According to the Consumer Financial Protection Bureau (CFPB), a student loan debt relief scam has illegally been tricking borrowers into paying for federal loan benefits. Student Aid Institute, Inc., misrepresented to consumers that it was affiliated with the...
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Bankruptcy in the News
Couple Indicted for Filing Fraudulent Sandy Claims in New Jersey Bankruptcy
Homeowners who are facing foreclosure are prime targets for scammers.. Even though they often believe the deal is too good to be true, they are in a desperate situation and take the deal anyway. According to the NY Post, this is exactly what happened to Broadies...
Study Helps Answer Questions Related to Credit Card Debt
Using credit cards and promptly paying off monthly balances is often touted as a smart and easy way to boost one's credit score. But life isn't that simple. A spouse may lose his or her job, a child's illness may require an unplanned trip to the ER or a furnace could...
An Estimated 70 Million Americans Are Considered to Be ‘Wealthy Poor’
Many New Jersey residents who are now in their 30s and 40s grew up in families that were considered to be middle to upper class. As such, many likely enjoyed taking family vacations, owned one or more cars and were able to attend and pay for college without accruing...
What Is Really Forcing the Postal Service Into Bankruptcy?
The Berkeley Post Office building dates back to 1914 and is beloved by many citizens, as evidenced by a "camp-out" objecting to the US Postal Service's decision to sell it. The US Postal Service has a real estate portfolio worth $85 billion and it is looking to...
Ozzy Osbourne’s Oldest Son Seeks Bankruptcy Protection
Louis Osbourne, Ozzy Osbourne's oldest son, has filed for bankruptcy protection. It is believed that he got into financial trouble after investing in the Irish real property market. Osbourne, who recently started his own record label All Night Records, filed jointly...
The FBI Investigates Bankruptcy Fraud
Many individuals do not understand how serious the crime of bankruptcy fraud is, but the Federal Bureau of Investigation (FBI) takes it very seriously. Abuse of the bankruptcy system undermines the rehabilitative purposes the system was created to promote. Without a...
Man Charged With Bankruptcy Fraud
Robert J. Yonkee Jr., 54, was charged in a federal court with bankruptcy fraud. He allegedly provided false information about his assets and concealed property in his Chapter 7 bankruptcy filing. Mr. Yonkee is facing severe penalties, including 5 years in prison,...
Has the ‘Fat Lady’ Sung for the New York City Opera?
Seventy years ago the New York City Opera was founded. After working to bring opera to the public, it recently was forced to filed a Chapter 11 bankruptcy case. Apparently the Opera's last-ditch effort to raise $7 million fell short. The opera company claimed it has...
Will Trials Soon Be Held Without People?
The ABA Journal recently posted an article discussing how courts are moving toward a paperless existence. The article poses the question of whether the need for mobility of judges, attorneys and citizens will soon lead to not only a paper-less court, but also a...