All About Credit Score

The L.A. Dodgers filed for Chapter 11 bankruptcy in Delaware on Monday, June 27, 2011.   The filing came because a court ruled that the owner would have to share the team with his ex-wife.  A $150 million dollar debtor in possession credit facility had been secured right before filing.

The following players were owed the following amounts of money:

Manny Ramirez          $20,992,086.00

Auduw Jones              $11,075,000.00

Hiroki Kuroda            $4,483,516.00

Rafael Furcal              $3,725,275.00

Theodore Lilly          $3,423,077.00

Zach Lee                      $3,400,000.00

Kazuhisi Ishii            $3,300,000.00

Juan Uribe                $3,241,758.00

Matthew O. Guerrier   $3,090,659.00

Juan Pierre            

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Tags: Bankruptcy, Dodgers File

The Los Angeles Dodgers are entering Chapter 11 bankruptcy protection today as the team continues to struggle financially in the wake of the divorce case of team owners Frank and Jamie McCourt.

The Dodgers had been hoping to use a massive TV deal with Fox to keep the team afloat. The new deal would provide $385 million upfront, but Major League Baseball refused to approve it.

MLB has been in control of the team since April, which has been in financial hot water since the team’s owners announced they were getting divorced.

Frank and Jamie McCourt owned the Dodgers together, but their divorce case has revealed the couple routinely used team funds to pay for their lavish lifestyle.

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Tags: Bankruptcy, Filing Bankruptcy

A mixed bag of news is coming down the pipeline as Americans struggle to meet the demands of a sluggish, yet potentially recovering economy. With the Labor Department pointing out unemployment ticked up to 9.1 percent in May of 2011 and with Zillow Inc. pointing out about 28 percent of the homeowners are still underwater on their mortgage loans, you might think there isnt any way to paint a rosy picture about the current state of affairs. If you thought that, you would be wrong.

Amazingly, a government report showed last Thursday that housing starts in the United States rose more than expected and permits for future construction touched a five-month high in May. Economists, though, are warning any recovery will be hampered by a glut of pre-owned homes.

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Tags: Mixed Bag, News

One question that many potential bankruptcy filers have is how the bankruptcy court handles inherited money and money that bankruptcy filers expect to receive in the months after their filing. The answer depends on a few variables. Here’s a look at some of them.

• The 180-day rule. One of the most important rules about bankruptcy and inheritance is that funds inherited within 180 days (or about six months) of the filing of a bankruptcy petition are generally considered to be part of the bankruptcy estate. This means that the bankruptcy court has the right to use those funds to repay creditors, pay court fees or do anything else it deems appropriate.
• Date of death. In the case of money inherited from a deceased person’s estate, the date of death will be taken into consideration. If

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Tags: Bankruptcy, Inherited Money

Listing all creditors is important, even if you intend to keep your home, automobile or other item secured with a loan.  If it is a home or auto, as long as you keep up with your payments, you can keep the property.  You may also have to continue to make payments on other items if the item is secured by a “purchase money security interest” in that property.  These are typically debts from Best Buy, Dell, and most jewelry stores. 

With a credit card, there is a good chance the credit card company will not let you keep your card.  If you have a zero balance and they are not listed in your bankruptcy because of this zero balance, they may still cancel your card.

All credit card companies get a list of people who have gone through bankruptcy.  Then the credit card company may cancel your credit cards.  If you are a co-signer or authorized user, going bankrupt will take you off the account.  This means that the balance will fall onto the main or other person on the credit card.

 For additional information visit Chicago Bankruptcy.

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