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October 2013 Archives

Investors pursue scrap funds from anticipated LBO bankruptcy

After leading the $48 billion buyout of Energy Future Holdings Corp. in 2007, Goldman Sachs and KKR are now in the position of fighting over leftover funds of the corporation. The initial investments made by the companies, along with other investment firms like TPG Capital, were based on the premise that gas prices would continue to increase in the future.

Pharmaceutical firm files voluntary Chapter 11

Savient, a firm that manufactures drugs used by patients in Pennsylvania and other states, made a formal Chapter 11 bankruptcy filing in late October. The firm's filing was entered in the Bankruptcy Court for the District of Delaware, and it included a request for authorization to complete a sale.

When paying credit cards can hurt you

Some Florida residents may wonder when and in what kind of increments they should attempt to pay off their credit cards. Many people dislike carrying these high-interest debts, so when they receive a lump sum, it's natural for some to want to use it to take a noticeable chunk out of their credit card debt. However, paying off cards too quickly or in unrealistic increments can sometimes be a mistake.

Many states have ineffective protection in place for debtors

Florida residents who are dealing with debt may be interested in a report that was released on Oct. 10 by the National Consumer Law Center. The report assessed the mix of state laws called 'exemption laws" that were designed to help families that are struggling to avoid losing everything they own to creditors. The states of Iowa and Massachusetts are the only two that even come close to meeting the basic standards for the protection of consumers from their creditors. Those standards include allowing them to keep $1,000 or more in their bank account and excluding homes, household goods, vehicles and the majority of wages from seizure.

Defamation suits stalling Casey Anthony's bankruptcy

Casey Anthony's attorneys filed two motions in October 2013 asking a federal judge to dismiss two defamation claims against her, so she could obtain a Chapter 7 bankruptcy discharge. She had filed for bankruptcy protection in January 2013, but if the judge does not throw out the claims, she will not be able to obtain a fresh start.

Chase axes Payment Protector plan

Florida residents who are members of Chase's credit card insurance plan, Payment Protector, may be unhappy to hear that the program is slated to end as of May 2014. Those who enrolled in the program were given up to two years of suspended payments if they lost their job or became disabled. Additionally, if someone passed away with a balance on their credit card, up to $25,000 of it would not be passed on to their estate. Chase charged a fee to participate in the program, which was usually one percent of a card holder's credit card debt.

Wells Fargo faces accusations of slowing down modifications

Florida readers may be interested to know that Wells Fargo is being sued in federal court by the New York attorney general for obstructing and delaying mortgage modification applications in violation of the $25 billion settlement made last year. It is also alleged that the bank violated the timelines imposed by the terms of the settlement approximately 210 times. The lawsuit requests that the federal court in Washington, D.C., force Wells Fargo to comply with the agreement.

Media conglomerate files bankruptcy

Individuals in the media in Florida watched as a publishing company, GateHouse Media Inc., petitioned the U.S Bankruptcy Court in Delaware for bankruptcy protection on Sept. 27. This happened as creditors were seeking a restructuring plan that would give control of the company to an investment group. The bankruptcy petition lists assets of close to $434 million and debts of $1.3 billion. The company asserted that most of the lenders who voted on the plan supported it.

Collection agency fined $1 million for texts

Florida residents who are being harassed by creditors may be gratified to hear that a debt collection agency just got hit with a million dollar fine for a variety of illegal collection practices. The company in question, named the misleading National Attorney Collection Services, Inc., was going out of their way to give people the impression they were a law firm. In both text messages and phone calls, representatives of the collection agency represented themselves as either attorneys or legal assistants.

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