Bankruptcy

The Latest on Debt Collection Laws & Rules

Posted on March 28, 2011
As you may already know, consumers in the United States are protected by a number of consumer protection laws designed to make sure merchants and service providers do not take more than a reasonable amount of consumers? money. One consumer protection law, the Fair Debt Collection Practices Act, outlines how debt collectors are permitted to do [...

The Latest on Student Debt and Underwater Homes

Posted on March 23, 2011
New reports highlight some interesting information about two topics near and dear to those who have filed or are considering filing for bankruptcy: underwater mortgages and student loan debt. Here?s a look at what kind of picture the latest numbers paint...

Protect Your Money: Avoid Charity Scams

Posted on March 21, 2011
The recent earthquake and tsunami in Japan have left many people in the United States eager to offer financial aid to the country and its citizens. But, as the Federal Trade Commission warns, it?s easy to get duped by unscrupulous scammers posing as charitable organizations...

New Consumer Protection at the Bank?

Posted on March 16, 2011
A recent press release from the National Consumer Law Center highlights a new federal rule that, if not modified in the next two months, will take effect May 1st and should better protect the bank accounts of people receiving government benefits. Here?s what you need to know...

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Top Consumer Complaints of 2010

Posted on March 14, 2011
The Federal Trade Commission has released a report on the consumer complaints it received from Americans in 2010, and the list illuminates many of the financial and privacy concerns important to the American people. Here?s a look at the top ten issues that sparked the most consumer outrage, as well as some tips for dealing with [...

The Latest Consumer Protection from the FTC

Posted on March 10, 2011
The Federal Trade Commission?s annual National Consumer Protection Week is upon us (March 6 ? 12, 2011) and that means it?s a great time to brush up on information about money, credit and the consumer protections available to you ? just because you happen to live in the United States...

One Bandwagon to Hop on: Credit Card Spending Down

Posted on March 09, 2011
Consumer credit use has dropped since the beginning of the Great Recession, which seems like good news for a country plagued by excessive consumer debt (often in the unhealthy, revolving credit-card type), as a recent report from Credit.com notes. Here?s a look at some potential causes of that dip and how you can resist the urge [...

The Latest on Foreclosures & Home Sales in the U.S.

Posted on March 02, 2011
Because the current recession was caused in large part by questionable practices in the mortgage market, home sales and foreclosure rates have been particularly interesting to monitor as an overall indicator of the economy?s rate of recovery. Here?s a look at some of the latest findings and reports about the industry...

Personal Finance Taking a Hit as Banks Close in Poorer Areas

Posted on February 28, 2011
A recent report from the New York Times highlights a troubling change in the banking industry: according to the Times, banks across the country have taken to closing branches in middle- and low-income neighborhoods even as they maintained or opened new branches in wealthier areas...

Checking in on the Credit CARD Act

Posted on February 23, 2011
A recent report from the Center for Responsible Lending suggests that the reforms introduced by the Credit CARD Act of 2009 are working to improve transparency in the marketing of credit cards to consumers. In case you need a refresher course, the Credit Card Accountability Responsibility and Disclosure Act was designed to improve transparency from banks [...

The Changing Face of Mortgage Loans

Posted on February 21, 2011
Since the start of the mortgage foreclosure crisis in 2007, the mortgage industry in the U.S. has changed significantly. And, according to a recent piece in the Wall Street Journal, one of the latest changes being noted is a push by banks for larger down payments on mortgage loans...

It?s Getting More Expensive to Have Your Identity Stolen

Posted on February 16, 2011
A new report from Javelin Strategy & Research uncovers some potentially troubling numbers about the changing face of identity theft. Here?s a look at the report?s findings and some reminders about what you can do to protect yourself, your identity, and your credit...

A Look at Consumer Debt Where You Live

Posted on February 15, 2011
Though the U.S. economy is certainly not in top health just yet, a number of indicators suggest that we may be pulling out of this recession ? but that may be a mixed blessing for many consumers. Two recent reports (one from the Federal Reserve and one from CareOne Services) suggest that Americans have started spending [...

The Latest on the Foreclosure Crisis

Posted on February 09, 2011
Since the housing boom of the early 2000s, the housing picture in the U.S. has changed dramatically, as anyone struggling to make mortgage payments each month already knows. But exactly what is the state of mortgages and foreclosures right now in the country? Here?s a look at some indicators that say a lot...

Nothing Says ?I Love You? Like Avoiding Identity Theft

Posted on February 07, 2011
With Valentine?s Day around the corner, many Americans are likely thinking about ways to treat their loved ones, or considering their options for meeting a romantic partner. And in the age of online dating and connections, the Federal Trade Commission has issued a guide for keeping your personal information (and money) safe from identity thieves [...

Spend Smarter to Save Time & Money

Posted on February 02, 2011
As anyone recovering from bankruptcy, trying to eliminate debt or otherwise reshaping their finances knows, shopping and buying new things can be a source of stress ? after all, we all need stuff now and then (whether it's a new part for a car, a new refrigerator or new shoes for our kids)...

Keep Your Debt Elimination Motivation High

Posted on January 31, 2011
Whether you?ve committed to a Chapter 13 bankruptcy repayment plan or you're paying off debt without help from the bankruptcy court, it's essential that you stay with your plan over the long term ? otherwise, you may never get to the payoff of being debt free...

Avoid Refund Anticipation Loans this Tax Season!

Posted on January 26, 2011
If you?re counting on a tax refund this year, you may have heard of refund anticipation loans (or RALs), which some tax-preparation services offer to people as part of tax preparation services. But these loans, as most consumer advocates will agree, are not a good deal for you the consumer...

Protect Your Money & Car with Auto Warranty Tips

Posted on January 25, 2011
The Federal Trade Commission recently published tips to help Americans get the most out of their vehicle warranties. The guidelines are fairly simple, but could make a huge difference to your car (and your wallet) should your car need repairs. And for anyone recovering from bankruptcy or otherwise trying to maintain healthy finances and eliminate debt, [...

Better Consumer Protections for Mortgage Borrowers on the Horizon?

Posted on January 19, 2011
A recent report from CreditBloggers indicates that the Consumer Financial Protection Bureau (CFPB), the new government body created by the Obama administration to improve consumer protections in the United States, plans to create an easy-to-understand tool that will allow potential homeowners to compare the terms of various mortgage loans with greater ease...

2011 may Be a Record Year for Foreclosures

Posted on January 17, 2011
Much has been written in the last few years about the foreclosure crisis that took hold once the housing bubble burst. And, according to the Associated Press, this year will not offer any relief ? in fact, sources suggest, 2011 looks like it could see even more foreclosures than 2010 did...

What?s the Latest on Payday Loans?

Posted on January 12, 2011
In the last few years, lawmakers in many states have taken on payday loans as a pet cause, passing legislation that outlaws or severely limits what these predatory lending institutions can charge and how they can operate. But a recent post at CreditBloggers points out that many payday lending operations are still thriving, for a number [...

Foreclosures Expected to Balloon this Month

Posted on January 10, 2011
Recent news reports have forecasted a significant increase in the rate of mortgage foreclosures across the country in the first month of 2011. According to National Public Radio, the forces that held foreclosures in check for the final months of 2010 are no longer at play and this year should see foreclosures picking up with [...

What You Can Learn from 2010?s Top Scams

Posted on January 05, 2011
While many people are looking forward to the new year, it?s also important to take time to look back on what we learned from 2010. So here?s a review of some of the major scams that we saw in the past year (listed on WalletPop.com) and what you can do to protect your finances from [...

Rescission: A Foreclosure-Fighting Tool in Peril

Posted on January 03, 2011
The Federal Reserve has proposed a troubling change that could all but eliminate one tool homeowners have to fight mortgage foreclosure, a recent post from Credit.com blog highlights. The tool is called rescission. Here?s what it is and what might happen to it...

Lawsuit Challenges Legality of Pre-Employment Credit Checks

Posted on December 30, 2010
The U.S. Equal Employment Opportunity Commission (EEOC) has filed a lawsuit alleging that the practice of conducting pre-hiring credit checks by Kaplan Higher Education Corporation, a company that provides test-preparation and post-secondary services, discriminates against certain classes of Americans and is therefore unlawful...

New York Bankruptcy Law Will Protect More Assets in Chapter 7 Bankruptcy

Posted on December 28, 2010
A bill recently signed into law in New York outlines more extensive exemptions for petitioners filing under Chapter 7 of the U.S. Bankruptcy Code. The new law, according to Bloomberg news, has been lauded by consumer advocates and grumbled about by bankers and some city officials...

Know What to Look for in a Debt Settlement Company

Posted on December 22, 2010
If you?re struggling under what feels like a debt mountain, you?re probably ready to consider a variety of options to ease or eliminate your financial burden. And, if you don?t think bankruptcy is right for you (or if you?re ineligible for bankruptcy because of a recent filing), you may be wondering whether debt settlement could [...

Bureau of Consumer Financial Protection Overseer Named

Posted on December 20, 2010
The New York Times reported last week that the newly created Bureau of Consumer Financial Protection now has an overseer of enforcement. Richard Cordray, former attorney general of Ohio, was reportedly hired to the post by presidential appointee Elizabeth Warren, who is currently in charge of the bureau...

Your Post-Bankruptcy To-Do List

Posted on December 15, 2010
If you?ve filed for bankruptcy, you?ve probably already heard a thing or two about how important it is to rebuild your credit. A recent post at CreditBloggers.com provides an excellent guide for how, precisely, a person can begin this daunting process...

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