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Tag Archives: bankruptcy

I Can Make the Minimum Credit Card Payments But Trying to Decide Between MMI and Bankruptcy. – Tony

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“Dear Steve, Own a home, divorced, alimony is $375/month through May 2013, a $500/month loan with lending club through July 2013. House payment is $1,250 including assessments. Credit card debt alone is $25,000. Lending Club loan has about $6,000 left. Total unsecured debt is about $35,000, including student loan. My house isn’t selling — the one two floors below just ... Read More »

Are You a Great Bankruptcy Attorney or Do You Know of One? We Want to Know.

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We’ve recently launched our new bankruptcy attorney directory at bankruptcy.getoutofdebt.org. Our hope is that we can make it easier for bankruptcy attorneys to be found by readers and that we can feature one attorney in each city. Filing bankruptcy is most often a nerve wracking experience. It’s less because of the actual process and more because of the uncertainty or ... Read More »

Bankruptcy Should Be the Last Resort Many Say. But That’s Just Not True.

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There they go again, “bankruptcy should only be considered as a last resort.” We’ve all heard that rumor or authoritative statement, many times. You even read it again and again in mainstream media. But here is the problem with that statement, it’s just not true. There are plenty of times when bankruptcy should be considered the first resort, not the ... Read More »

Can I Apply for New College Loans if I’m Already in a Bankruptcy? – Nicole

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“Dear Steve, Already in a chp 13 plan, no problems there. How would enrolling in a grad school program affect my CH 13 plan? I have tried to email/call my atty with no response to this. I am needing either loans and or scholarship. My employer will also reimburse for a small amount of the 20-35K it will take for ... Read More »

Bankruptcy – Latest Bankruptcy News – Bankruptcy

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The Latest Bankruptcy News Here is a listing of the latest bankruptcy news from around the United States. These links will give you information about the latest breaking news. Wall Street Journal Bankruptcy News Google News Bing News Reuters News PR Newswire Read More »

Raleigh Native Indicted In Connection With Fraud And Extortion

The former President of Encap Golf Holdings LLC (“Encap”), William Gauger III, was indicted this week for his participation in a scheme to extort approximately $100,000 from a financial consultant and a fraudulent invoicing scheme relating to his work for a New Jersey-based management firm. Gauger allegedly hired his brother-inlaw Craig Groce, who was originally charged along with Gauger by ... Read More »

Six Hundred Out Of $74 Million In Ponzi Scheme

Douglas Vaughan faces 10 to 12 years in prison after pleading guilty to wire and mail fraud charges that involved his operation of a “Ponzi” scheme where he defrauded around 600 investors of more than $74 million. Vaughan promised extraordinary returns which he obviously did not follow through with. In February of 2011, in an indictment alleging that, between 2005 ... Read More »

Attorney Sentenced In $50 Million Bank Fraud

Kevin Harold Lewis was sentenced to 121 months incarceration to be followed by three years of supervised release for bank fraud. Lewis was also ordered to pay $33,826,326 in restitution. An additional amount of restitution will be considered after briefs are filed regarding the loss to Centennial Bank of Cabot, Arkansas. Lewis was ordered to report to the Bureau of ... Read More »

I Went Into Debt as a Single Mom. – Theresa

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“Dear Michael, I went into large amounts of credit card debt as a single mom. I divorced when my house was worth $50,000 more than it is now. I insisted with my ex to keep the house so my kids can graduate in the same house. Once the youngest graduated, I lost a lot of equity and couldn’t sell the ... Read More »

Heartless Criminal Activity In Foreclosure-Related Scam

Last week a man whom operated a foreclosure-rescue scam agreed to plead guilty after collecting $1.6 million from 1,100 distressed homeowners. The man, Frederic Alan Gladle, of Austin, Texas, ran his scam in Los Angeles and elsewhere where he falsely promised the owners of more than a thousand distressed properties that they could indefinitely postpone foreclosure sales. Gladle was charged ... Read More »

Owner Of Three Precious Metal Firms Sentenced In $29.5 Million Investment Scheme

Earlier this month Jamie Campany, owner of three invesment firms specializing in alleged metal purchases, was sentenced to 151 months in prison on multiple counts of mail and wire fraud. According to the Information filed in the case and statements made in court during the plea and sentencing, Campany was the owner of three investment firms specializing in purported gold, ... Read More »

Former Owner And President Of Allied Health Care Sentenced For $135 Million Phony Lease Scheme

Former owner and president of Allied Heath Care Services, Charles Schwartz, was sentenced last week to 195 months in prison (16.25 years) for organizing and executing a $135 million phony lease scheme that losses of more than $80 million and victimized over 50 financial institutions. In April Schwartz pleaded guilty to one count of mail fraud but has been in ... Read More »

Mother Sentenced To Almost 6 Years Jail Time In Family Fraud Affair

Earlier this year Janice Edwina Demmitt was convicted of the federal felony offenses charged in a 27-count indictment against her and her son, Timothy Fry. At trial, Demmitt was convicted on on one count of conspiracy to commit money laundering, eight counts of wire fraud and 11 counts of money laundering. Her son, Fry, whom plead guilty to one count ... Read More »

Can I Include My Debt Settlement Company in My Bankruptcy? – Ken

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“Dear Steve, i have 65000 in credit and installment debt we lost one third of our income in last year signed with debt settlement law firm in april initial fee 2895 they have settled 2 accts. which they receive 20% of money saved we have pd 7195 in 7 months . for one acct. they paid the settlement even though ... Read More »

Father And Son Sentenced For $930 Million Ponzi Scheme

Sometimes the apple doesn’t fall far from the tree. When children are growing up many look up to their parents and imitate them on a daily basis. “When I grow up, I’m going to be just like daddy!” But what happens when your parent is a fraudster? Father, Roberto Torres, former chief financial officer, and son, Alejandro Torres, former accountant ... Read More »

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