February 26, 2011

Former ‘Bachelor’ Aaron Buerge Files for Bankruptcy

Posted in Bankruptcy tagged at 4:44 am by demetriagraves

Former Bachelor Aaron Buerge joined the ranks of celebrities that have filed for bankruptcy when he filed for Chapter 7 bankruptcy last week. Aaron who is a banker and restaurant owner has hinted that his problems were aggravated by the collapse of a bank that held a loan for his restaurant business – a loan that the new note-holder wanted him to pay back more quickly than he had planned. Aaron and his wife Angye McIntosh listed liabilities of $9.3 million and assets of $2.3 million. Included in the list of assets is Angye’s diamond engagement ring.

The Season 2 Bachelor star insists that he’s not broke or in financial distress and says that his businesses are operating normally, but he has filed for bankruptcy to protect some private assets that his creditors were after.

Aaron is now a married father of an 18-month-old girl, he has stated that protecting his loved ones is his top priority. Rather than getting into a long-drawn-out law-suit over the loan he felt that filing for bankruptcy was the best way to protect his family.

If you have any questions regarding filing for bankruptcy and want to find out if filing fr Chapter 7 bankruptcy may be right for you. I offer a free 30 minute telephone consultation where you can get all your questions answered.

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Christina Aguilera Finalizes Divorce from Jordan Bratman

Posted in Celebrity Divorce tagged at 4:37 am by demetriagraves

Christina Aguilera and Jordan Bratman have finalized their divorce, which will be made official on April 15, according to court papers. Aguilera, a 30-year-old Grammy-winning pop singer, and Bratman, a 33-year-old music marketer, married on Nov. 19, 2005. They have a 3-year-old son, Max.

Aguilera filed for divorce in the fall of 2010. She stated that the couple separated legally on September 11 and listed irreconcilable differences as the cause of the split.

Recently Bratman filed new papers in a bid to try and get their divorce finalized sooner. According California law where they both reside it takes six months for a divorce to become official. In his filing, made at a Los Angeles court it states that Bratman and Aguilera have worked out a private agreement over legal and physical custody of their son, spousal support and the division of their properties, assets and debts.

Aguilera and Bratman signed a prenuptial agreement when they married and the singer had previously requested that all of her earnings, even those made while she was married to him, are treated as her own property during the divorce proceedings.

Prior to Bratman’s filing, she had asked for joint custody of Max and that the court deny her husband spousal support from her. Bratman has requested that the court’s ability to award spousal support to Aguilera, who is worth some $60 million, be terminated.

 

February 24, 2011

Former ‘Bachelor’ Aaron Buerge Files for Bankruptcy

Posted in Bankruptcy tagged at 4:48 pm by demetriagraves

Former Bachelor Aaron Buerge joined the ranks of celebrities that have filed for bankruptcy when he filed for Chapter 7 bankruptcy last week. Aaron who is a banker and restaurant owner has hinted that his problems were aggravated by the collapse of a bank that held a loan for his restaurant business – a loan that the new note-holder wanted him to pay back more quickly than he had planned. Aaron and his wife Angye McIntosh listed liabilities of $9.3 million and assets of $2.3 million, listed among their assets is Angye’s diamond engagement ring.

The Season 2 Bachelor star insists that he’s not broke or in financial distress and says that his businesses are operating normally, but he has filed for bankruptcy to protect some private assets that his creditors were after.

Aaron is now a married father of an 18-month-old girl, he has stated that protecting his loved ones is his top priority. Rather than getting into a long-drawn-out law-suit over the loan he felt that filing for bankruptcy was the best way to protect his family.

If you have any questions regarding filing for bankruptcy and want to find out if filing fr Chapter 7 bankruptcy may be right for you. I offer a free 30 minute telephone consultation where you can get all your questions answered.

Christina Aguilera Finalizes Divorce from Jordan Bratman

Posted in Celebrity Divorce tagged at 4:43 pm by demetriagraves

Christina Aguilera and Jordan Bratman have finalized their divorce, which will be made official on April 15, according to court papers. Aguilera, a 30-year-old Grammy-winning pop singer, and Bratman, a 33-year-old music marketer, married on Nov. 19, 2005. They have a 3-year-old son, Max. Aguilera filed for divorce in the fall of 2010. She stated that the couple separated legally on September 11 and listed irreconcilable differences as the cause of the split.

Recently Bratman filed new papers in a bid to try and get their divorce finalized sooner. According California law where they both reside it takes six months for a divorce to become official. In his filing, made at a Los Angeles court it states that Bratman and Aguilera have worked out a private agreement over legal and physical custody of their son, spousal support and the division of their properties, assets and debts.

Aguilera and Bratman signed a prenuptial agreement when they married and the singer had previously requested that all of her earnings, even those made while she was married to him, are treated as her own property during the divorce proceedings. Prior to Bratman’s filing, she had asked for joint custody of Max and that the court deny her husband spousal support from her. Bratman has requested that the court’s ability to award spousal support to Aguilera, who is worth some $60 million, be terminated.

 

February 17, 2011

Chapter 7 Bankruptcy – What you should ask your attorney

Posted in Bankruptcy tagged at 4:13 am by demetriagraves

Many clients don’t realize that the typical individual chapter 7 bankruptcy process involves filing a petition with a bankruptcy court in the local area in which that person resides. This is the official beginning of filing for chapter 7 bankruptcy but there are many steps that typically need to be done before you get to the point where you can file your petition with your local court. This is why it’s important to seek individual consultation from a competent bankruptcy attorney who is well versed with the personal bankruptcy eligibility requirements and process.

Before initiating the chapter 7 bankruptcy process, there are four important areas that you will want to discuss with your attorney, so that you can be sure you are on the right track and fully understand what is involved. Such a move could be vital to get some useful clarifications regarding the below mentioned aspects associated with filing a chapter 7 bankruptcy.
  1. Determine if there are other viable alternatives to filing bankruptcy. There could be a few simple remedies that might apply to your specific case which could be considered initially. You will want to make sure that all other options have been tried and or considered before filing for bankruptcy.
  2. Find out the qualification criteria for filing chapter 7 bankruptcy. This is done by taking into account various parameters such as monthly income, expenses and details of all outstanding debts.
  3. Some debts aren’t dischargeable, therefore it’s important to understand the specific portion of debts that could qualify for a complete discharge through chapter 7 and which debts cannot get discharged.
  4. Get some general information on the effects that may accrue by filing for chapter 7 bankruptcy as well as whether a debtor can file for bankruptcy in future and after how much time.

If you have further questions regarding filing for bankruptcy, I offer a free 30 minute telephone consultation where you can get all your questions answered.

Brooke Mueller’s Child Support To Match Charlie Sheen’s Ex

Posted in Celebrity Divorce, Child Support tagged , at 4:10 am by demetriagraves

Brooke Mueller and Charlie Sheen’s marriage is over and Brooke is now the third ex-wife to the troubled “Two And A Half Men” actor but Brooke won’t be walking away empty handed. Brooke Mueller’s divorce settlement will include; $55,000 a month in child support for their twin sons, Bob and Max.

In addition to child support, Mueller will receive half of the residuals and royalties from Getty Images Baby Photos, a 2009 Mercedes S600, a lump sum of $757,689.70 and about $1.2 million for her share of their home, which Sheen will keep.

There are rumors of a dime war and that Brooke made sure that under no circumstances the child support paid by Charlie for Bob and Max be less than the child support paid by Charlie to Denise Richards for Sam and Lola.

Charlie and Brooke will get joint custody of the twins, though Brooke will get primary physical custody. Under Californian law, a divorce decree isn’t granted until six months after papers are filed, meaning it will not be complete until May 2. Though I’m sure that Charlie regards himself as officially single again. I wonder who will be wife number four?

February 12, 2011

Ashlee Simpson Files for Divorce from Pete Wentz

Posted in Celebrity Divorce tagged at 11:25 am by demetriagraves

Ashelee Simpson, 26 has filed for divorce from Pete Wentz, 31 of Fall Out Boy after two and a half years of marriage. Their break-up is expected to be very amicable so there shouldn’t be any bitter fallout between the soon to be ex-couple. It’s rumored that they have been growing apart for sometime and there is said to be no third party involved in the split.

Ashlee is reportedly asking for child support for their two-year-old Bronx as well as spousal support . Simpson has claimed “irreconcilable differences” as the reason for the divorce. Hopefully the custody hearing goes a little smoother than the recent battle between Halle Berry and Gene Aubrey .

After hanging out in the same social circles for years, Simpson and Wentz  got romantic in late 2006 – and raced to the altar in May 2008, when she was 3-months pregnant. They did not draw up a pre-nuptial agreement.

In a recent statement released by their spokesperson, they said: “We remain friends and deeply committed and loving parents to our son Bronx, whose happiness and well-being remains our number one priority.”

 

Is Bankruptcy a Good Option?

Posted in Bankruptcy tagged at 11:14 am by demetriagraves

We’ve been in a recession and many people are having a tough time making ends meet. Unemployment and mounting consumer debt are putting many Americans on the brink of insolvency. Cash strapped households are desperately looking for solutions. To get relief many turn to bankruptcy – but is bankruptcy a good option for everyone struggling to make ends meet? The answer depends on your individual situation and consulting an experienced bankruptcy attorney should be your first step. But here are some bankruptcy basics to help you decide if bankruptcy is right for you.

Bankruptcy is governed by federal law. This means the law is the same and will not change from State-to-State. There are some limited exceptions to this but those exceptions are highly technical and aren’t relevant here.
The simplest and the most straight forward bankruptcy is a Chapter 7. If the debtor’s assets are less than what the debtor owes, the debtor may file for Chapter 7 protection. The filing of the bankruptcy petition will trigger the automatic stay. This means creditors, collection agencies, and even the IRS cannot contact the debtor. The automatic stay remains in effect for as long as the case is pending before the bankruptcy court. In most consumer bankruptcies, this is usually several months.
Once the case is concluded, the bankruptcy judge issues what is known as a discharge order. A discharge order relieves the debtor from responsibility to pay the debts the court has discharged. Unless a debt is specifically mentioned in the discharge order, it is not discharged.
Certain types of debts are not dischargeable. The best examples are student loans, child and spousal support obligations, criminal fines, and certain legal judgements. Therefore, bankruptcy is not helpful to those whose financial difficulties stem from non-dischargeable debts. An experienced attorney is the best person to analyze debts in order to determine which of your debts are dischargeable.

If you have further questions regarding filing for bankruptcy, I offer a free 30 minute telephone consultation where you can get all your questions answered.

February 3, 2011

Halle Berry’s Custody Battle

Posted in Child Support, Custody tagged , , at 11:33 am by demetriagraves

Halle Berry’s ex, underwear model Gabriel Aubry, wants child support and custody of their 2-year-old daughter Nahla. Halle tried to keep her custody dispute with Aubry private but their custody battle went public after Gabriel filed for joint custody and child support last week. In court documents, Gabriel complained that he was unable to see and co-parent his daughter because Halle takes the child with her overseas to visit her boyfriend, French actor Olivier Martinez when he’s not visiting her in Los Angeles.
It’s rumored that Halle is so worried about this latest development that she’s cancelled her film work and appearances to be available to battle him in court. It was thought that they had worked things out between them outside of court after their break up in 2009. But apparently Gabriel has hired lawyers in Canada (where he resides) and the United States to represent him.
Halle, 44, released a statement recently claiming that she has “serious concerns for her daughter’s well-being while in the care of her father for any extended period of time and is prepared to take all necessary steps to protect her.”
Meanwhile Gabriel, 35, is ready to fight and is trying to seek custody of Nahla, who has dual citizenship, because of her Canadian-born father. Gabriel will argue that he can provide Nahla with a much more stable, consistent home life than Halle. He is willing to totally put his career on hold to care for her, whereas Halle is constantly traveling around the world and working on film sets.  Halle is trying to build a case that Gabriel is an unfit father and it’s rumored that she is pushing hard to try to get a hearing at family court before the end of the week – something she has, so far had no joy achieving.

 

 

Chapter 7 Means Test

Posted in Bankruptcy tagged at 11:25 am by demetriagraves

One of the most common questions I get asked regarding Chapter 7 bankruptcy is regarding the means test and what it takes to qualify for bankruptcy. Basically, if your current income is lower than the IRS average income for a comparable family size then you are allowed to file for chapter 7 bankruptcy protection. This is a simple way of describing the means test but what happens if your income is higher than the average? For those people wondering the same question, I am going to go over the Chapter 7 means test in more detail.

The means test actually consists of several steps. The first step in the Chapter 7 bankruptcy means test is simple: You compare your income to the median income in your state for a family the same size as yours. If your income adjusted for family size falls below those numbers, that’s it. You can be fairly certain that it is possible to file for chapter 7 bankruptcy. If your income is higher than the median income, it doesn’t necessarily mean that you can’t file for Chapter 7 bankruptcy; it just triggers the second step in the test.

In this second arm of the means test, a bankruptcy attorney will review your financial situation. Certain allowable expenses (as determined by IRS guidelines) are subtracted from your income to find your “disposable income.” If your projected disposable income over the next five years totals less than $6,000 ($100/month), you should be able to file bankruptcy under Chapter 7. If your disposable income is greater than $10,000 over the next five years, a presumption arises that you don’t really need to file for Chapter 7 bankruptcy and you may only be allowed to do so if you can demonstrate special circumstances.  In the gray area between $6,000 and $10,000, yet another calculation is often required which compares your disposable income over the next five years to a percentage of your unsecured debt to determine whether any significant repayment to your creditors is possible.

One obvious “special circumstance” might be that the debtor is now unemployed and doesn’t really have the ability to pay that a means test may suggest. So even if you think that you may not qualify for Chapter 7 bankruptcy, it’s always worthwhile consulting with an experienced bankruptcy attorney to discuss your unique financial situation. If you have further questions regarding filing for bankruptcy, I offer a free 30 minute telephone consultation where you can get all your questions answered.