I have bachelor of science in mathematics and I could not get any job since graduation. Due to my inability to get job, I had to file chapter 7 bankruptcy protection. I noticed the bankruptcy lawyer’s office was flooded with clients. There were like 37 to 40 people sitting in the lawyer office lobby to wait for their consultation. The bankruptcy lawyer told me "its been very stressful with so many clients. I am sorry for making you wait this much". He charges 1800 dollars per clients. And since there were about 40 in lobby, that’s an income of 72000 dollars already. And the consultation fees is 350 dollars for the first time meeting. Having seen this I get motivation to become bankruptcy lawyer myself and open my own law office. Because of poor economy I will surely get lot of people who want to file bankruptcy. And since I have bachelor of science in math I already meet whatever pre-requisites are required to enter law school. Moreover, my bankruptcy attorney graduated from my own university law school. So what more do I have to do now after BS in math to become chapter 7 bankruptcy lawyer? I will file chapter 7’s for all the broke and poor people in the town

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Gulf Oil Rig Operator to Sell Assets to Rival

Gulf of Mexico No Comments

By DANIEL GILBERT And STEPHEN POWER

HOUSTON—Seahawk Drilling Inc., one of the largest operators of shallow-water rigs in the Gulf of Mexico, on Friday said it would seek bankruptcy protection and sell its assets to a competitor, blaming the Obama administration for a crippling regulatory environment in the aftermath of the BP PLC oil spill.

Seahawk’s assets will be acquired by Hercules Offshore Inc., in a cash and stock deal worth about 0 million. The cash component will be million but could be upped another million if needed to pay Seahawk’s debt. Hercules will also provide the seller 22.3 million shares of common stock, valued at .36 per share. The number of shares would be reduced, however, if more cash is required.

The deal is subject to bankruptcy court approval.

On Friday, Mr. Stilley, in a statement, blamed the recent slowdown in Gulf drilling for a blow that caused the company to pursue Chapter 11 protection.

Seahawk was “forced to seek strategic alternatives only after an unprecedented decline in the issuance of offshore drilling permits following the Macondo blowout,” Mr. Stilley said, referring to the BP well that blew out on April 20, killing 11 workers and triggering the worst offshore oil spill in U.S. history.

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paycheck until he/she pays back the taxpayers if they have to go the hospital? must pay us back with no bankruptcy protection? maybe the gop would like this idea? I think it might not be a bad alternative

Technorati Tags: bankruptcy protection, gop, paycheck, taxpayers

The number of people filing for bankruptcy protection in retirement has soared in recent years — even before the recession.

In fact, people 65 and older are the fastest-growing segment of the population seeking bankruptcy protection, according to a recent study from the University of Michigan Law School.

The problem is simple math, said Johanna Sweaney Salt, a CPA with Kaufman, Schmid, Gray & Salt in Claremont, Calif. Their medical expenses, taxes and other costs keep going up, while their income is going down. Social Security hasn’t had a cost-of-living adjustment in a long time and pensions and retirement accounts took a huge hit during the recession. Reverse mortgages and other alternatives presented to them as "solutions" often just dig them further in the hole.

"Most people think ‘Oh, I have Medicare — I’m covered,’" said Jean Setzfand, director of financial security at the AARP. "But in fact, there are quite a lot of out-of-pocket expenses — and those continue to rise." The biggest one, she said, is long-term care costs. Plus, a lot more people are going into retirement carrying a mortgage. So it is not so good as we think

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Consider the following two scenarios.

1. Successful individual with six figure income and significant assets hires tax attorney/account to ensure every deduction and technique to reduce tax liability is explored and taken advantage.

2. Same situation as above but individual encounters serious financial downturn due to job loss or failed investments. Decides to exercise bankruptcy protection and hires attorney to ensure he is able to protect as many of his assets as possible and reduce financial liabilities as allowed by the legal process.

Both have acted legally. Is there an ethical difference between them? Is there an ethical duty to pay taxes as required by a democratically elected government? Is there an ethical duty to pay private debt? Is there a difference between the two?
Good answer; I ask because I recently heard an argument that people who use bankruptcy law to their advantage to resolve a financial problem are unethical or immoral.

Technorati Tags: assets, bankruptcy law, bankruptcy protection, downturn, financial liabilities, good answer, investments, job, private debt, scenarios, tax attorney, tax liability

I was default for several months on all my bills. Then i was delinquent. After that the credit card companies started calling 20 times a day to my house. I still did not pay. Then a collection agency was involved and they too did that boring stuff of excessive callings and mailings. Finally the collection agency sent the debt to "debt buyers". The debt buyers also played the same role of excessive phone calls and letters asking to pay bill. However I still did not pay anything.

Then the debt buyer sold the debt to another debt buyer. Finally it reached the lawsuit stage and I still don’t care to pay anything. I showed up at the court and demanded proof the debt is mine (even though i knew its mine). The creditor lawyer did not bring any paperwork so a new court date was set 3 months later.

In those 3 months the debt buyers again called and called and mailed lot of bills. But i still didn’t pay anything. Then just 1 day before the court date, i filed chapter 7 bankruptcy protection.

So my question is what was the point of debt buyers buying my debt and harassing me when i ended up filing bankruptcy. What will debt buyer do now? will they sell it again to another debt buyer? I don’t quite understand whats the purpose of their role?

Technorati Tags: bankruptcy protection, callings, chapter 7 bankruptcy, credit card companies, creditor lawyer, debt buyer, debt buyers, filing bankruptcy, paperwork, phone calls, proof

To whom it may concern

Here is a summary of the case:

I am a father of two children who are now 19 and 20 years old. I used to live in California. Now I live in Maryland since May 2008. During the divorce in 1992, the nightmare started with a family support order that was found to be fraudulent by the Federal Bankruptcy Court.
I was imprisoned for 35 days based on this fraudulent order and based on the DA of the County of Santa Clara California (DA hereinafter) , who testified that I was making ,000 a month, while I was unemployed.
Around 3/10/ 1999, the DA filed a claim for 5,000.00 to enforce pre petition child support arrears. The Bankruptcy Court denied the DA’s motion. The Bankruptcy court also ordered a new support order be entered.
Since 2000, a new support order was entered by the family court. It should be 0, but the DA had my wages garnished for 0 a month. My wages are still garnished to this day, even though my children are now 20 and 19 years old.
The DA has intercepted nine years of tax refunds post wage garnishment. The DA has also taken little money I saved post wage garnishment. The DA emptied all my bank accounts including the last one just a couple a months ago.
I had not one, not two but all three of my properties foreclosed while I was under bankruptcy protection. The DA took over a million dollar from the proceeds of the three trustees’ sale. But the DA acknowledges taking only ,000. I am homeless since 2000. I live in hotels. My credit is in the dump. I need your help to resolve this matter once and for all.
In September 2007, I received a letter stating that I still owe 5,000.00. I received another letter, from DA of Maryland, stating that I owe less than ,000.00. The numbers do not add up. I just found out the MD case was closed since May 2008.
Can this case be handled by a Bankruptcy lawyer or a Family lawyer or a civil right lawyer? Please advise. I hope justice prevails.

God bless America.

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I am recently unemployed and am about to be sued by one of my creditors and am inquiring about bankruptcy protection. Also is there a way I can keep my car if I continue to make the payments?

Technorati Tags: bankruptcy protection, creditors

I have a k car note debt on its way to an attorney for a court hearing in the near future. I haven’t been subpoenaed yet. I have k in medical bills getting the run around from my health insurance and another -k that hasn’t even been filed yet by the doctor but may also be denied.

I can’t afford to have a court garnish my wages a single cent for the car note but can’t file for bankruptcy protection just yet because I’m waiting on the insurance company to either pay or deny. Until then, I won’t get a bill to put on my bankruptcy forms. Also, the other doctors haven’t filed their claims yet. They have up to six months to file a claim and it’s only been 30 days since my surgery.

Bottom line: it would be a waste to file bankruptcy right now over 11k when I have almost 100k coming up in the next few months. What can I do? After I get the subpoena I plan to just file on whatever I have and then hope for the best with the rest. Is that even possible? Are you allowed to file on something that is currently going through litigation?

Technorati Tags: bankruptcy forms, bankruptcy protection, bottom line, court hearing, doctors, hasn, health insurance, insurance, insurance company, litigation, medical bills, six months, subpoena, wages

I have a k car note debt on its way to an attorney for a court hearing in the near future. I haven’t been subpoenaed yet. I have k in medical bills getting the run around from my health insurance and another -k that hasn’t even been filed yet by the doctor but may also be denied.

I can’t afford to have a court garnish my wages a single cent for the car note but can’t file for bankruptcy protection just yet because I’m waiting on the insurance company to either pay or deny. Until then, I won’t get a bill to put on my bankruptcy forms. Also, the other doctors haven’t filed their claims yet. They have up to six months to file a claim and it’s only been 30 days since my surgery.

Bottom line: it would be a waste to file bankruptcy right now over 11k when I have almost 100k coming up in the next few months. What can I do? After I get the subpoena I plan to just file on whatever I have and then hope for the best with the rest. Is that even possible? Are you allowed to file on something that is currently going through litigation?

Technorati Tags: bankruptcy forms, bankruptcy protection, bottom line, court hearing, doctors, hasn, health insurance, insurance, insurance company, litigation, medical bills, six months, subpoena, wages

OK….So my Mom (She’s 72) filed bankruptcy protection 7 months ago as she has a retirement income and only one house….So now an attorney for the bank that holds a small mortgage on the property has filed a motion to "Lift the stay" on the house so the bank can immediately foreclose on the property. BUT….She has never failed to pay the monthly mortgage payment or been late on it. Even after she filed for protection. So….How can I help her? Should she file a answer to their motion right away to the judge? Her bankruptcy attorney is busy or wont help. I’m trying to get her to find a new attorney…But for right now, what should she do? How do these things play out?? I’ve had a hard time understanding how a bank can expect to foreclose on someone who’s paid their mortgage? Will the judge take them seriously when they’re dealing in speculation (What might happen) and not absolutes?? Thanks for any help!!
Not sure if any of the covenants of the mortgage have been violated…What’s an example of that type of violation? All I know is that she’s paid every month on time.

Technorati Tags: 7 months, absolutes, bankruptcy attorney, bankruptcy protection, covenants, hard time, mom, mortgage payment, retirement income, speculation

I filed chapter 7 bankruptcy protection on April 20, 2010. Every single creditor was notified of the filing, including the creditor being represented by NCO financial. Despite this NCO financial engaged in very harassing and nasty behavior. When I did not pick up the phone, they never left any message and hung up. They used different phone number each time to do that. When I called them back, I kept getting a message, "Please hold. All our lines are very busy". I kept holding for almost 20 minutes and this same message was repeated.

I hung up. Then i called back again and was put on hold for a very long time. A rude man came on the line saying I have to pay 0 immediately and it must be resolved right now. I said I filed chapter 7 bankruptcy protection. He said he needed proof that I filed it and will not go by my word, so I must pay. I hung up.

Then 20 minutes later another call from NCO financial came where they left no message. By now I found my bankruptcy case number. I called them back and was again put for a long hold. Then i told the agent (this time it was another rude man) i filed chapter 7 and have case number too.

After telling him the case number he responded, "we still have to verify this. its not enough. what is the phone number and address of your lawyer?" I gave them the address and phone number of my lawyer. Then he asked, "what is the zip code of the office". I said, "i’m sorry I can’t recall the zip code but you can check it on google"

He then said, "you are not complying and we will call again". By then I hung up the phone being fed up.
he made zip code a big issue. This was cruel on his part.

Technorati Tags: bankruptcy case, bankruptcy protection, case number, chapter 7 bankruptcy, creditor, google, lawyer, long time, nco financial, phone number, proof, rude man, zip code

I am bankrupt. I have way too much debt and unemployed along with a long term medical condition. I get 50 calls a day by creditors and i speak rudely to collection agency reps saying, "go fk yourself. eat sht and die"

i also will not file any bankruptcy protection because i cannot afford the 00 fee needed for bankruptcy. i have no assets and no home. I live with parents.

i own no car either. My banks have negative balance and i keep all my cash at home in a lock box. So how will this creditor harassment end?

I will not work anywhere until creditors stop harassing me because i don’t want garnish wages.
i drive 2008 bmw registered in dad’s name, but the car is actually my own.

Technorati Tags: assets, bankruptcy protection, banks, bmw, creditor harassment, creditors, dad, garnish wages, medical condition, negative balance, parents

believe it or not, i just cannot find any job. I have hunted for job a lot but there is no luck. Now i’m being frustrated by creditors who call 40 times a day. So to get rid of such harassment, i decided to file bankruptcy protection.

What will be the consequence of filing bankruptcy?

Technorati Tags: bankruptcy protection, consequence, creditors, filing bankruptcy, harassment, job