requesting $300,000 of the his frozen assets. The hulkster had surgery on his back last month and said he is subsequently unable to work as a result. The documents claim Hogan’s bills eclipse $300,000 and he only has $411,000 in his bank account. Linda Bollea, his ex was granted attorney fees of $400,000 late last year.

For all of you suffering from medical debt, please take note.  Even the hulkster can pin down medical debt, it’s just too much.  Medical debt is a very powerful force that can send you to bankruptcy immediately or wipe out all of your assets.  Think about it, even Hulk Hogan, who I am sure had medical insurance, was left with a whopping $411,000 in medical debt.  How many ordinary people can handle that type of medical debt?  Not many. And not many ordinary people have $400,000 laying around in their bank account.  So do yourself a favor if you are facing a large amount of medical debt, please do not go broke trying to pay it.   It is good to pay your bills, but it is not good to destroy your finances in the process of paying medical debt or other types of debt.  There is nothing wrong with using bankruptcy to discharge or repay that medical debt under reasonable terms.  Remember, Chapter 7 bankruptcy will discharge unsecured debt and Chapter 13 bankruptcy will allow you to repay your debts under reasonable terms in a 3 to 5 year period.  And even in Chapter 13 bankruptcy some of your debt may be discharged.

Related posts:

1. Medical Debt A Leading Cause Of Bankruptcy For Half-Million Americans
2. What You Should Do When Medical Debt Strikes
3. Medical Debt Causes Two-Thirds Of Bankruptcies

Air America Radio, a radio network that was launched in 2004 was abruptly shut down after experiencing severe financial troubles.  The left leaning radio network, which owned 100 radio outlets nationwide, filed Chapter 7 bankruptcy so that it can be liquidated to repay creditors.

“The very difficult economic environment has had a significant impact on Air America’s business. This past year has seen a ‘perfect storm’ in the media industry generally,” the company said in a statement on its Web site.

Bankruptcy has become a common move for many media companies during this recession.  Sagging advertising revenue, low readership and in the case of Air America Radio, a lack of investor interest, has driven several media outlets to file Chapter 11 bankruptcy to restructure their debts or to liquidate in Chapter 7 bankruptcy.  When a company files Chapter 7 bankruptcy they will cease operations, liquidate their assets and give the proceeds of that liquidation to creditors.  Sometimes creditors prefer a Chapter 7 bankruptcy if they don’t believe the company is viable.  Secured creditors may favor Chapter 7 bankruptcy for companies because they are almost always guaranteed to get at least some of their loan repaid.  But on the other hand unsecured creditors rarely see much repayment when a business files Chapter 7 bankruptcy.

While Chapter 7 bankruptcy may seem abrupt to outsiders, usually companies who file Chapter 7 bankruptcy have a long history of financial troubles that they have not been able to overcome.  For example, Air America had financial troubles almost from the day it was launched and even filed a Chapter 11 bankruptcy in 2006.

Related posts:

1. Mesa Air Group Files Chapter 11 Bankruptcy
2. Will Filing Chapter 11 Bankruptcy Work for My Business?
3. Massive Apartment Management Company Files Chapter 11 Bankruptcy

The developers of the 6,000-acre Dallas Logistics Hub have filed for Chapter 11 bankruptcy protection to reorganize their debts and improve their dismal balance sheet.  Master Land Holding LLC and its parent company Allen Capital Partners LLC said the bankruptcy filing would allow them to “extend debt maturities, improve their capital structure and further strengthen the Dallas Logistics Hub’s competitive position.”

“We have a balance sheet problem, not an operational one,” said Richard Allen, chief executive of DLH and ACP. “The unprecedented collapse of the U.S. real estate and capital markets has made it impossible to continue without restructuring our financial obligations.”

DLH and ACP have received a debtor –in-possession loan which should help them meet their financial obligations to employees, customers and suppliers while in Chapter 11 bankruptcy.  The Chapter 11 bankruptcy fling is not expected to impact the logistics park’s daily operations.  The developers said that both creditors and investors have been supportive; but it is not yet clear if the company will or can arrange a prepackaged bankruptcy plan.  A prepackaged Chapter 11 bankruptcy could guarantee a significant reduction in their debt load and speed their process through bankruptcy.  However, even without a prepackaged bankruptcy, the company can still emerge more viable after the bankruptcy.

The developers of the Dallas Logistics Hub aren’t the only commercial real estate developers to be hit by this recession.  The number of foreclosures and bankruptcy filings in the commercial real estate industry has been steadily rising since the recession began.  There is currently no positive outlook in the near future for commercial real estate; however many developers are using Chapter 11 bankruptcy to create their own mechanisms for recovery.

Related posts:

1. MGM Movie Studios May File Chapter 11 Bankruptcy
2. Dallas-Fort Worth’s Margaux Development Files for Chapter 11 Bankruptcy
3. MediaNews Group To File Chapter 11 Bankruptcy

Tropicana Entertainment is poised as the first major casino company to emerge from Chapter 11 bankruptcy later this month after nearly 2 years of restructuring and negotiations. The company’s debt has been discharged and Tropicana’s new owner, Carl Icahn is infusing the company with $150 million to pay creditors and upgrade casino properties.

The corporation’s drop into bankruptcy traces back to former owner Bill Yung’s pricey, boom-era gamble in 2007 — the purchase of Aztar casino chain, which saddled it with $2.7 billion in debt the same year the economy started its downturn…The company suffered a major blow in December 2007 when New Jersey regulators revoked its license to operate the Tropicana in Atlantic City, forcing the sale of one of its largest and most profitable assets… Net operating revenue grew 77 percent in 2007 after the Aztar acquisition. But expenses rose 210 percent, resulting in a net loss of $1 billion. A big chunk of that went to interest payments on the company’s mammoth debt. Tropicana Entertainment entered bankruptcy with debts about equal to its $2.8 billion in assets.

Tropicana’s CEO Scott Butera said that he saw the bankruptcy as an opportunity and beamed about its positive impact on the company’s profits.

“This word, bankruptcy, frightens people. But it’s been incredibly beneficial for us,” Tropicana Entertainment CEO Scott Butera says.

Even while still in bankruptcy, Tropicana is on track to generate about $700 million in cash per year and that’s with a very low debt obligation.  Many casino companies are trying to avoid bankruptcy at all costs because of the perceived negative stigma of filing bankruptcy amongst those in the casino industry.  However, Tropicana is proving that bankruptcy can work “miracles” even for companies that operate in industries that still harbor animosity towards bankruptcy.   Also, many casinos are struggling financially due to the recession with very high debt loads.  Those casinos will be hard pressed to compete against a company like Tropicana who has used bankruptcy to reduce debt and increase profits.

Related posts:

1. Muzak Holdings LLC Prepares To Emerge From Chapter 11 Bankruptcy
2. New GM May Soon Emerge from Chapter 11 Bankruptcy
3. Image Entertainment Inc May File Chapter 11 Bankruptcy

Older workers have suffered terribly during this recession.  On average it takes an older worker much longer than their younger counterparts to find new employment and employment that pays at least a living wage. And unfortunately, the number of unemployed older workers has increased dramatically.

The number of unemployed workers age 55 to 64 has nearly tripled since the recession began, to about 1.6 million of the nation’s 15.4 million unemployed as of November, according to the Labor Department. These unemployed job seekers say it is even harder for them to find work because of what they see as age bias.

Age bias in the job market is apparent for many older workers; but what may not be readily apparent is how that bias may negatively impact their finances and even force them into bankruptcy.  The longer an individual remains unemployed, the more precarious their finances may become.  Credit cards become delinquent, mortgages go unpaid and eventually a foreclosure notice and/or lawsuit may be filed against the individual.  Many of those older workers may choose to file bankruptcy as they realize that no new or viable job prospects await them in the near future.  For older workers who want to be prepared, after a job loss it is important to assume that your job search may be a little more difficult.  Right now it takes about a year to find new work and if you are facing age bias, it may take even longer.  If your finances are already damaged, (delinquent debts etc.) you may want to consider bankruptcy.  Bankruptcy will stop creditors from pursuing you in court, filing a foreclosure against you or seizing your assets.  Bankruptcy will also protect your retirement savings which will be critical to your financial recovery.

Related posts:

1. Job Losses And Economy Batter Seniors
2. Rising Job Losses May Send Millions To Bankruptcy
3. 6.7 Million Job Losses Since December 2007

So far, investigators don’t believe that drug use or alcohol use were a factor in this accident. There also seems to have been no other vehicles involved in the collision. However, this was the second motorcycle accident at the same intersection in a week. Last Thursday, another motorcyclist sustained serious injuries that required hospitalization.

Motorcycle accident lawyers in California would call for a closer look at the intersection where two serious motorcycle crashes occurred in a span of 7 days.  Considering that speeding and alcohol use have been ruled out as factors in the accident, it may be worth looking into whether a dangerous road design contributed to this accident.

Very often, a poorly designed road or intersection may continue to be used for years with no increase in crash rates. However, increased traffic and changing demographics may place the site at a higher risk of an accident. Unfortunately, shortage of funds to make enhancements to these roads, bridges and intersections may delay repairs.

The procedure to make a particular dangerous road safer can be an arduous one that can go on for years. State and county authorities, who are responsible for making the enhancements, will first determine the number of accidents that have taken place at the site over a period of time, and the amount and kind of traffic the area sees. If a site meets eligibility criteria for enhancements, it may be put on a priority list. Even after being placed on this list, it may still take months before funding is granted and all formalities are competed, before work can begin.

More than motorists, motorcyclists may be at risk from poor highway design or road construction. The basic design of a motorcycle can cause skidding, loss of control, and ejections when a motorcyclist hits an obstruction on the road, or when a suddenly steep curve causes him to lose control of his bike. The resulting consequences can be life threatening for the motorcyclist.  Loss of control can cause the motorcycle to flip over several times, throwing the rider off, and ending in serious injuries like head and brain injuries.

A motorcyclist wearing a helmet may, to some extent, be protected from traumatic brain injury. In fact, a study released by the National Highway Traffic Safety Administration last year found a strong correlation between the incidence of moderate to Traumatic Brain Injury (TBI) and helmet use.  Motorcyclists who wore a helmet during an accident had a significantly higher chance of avoiding TBI. These motorcyclists were discharged from the hospital quicker, and incurred lowered hospital expenses than those who were not wearing their helmet.

The Reeves Law Group is a law firm with offices throughout California dedicated exclusively to the representation of personal injury victims, including victims of motorcycle accidents. Please visit our website at trlglaw.com. If you desire a free consultation on a personal injury matter, please call us at (800) 644-8000 or email us.

The Reeves Law Group is not acting as legal counsel for any party in the matters discussed in this posting.

Commercial real estate foreclosures may be poised to be a major Achilles heel for the financial recovery we all hope to see.  Many commercial real estate properties are losing serious value and tenants causing a jittery reaction of commercial real estate lenders.   It’s becoming a common headline to hear about some “poor” real estate developer who lost his/her shirt because a loan became due and no commercial lenders were willing to extend a helping hand in the form of a new loan.  Those “poor” real estate developers often find themselves swimming in foreclosure filings and being forced into bankruptcy because of it.

Dallas-Fort Worth has seen its share of commercial real estate foreclosures and we may see many more.  The problem is that much of Dallas-Fort Worth may be too over-developed for the current economy as is most of the country.  With this over-development comes falling prices, low vacancy rates, reluctant lenders and an abundance of foreclosures.  Many commercial real estate developers who file bankruptcy may be able to survive if they can negotiate a win-win solution with their creditors and somehow increase their revenue.  What we have seen is a slew of commercial real estate bankruptcy filings which end with investors taking over property, renting it out and/or finding a buyer even if they need to look abroad.  How does this impact the ordinary Citizen Joe and Jane?  Well, real estate has been the driving force behind the economic boom we experienced; but now that this industry is experiencing a major contraction we could see even more job losses—or what I like to call “silent” job losses.  Many of those working in the real estate industry were not “regular” employees who have access to unemployment insurance. For example, real estate agents and even some loan brokers don’t work as employees, but as independent contractors who do not have access to unemployment insurance.  So when we hear about how many jobs have been lost and unemployment rate, we are not counting many who work in the real estate industry.  And many more workers who work in the commercial real estate industry may struggle financially has the industry faces mounting foreclosures.

Related posts:

1. Dallas-Fort Worth Commercial Real Estate Foreclosures Rise More Than 25 Percent
2. Commercial Real Estate Foreclosure
3. Commercial Real Estate Foreclosures Rise Again

Wal-Mart Stores, Inc. is implementing 11,200 job losses at its Sam’s Club warehouses in an effort to stop financial losses being experienced by the discount grocery chain.  Approximately 1,200 of those job losses will be in Texas.

The cuts represent about 10 percent of the warehouse club operator’s 110,000 staffers across its 600 stores. That includes 10,000 workers, mostly part-timers, who offer food samples and showcase products to customers. The company also eliminated 1,200 workers that recruit new members.

Sam’s operates 72 warehouse clubs in Texas, including 20 in the Dallas-Fort Worth area. The cuts average about 18 workers per store. If that average is true for North Texas stores, about 360 jobs would be lost here.

Wal-Mart has already closed 10 Sam’s Club locations last year, including one Houston location causing 1,500 job losses. But some analysts claim that the job losses won’t have any impact on the local or national economy because workers will be hired by Shopper Events.  I think that may be an erroneous assumption.  First of all, for those who have experienced a job loss, finding new employment has been difficult to say the least.  The average American is remaining unemployed for at least a year and that time period may extend has the economy gets worse.  Another thing we must be aware of is that those who have been affected by the Sam’s Club job losses were already vulnerable.  Many of these workers were part-time and it can probably be safely assumed that they struggled financially to pay full-time bills on a part-time salary.  I suspect that as the economy worsens and job losses continue to mount, we may see more lower-income individuals who have lost part-time jobs consider bankruptcy as way out of their financial crisis.

Related posts:

1. 7-Eleven Cutting 200 Jobs In Dallas-Fort Worth Area
2. Even Wal-Mart Gets Hit With Job Losses
3. Macy’s Cuts 7,000 Jobs

It’s tax season again and many of you may be considering bankruptcy.  But before you file your taxes and spend your refund, there are few things you need to know about how taxes can impact your bankruptcy:

1. If you receive a tax refund after you file bankruptcy, that refund may become part of the bankruptcy estate.  What that means is that the bankruptcy trustee can use your tax refund to repay creditors, even if you filed a Chapter 7 bankruptcy.
2. Your tax refund may be able to receive protection by using a bankruptcy exemption, if it is small enough.  This is something you need to discuss with your bankruptcy attorney because he/she may decide that your bankruptcy exemptions are better suited protecting other, more important assets.
3. If you file your taxes and receive your tax refund before filing bankruptcy your tax refund might not be considered as part of the bankruptcy estate.  This will be determined by how much of a tax refund you received and when you received it.  For example, if you received a $5,000 tax refund a few days before you filed bankruptcy, that money may still be considered part of the bankruptcy estate. Also, if you have unusually large tax refunds, a bankruptcy trustee may decide that you are attempting to hide assets via taxes. On the other hand, if you received a $300 tax refund, six months before you filed bankruptcy and spent the money on bills and other necessities, the tax refund would not be considered part of the bankruptcy estate.  Because this area of the law came sometimes become murky, it is best to discuss your tax refund and bankruptcy with a qualified bankruptcy attorney.
4. Debtors filing bankruptcy must disclose any tax refund they are planning to receive.  Failure to disclose a tax refund can cause your bankruptcy case to be dismissed.
5. A bankruptcy trustee has the power to direct the IRS to send your tax refund directly to the bankruptcy court.

Related posts:

1. Tax Refunds Must Be Disclosed in Bankruptcy Filing Even if It’s an Estimate
2. Bankruptcy Trustee Can Increase Debtor’s Confirmed Chapter 13 Bankruptcy Plan
3. Two Sources For Free Tax Assistance

For more information, go to:

http://www.post-gazette.com/pg/10035/1033478-100.stm?cmpid=latest.xml

The case stems from an anonymous letter that the Tarrant County district attorney’s office received months ago, asking authorities to look into why so many houses in Mansfield’s Twin Creeks subdivision were foreclosed on, vacant or for sale.

Chekeelah Phelps, a mortgage broker is accused of being the head of the fraudulent scheme and it’s not her first time being entangled with the wrong side of the law.

Phelps was indicted on charges of engaging in organized criminal activity in December 2004, accused of working with Bennett and three others to make false statements to obtain loans for property over $200,000.

Phelps was also indicted on three charges of money laundering related to possessing funds that were proceeds of criminal activity, namely making false statements to obtain property or credit valued at $20,000 to $100,000.

The mortgage scam allegedly involved a stray man, falsified loan documents and inflated loans. Prosecutors warn that more of these mortgage scams may be uncovered in the coming months.  Why is this not surprising?  While this alleged mortgage scam is blatant, in many ways other not so blatant scams have been played on the American homeowner.  This is why we have such an outrageous foreclosure rate.  Homeowners all over this country were placed in toxic mortgages. And while these toxic mortgages are not outright illegal, they would probably be considered unethical by any decent person’s standards.

Related posts:

1. Federal Task Force to Fight Foreclosure Fraud
2. Mortgage Fraud Cases On The Rise
3. Debtor Accused Of Bankruptcy Fraud Faces Fine And Imprisonment

1. AARP Tax-Aide – Despite what the name may suggest, this program is not just for senior citizens.  AARP Tax-Aide is available for all taxpayers of all ages and income levels. Local volunteers who are trained in tax preparation and certified by the IRS will file your taxes for free.  Call 888-227-7669 to find locations and make an appointment.  Or, you can visit www.aarp.org/money/taxaide and submit a tax question online.
2. VITA is a tax preparation service that helps families earning $49,000 a year or less and military servicemembers file their taxes.    This tax service is free and available in both English and Spanish. No appointment is necessary; but you can call 800-829-1040 or a 211 operator to find locations and times the tax service is available.

And of course you can always go to www.irs.gov and file your taxes using their online system or one of their printable forms.  The IRS (www.irs.gov) website includes a ton of free and useful information for filing your taxes.  Remember, if you file your tax return electronically and use automatic deposit, your tax refund could be deposited into your account in as little as 10 days.  So if you are tempted to take out a tax refund loan, just remember that you could get your refund in as little as 2 weeks without the loan.  Also, if you owe taxes and are unable to pay, you can still file your taxes now, as long as your pay by April 15, 2010 you can avoid a penalty.  You can also request an extension for filing or paying your taxes.

Related posts:

1. Free Tax Filing Assistance
2. April 15th Tax Deadline Fast Approaching
3. Facts You Need To Know About Taxes And Bankruptcy

As more Americans fall behind on their debt payments because of a job loss or reduced income, many are turning to the equity in their homes to their debts hoping that they can avoid bankruptcy.  But cashing out the equity in your home to repay debt may be a huge mistake here’s why:

1. When you cash out equity in your home to pay debt, you put your home at risk for foreclosure.  If you can’t repay that equity loan, the lender could foreclose.  And even if you were able to make payments on the loan, you may not be able to cover the cost of the mortgage (plus the equity loan) when you want to sell the house.  One common problem many homeowners are facing is the inability to sell their home and cover the cost of their mortgage. This is one of the leading reasons some homeowners file bankruptcy.
2. While most unsecured debts can be discharged in bankruptcy, you cannot discharge your mortgage AND keep your home in bankruptcy.   In other words, you must pay your mortgage if you want to keep your home using bankruptcy. When you take out an equity loan, you increase the costs attached to your home and reduce the chances that you can afford to repay the mortgage even if you filed bankruptcy.   If you feel the need to take out an equity loan to pay your debts, then you probably need to consider filing bankruptcy instead.
3. While taking out an equity loan may appear to solve your debt problems it is only a temporary solution and may only be delaying bankruptcy.  Eventually you will exhaust the equity loan and your debts will still need to be paid.  If you are currently unemployed or living on a reduced or fixed income, resolving that situation may take longer than you expect.  Currently the average unemployed American is remaining jobless for over 8 months.

Remember, taking out an equity loan is usually a sign that you exhausted all of your non-bankruptcy for repaying your debt.  Before you make your situation worse by taking out an equity loan, please consider how bankruptcy may help you discharge you debts and save your home.

Related posts:

1. Three Reasons Why You Shouldn’t Get A Home Equity Loan To Avoid Bankruptcy
2. Can I Discharge My Home Equity Loan In Bankruptcy And Keep My Home?
3. The Number Homeowners With Negative Equity Increase

According to Bakersfield Now, the attack occurred at the playground at Sandrini School. Animal control officers found the dog in the cafeteria after the attack.  The little boy sustained serious injuries that required surgical treatment. The stray dog entered the school campus by crawling underneath the gate. According to the school, the boy approached the dog, at which point the animal attacked him. The dog then ran off, and Bakersfield animal control officers chased it until it was finally located near the cafeteria.

The little boy, meanwhile, has been treated for severe lacerations at the Kern Medical Center. School officials are now focusing on educating children on safety around dogs. The school has assured parents that more staff members will be added to the playground for supervision. According to animal control officers, the dog had no ID tag. They are waiting for the owner of the dog to come forward. If no one comes forward to claim the dog, then it will be quarantined for 10 days, and then put to sleep.

It’s fine that Sandrini school officials are now focusing on having more teachers supervise the playground. This is the kind of measure that should have been taken before this attack took place. According to school officials, the gap under the gate is necessary because they have to move equipment, and the entry of animals has always been a concern. In situations like this, it would have been more responsible if the school had had more people looking out for unwanted canine visitors, especially considering that there was nothing that could be done about the gap underneath the locked gate.

Dog bite lawyers in California, who come across victims of dog bites every day, will understand the trauma and anguish that this little boy has been through. An animal attack of any kind can be a terrifying experience. An attack by a dog may not last for more than a few minutes, but can leave a victim with severe physical and emotional scars. A dog can inflict severe damage in the span of a few minutes.  A frenzied attack can leave a victim with ears and nose ripped off, torn scalp, eye injuries, severe facial and mouth lacerations, injuries to the hands, severed fingers, and wounds to the arm and more dangerously, to the neck.

Victims may require days and weeks of hospitalization, and may need cosmetic surgery to restore the appearance of the face. Even with cosmetic surgery, the face may never be restored to its normal appearance. If there is nerve damage, then the victim could be looking at reduced function in the affected part, numbness and varying degrees of paralysis. Besides, there are emotional scars to live with, and these may take longer to heal. In the case of a child who is attacked, it may be hard to look at dogs and animals with trust or affection again.

The Reeves Law Group is a law firm with offices throughout California dedicated exclusively to the representation of personal injury victims, including victims of dog bites. Please visit our website at trlglaw.com. If you desire a free consultation on a personal injury matter, please call us at (800) 644-8000 or email us.

The Reeves Law Group is not acting as legal counsel for any party in the matters discussed in this posting.

Rising inflation and stagnant pensions and retirement incomes are leaving many senior citizens vulnerable to financial troubles.  More senior citizens are facing foreclosure, loan defaults on credit cards and significant reductions in their standard of living.  The result is that many more are deciding to file bankruptcy so that they can survive and thrive in their golden years.  According to the AARP, senior citizens 65 and over who filed bankruptcy is now the fastest growing segment of people filing for bankruptcy.  The rate of bankruptcy filings amongst this group grew by 125 percent from 1991 to 2007.  And the rate of seniors who filed bankruptcy between the age 75 and 84 increased by 433 percent.   So why is it that more senior citizens are filing bankruptcy?

1. Bankruptcy can help them save their home from foreclosure.  Many seniors citizens have spent a lifetime paying the mortgage on their home so that they could have someplace to live (debt free) in their golden years.  However, many are at risk of losing their home to foreclosure because of lost pensions (due to a company bankruptcy) or retirement income that does not pay for as much as they had hoped it would.
2. Bankruptcy protects retirement accounts and social security payments.  Retirement accounts and social security payments are exempt from creditor seizure during bankruptcy.
3. Bankruptcy frees up more income so that they can pay for the things that are most important.  By discharging debt obligations, bankruptcy allows seniors to redirect their income to more important things such as medical supplies and everyday expenses.
4. Bankruptcy reduces stress.  As any senior knows, creditor calls and letters can be stressful. Bankruptcy stops all creditor contact, allowing seniors to live out their golden years free from debt-related stress.

Related posts:

1. Congress Takes Steps To Ease Seniors’ Retirement Woes
2. No More Taxes For Seniors? Yes If President Obama Has His Way
3. Texas Gives Seniors A Break With Long-Term Health care Insurance Partnerships

Metro-Goldwyn-Mayer (MGM) may be considering a prepackaged Chapter 11 bankruptcy in addition to a sale of the company.   The attempts to sale the company and the consideration of Chapter 11 bankruptcy come after the company ran into difficulty paying $3.7 billion in debt.

Many media companies, including Time Warner Inc and Lions Gate Entertainment Corp, have put in bids for MGM, along with separate offers from private equity firms, the sources said. But not all the 12 companies that signed confidentiality agreements to look at MGM’s books over the past month have put in bids, they added.

The bids are all non-binding and came in under $2 billion which is far less than enough to repay the company’s debts.  MGM’s lenders have extended debt forbearance until Jan. 31, which exempts the company from making interest payments of an undisclosed amount as it tries to develop a long-term plan to sell the company and/or restructure in Chapter 11 bankruptcy.

Under a prepackaged Chapter 11 bankruptcy, MGM would need to gain the agreement of most of its major creditors to significantly cut their debt obligations.  This would clear the way for potential buyers to confidently invest in the company without fear that outstanding creditors would aggressively pursue it for debt payments or that such payments would eat away at their profits. If MGM is able to successfully arrange a prepackaged Chapter 11 bankruptcy, they could possibly move through bankruptcy in 30 to 90 days and sell the company with ease.  On the other hand, if the company is unable to sell the company, creditors may decide to keep the company and restructure it, by still filing a prepackaged Chapter 11 bankruptcy plan.

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Frank Nothaft, the chief economist for the mortgage firm Freddie Mac has issued a warning stating that foreclosures have not peaked yet and that foreclosure rates for prime mortgages haven’t been this high since the Great Depression.

“I think mortgage delinquency rates haven’t peaked yet…We see them peaking at some point in the second half of 2010…You have to go back to the 1930s to see delinquency rates this high for standard mortgages,” Nothaft said.

Right now more than 4 million American mortgages are delinquent and facing a possible future foreclosure.  Just in the Dallas-Fort Worth area, about 5.7 percent of home loans were 90 days or more delinquent. And while that rate is much better than the nationwide 8 percent of delinquent mortgages but Texas is one of 11 states that account for 70 percent of all the foreclosures in the country. In 2009, foreclosure fillings jumped by 20 percent and unfortunately that foreclosure rate is expected in increase in 2010.

For homeowners not yet facing foreclosure, the massive numbers of foreclosures (including those that are backlogged) may negatively impact their home’s value or their ability to resell their home.  Many mortgage lenders are even holding foreclosures and refusing to place them on the market because they know that an influx of foreclosed properties for sale could further devastate the housing market.  For homeowners who are delinquent on their mortgage and hoping to sell their home, it may be wise to also consider your bankruptcy options.  Currently, the housing market is still severely depressed and any attempts to sell your home at a price that will cover your mortgage may fail.  That’s the reality. With bankruptcy you can voluntarily surrender your home and have the balance of your mortgage forgiven.  But outside of bankruptcy, selling your home for less than the cost of your mortgage could leave you with a bill and your mortgage servicer pursuing you in court for the balance.

Related posts:

1. Foreclosure Crisis Awaits Second Wave
2. 1 in 10 Texas Homeowners Delinquent or In Foreclosure
3. Unemployment Rates Push Foreclosures And Bankruptcies Higher