Quick Answers to Bankruptcy Questions & Understand How Bankruptcy Laws Affect You

Archive for January, 2009

Is Universal Health Care Constitutional?

Tuesday, January 20th, 2009
bankruptcy law

Where in the constitution is the government given such power? Since the government only has power that is specifically granted to it in that document, it would have to be there.

I imagine it would be somewhere in Article I. Here is a list of powers given to Congress:

Section 8. The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;

To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States;

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
To provide for the punishment of counterfeiting the securities and current coin of the United States;

To establish post offices and post roads;

To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries;

To constitute tribunals inferior to the Supreme Court;

To define and punish piracies and felonies committed on the high seas, and offenses against the law of nations;

To declare war, grant letters of marque and reprisal, and make rules concerning captures on land and water;

To raise and support armies, but no appropriation of money to that use shall be for a longer term than two years;

To provide and maintain a navy;

To make rules for the government and regulation of the land and naval forces;

To provide for calling forth the militia to execute the laws of the union, suppress insurrections and repel invasions;
To provide for organizing, arming, and disciplining, the militia, and for governing such part of them as may be employed in the service of the United States, reserving to the states respectively, the appointment of the officers, and the authority of training the militia according to the discipline prescribed by Congress;

To exercise exclusive legislation in all cases whatsoever, over such District (not exceeding ten miles square) as may, by cession of particular states, and the acceptance of Congress, become the seat of the government of the United States, and to exercise like authority over all places purchased by the consent of the legislature of the state in which the same shall be, for the erection of forts, magazines, arsenals, dockyards, and other needful buildings;
It seems I can’t find it. Please help me. I know it must be here somewhere.
Patrick, I just want to find it! I know it must be there. After all, why would Hillary be supporting it? I was hoping you might see it somewhere in the penumbras and shades.
And certainly in the mysterious emanations!

Bankruptcy question?

Tuesday, January 20th, 2009
bankruptcy law

Would anyone have any information about claiming Bankruptcy now with the new law in effect. My husband and I just seperated and I am unable to keep up with my expenses.
Would they restructure the debt for repayment at a lower payment?

I am foreclosing my home will I get 1099?

Monday, January 19th, 2009
bankruptcy law

This is my second home. I short saled my first home, and got forgiven for the remaining balance. Since I am foreclosing my second my home does that mean they will 1099 me? I know George Bush recently passed the “debt forgiveness” law. Does anyone know how this works the second time around. I will also be filing bankruptcy. Should I do this before or after?

Has anyone gone through bankruptcy since the new laws (USA) went into effect?

Sunday, January 18th, 2009
bankruptcy law

I am so nervous about ours. i dont know what to expect. We are filing soon.
please no rude comments. Ours is due to loss of income and medical. We are on the border line of Chapter 7/ our lawyer is going to run it through 7 first, then if that fails 13

Was it a conspiracy?

Saturday, January 17th, 2009
bankruptcy law

Anyone else believe it was a conspiracy that the government changed the bankruptcy laws two months before the credit card companies doubled the minimum payments?

Was the Reagan Administration the most corrupt ever?

Saturday, January 17th, 2009
bankruptcy law

Ronald Reagan’s Criminal Administration:
“By the end of his term, 138 Reagan administration officials had been convicted, had been indicted, or had been the subject of official investigations for official misconduct and/or criminal violations. In terms of number of officials involved, the record of his administration was the worst ever.”

James Watt, Reagan’s Secretary of the Interior was indicted on 41 felony counts for using connections at the Department of Housing and Urban Development to help his private clients seek federal funds for housing projects in Maryland, New Jersey, Massachusetts, Puerto Rico and the Virgin Islands. Watt conceded that he had received $500,000 from clients who were granted very favorable housing contracts after he had intervened on their behalf. In testifying before a House committee Watt said: “That’s what they offered and it sounded like a lot of money to me, and we settled on it.” Watt was eventually sentenced to five years in prison and 500 hours of community service.
Although not convicted, Edwin Meese III, resigned as Reagan’s Attorney General after having been the subject of investigations by the United States Office of the Independent Counsel on two occasions (Wedtech and Iran-Contra), during the 3 short years he was in office.

E. Bob Wallach, close friend and law classmate of Attorney General Edwin Meese, was sentenced to six years in prison and fined $250,000 in connection with the Wedtech influence-peddling scandal.
Lyn Nofziger–Convicted on charges of illegal lobbying of White House in Wedtech scandal.
Michael Deaver received three years’ probation and was fined one hundred thousand dollars after being convicted for lying to a congressional subcommittee and a federal grand jury about his lobbying activities after leaving the White House.
The Iran-Contra scandal. In June, 1984, at a National Security Council meeting, CIA Director Casey urged President Reagan to seek third-party aid for the Nicaraguan contras. Secretary of State Schultz warned that it would be an “impeachable offense” if the U.S. government acted as conduit for such secret funding. But that didn’t stop them. That same day, Oliver North was seeking third-party aid for the contras. But Reagan, the “teflon President” avoided serious charges or impeachment.
Casper Weinberger was Secretary of Defense during Iran-Contra. In June 1992 he was indicted by a federal grand jury on charges of concealing from congressional investigators and prosecutors thousands of pages of his handwritten notes. The personal memoirs taken during high level meetings, detailed events in 1985 and 1986 involving the Iran-Contra affair. Weinberger claimed he was being unfairly prosecuted because he would not provide information incriminating Ronald Reagan. Weinberger was scheduled to go on trial January 5, 1993, where the contents of his notes would have come to light and may have implicated other, unindicted conspirators. While Weinberger was never directly linked to the covert operations phase of the Iran-Contra affair, he is believed to have been involved in the cover-up of the ensuing scandal. According to Special Prosecutor Lawrence Walsh, Weinberger’s notes contain evidence of a conspiracy among the highest ranking Reagan Administration officials to lie to congress and the American public. Some of the notes are believed to have evidence against then Vice-President George Bush who pardoned Weinberger to keep him from going to trial.
Raymond Donovan, Secretary of Labor indicted for defrauding the New York City Transit Authority of $7.4. million.
{ Republicans will point out that Donovan was acquitted. And that really matters in Donovan’s case, because he was a Republican. But it didn’t matter for Clinton or any of his cabinet, most all of whom were acquitted, because they were Democrats!}
Elliott Abrams was appointed by President Reagan in 1985 to head the State Department’s Latin American Bureau. He was closely linked with ex-White House aide Lt. Col. Oliver North’s covert movement to aid the Contras. Working for North, Abrams coordinated inter-agency support for the contras and helped solicit illegal funding from foreign powers as well as domestic contributors. Abrams agreed to cooperate with Iran-Contra investigators and pled guilty to two charges reduced to misdemeanors. He was sentenced in 1991 to two years probation and 100 hours of community service but was pardoned by President George Bush.
Robert C. McFarlane was appointed Ronald Reagan’s National Security Advisor in October 1983 and become well-known as a champion of the MX missile program in his role as White House liaison to congress. In 1984, Mc Farlane initiated the review of U.S. policy towards Iran that led directly to the arms for hostages deal. He also supervised early National Security Council efforts to support the Contras. Shortly after the Iran-Contra scandal was revealed in early 1987, McFarlane took an overdose of the tranquilizer Valium in an attempt to end his life. In his own words: “What really drove me to despair was a sense of having failed the country.” McFarlane pled guilty to four misdemeanors and was sentenced to two years probation and 200 hours of community service. He was also fined $20,000. He received a blanket pardon from President George Bush.
Oliver North–Convicted of falsifying and destroying documents, accepting an illegal gratuity, and aiding and abetting the obstruction of Congress. Conviction overturned on appeal due to legal technicalities.
John Poindexter, Reagan’s national security advisor, –guilty of five criminal counts involving conspiracy to mislead Congress, obstructing congressional inquiries, lying to lawmakers, used “high national security” to mask deceit and wrong-doing.
Richard Secord pleaded guilty to a felony charge of lying to Congress over Iran-Contra.
Alan D. Fiers was the Chief of the Central Intelligence Agency’s Central American Task Force. Fiers pled guilty in 1991 to two counts of withholding information from congress about Oliver North’s activities and the diversion of Iran arms sale money to aid the Contras. He was sentenced to one year of probation and 100 hours of community service. Fiers agreed to cooperate with prosecutors in exchange for having his felonies reduced to misdemeanors and his testimony gave a boost to the long standing criminal investigation of Lawrence Walsh, Special Prosecutor. Fiers testified that he and three CIA colleagues knew by mid-1986 that profits from the TOW and HAWK missile sales to Iran were being diverted to the Contras months before it became public knowledge. Alan Fiers received a blanket pardon for his crimes from President Bush.
Clair George was Chief of the CIA’s Division of Covert Operations under President Reagan. In August 1992 a hung jury led U.S. District Judge Royce Lamberth to declare a mistrial in the case of Clair George who was accused of concealing from Congress his knowledge of the Iran-Contra affair. George had been named by Alan Fiers when Fiers turned state’s evidence for Lawrence Walsh’s investigation. In a second trial on charges of perjury, false statements and obstruction of justice, George was convicted of lying to two congressional committees in 1986. George faced a maximum five year federal prison sentence and a $20,000 fine for each of the two convictions. Jurors cleared George of five other charges including two counts of lying to a federal grand jury. Those charges would have carried a mandatory 10 months in prison upon conviction. Clair George received a blanket pardon for his crimes from President George Bush.
Duane R. (Dewey) Clarridge was head of the CIA’s Western European Division under President Reagan. He was indicted on November 29, 1991 for lying to congress and to the Tower Commission that investigated Iran- Contra. Clarridge was charged with five counts of perjury and two counts of making false statements for covering up his knowledge of a November 25, 1985 shipment of HAWK missiles to Iran. Clarridge was also suspected of diverting to the Contras weapons that were originally intended for the Afghan mujahaddeen guerrillas. Clarridge received a blanket pardon for his crimes on Christmas Eve 1992 from President George Bush.
Environmental Protection Agency’s favoritism toward polluters. Assistant administrator unduly influenced by chemical industry lobbyists. Another administrator resigned after pressuring employees to tone down a critical report on a chemical company accused of illegal pollution in Michigan. The deputy chief of federal activities was accused of compiling an interagency “hit” or “enemies” list, like those kept in the Nixon Watergate period, singling out career employees to be hired, fired or promoted according to political beliefs.
Anne Gorscuh Burford resigned amid accusations she politically manipulated the Superfund money.
Rita Lavelle was fired after accusing a senior EPA official of “systematically alienating the business community.” She was later indicted, tried and convicted of lying to Congress and served three months of a six-month prison sentence. After an extensive investigation, in August 1984, a House of Representatives subcommittee concluded that top-level EPA appointees by Reagan for three years “violated their public trust by disregarding the public health and the environment, manipulating the Superfund program for political purposes, engaging in unethical conduct and participating in other abuses.”.
Neglected nuclear safety. A critical situation involving nuclear safety had been allowed to develop during the Reagan era. Immense sums, estimated at 200 billion or more, would be required in the 1990s to replace and make safe America’s neglected, aging, deteriorating, and dangerous nuclear facilities.
Savings & Loan Bail-out. Hundreds of billions of dollars were needed to bail out savings and loan institutions that either had failed during the deregulation frenzy of the eighties or were in danger of bankruptcy.
Reckless airline deregulation. Deregulation of airline industry took too broad a sweep, endangering public safety.
Additionally:

Richard Allen, National Security adviser resigned amid controversy over an honorarium he received for arranging an interview with Nancy Reagan.
Richard Beggs, chief administrator at NASA was indicted for defrauding the government while an executive at General Dynamics.
Guy Flake, Deputy Secretary of Commerce, resigned after allegations of a conflict of interest in contract negotiations.
Louis Glutfrida, Director of the Federal Emergency Management Agency resigned amid allegations of misuses of government property.
Edwin Gray, Chairman of the Federal Home Loan Bank was charged with illegally repaying himself and his wife $26,000 in travel costs.
Max Hugel, CIA chief of covert operations who resigned after allegations of fraudulent financial dealings.
Carlos Campbell, Assistant Secretary of Commerce resigned over charges of awarding federal grants to his personal friends’ firms.
John Fedders, chief of enforcement for the Securities and Exchange Commission resigned over charges of beating his wife.
Arthur Hayes, Commissioner of the Food and Drug Administration resigned over illegal travel reimbursements.
J. Lynn Helms, chief of the Federal Aviation Administration resigned over a grand jury investigation of illegal business activities.
Marjory Mecklenburg, Deputy Assistant Secretary of the Department of Health and Human Resources resigned over irregularities on her travel vouchers.
Robert Nimmo, head of the Veterans Administration resigned when a report criticized him for improper use of government funds.
J. William Petro, U.S. Attorney fired and fined for tipping off an acquaintance about a forthcoming Grand Jury investigation.
Thomas C. Reed, White House counselor and National Security Council adviser resigned and paid a $427,000 fine for stock market insider trading.
Emanuel Savas, Assistant Secretary of HUD resigned over assigning staff members to work on government time on a book that guilty to expense account fraud and accepting kickbacks on government contracts.
Charles Wick, Director of the U.S. Information Agency investigated for taping conversations with public officials without their approval.

Delta stock after chapter 11?

Friday, January 16th, 2009
bankruptcy law

First of I read all the related posts. Thanks for all of your comments. I would love to hear TJs comment on the subject again.

It seems that there are many “vague”, could happen, might happen scenarios for the Delta stock.
1. Isn’t there somekind of law that dictates what MUST happen with a stock of a company after they are out of bankruptcy?
2. I own 5,000 shares of Delta. How can the stock be cancelled when they are out of bankruptcy. I invested in the company, doesn’t some kind of law requires Delta to replace my old stock (pre-bankruptcy) with the new stock (after bankruptcy)
3. Are they any previous United share holders on the forum? Could you share your experience what exactly happened with the new stock, and if you got any for your old stock?

Thanks for your insights. Please be specific if you could, not interested in general comments.

orderly payment of debts – what property can you keep and what is reposessed?

Friday, January 16th, 2009
bankruptcy law

Considering filing for Orderly payment of debts rather then bankruptcy and am not really familiar with it.

Years ago I had claimed bankruptcy for just under $3,000.00 when I was 20 and the trustee didn’t advise me of any other options just proceeded with a bankruptcy.

Years and years later, due to a new baby and my common law spouse not working in almost two years, a myriad of car repairs, etc. I am now facing bankruptcy again which I would like to avoid at all costs. Everything has been in my name and as such I am the sole person responsible for the debts.

Anyways, I was wandering if anyone has gone through the debt repayment program and if you were allowed to keep your vehicle, etc.

If anyone has any personl knowledge, would love to hear from you.

Thanks a million!
Sorry, I forgot to mention that I am located in Manitoba (Canada) so I’m sure that in different countries, the legislation would be different, but everyone’s exeperience with their own personal stuff and just their over-all general thoughts on the subject would be really appreciated.

Thanks
Thank you Wendy.

If you claim bankruptcy but already have your taxes done, what happens with your taxes?

Thursday, January 15th, 2009
bankruptcy law

I have claimed bankruptcy, but did my taxes as common-law last year. So my trustee said that I would again have to do my taxes as common-law this year for my bankruptcy. So not that the taxes are done, and my girlfriend is going to be claiming bankruptcy, what happens in regards to her taxes since there already done. Also does my girlfriend get her tax refund, or because it’s common-law does the trustee take her taxes as well?

Who has filed bankruptcy since the new law (10/05) took affect?

Wednesday, January 14th, 2009
bankruptcy law

Has anyone filed bankruptcy since October 2005 (under the new bankruptcy law) and would be willing to share their story?