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

Archive for May, 2009

Can a 401plan be reinvested without being terminated from a company?

Thursday, May 21st, 2009
bankruptcy law

There is reason to believe that my mother-in-laws 401 is being mismanaged, if there at all.
The company is verging on bankruptcy and she wants to reinvest in CDs or another 401 plan since her lifes sanings is invested in the company.
They will not allow her to withdraw any funds unless she resigns or is terminated.
She is too intimidated to continue asking like she has been for a few months.
Please help as soon as possible.
Thank You

How does Bankruptcy Work?

Thursday, May 21st, 2009
bankruptcy law

I am about $30,000 in debt and I make $36,000 a year. I live in VA and am considering bankruptcy. I rent an apartment and have a car. Other than that I have under $1,000 in my bank account. What can I expect from bankruptcy and what will be done will all my debt? I have heard of payment plans and changes in bankruptcy law.

Chapter 7 bankruptcy?

Thursday, May 21st, 2009
bankruptcy law

Hello guys. I was wondering if anyone could answer this question for me. Under the new BK law, you cannot file Chapter 7 BK if you got a discharge less than 8 years ago. My question is…Is it from the time that you filed 8 years ago or is it the month you received a discharge 8 years ago? Because I filed for BK in 4/99(Which would be 8 years next month) but I received my discharge 7/99(Which would be this July). Just kind of confused on the 8 year rule. Thanks guys

In the matter of the Enron fraud/collapse.was CEO Jeff Skilling given to harsh a sentence?

Wednesday, May 20th, 2009
bankruptcy law

Ex-Enron CEO Skilling Gets 24 Years in Prison

By Shaheen Pasha, CNNMoney

HOUSTON (Oct. 23) - Former Enron Chief Executive Jeffrey Skilling, who gained infamy as the man who orchestrated the largest corporate fraud in history, was sentenced to more than 24 years in jail Monday.

In addition, Judge Lake denied defense attorney Daniel Petrocelli’s request to lower the sentence by 10 months in order to allow Skilling to serve his sentence at a lower security- level penitentiary.

More than 4,000 Enron employees lost their jobs - and many their life savings - when the company declared bankruptcy in December 2001. Investors lost billions.

Enron’s collapse marked the first of the high-profile corporate scandals that rocked the nation after the 1990s economic boom, followed by WorldCom, Global Crossing, Adelphia and Tyco. The wave of fraud led to passage of the Sarbanes-Oxley law that tightened oversight of how American companies are audited.

How to go from IP to other areas of paralegal work?

Tuesday, May 19th, 2009
bankruptcy law

I have an immediate opportunity to do IP paralegal work. Of the areas of legal work, IP holds the least amount of interest for me. I would much more prefer to work in criminal , family, employment, or bankruptcy law. But I do not believe I should pass up this opportunity. They will pay for the IP certification. That is, the paralegal certification, but only in IP.

Question, Will I be able to easily transfer to another area of legal work in 2-3 years with this IP certification? If so, what area of paralegal work transfers easiest? Possibly mention something, if applicable, relating to demand and supply of that area. Examples can be litigation, contracts and so forth. thanks.

Is it illegal in Illinois for a supervisor to lie about a job reference of a former employee?

Tuesday, May 19th, 2009
bankruptcy law

The law firm I worked at for 11 years filed bankruptcy and went out of business. It was a large firm with over 400 employees nationally and internationally. My former supervisor is flat out lying when employment agencies call her for my reference. I was a very good employee and never had any problems. In fact, I was promoted twice and worked for the managing partner when the firm folded. This former supervisor is angry with me because I upset a mutual friend and when the employment agency called her for a reference she told them I had suffered a nervous breakdown, was unstable and a few other things. These are just flat out lies! I don’t know who to contact about my employment records from the firm because they are out of business.

Can I file a suit or report this woman to a governmental agency even if the firm is out of business? How do I keep this woman from slandering my name?

Where can I find a specific list of non-exempt assets for chapter 7 bankruptcy in Arizona?

Monday, May 18th, 2009
bankruptcy law

I would like a more detailed listing of what my non-exempt assets are under the law when filing chapter 7? Are my pets non-exempt? What about clothing, food, appliances, etc? I am going grazy doing google and yahoo searches. Can anyone please help me find this list? Any serious help is much appreciated. Thanks.

If you defaulted on a school loan cause you weren’t able to repay it back please answer this question.thanks

Saturday, May 16th, 2009
bankruptcy law

Sure, they can take away your tax return checks and withold a partion of your checks, you won’t be able to take out a future loan for school, creditors will be hounding you for money all the time, they can seize your car to resell it towards the balance on your loan. Bankrupty is no longer an option since Bush signed the bill a few years ago that changed the bankruptcy laws. But how did you resolve your own situation? I’m not looking for a loop hole to get out of repaying it. But I need to know what options are avaiable for people who honestly can’t afford to repay their loans. Thanks

Filed Bankruptcy in 2002, do the recent 2005 laws effect me? I filed Chapter 13 Bankruptcy in 2002?

Saturday, May 16th, 2009
bankruptcy law

My mother filed Chapter 13 Bankruptcy in Feb. 2002, She wants to file Bankruptcy again and I believe back in ‘02 it was that you couldn’t file Bankruptcy for about 6 years, and which in this case it’s been 6 years. But laws changed in 2005, does that effect my mother or no? Also, what chapter would she be able to file Bankruptcy in? Thanks!

A brief, but interesting history lesson.// Got this e mailed to me what do you think?

Friday, May 15th, 2009
bankruptcy law

A brief, but interesting history lesson.

Sixty-three years ago, Nazi Germany had overrun almost all of Europe and

hammered England to the verge of bankruptcy and defeat, and had sunk more

than four hundred British ships in their convoys between England and America

for food and war materials.

At that time the U.S. was in an isolationist, pacifist mood, and most

Americans wanted nothing to do with the European or the Asian war.

Then along came Pearl Harbor on December 7, 1941, and in outrage Congress

unanimously declared war on Japan, and the following day on Germany, which

had not yet attacked us. It was a dicey thing. We had few allies.

France was not an ally, as the Vichy government of France quickly aligned

itself with its German occupiers. Germany was certainly not an ally, as

Hitler was intent on setting up a Thousand Year Reich in Europe. Japan was

not an ally, as it was well on its way to owning and controlling all of

Asia. Together, Japan and Germany had long-range plans of invading Canada

and Mexico, as launching pads to get into the United States over our

northern and southern borders, after they finished gaining control of Asia

and Europe. America’s only allies then were England, Ireland, Scotland,

Canada, Australia, and Russia. That was about it. All of Europe, from

Norway to Italy, except Russia in the east, was already under the Nazi heel.

America was certainly not prepared for war. America had drastically

downgraded most of its military forces after WWI and throughout the

depression, so that at the outbreak of WW2, army units were training with

broomsticks because they didn’t have guns, and cars with “tank” painted on

the doors because they didn’t have real tanks. And a huge chunk of our navy

had just been sunk or damaged at Pearl Harbor.

Britain had already gone bankrupt, saved only by the donation of $600

million in gold bullion in the Bank of England, that was actually the

property of Belgium, given by Belgium to England to carry on the war when

Belgium was overrun by Hitler (a little known fact). Actually, Belgium

surrendered on one day, because it was unable to oppose the German invasion,

and the Germans bombed Brussels into rubble the next day just to prove they

could. Britain had already been holding out for two years in the face of

staggering shipping loses and the near-decimation of its air force in the

Battle of Britain, and was saved from being overrun by Germany only because

Hitler made the mistake of thinking the Brits were a relatively minor threat

that could be dealt with later, and first turning his attention to Russia,

at a time when England was on the verge of collapse, in the late summer of

1940.

Ironically, Russia saved America’s butt by putting up a desperate fight for

two years, until the U.S. got geared up to begin hammering away at Germany.

Russia lost something like 24 million people in the sieges of Stalingrad and

Moscow alone… 90% of them from cold and starvation, mostly civilians, but

also more than a MILLION soldiers.

Had Russia surrendered, Hitler would have been able to focus his entire war

effort against the Brits, then America. And the Nazis could possibly have

won the war.

All of this is to illustrate that turning points in history are often dicey

things. And now, we find ourselves at another one of those key moments in

history.

There is a very dangerous minority in Islam that either has, or wants and

may soon have, the ability to deliver small nuclear, biological, or chemical

weapons, almost anywhere in the world.

The Jihadis, the militant Muslims, are basically Nazis in Kaffiyahs — they

believe that Islam, a radically conservative form of Wahhabi Islam, should

own and control the Middle East first, then Europe, then the world. And that

all who do not bow to their will of thinking should be killed, enslaved, or

subjugated. They want to finish the Holocaust, destroy Israel, and purge

the world of Jews. This is their mantra.

There is also a civil war raging in the Middle East — for the most part not

a hot war, but a war of ideas. Islam is having its Inquisition and its

Reformation, but it is not known yet which will win — the Inquisitors, or

the Reformationists.

If the Inquisition wins, then the Wahhabis, the Jihadis, will control the

Middle East, the OPEC oil, and the US, European, and Asian economies. The

techno-industrial economies will be at the mercy of OPEC — not an OPEC

dominated by the educated, rational Saudis of today, but an OPEC dominated

by the Jihadis.

You want gas in your car? You want heating oil next winter? You want the

dollar to be worth anything? You better hope the Jihad, the Muslim

Inquisition, loses, and the Islamic Reformation wins.

If the Reformation movement wins, that is, the moderate Muslims who believe

that Islam can respect and tolerate other religions, and live in peace with

the rest of the world, and move out of the 10th century into the 21st, then

the troubles in the Middle East will eventually fade away, and a moderate

and prosperous Middle East will emerge.

We have to help the Reformation win, and to do that we have to fight the

Inquisition, i.e., the Wahhabi movement, the Jihad, Al Qaeda and the Islamic

terrorist movements. We have to do it somewhere. And we can’t do it

everywhere at once. We have created a focal point for the battle at a time

and place of our choosing……..in Iraq.

Not in New York, not in London, or Paris or Berlin, but in Iraq, where we

are doing two important things.

(1) We deposed Saddam Hussein. Whether Saddam Hussein was directly

involved in 9/11 or not, it is undisputed that Saddam has been actively

supporting the terrorist movement for decades. Saddam is a terrorist.

Saddam is, or was, a weapon of mass destruction, who is responsible for the

deaths of probably more than a million Iraqis and two million Iranians.

(2) We created a battle, a confrontation, a flash point, with Islamic

terrorism in Iraq. We have focused the battle. We are killing bad people,

and the ones we get there we won’t have to get here. We also have a good

shot at creating a democratic, peaceful Iraq, which will be a catalyst for

democratic change in the rest of the Middle East, and an outpost for a

stabilizing American military presence in the Middle East for as long as it

is needed.

World War II, the war with the German and Japanese Nazis, really began with

a “whimper” in 1928. It did not begin with Pearl Harbor. It began with the

Japanese invasion of China. It was a war for fourteen years before America

joined it. It officially ended in 1945 — a 17 year war — and was followed

by another decade of U.S. occupation in Germany and Japan to get those

countries reconstructed and running on their own again … a 27 year war.

World War II cost the United States an amount equal to approximately a full

year’s GDP — adjusted for inflation, equal to about $12 trillion dollars.

WWII cost America more than 400,000 killed in action, and nearly 100,000

still missing in action.

The Iraq war has, so far, cost the US about $160 billion, which is roughly

what 9/11 cost New York. It has also cost about 2,200 American lives, which

is roughly 2/3 of the 3,000 lives that the Jihad snuffed on

9/11. But the cost of not fighting and winning WWII would have been

unimaginably greater — a world dominated by German and Japanese Nazism.

Americans have a short attention span, conditioned by 30 second sound bites,

60 minute TV shows, and 2 hour movies in which everything comes out okay.

The real world is not like that. It is messy, uncertain, and sometimes

bloody and ugly. Always has been, and probably always will be.

The bottom line is that we will have to deal with Islamic terrorism until we

defeat it, whenever that is. It will not go away if we ignore it.

If the U.S. can create a reasonably democratic and stable Iraq, then we have

an “England” in the Middle East, a platform, from which we can work to help

modernize and moderate the Middle East. The history of the world is the

clash between the forces of relative civility and civilization, and the

barbarians clamoring at the gates. The Iraq war is merely another battle in

this ancient and never-ending war. And now, for the first time ever, the

barbarians are about to get nuclear weapons. Unless somebody prevents them.

We have four options:

1. We can defeat the Jihad now, before it gets nuclear weapons.

2. We can fight the Jihad later, after it gets nuclear weapons (which may

be as early as next year, if Iran’s progress on nuclear weapons is what Iran

claims it is).

3. We can surrender to the Jihad and accept its dominance in the Middle

East, now, in Europe in the next few years or decades, and ultimately in

America.

4. Or, we can stand down now, and pick up the fight later when the Jihad is

more widespread and better armed, perhaps after the Jihad has dominated

France and Germany and maybe most of the rest of Europe. It will, of

course, be more dangerous, more expensive, and much bloodier.

If you oppose this war, I hope you like the idea that your children, or

grandchildren, may live in an Islamic America under the Mullahs and the

Sharia, an America that resembles Iran today.

The history of the world is the history of civilizational clashes, cultural

clashes. All wars are about ideas, ideas about what society and

civilization should be like, and the most determined always win.

Those who are willing to be the most ruthless always win. The pacifists

always lose, because the anti-pacifists kill them.

Remember, perspective is everything, and America’s schools teach too little

history for perspective to be clear, especially in the young American mind.

The Cold war lasted from about 1947 at least until the Berlin Wall came down

in 1989. Forty-two years. Europe spent the first half of the 19th century

fighting Napoleon, and from 1870 to 1945 fighting Germany.

World War II began in 1928, lasted 17 years, plus a ten year occupation, and

the U.S. still has troops in Germany and Japan. World War II resulted in

the death of more than 50 million people, maybe more than 100 million

people, depending on which estimates you accept.

The U.S. has taken more than 2,000 KIA in Iraq. The U.S. took more than

4,000 killed in action on the morning of June 6, 1944, the first day of the

Normandy Invasion to rid Europe of Nazi Imperialism. In WWII the US

averaged 2,000 KIA a week — for four years. Most of the individual battles

of WWII lost more Americans than the entire Iraq war has done so far.

But the stakes are at least as high … A world dominated by representative

governments with civil rights, human rights, and personal freedoms … or a

world dominated by a radical Islamic Wahhabi movement, by the Jihad, under

the Mullahs and the Sharia (Islamic law).

It’s difficult to understand why the American left does not grasp this. They

favor human rights, civil rights, liberty and freedom, but evidently not for

Iraqis.

“Peace Activists” always seem to demonstrate here in America, where it’s

safe.

Why don’t we see Peace Activist demonstrating in Iran, Syria, Iraq, Sudan,

North Korea, in the places that really need peace activism the most?

The liberal mentality is supposed to favor human rights, civil rights,

democracy, multiculturalism, diversity, etc., but if the Jihad wins,

wherever the Jihad wins, it is the end of civil rights, human rights,

democracy, multiculturalism, diversity, etc. Americans who oppose the

liberation of Iraq are coming down on the side of their own worst enemy.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Raymond S. Kraft is a writer living in Northern California. Please consider

passing along copies of this article to students in high school, college and

university as it contains information about the American past that is very

meaningful today — history about America that very likely is completely

unknown by them (and their instructors, too). By being denied the facts of

our history, they are at a decided disadvantage when it comes to reasoning

and thinking through the issues of today. They are prime targets for

misinformation campaigns beamed at enlisting them in causes and beliefs that

are special interest agenda driven
I about did as well lol but it was an interesting article.
Riser how do you know I am foreigner and not an American gringo? Damn your ignorant lol
RUSS your answer only sows that you lack attention to detail. This is an article that was written and i am posting it for opinions.
RUSS your answer only shows that you lack attention to detail. This is an article that was written and i am posting it for opinions.
RUSS your answer only shows that you lack attention to detail. This is an article that was written and I am posting it for opinions.
Casey

There is a question to this post. What do you think about this article written by Mr. Kraft from Northern California? Now that I have rephrased the question do you have an opinion? :)