Corporate officers of the debtor S-corporation deliberately over-payed federal taxes hoping that they could individually sue the IRS and regain the extra cash.
After ducking Silberman's calls for three months, the desperate debtor eventually let Silberman negotiate with creditors on the debtor's behalf.
It's certainly a better way to reduce the deficit than putting ourselves into a debtor's prison, and assume we can deflate our way to recovery.
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The seven stopped short of launching a debtor's cartel, but only just.
Enterprise Minister Fergus Ewing said the changes would freeze interest and charges from the time a debtor's application is submitted to their creditors.
Following the arbitration ruling, James filed for bankruptcy on May 27, 2009, one day before he was to sit for his Judgment Debtor's Examination, according to Nicholas' complaint.
Today, America is the world's biggest debtor, which could undermine the dollar's role as an anchor currency.
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This implies that someone in Brussels (or Frankfurt) will have a veto over a debtor country's budget.
Not so in consulting: Silberman's debtor clients either go out of business or climb out of debt--either way, they probably won't need his services again soon.
Today, America is the world's biggest debtor, with China as an important creditor.
The US also has a big deficit on its capital account, which has made it the world's largest debtor nation.
Indeed, some economists argue that America's relatively debtor-friendly bankruptcy laws explain why it has a more entrepreneurial culture than countries where the law provides greater protection to creditors.
Patients must either accept the insurance company's quick and guaranteed payment, or fight on through debtor-protection laws to get at the doctor's personal assets.
And that leaves Italy - the world's third-largest debtor - vulnerable.
His attack comes amid concerns the fund's stringent austerity measures for debtor nations are doing more harm than good whilst failing to contain a crisis that is now well into its third year.
The Florida courts have ruled that the state's homestead exemption applies even if a debtor acquires his home with "the specific intent to hinder, delay or defraud" creditors.
If you walk away from this exhibit with one general impression, it's this: We've long been a debtor nation, and we've long fought over how to finance and pay for that debt.
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But none of this affects creditor-debtor cases in state courts--which means Florida's status as a haven for those ducking debts is secure so long as the shirkers stay out of federal bankruptcy court.
In the U.S., you see, there was a Sovereign debtor and a central bank, the Federal Reserve, that together staved off the crisis by pouring trillions in the financial system here and in Europe.
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"There's a major distinction between the situation of an individual consumer and a corporate debtor, " Mr. Singerman said.
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That process can last longer than a U.S. Chapter 11 filing because officials, such as a judge, review whether the debtor meets eligibility requirements for a filing, and that can take a few months.
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This is where the Fed's unscientific narrative is dead wrong: That we need more debt and credit to fix our debtor nation problem.
The U.S. will pay the biggest political price for this lopsided approach because most of the large debtor nations are located in our hemisphere.
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