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What Can Consumers Learn from the Multiple Donald Trump Business Bankruptcies?

First, let’s set the record straight.  Donald Trump, the man (and Republican Party presidential candidate), has never filed personal bankruptcy.  On the other hand, his casino business has filed for Chapter 11 reorganization in bankruptcy a record four times in the past 30 years!  While it is legal for corporations to file for bankruptcy, and they often emerge stronger, keeping key employees and business, it certainly raises some questions about the chief executives’ ability to manage a large entity successfully.   Furthermore, the debts owed to lenders, employees and creditors are either wiped out or reduced.

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Why Are National Football League Players Declaring Bankruptcy At High Rates?

In an astonishing new study published by the National Bureau of Economic Research, 16% of retired NFL players declare bankruptcy.  This is within 12 years of retirement.  That’s correct.  In a study of football players drafted into the NFL between 1996 and 2003, almost 15% declared bankruptcy.  This group had an average income of $1.9 million per year!  And the study determined that the actual income was not a factor in bankruptcy.  Read more

Do Bankruptcy Statistics Follow the New Federal Study About Wealth in Boston?

In a study undertaken by the Boston Federal Reserve Bank regarding wealth and race, some unfortunate results were uncovered.   White households have significantly more wealth as measured by home equity, retirement accounts, and other such standard measures of wealth.  For example, over 56% of while households have retirement accounts while only 21.2% of black families in Boston have such accounts; even fewer Boston Dominican families have retirement accounts, at 7.5%.  Read more

Are Debts Really Discharged In Bankruptcy?

Of course the answer is yes, absolutely, by federal law.  However, some questionable practices exist among banks and collection agencies which, according to lawsuits filed about the country, prey on those who do not know their rights.

If your debts were discharged in bankruptcy, and a creditor, be it the same lender, bank, or credit card, or a new one, attempts to collect a debt that you know to be discharged, contact your attorney immediately.  There could be a bankruptcy fraud violation there. Read more

Television’s “Real Housewives” Star Convicted of Fraud and Bankruptcy

TV star Teresa Giudice was convicted of fraud in the filing of her federal personal bankruptcy petition and has been sentenced to prison.  How did this happen?  We don’t follow this tv show but we learned that when Giudice filed for Chapter 7 bankruptcy protection in 2009 along with her husband, her Petition and Schedules listed $13.5 million in debts with assets of $2,261,150 and an income of $79,000 per year.  Given that they have four children, these simple facts would lead to a straight forward discharge of debt and allow for a “fresh start” under the bankruptcy law.  Read more