Archive for August, 2010

Strike-Out for Former MLBer?

Lenny Dykstra, former star of the Philadelphia Phillies and New York Mets, has encountered still another snag in his long-running Chapter 7 bankruptcy chronicle. In a court filing, Arturo Cisneros has resigned as the trustee in the Lenny Dykstra case “after consultation with the Office of the United States Read more…

Debtpidemic!

Debtpidemic [det-pi-dem-ik] – noun a rapid spread or increase in the occurrence of toxic debt, affecting individuals, corporations, as well as local, state and national governments:  Doan Law Firm has officially declared a debtpidemic. Our collective debt load has reached such a level that we need a new word to describe it.  We propose “debtpidemic”.  […]

Seattle Businessman Seeks Chapter 11 Protection

Darren Berg, a Seattle, Washington, businessman who raised over $145 million for several of his Meridian Mortgage investment funds that are currently in the bankruptcy courts, has looked to the protection of Chapter 11 bankruptcy for himself. Attorneys and sheriff’s deputies seized Mr. Berg’s Read more…

Credit Card Reform Finally Finalized

The comprehensive reform of the credit card industry is now complete; federal guidelines crafted to put an end to deceptive practices have been signed into law. This final phase of credit card reforms restricts the amount that card issuers can charge in penalty fees. For example, if you are Read more…

Credit Card Reform Finally Finalized

The comprehensive reform of the credit card industry is now complete; federal guidelines crafted to put an end to deceptive practices have been signed into law. This final phase of credit card reforms restricts the amount that card issuers can charge in penalty fees. For example, if you are Read more…

College Freshmen & Credit Cards

If you are an incoming college freshman, your class will be the first to face credit card restrictions under the Credit Card Accountability, Responsibility and Disclosure Act of 2009, a federally-mandated law aimed at protecting consumers from deceptive practices by credit card issuers. If you are under 21, you Read more…

False Bankruptcy Report Has Woman Seeing Red

If you don’t think it is important to regularly review your credit history, you would be wrong. Read on… Reporter Jon Yates, in his Chicago Tribune column, “What’s Your Problem?”, reports that Susan Gabon, had received an erroneously reported bankruptcy on her credit history, as reported by credit Read more…

The 48 Year Credit Card Hamster Wheel

Many clients come into our office exhausted.  They’ve been running on a hamster wheel trying to keep their credit cards happy with a minimum payment each month.  They’ve pulled money from every possible source, extra jobs, kids’ college funds, their 401k, and even other credit cards. Despite running for years, they’ve gained no traction.  They […]

Why Experience Matters

You wouldn’t encourage your 4-year-old to cut his own hair, go to a museum full of cut-rate artwork, perform your own root canal or spend your fancy Friday evening out at a dodgy restaurant.  Apply that same thought process to your financial future.  Choose the best, the most experienced bankruptcy lawyer, not the one with […]

Recession Enters 3rd Year

As the country enters the third year of this tedious, onerous, tiresome and devastating (feel free to add your own dismal adjectives) recession, most economists are predicting the recovery to resemble molasses in January, in other words, SLOW. Some statistics (both good and bad): Illinois unemployment claims in 2008 Read more…