If you follow entertainment news, then you may be aware that The Real Housewives of New Jersey star Teresa Giudice and her husband Joe Giudice have had their bankruptcy case reopened. The couple filed for Chapter 7 bankruptcy in 2009, but were later charged with bankruptcy fraud for concealing assets. Teresa recently finished serving a 15-month prison sentence for her role in the fraud, and her husband will now begin his 41-month sentence. The bankruptcy judge reopened her case after she was released from prison. Although fraud is one reason bankruptcy courts will reopen cases, there are other reasons. Why Are Bankruptcy Cases Reopened? Bankruptcy cases can be reopened when debtors have failed to list assets or creditors (either intentionally or unintentionally). Creditors, trustees or debtors themselves can request to reopen cases. Failing to list assets: In the example we mentioned above, the reality television couple left out assets during…
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Chase Bank USA N.A. and their bank card subsidiary has settled in a case brought against them by 47 states, the District of Columbia, and the Consumer Financial Protection Bureau (CFPB). The coalition of attorneys general, including Kansas Attorney General Derek Schmidt and Missouri Attorney General Chris Koster, filed the suit claiming that Chase Bank was using harmful credit card debt collection practices all over the country. “Chase’s debt collection practices have harmed Kansas consumers,” Schmidt announced. “In several instances, Chase commenced collections proceedings based on information that was just plain wrong.” Now one of the nation’s largest banking institutions will be forced to pay over $95 million dollars in restitution to the consumers they mistreated. That payment is in addition to $50 million they have to pay from a 2013 court order, $30 million they have to pay to the CFPB, and $11 million that they have to pay…
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A new study from the personal finance website CardHub shows that Americans added $57 billion in new credit card debt last year. Total credit card debt in the U.S. currently stands at $831 billion, and American consumers have continued to add on to the total credit card debt every year since 2009. For some households, the loss of a job or other emergencies can create financial situations where credit card payments become very difficult or impossible. What Are The Consequences Of Defaulted Credit Card Debt? Credit card debt can have severe consequences if it goes into default, but one of the most significant is a damaged credit rating. With damaged credit ratings, borrowers may have to take out loans with higher interest rates, which can compound other financial problems. In many cases, applications will be rejected for cars, homes and other large purchases. Poor credit ratings can make it difficult…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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