Dateline: Iowa, October 2009  - Iowa’s once premier homebuilder has filed for personal bankruptcy. James Myers’ Regency Homes failed more than a year ago, leaving hundreds of homeowners, real estate agents, contractors and subcontractors suffering from proverbial 3^rd-degree burns.  Since Myers’ bankruptcy case lists assets of just over $1 million with liabilities of more than $183 million, those creditors are sure to be closely examining Mr. Myers’ ledgers. Although many believe that his list of assets is understated and liabilities overstated, that leaves a mighty big chasm to leap.

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Making this filing of personal bankruptcy even more intriguing is the fact that Myers is posting garage sale prices for various household items. For example: $300 for a four-year-old, 52-inch LCD-TV, $200 for a Jenn-Air refrigerator and $75 for a set of golf clubs. He also placed a value of $7,000 for his 2006 Chevrolet Silverado 2500 truck, approximately half of the Kelley Blue Book value. Countering this, he has valued his home at $500,000, while the county assessor values it at about $377,000.

According to the Des Moines Register article, some of Mr. Meyers’ competitors feel that “he got into trouble as a real estate developer because he paid too much for property he wanted to develop.” He has been returning land and incomplete developments to lenders in an attempt to ease some of his enormous debt.

Are you facing a serious financial burden as well? Filing a personal bankruptcy may be the best option to clear away that debt. Speak with an experienced and compassionate bankruptcy lawyer by calling a Legal Helpers attorney today at 800-260-1402.

For a large percentage of the 7.2 million people who lost their jobs since the recession began in December 2007, emergency unemployment compensation is their sole capital.  Are they still entitled to these benefits when they file for Chapter 7 or Chapter 13?

Most states do not include your unemployment benefits in the “bankruptcy estate” that can be used to repay debts when you file: federal aid like social security and federal pensions are commonly exempt.  However, the rules of federal tax differ between Chapter 7 debt-discharges and Chapter 11 repayment plan bankruptcies. 

These rules can be especially confusing during a year when $2400 of your unemployment will go tax-free.  If you have received a share of emergency unemployment compensation during the year you file for bankruptcy, chances are it won’t affect your means test, but it can affect the details of your filing. 

Inquire with one of Legal Helpers’ adept attorneys to find out how a bankruptcy can affect your day-to-day life.  We can help crunch the numbers in your monthly budget when bankruptcy is the best solution: call one of our representatives for a free initial consultation at 1-800-262-1402.

Over 100,000 cases of personal bankruptcy are filed annually in South Korea. These are divided among 30 bankruptcy courts across the country; just 26 judges handle this huge caseload of over five cases per day each week. According to an article in the South Korean newspaper, The Dong-A Ilbo, ten of twelve district courts had approval rates of over 90%, “with those in Seoul, Chuncheon, Cheongui and Suwon recording 97%, and those in Uijeongbu and Jeonju 96%.”

Many people in South Korea are even changing their home addresses if they happen to live in a district with a lower (or slower) bankruptcy approval rating. One Busan (South Korea) man changed his residence address to one in Seoul to get bankruptcy relief from repaying 300 million won ($260,000) that he owes to various financial institutions. According to his lawyer, the bankruptcy system was more lenient in Seoul than in Busan.

Rep. Park Min-shik of South Korea’s Grand National Party, recently announced to that country’s parliamentary legislation and judiciary committee that just over 96% of bankruptcy cases filed were approved by the courts freeing most debtors from having to repay their debts.

If you need to file for personal bankruptcy in the United States, you need an experienced attorney to guide you through the complicated court system. You need to talk with a qualified and compassionate bankruptcy lawyer from Legal Helpers. Please call us today for the help you need at 800-260-1402.