Minneapolis area bankruptcy attorney David Kelly discusses income and other requirements for filing personal Chapter 7 bankruptcy in Minnesota, from Attorney David Kelly, Minnetonka, near Minneapol…

Marwan Maroud relates a hadeeth (saying) of Rasul Allah (sws) describing what true bankruptcy is.

When it comes to evasion of tax, you know that the IRS will never take kindly to it. In fact, just the opposite is likely to happen as it would come hammer and tongs after you. But it seems as if, ever so often, there are some people who will try to run the gauntlet with the law, as they think that they are way too smart for the long arms of the law. There was a curious case recently where a couple of Honolulu psychologists have been convicted of tax evasion in a federal court there. The psychologists are a couple, David Opollo Ross and Lei Lavarias Ross, and there are as many as five charges of tax evasion that have been brought against them. These are not random or one-off charges as the charge is of conspiring to evade taxes for the period from 1998 to 2002.

The couple have been charged of concealing more than $1.8 million in income tax and this income had come in from the psychology services they had given in Hawaii. Then they deposited the money in three separate accounts for which they did not pay any taxes. So the case is of criminal conspiracy to evade taxes in the US.

JAL – Japan Airlines Corp.’s files for bankruptcy protection
15,000 more people will have their lives turned upside down as legacy carriers are struggling to survive a global slide in air travel.
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General Motors arose anew on Friday. The struggling automaker – held afloat by billions in government loans – made an unusually quick exit from bankruptcy protection with ambitions building cars p…

Bank of America seems to be in the dock once again, on the issues of false claims in bankruptcy filing of condos. The bank has already been accused of lying and falsehood in acquisition of Merrill Lynch & Co. the bankruptcy filing case involves a developer of Bay condo towers, Cabi Downtown. It seemed as if Bank of America was moving a motion that this was an error and the judge did allow a Chapter 11 bankruptcy filing. But then the judge also expressed surprise and not a little consternation as to this ‘error’ and also said that the bank would have to show cause as to why the bank and the client should not be sanctioned.

There are those who argue that Bank of America was hauling Cabi over coals and also charging him, in a bid to ensure that his financial back is broken such that he is unable to compete with the many projects in Miami that the bank has now got into. The bank had claimed that Cabi was renting the project of the condo, to people convicted for felonies and also to people who had a poor credit rating. It seems these claims and charges by the Bank were not based on truth or facts.

Analysis and discussion with Fritz Henderson, CEO of General Motors. (For the Record)

When you look at the annals of bankruptcy filing in the US, you will find that the instances are just legion in the past 2 years when the recession struck, like a global economic tsunami. From coast to coat and across countries, bankruptcy filing seems to have become a global pastime. Nothing seems to horrify anymore as it seems as if bankruptcy filing has become as common as your morning cup of coffee. The latest in bankruptcy filing horror tales involves 2 Illinois firms, which have brought millions of dollars losses to quite a few Twin Cities banks. These two companies, Equipment Acquisition Resources Inc and Wildwood Industries Inc. have not only gone down themselves, but also affected the banks, which are now in the process of suing these companies to recover their lost funds.

Two of the banks, Minwest Bank and Highland Bank have alleged that they have lost a combined $10 million in deals with these 2 firms. These two companies were in the equipment leasing space and it seems as if the recession has badly affected the companies’ ability to make good on loans that they had taken from several banks. Is it any wonder that the companies are now being hauled over to the courts on charges of financial impropriety and not making good on loans taken?

Get debt relief with bankruptcy by filing Chapter 7 or Chapter 13 with experienced Long Beach, CA bankruptcy lawyers. Keep your property, lose your debt. Stop foreclosure, wage garnishment, repos…

You would associate Hawaii with beauty, fun, sun and sand. It’s a sign of our times that people are now going in for bankruptcy filing even in sunny Hawaii. The business climate seems to be quite not right in the current context. Or else, why would you think would a Maui financial services loan company get into the hassles of bankruptcy filing? Well Maui Industrial Loan & Finance Company as well as Lloyd Y. Kimura’s personal bankruptcy filing happened on the same day, which is indicative to the extent this person was affected by the recession.

The amount of debt that was claimed by these two entities put together stood at a whopping $28 million. The state commissioner of financial institutions had stipulated and ruled that the company stop taking deposits or stop borrowing in the face of losses. The company has many loans which are now being managed by a trustee. There are also a number of individual lenders to the company, who have separately sued the company to get back their money. So as far as Mr. Kimura is concerned, he is in quite a big financial mess and soup at this point in time. With the recession not showing any signs of abating fast, he may have to wait long before being nursed back to financial health.