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Posted on Wednesday, 4th August 2010 by Eden Fryett

There hasn’t been a bankruptcy auction of a Major League Baseball team in 17 years, but the Texas Rangers are about break that streak. Soon, the Rangers franchise could go to the highest bidder, according to the Houston Business Journal.

The saga of this baseball franchise’s bankruptcy is not necessarily coming to a close, however. If a particular group of investors that includes Hall of Fame pitcher Nolan Ryan and is fronted by Chuck Greenberg were to win the auction, it would likely set off a round of legal appeals from Rangers lenders.

These lenders, who the Houston Business Journal describe as “aggrieved,” have been contesting a sale to the Greenberg/Ryan duo for months now. They make the contention that higher bids have been made for the franchise than the one offered by that group.

There is also the possibility that another buyer will win the team. There are a few names bouncing around in that group, including outspoken owner of the Dallas Mavericks NBA team, Mark Cuban, and Houston businessman Jim Crane.

While there is much to be determined about the future of the Texas Rangers franchise, this upcoming bankruptcy auction could be a climactic moment. The cha

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Tags: Auction, Bankruptcy Auction, Highest Bidder
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Posted on Tuesday, 3rd August 2010 by Lucy Hales

Student loan debt reduction primarily recognizes a student borrowers’ lack of ability to put down a full payment on their outstanding student loans or borrowings. Those students who have completely exhausted their interest relief under the program for Interest Relief may qualify for debt relief. Also those students who have been out of post-secondary studies for at least five years can qualify for a student loan debt reduction. This helps these students to thereby reduce the loan principal to a level that is slightly more affordable.

If the case is such that annual payments, on an average, are exceeding fifteen percent of the income of a family, then the principal amount of the student loan can be reduced. The maximum amount of assistance that can be given is the lesser amount of up to half of the loan amount, or up to ten thousand dollars. The eligibility criteria that must be met by a student who wishes to avail the student loan debt reduction are multifold. To avail a reduction it is required that the borrower must have completely exhausted all the available interest relief. T

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Tags: Debt Reduction, Loan Debt, Loan Debt Reduction, Reduction
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Posted on Saturday, 31st July 2010 by Toby Duncan

If you file bankruptcy with a checking account at Wells Fargo/Wachovia bank you have a problem. This bank has decided to freeze checking accounts of any customer who files bankruptcy. No, the debtor does not owe the bank or its credit card any money, and the money in the account could be exempt wages, retirement proceeds, or social security. Doesn’t matter; don’t care. If you file bankruptcy your bank account is frozen until the money is released by your bankruptcy trustee. The bank’s position is that they are not violating the bankruptcy stay when the bankruptcy debtor does not owe the bank a debt.

A federal court recently issued an order directing Wells Fargo/Wachovia to stop freezing bankruptcy debtor accounts. The bank is appealing the order and stated it intends to continue freezing the accounts of customers who file bankruptcy. If you are thinking about bankruptcy get your money out of Wachovia/Wells Fargo bank.

Tags: Accounts Bankruptcy, Bankruptcy
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Posted on Friday, 30th July 2010 by Eden Fryett

Having good credit is something we all want.  It shows that we’re responsible with our money, use credit cards wisely and can get us great interest rates on loans if we need them.  Although it’s nice to have a good score, not everyone has a score they’d like to brag about.

There are several things that determine our credit score and can affect your score.  If you know your score but you’re not sure what it means or if it’s consider a “good score”, continue reading below to find out where you’re at.

Do I Have a Good Credit Score?:

750+:  If you’ve worked hard to get your score to this point, it will pay off!  This is when your score is considered “excellent”.  You can’t get much better than this!

720-750:  You have a great credit score.  It’s not as high as it could be, but it will be pretty hard to beat!

680-700:  This score is still considered “good”, but could also be improved at the same time.

620-679:  You don’t want your score to fall below this level.  Your credit isn’t considered good but it’s not considered horrible either.  Work on raising your score and you can get that “good” score you want.

620 and lower:  This is when the bad credit level hits.  With a score like this it will be hard to get good rates on loans and to prove that you’re financially responsible.  Work on getting this score up so that you’re not considered someone with “bad credit”.

A credit score can range quite a bit.  You want to be as close to 800+ as possible and nothing lower than 650.  A credit score can take some time to improve while very little time to ruin so be careful!  Make good choices, use your credit card wisely, keep debt to a minimum and always make sure you pay your bills on time!

Tags: Credit, Good Credit
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Posted on Tuesday, 27th July 2010 by Lucy Hales

Q: I am going back to school and moving in with my parents. I am also selling my condo in downtown Chicago to pay off credit card debt and live on. I owe around $25,000 to various credit card issuers and to my relief, settled for $11,000 altogether. So the question is, if a credit card issuer finds out that I have money after the sale, can it come after the full amount that I owe? I am worried about Amalgamated Bank of Chicago since it is the one that also holds the mortgage.

A: As long as you have everything in writing, all credit card debt relief agreements with every credit card issuer / bank, you should be fine. The thing to remember is that you will more than likely get the IRS hit because the Internal Revenue Code treats forgiveness of debt as taxable income. You may have to pay tax on $14,000 amount that is being forgiven. You will get 1099 C form, Cancellation of Debt from every credit card that forgives a debt of $600 or more. Such a relief.

Tags: Card Debt, Credit Card, Credit Card Debt, Debt
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