Experiencing difficulties with your finances? Considering bankruptcy as the only possible solution to solve your problems? There is an alternative to bankruptcy.Bankruptcy should only be considered as a last resort. Although bankruptcy is seen as a positive way to release you from your debts, it comes with restrictions that have long term effects, and you may find it difficult to obtain future credit. An alternative to bankruptcy is an Individual Voluntary Agreement (IVA), a legally binding agreement between you and your creditors. An IVA is less invasive than declaring yourself bankrupt and is intended to help reduce your debt by arranging affordable monthly repayments with your creditors. Interest charges can be reduced or stopped during the period agreed between you and your creditors. This period is usually 5 years, after this your debt will be settled.
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National Century filed for Chapter 11 bankruptcy protection in 2002 after ratings on its bonds were cut to junk, employees started receiving bad checks from the business and the FBI raided the company’s headquarters.
According to the latest indictment, Poulsen and Demmler were attempting to bribe a witness who is planning to testify against Poulsen and others at the federal criminal trial in February. Demmler, the indictment alleged, met with the unnamed witness in June and told her that Poulsen wanted to make her “whole.” The indictment further alleged that during a September telephone conversation between Poulsen and Demmler, the two agreed that “the only thing to do … is maybe, uh, try to get the (witness) to, you know, ha-have some problems thinking about knowing certain things, you know what I’m saying.”
National Century president indicted over attempted witness tampering - Business First of Columbus:
Dann, Ex-Footballer, Tackles Fraud Cases, Targets Wall Street By AARON LUCCHETTI October 8, 2007
One of the sharpest attacks on Wall Street these days is coming from the Midwest. That is where Ohio Attorney General Marc Dann assigns much of the blame for the state’s record mortgage-foreclosure rate — a mess he calls “the largest financial scam in American history.”
The 45-year-old Democrat has pursued several mortgage cases closer to home, delaying foreclosures involving New Century Financial Corp., a home lender now operating under bankruptcy-court protection. He has sued more than a dozen lenders and brokers for allegedly inflating home appraisals and engaging in other practices that misled troubled homeowners.
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