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Middle-Class the New Face of Bankruptcy
Posted on November 19, 2009The middle class is increasingly resorting to bankruptcy despite college education, home ownership and other historical signs of success, according to a new study. While the middle class's investments in higher education and real estate have typically shielded them from the hardest economic storms, that is no longer the case...
New Bankruptcy Chapter Proposed by Congress
Posted on November 18, 2009A new amendment to the U.S. bankruptcy code could help troubled financial institutions reorganize their debts more effectively and eliminate the status of "too big to fail" that has prompted government intervention over the past two years. H.R. 3310, introduced by Rep...
Florida Residents Join to Keep Island Resort Afloat in Bankruptcy
Posted on November 17, 2009On Amelia Island, a coastal community off of Florida's Atlantic coast, a group of local investors have joined up to save a prominent resort from going under. Amelia Island Plantation is a 30-year-old destination resort for vacationers and conference-goers...
October Foreclosures Dip from September, Soar from ?08
Posted on November 13, 2009RealtyTrac, a company that follows foreclosure data for the United States, released October numbers on Thursday. It seems foreclosure rates have decreased slightly since last month, but are still significantly higher than they were a year ago. Foreclosure by the Numbers Here?s a look at the statistical breakdown of recent foreclosure activity in the country...
Federal Reserve Sets Limits for Debit Card Fees
Posted on November 12, 2009Debit card users will have to opt-in to overdraft fees for ATM withdrawals and one-time purchases, according to a new set of ruled unveiled by the Federal Reserve Board. The measures, which will take effect July 1, 2010, are part of a series of decision issued by the nation's central bank to limit abusive practices by [...
The Year of the Prepackaged Bankruptcy
Posted on November 11, 20092009 has seen a dramatic rise in so-called prepackaged bankruptcy filings that streamline the bankruptcy process for large companies, according to a recent report from Reuters. Companies filing for traditional bankruptcy can find themselves going through several years of Chapter 11 bankruptcy filing, which can interrupt business and create uncertainty...
Orlando Shooting Suspect Had Recently Filed Bankruptcy
Posted on November 09, 2009The suspect in the shooting in Orlando last week that left one dead and six injured had a checkered financial past?including unemployment and a recent bankruptcy filing. In 2007, suspect Jason Rodriguez was fired from engineering firm Reynolds, Smith & Hills, the location of the shooting, according to The New York Times...
How Health Care Affects Filing Bankruptcy
Posted on November 09, 2009Health care costs and filing bankruptcy rates are more closely related than you might think. Check out this chart that shows the skyrocketing costs of health. These costs could be driving many people to file bankruptcy. Skyrocketing health care costs have many people considering filing bankruptcy...
Chapter 7 Bankruptcy Exemptions at Heart of Supreme Court Case
Posted on November 07, 2009Earlier this week, the U.S. Supreme Court heard arguments in a case that could affect many Americans who seek financial relief from Chapter 7 bankruptcy. Here?s a look at what?s going on. Background: Chapter 7 Bankruptcy Chapter 7 bankruptcy (sometimes called liquidation), works by giving debtors a complete discharge of many non-secured debts...
Senate Passes Unemployment Extension Bill
Posted on November 05, 2009Unemployed Americans will receive up to 20 additional weeks of unemployment benefits under a bill passed by the Senate this week, according to CNN. The Senate voted 98-0 Wednesday to provide continued relief to the estimated 15 million Americans currently drawing unemployment benefits...
Layoffs: Johnson & Johnson to Cut 7% of Jobs
Posted on November 04, 2009Health care giant Johnson & Johnson announced Tuesday that it would eliminate up to 8,000 jobs worldwide, or 7% of its workforce, as a cost-savings measure, according to CNN. Many of the cuts will come from management levels as the company revises its corporate structure...
Commercial Bankruptcy Filings Jump 7% in October
Posted on November 03, 2009On the heels of bad news for small businesses with the bankruptcy of CIT Group Inc. comes news from The Wall Street Journal that business bankruptcy filings rose 7% in October, after falling for several consecutive months. A total 7,771 businesses filed for bankruptcy protection in October, up from the 7,271 in September...
Consumer Financial Protection Agency Moves Forward in House
Posted on November 02, 2009Last week, the House of Representatives Financial Services Committee voted 39-29 for the creation of a federal agency that would provide consumer protection. The proposed agency (called in bills the Consumer Financial Protection Agency) has been in the news since its proposal earlier this year...
Bankruptcy Median Incomes Change Today
Posted on November 01, 2009Debtors May Have 21 Days to File Under Old Income Levels The U.S. Trustee Program and Department of Justice announced new bankruptcy median income numbers for the Chapter 7 means test, which affect bankruptcy petitioners who file on or after November 1...
Stalemate in Real Estate Sector has Increased Bankruptcy Filings
Posted on October 30, 2009Guest Author: Peter Gomes The real estate sector received a jolt when the sub-prime mortgage crisis eroded the US economy. The mortgage market was in doldrums and the upheaval so great that the government had to intervene with its series of mortgage bailout programs...
GMAC May Get Third Bailout
Posted on October 28, 2009GMAC Financial Services,the former financing arm of General Motors Corp., may be in talks with the U.S. Treasury to receive a third financial lifeline, according to the Wall Street Journal. GMAC has received $12.5 billion in bailout funds since December, 2008, and could receive an additional $2...
Foreclosure Auctions Finding Few Bidders in Detroit
Posted on October 26, 2009A recent auction of foreclosed and abandoned properties in and around Detroit, Michigan, saw only one-in-five properties sold?despite an opening bid of only $500. Almost 9,000 homes and lots were on the auction block at the Wayne County tax auction, according to Reuters, with a total land area almost the size of Boston...
Beware of ?Free? Trial Offers from Online Ads
Posted on October 24, 2009A recent report from msnbc.com tells the cautionary tale of online shoppers who were intrigued by ads offering “free samples” of a new kind of toothpaste. Many of these people clicked the ad to receive a sample ? and instead lost hundreds of dollars...
Consumer Updates: Gas Cards & Book Wars
Posted on October 23, 2009Here are two big stories you should know about this week to stay on top of your personal finances. Part 1: Citibank Closing Some MasterCard Accounts Various news outlets have reported on a gasp-worthy move by Citibank in recent days. Apparently, the company has taken to closing various credit card accounts ? sometimes for what seem to [...
MoneyGram to Pay $18 Million to Settle FTC Charges
Posted on October 22, 2009The Federal Trade Commission announced this week that MoneyGram International Inc., a leading U.S. money transfer service, will pay $18 million in consumer compensation for what seems to be its compliance with fraudulent money-wiring schemes. This can be seen as a minor victory for consumers...
Catholic Diocese Files Bankruptcy to Stay Abuse Trial
Posted on October 20, 2009A bankruptcy filing by the Catholic Diocese of Wilmington, Delaware, may give plaintiffs in a sex abuse trial fair compensation, according to Bishop W. Francis Malooly. The Chapter 11 filing came late Sunday, after settlement negotiations broke down and just hours before a civil trial was set to begin, according to The Associated Press...
More Seniors Struggling with Debt
Posted on October 17, 2009A recent Newsweek article highlights the problem of older Americans struggling with debt. It seems that those aged 55 and older have become the group most likely to file for bankruptcy. Retirement and Debt The reasons for senior citizens’ financial struggles may not be immediately obvious, but they are telling...
A Cure for Impulsive Investors?
Posted on October 16, 2009A recent report from the Associated Press announces the development of a device that could help everyday investors avoid making emotionally driven decisions about their financial moves. Called the Rationalizer, the device could prompt users to slow down and consider their motives before making hasty purchases or sales...
Credit CARD Act may Get New Effective Date
Posted on October 14, 2009The Credit CARD Act of 2009, which establishes new protections for cardholders, was signed into law back in May, but gave credit card companies a full nine months to prepare. Now, the Congress wants to move up the law’s effective date from February 22, 2010 to December 1...
High Unemployment Leading to Higher Job Competition
Posted on October 13, 2009With unemployment teetering at 10% and many businesses reluctant to hire, it should come as little surprise that job competition is stiff. A new report by MSNBC shows just how stiff: there are currently 6.3 unemployed workers on average competing for each job opening...
Bankruptcy Filings Could Hit 1.4 Million in 2009
Posted on October 12, 2009Total bankruptcy filings for 2009 are on track to hit 1.4 million by year’s end, according to recent statistics, with more than 5,900 personal bankruptcy petitions filed each day nationwide. Between January and September, more than 1.07 million petitions were filed, according to statistics collected by Automated Access to Court Electronic Records, or AACER, a nearly [...
Long Live the Gift Card?
Posted on October 10, 2009When gift cards turned plastic, they seemed like the perfect present ? convenient, easy to keep track of, and flexible for the recipient. But some gift cards ? especially those issued by credit card companies ? have been charging fees for card value unused after a certain point...
Tax Credit for Hiring Proposed: How Would It Work?
Posted on October 09, 2009A recent article in the New York Times suggests that various members of Congress and the Obama administration have begun considering a program that would provide tax credits to employers who take on new employees. A version of the program was apparently most recently implemented in 1977, when unemployment was similarly elevated from an economic recession...
FTC Updates Endorsement Regulation Guidelines
Posted on October 08, 2009On October 5th, the Federal Trade Commission announced an update to guidelines for advertisers who use testimonials. To clarify, no new legislation is involved; the FTC simply updated the suggestions for staying in compliance with the FTC Act. Last modified in 1980, the guidelines refine the requirements for advertisers using testimonials and endorsements to sell products [...
College Football Star Files Bankruptcy, Must Sell Rings, Trophy
Posted on October 07, 2009Former Nebraska lineman Aaron Taylor is hoping to regain his NCAA championship rings and other memorabilia he surrendered after filing bankruptcy in an upcoming auction, according to a report by the Omaha World-Herald. Taylor, who was part of three championship-winning teams in the 1990s, filed bankruptcy in Nebraska’s western district last month, stemming from debt related [...
Survey: Shoppers of All Income Levels Cutting Back
Posted on October 06, 2009A recent survey conducted by IBM found that Americans are trimming their spending in this recession, no matter how much income they pull in each year. Here?s a look at how people are saving and how to make similar cuts work for you. Saving Strategies at the Supermarket Shopping around: 49% of respondents have apparently begun hitting [...
5 Reasons to File Chapter 13
Posted on September 29, 2009This guest blog entry was written by David Chang of Chang & Carlin, LLP. Chang & Carlin offer bankruptcy and real estate legal services for Chicago and its suburbs. Read David Chang’s blog at http://changandcarlin.blogspot.com/ Many debtors view Chapter 7 bankruptcy as the “better” type of bankruptcy to file, and that Chapter 13 is forced upon [...
More Tips for Outsmarting Marketers (And Keeping Your Money)
Posted on September 28, 2009Thank goodness psychologists keep researching human behavior ? thanks to their studies, we can know how and why we spend money on stuff we don?t need. Here are some tips (adapted from the book Predictably Irrational) for avoiding classic marketing and behavior traps that may lead to bad financial decisions...
CFED Releases State Financial Report Cards
Posted on September 26, 2009In late September, the Center for Enterprise Development released data reflecting extensive research on economic conditions in all fifty states. The findings reveal alarming realities about the current financial situation for millions of Americans. Summary of the Findings The CFED introduces its findings with the analogy of a house built on sand, claiming that, even when our [...
Filing Bankruptcy & Foreclosure in America 2009
Posted on September 25, 2009Check out this infographic on filing bankruptcy & foreclosure: Check out filing bankruptcy and foreclosure statistics by state. Startling statistics about filing bankruptcy and foreclosure in America this year: A foreclosure action is taken every 10 seconds...
Bankruptcy Class Action Law Suit Continues
Posted on September 24, 2009When you successfully exit bankruptcy protection, you receive a full discharge of your debts. This means that creditors can no longer come after you for those debts. Likewise, these debts should be fully cleared from your credit report because they are no longer outstanding...
Does Your Address Affect Your Credit Limit?
Posted on September 24, 2009A recent report from msnbc.com suggests that your state of residence could affect your borrowing capability. A California man reportedly received a letter in the mail from one of his creditors informing him that his credit limit had been cut ? simply because he lived in California Since the economic crisis began more than a year [...
10 Companies that Could Face Bankruptcy
Posted on September 23, 2009Last week, Yahoo Finance had an interesting article about 10 big companies with troubled finances. Citing a report by Audit Integrity, an independent corporate accounting researcher, these 10 publicly traded companies had the highest probability of declaring bankruptcy...
U.S. Poverty Up, Income Down from 2007
Posted on September 21, 2009In a press release early this month, the U.S. Census Bureau reported statistics on income, poverty and health insurance in the United States. For the most part, the numbers are not especially surprising, considering the current recession. Here?s what the Bureau reported...
Senate Votes to Withhold Funding for ACORN
Posted on September 19, 2009ACORN, the Association of Community Organizers for Reform Now, has gotten a significant amount of negative publicity in the last week. Here?s a summary of what?s happening with the group, which describes itself as a group that helps those who have historically been locked out become powerful players in our democratic system...
Education Loan Reform may ease Debt-Burdened Students
Posted on September 18, 2009Thursday’s news of the House of Representatives’ decision to back President Obama’s plan to end the Federal Family Education Loan Program (FFELP) has brought considerable tones to both sides of the political plate. Democrats are in praise of the House bill, saying it represents a victory for students over the banks...
Student Loan Debt: Can it be Forgiven?
Posted on September 17, 2009Back in the good old days (that is, before the global economy took a nosedive), many states offered loan forgiveness programs for graduates who chose to work in public service once they got their degree. Now, thanks to budget cuts and a lowered demand for student loans on the secondary market, many states have had to [...
FTC?s Ban on Robocalls in Effect
Posted on September 15, 2009The FTC reported last week that its rule prohibiting automated phone calls about vehicle maintenance took effect September 1, 2009. What does that mean for you? Hopefully, one more way to prevent scammers from tricking you into giving away your money...
Home Loan Modification Program Begins to Help
Posted on September 14, 2009According to a New York Times article, the Obama administration?s Home Affordable Modification Program (HAMP) is on the road to achieving its goal of modifying 500,000 home loans by November. What Is HAMP? HAMP is a program designed by the Obama administration to incentivize home loan modifications for lenders...
Federal Reserve Survey: Economy Stable or Improving
Posted on September 13, 2009The results of the Federal Reserve?s Beige Book business survey, reported earlier this month, suggest that the U.S. economy has stabilized or begun improving. This assessment comes from a survey of the 12 regional Federal Reserve Banks, 11 of which reported ?signs of? and improved economic situation...
New Book, Credit Numbers Celebrate Cheap Americans
Posted on September 11, 2009Not too long ago, spending on credit was in, especially in the United States. But, since the global economic recession has humbled a lot of us financially, it looks as though thriftiness is making a comeback. Exhibit A: In Cheap We Trust Journalist Lauren Weber recently published a book about the ?cheapskate? roots of contemporary Americans...
Kennedy Fought to Keep Corporate Bonuses Out of Bankruptcy Protection
Posted on September 10, 2009Senator Edward M. Kennedy will be remembered for his contributions to a wide variety of issues, including his tireless advocacy for health-care reform, but the late Senator from Massachusetts also played a crucial role in the bankruptcy reform law of 2005, an infamous piece of legislation that made it more difficult to abuse the benefits [...
Bankruptcy Filing Jeopardizes Prize Money Destined for the Blind & Deaf
Posted on September 09, 2009Months after winning $1 million on a game show, Georgia?s state superintendent of schools and her husband reportedly filed Chapter 7 bankruptcy. However, this isn?t a story of why they filed; it’s a story about what happened afterward. In fact, according to the Atlanta Journal-Constitution, Superintendent Kathy Cox was selected to appear on Fox?s ?Are You Smarter [...
FTC Publishes Warning About Layaway Plans
Posted on September 08, 2009The Fair Trade Commission, a consumer protection group, has recently suggested that American consumers take some precautionary measures before agreeing to buy anything with a layaway plan. What Is Layaway Plan? Traditional layaway: These programs work by allowing you, the consumer, to buy goods bit by bit...
Study Shows Rampant Pay Violations for Minimum Wage Workers
Posted on September 07, 2009In honor of Labor Day, Total Bankruptcy is looking at some interesting (and frightening) labor statistics. A study released last week shows a troubling trend in minimum-wage employment: failure to comply with many laws governing workers? rights. The Wage Study Funded by grants from the Joyce, Hanes, Russell Sage and Ford Foundations, the study examined 4,387 low-wage workers [...
Back to Basics with the AmEx Charge Card
Posted on September 06, 2009We?ve seen the old is new again trend in fashion, hair styles?even the VW bug made a comeback. So I guess no one should be surprised that American Express is making a bold push for its ?new? charge card. The Original Charge Card Ever wondered where the idea of credit cards came from? As the legend goes, a [...
High California Unemployment a sign of Economic Recovery?
Posted on September 04, 2009Last week, the LA Times released an article pronouncing: California unemployment hits post-World War II high. The rate jumped unexpectedly in July to 11.9% even as the national rate declined. The purpose for this, it seems, is to inform the public of the rampant unemployment problem in the country?s largest state...
Money from Government for Going Green? Can You Cash In?
Posted on September 03, 2009The Cash for Clunkers program has ended with a bang. Reports indicate that new car sales soared while the government was subsidizing them. And, while many analysts predict that the boost will reverse in coming months, some people are looking for ways to apply the Cash for Clunkers concept to other industries...
Finally, Good Economic News? 20,917 People Saved from Unemployment Line
Posted on September 02, 2009Drum roll, please …. Planned announced layoffs fell 21% in August! While U.S. employers announced 97,373 job cuts in July, that number dropped to 76,456 in August. That’s 20,917 people who were saved from losing their jobs! While That’s Awesome News… …we also need to keep in mind that the total amount of job cuts climbed to 1...
Michael Vick Filing Bankruptcy, Playing Ball & Moving Forward
Posted on September 01, 2009If you can, please set aside the dog fighting, the jail time and the infuriating bad-boy behavior synonymous with his name?because Michael Vick?s got a new set of problems. This fall, as the NFL reinstates him following a high profile, two-year hiatus during which Vick served time in federal prison, the former Atlanta Falcons quarterback finds [...
Identity Theft Crimes ? Have You Been Robbed Lately?
Posted on August 31, 2009Three men have been indicted for what seems to be the largest data breach and identity theft case ever prosecuted. More than 130 million credit and debit card numbers were compromised by the hackers, according to Reuters. It’s probably a good idea to check your records to ensure you haven’t been robbed of your hard-earned money...
Consumer Alert: Fake Bill Collectors and Rebate Checks
Posted on August 29, 2009As you hopefully know, a well-informed consumer is a tricky target for a scammer. Here?s a summary of are two new scams that have been reported in various parts of the country, and what you can do to protect yourself from them. Phony Bill Collectors Reports suggest that scammers are posing as debt collectors and threatening consumers over [...
Recession Changing the Face of Retail?
Posted on August 28, 2009After decades of continuous consumption and expanding credit, Americans are now learning a new way to shop. And many retailers are suffering because of it. Well, Maybe Not? According to an article from the Associated Press, U.S. retailers have seen a jump in shoppers who decide against purchasing one or more item before they reach the checkout counter...
Can High Testosterone Levels Lead to a Person Filing Bankruptcy?
Posted on August 27, 2009Ok, ok, maybe it’s not that dramatic… but a new study shows that high testosterone may lead to reckless spending. A recent study by researchers at the University of Chicago and Northwestern University has discovered that men and women may shop differently for biological reasons ? and those reasons could also determine how you execute all [...
This Week in the U.S. Economy: Bernanke Second Term, Consumer Confidence & Home Prices Rise
Posted on August 26, 2009The past seven days have been fairly significant for the United States, economy-wise. Here?s a brief summary of three major stories you should know about. Ben Bernanke: Nominated for a Second Term President Obama took a break from his vacation on Tuesday to announce his re-nomination of Benjamin Bernanke as Federal Reserve Chairman...
Bankruptcy and the Bread Aisle
Posted on August 25, 2009Even families that are particularly struggling in the current economy are still buying bread. It’s the most basic kitchen staple. And how much you pay for that bread is being impacted by the rest of economic happenings. A major bread market player decided to file bankruptcy recently in order to reorganize and offer their loaves at [...
The Latest in Consumer Protection: Victory for Homeowners
Posted on August 23, 2009The Fair Trade Commission, the government?s consumer protection arm, basically functions to make sure consumer protection laws are enforced ? and we the people aren?t scammed by savvy corporations trying to get around the rules. Here?s the latest ways we?re being protected: Mortgage Company Agrees to Fine for Violating Opt-Out Notice Rule Metropolitan Home Mortgage, Inc...
The Economy: Where Are We At? Unemployment Spikes Again
Posted on August 21, 2009Just when it seems our financial trouble is on the mend, it seems the long arm of despair has grabbed hold of more unassuming citizens. In a two-week period that started with 48,000 new jobs created and ended with 15,000 new unemployment claims, it?s dizzying to try and make sense of what is happening...
Old Bankruptcy Stigma Dropping Off As Celebs Turn to Filing Bankruptcy
Posted on August 20, 2009Bankruptcy in its simplest form is a recovery and relief task meant to heal and reprise a business or person back to a baseline stable for success. The problem is it carries such an emblem of failure that when the term is used, most often the person does so through lowered eyes and sunken shoulders...
Bankruptcies Expected to Hit 1.4 Million for 2009
Posted on August 19, 2009All those who think the economy is on the mend and those in jeopardy of bankruptcy can take a breath of relief, please raise your hands ? no one? Well, you would be correct. Even though there are statements by our current administration that the economy is showing clear signs of recovery, there is still the [...
French Woman?s ?Bad Joke? to Creditors, Leaves Her Behind Bars
Posted on August 17, 2009In the small town of Bourges, France just east of Nevers, there is a woman who found herself deep in the throngs of debt with no relief in sight. Close to complete desolation and with only a small bite of hope left, Marie Adney decided to take on her creditors with what she thought was a [...
Tipping Points: Why You Still Have to Give During a Recession
Posted on August 16, 2009I know we?re all pinched for money right now; but that’s no excuse to skimp on gratuities for the people serving us. For those of us who aren?t in an industry that involves receiving tips, here are some basics about tipping ? and how you can budget it into your life...
Study: More Complaints About Debt Collectors - Protect Yourself from Creditors
Posted on August 13, 2009A new survey by the Consumer Federation of America and two other consumer protection groups shows that consumer complaints about debt collection are growing at the same time that resources available to address these complaints are diminishing. The Findings: Complaints Increase, Funds Shrink The survey, which examined 34 state, city and county agencies from 19 states, found [...
Another ?Foreclosure Wave? to Come? Are We Even Off the First Wave?
Posted on August 12, 2009With conversations swaying toward the July decrease in unemployment numbers and the excitement over the prospect of a teeter toward recovery, there is one major aspect to our current financial plight that’s lacking in coverage: foreclosure. When foreclosure is brought up, it’s mostly talked about as though we have rode the first and mightiest of the [...
July Drop in Unemployment May Sound Good, But Meaningful Job Relief May Not Come Until 2013
Posted on August 11, 2009Is the economy on the mend or is it spurting with a moment of promise to only fall back again? Only history will tell us; but, in a sign of resurgence and promise last Friday, ABCnews.com released a story highlighting the drop in unemployment with the headline: ?247,000 Jobs Lost in July as Unemployment Rate Drops [...
Reclaim Your Credit: What to Do When Your Credit Shrinks
Posted on August 10, 2009As you may already know, credit card companies are responding to the recent passage of the Credit Cardholders? Bill of Rights by slashing limits, raising interest rates and even closing cards for many customers. Here?s what you can do if one of your card issuers gives your account the ax (or even the pruning shears)...
Why So Few Home Loans Have Been Modified
Posted on August 09, 2009Since the collapse of the housing market in late 2007, leaders, policymakers and financial experts have been looking for a solution to the nation?s mortgage-based financial woes. Despite economic incentives from the federal government, though, few mortgage lenders have offered the loan modifications necessary to keep borrowers away from foreclosure...
Watch out for the Door-to-Door Magazine Scam
Posted on August 08, 2009The Better Business Bureau has recently warned about a door-to-door magazine sales scam affecting many areas of the country. What You?ll See The report indicates that the scam includes these elements: High-school and college-age individuals traveling around neighborhoods offering subscriptions to various magazines...
Why 38,000 People Finding Jobs in a Week Matters to Us (Think 237,500 Happy Meals?)
Posted on August 07, 2009The Department of Labor reported that the weekly unemployment insurance claims fell from 588,000 to 550,000 in one week. That means 38,000 people either did not claim unemployment or they found a job. What Jobs Mean to Our Economy If 38,000 people actually found work last week, that would be equal to the entire town of Coppell, Texas [...
Are You Responsible for the Debt of a Deceased Relative? Beware of Vulcans
Posted on August 06, 2009When a dear family member dies, the last thing you want to think about is money ? unfortunately, financial problems arise sometimes. Besides funeral and burial costs, you may be forced to deal with the unpleasant question of financial obligations your loved one left unpaid...
Sotomayor Confirmed for Supreme Court; Bankruptcy Impact
Posted on August 06, 2009Judge Sonia Sotomayor made history today when she fully approved by congress to serve on the US Supreme Court. Judge Sotomayor will become the first Hispanic and only the third woman to ever serve on the country’s highest court. Her legacy and impact on the court have yet to be determined, but it’s possible that she could [...
Treasury Secretary Has Good News; but Tax Increases to Come?
Posted on August 05, 2009According to the Treasury Secretary, the United States? economy has pulled away from the edge of collapse. Timothy Geithner made this evaluation after watching a week of positive economic indicators, according to CNN.com, and he believes the country can expect continued economic improvement for the rest of 2009...
Famed Photographer Annie Leibovitz Defaults on $24 Million Loan
Posted on August 04, 2009When she needed money for personal and professional projects, famed photographer Annie Leibovitz did what many people do: She took out a loan. Only this loan was for more than $24 million and she put up a decades’ worth of her artwork, along with her Greenwich Village townhouses, as collateral to the Art Capital Group, a [...
Financial Update: Three Things You Need to Know Right Now
Posted on August 03, 2009It?s a fast-paced world out there and it may seem like things change too quickly to keep track of. Here are three important updates to help you stay on top of your finances: 1. Big-Time False Charges on Credit Cards Credit.com reports that two customers in recent months were charged $23 quadrillion for [...
FTC Announces Plan to Help Distressed Homeowners
Posted on August 02, 2009Unfortunately, some people have seen the abysmal housing situation in the U.S. as an opportunity to take money from struggling individuals and families. We?ve written often about the many guises of foreclosure rescue scams and how to protect your home from foreclosure...
Good Economic News: New Home Sales Increase in June
Posted on August 01, 2009It?s no secret that the current economic woes of this country (and much of the world) can be traced to the U.S. housing market ? which is why updates about home sales are watched so closely by those looking for indicators about where the economy is headed...
What To Do When Adult Kids Ask for Money
Posted on July 31, 2009Many of us are struggling to keep afloat in this economy and nobody wants to see loved ones flounder under overwhelming debt. So what should you do if your grown children come to you asking for help with their debt? Below are some steps to take before you fork the money over...
Federal Minimum Wage Rises: What it Could Mean for You
Posted on July 30, 2009The federal government may have good news for you or your kids this month ? the federally mandated minimum hourly wage is set to increase to $7.25 (from $6.55) on July 24th. Here?s a look at what that might mean for businesses who pay and employees who earn minimum wage...
How to Not Get Bamboozled by Banks
Posted on July 29, 2009Even though lenders are no longer throwing themselves at consumers and credit is a bit tighter than it was a couple years ago, I think it?s worthwhile to refresh everyone?s memory on warning signs of predatory lending. Here’s what to look out for when you’re heading to purchase big-ticket items like cars, appliances and houses: Warning #1: [...
When Lenders Want Home Foreclosure for You
Posted on July 29, 2009The bank helped you purchase your home, surely they’ll help you keep your home? Right? Sadly, this isn’t the case. When it comes to your home and your mortgage, many lenders are hoping for foreclosure, says this new report in the Washington Post: Policymakers often say it’s a good deal for lenders to cut borrowers a break [...
Michael Vick?s NFL Reinstatement to be used in Bankruptcy Case
Posted on July 28, 2009The sports world is abuzz with the recent announcement by NFL commissioner Roger Goodell that Michael Vick will be allowed to play professional football this fall. The reinstatement is the latest in a long and winding series of events and fall from grace for the former Atlanta Falcons who was so popular his image graced the [...
Panel: American Households Facing Poor Long-Term Financial Health
Posted on July 27, 2009Over the years, through emerging generations it has become the dominant philosophy to spend big, buy big and live big. This translates into a larger billfold of debt, which often times can?t be cradled and results in bankruptcy. Gluttonous Spending, Lack of Savings According to the Boston-based National Consumer Law Center, nearly 33% of all personal bankruptcy participants [...
June Numbers: Consumer Prices Increased but 14.7 Million People Still Out of Work
Posted on July 26, 2009The United States Department of Labor recently released economic indicators for June, which show, among other things, a jump of about .7 percent in prices for consumer goods from May. Here?s a boiled-down look at the latest figures: Consumer Price Increase: Largest in 11 Months Consumer prices up ...
Celebrity Bankruptcy: 5 Baseball Players Who Went Bankrupt
Posted on July 24, 2009Money troubles come to the best of us. Check out these MLB players who turned to filing bankruptcy when their money troubles caught up to them: Lenny Dykstra, former star center-fielder for the New York Mets and Philadelphia Phillies, filed for Chapter 11 bankruptcy protection this month...
College Scholarships Just for Bankruptcy Filers in California
Posted on July 23, 2009Finally, some real help for the financially distressed in California. Suite Solutions is offering $30,000 in college scholarships to the children of parents who filed for bankruptcy in California. That’s some serious cash for higher ed for some families that could seriously use it...
Ben Stein and Not-So-Free Credit Scores
Posted on July 22, 2009The blogosphere has been all over Ben Stein, a financial guru, spokesperson and New York Times columnist, over his involvement with what appears to be a slightly shady “credit-score” site, FreeScore.com. In advertisements, Stein shills for the group which claim to offer you a free credit score...
Facing foreclosure, couple turns to snake for help
Posted on July 21, 2009The Knoxville News Sentinel has a story that starts off in all-too-familiar territory these days. Things were going swimmingly for the Herrons until wife Patricia lost her job earlier this year. With that income gone, the Herrons began falling behind on payments...
Faces of Foreclosure: First Person Accounts
Posted on July 21, 2009Los Angeles may be home to movie stars, but it’s also one of the areas hit hardest by the economic downturn. With home foreclosures in Los Angeles still on the rise this year, the Los Angeles Times provides five first-hand accounts from people facing foreclosure...
Bankruptcy Legislation May Be Back on Table
Posted on July 20, 2009We’ve written many times about Illinois Senator Dick Durbin’s efforts to keep more people in their homes with his bankruptcy reform legislation. The “Helping Families Save Their Homes in Bankruptcy Act of 2009” would allow bankruptcy judges to restructure home mortgages to prevent foreclosure and keep more people in their homes...
FTC Cracks Down on Scammers Targeting Job Seekers
Posted on July 19, 2009The high unemployment rate and therefore high volume of online job seekers has led to scams tailored to the conditions of the current recession. Scammers are apparently preying on struggling and out-of-work Americans in two major ways: Identity theft scams: Some scammers pose as employers and post fake job opportunities on employment websites or hack into legitimate [...
The Face of Foreclosure
Posted on July 18, 2009In Florida, the state Association of Realtors hopes to bring about change in public policy regarding foreclosures by giving a human face to the concept, highlighting the individuals who have lost the homes that are now back on the market at depressed prices...
Bankruptcy Could Protect Jammie Thomas from RIAA Damages
Posted on July 17, 2009In a strange twist to an already surprising case, a recent change to bankruptcy law could shelter Jammie Thomas-Rasset from the $1.92 million in damages she has been ordered to pay the Recording Industry Association of America, according to a CNET article...
High Fashion Bankruptcy
Posted on July 16, 2009With bankruptcy filings on the rise across the country, you might say that filing bankruptcy is in fashion. But fashion in bankruptcy? Well, that’s happening, too. Over at the Washington Post’s Bankruptcy Beat, Jacqueline Palank looks at the bankruptcy troubles of high-end designers around the world...
Top 10 Celebrities Who Filed Bankruptcy ~ Includes a President & a Playmate?
Posted on July 15, 2009Bet you’d be surprised at some of the famous folks who sought bankruptcy protection–check it out: Abe Lincoln, the 16th President of the United States sought asset protection in bankruptcy when he declared in 1833. It took him 17 years to pay off friends who had given him money to start his business...
The $60 Million Lie? Former MLB Star Lenny Dykstra Filing Bankruptcy
Posted on July 14, 2009Former New York Mets and Philadelphia Phillies slugger Lenny Dykstra has filed for Chapter 11 bankruptcy protection in federal court, according to Jim Salisbury of the Philadelphia Inquirer. When filing bankruptcy in California, Dykstra, who is 46, claimed less than $50,000 in assets and between $10 million and $50 million in debts...
Getting Real: How Bad is the Economy? Great Depression Number Two? Experts Give Honest Answers
Posted on July 13, 2009A tally of financial experts and bloggers were given a chance to pronounce their opinions of where the country stands in this economic strife. The experts include: a popular blogger dedicated to giving readers the deals not otherwise known by the general public a Washington D...
Chicago Cubs Consider Bankruptcy
Posted on July 13, 2009This report just came across, via the Chicago Tribune: The Chicago Cubs are considering filing bankruptcy. The Cubs are currently in the process of being sold by their owner, the Tribune Company, who filed for bankruptcy earlier this year. If the Cubs do file, they will be the first baseball team in forty years to do [...
Hard Times for High Tech: Silicon Valley Bankruptcy Rising
Posted on July 11, 2009At the showrooms of the Silicon Valley Auto Group, circumstances have forced a few operating changes. The cars in the showroom are the same, luxury brands of all types surrounding the centerpiece?a red Bugatti costing $1.6 million, but they aren?t selling...
Credit Card News: The Fine Print & What You Need to Know
Posted on July 09, 2009Most of us have signed a long contract riddled with fine print ? whether for a credit card, a cell phone, a car lease or something else. And, unfortunately, many of us still aren?t reading every item included in these contracts. Between irritatingly small type, difficult legal language and time shortages, that?s no major surprise...
What Happens If a Country Goes Bankrupt?
Posted on July 08, 2009A recent United Nations financial summit has highlighted a ?missing link? in the international financial system according to Supachai Panitchpakdi, the U.N. Secretary General of the United Nations Conference on Trade and Development. Panitchpakdi is worried about the effect a bankrupt country might have on the global economy, according to Edith M...
City of Chicago to Hire Debt Collection Agencies
Posted on July 08, 2009Well, the city of Chicago really knows how to kick somebody when they’re down. The City of Chicago is looking into hiring some debt collection agencies - some of them with checkered pasts - to collect outstanding debts owed to the city. This includes unpaid utility bills and parking tickets...
Choosing a Lender to Rebuild Credit
Posted on July 07, 2009If you?re trying to build or rebuild your credit after bankruptcy, you probably know that using credit responsibly is your primary goal. Here?s how to set yourself up for success in borrowing. Choose Affordable Payments: Before signing loan papers or credit card agreements, you?ll need to do a four-part math problem: Check your budget...
Financial Stress Up Across Country
Posted on July 06, 2009The Associated Press’ monthly economic analysis is out for May of this year and it confirms what many of you are feeling everyday: People are stressed out about their finances. According to the survey, the most stressed states are California, Michigan and South Carolina...
Foreclosures Sinking to Prime Mortgages ~ When Will It End?
Posted on July 06, 2009In what many consider an inevitable shift in the foreclosure crisis, prime, fixed-rate mortgages made up the largest portion of new foreclosures, according to a report issued by the Mortgage Bankers Association. This was the first time for such numbers since the subprime lending boom began...
Protecting Yourself & Your Money Online
Posted on July 05, 2009Since the Internet?s explosion into our lives, we?ve been introduced to amazing new ways of interacting with each other, doing business and connecting with the world. Unfortunately, the Internet has also introduced a variety of new crimes and consumer vulnerabilities...
Financial Literacy Fund on the Horizon?
Posted on July 04, 2009One potentially positive side effect of the real estate market?s crash and subsequent (ongoing) economic recession was a call to arms for promoting financial literacy among American children and adults. Many of the ?exotic? mortgage products and predatory lending strategies that allowed Americans of all income levels to overextend themselves on credit could only succeed in [...
Important Recession Lessons from Big Companies
Posted on July 03, 2009We?re all looking for ways to cut spending, increase our savings and generally adjust to life in a time when credit is tight and jobs are scarce. Here?s a look at some of the changes major corporations are making and what we little guys can learn from them...
Student Loan Relief Begins for Some in July
Posted on July 02, 2009If you?re among the hundreds of thousands of recent college graduates with significant student debt hanging over your now degree-laden head, good news: A new program called Income-Based Repayment may help you tame the debt monster. What is Income-Based Repayment (IBR)? IBR is a program introduced by the government in 2007; however, its full effects don?t start [...
Financial Problems Haunt Former Pro Athletes, Too
Posted on July 01, 2009USA Today has the nicely titled “Tough Losses” piece on former athletes that were also savvy business investors, but have nonetheless struggled in the recent economy. You’re probably familiar with the tales of atheletes wasting their millions on lavish extravagances...
Devastating Effects of Medical Debt
Posted on July 01, 2009DrSteveB over on Daily Kos has a sobering look at that dramatic ways in which uncontrollable medical bills can change a life. DrSteve gives us the tale of a man in Texas who was living his dream - married, owned his own company, had health insurance - until a car accident radically altered his life and [...
Michael Couldn?t Beat It ~ The King of Pop?s Deflated Finances
Posted on June 30, 2009Jackson died this week while organizing a highly anticipated 50-night venue of shows at London’s ?02 Arena. It?s been a long-awaited return for Michael Jackson, as this would be his first concert in 8 years. Jackson’s Curtain Call: The Comeback Concert that Will Never Be Whether the concert series was Jackson?s intent on returning to the music which [...
Got Credit? Is Your Credit Card Limit Going to be Cut?
Posted on June 29, 2009Many credit card companies are cutting credit limits for many borrowers, according to a recent BusinessWeek.com article. For many Americans, access to credit could decrease even more at a time when credit is already notoriously tight. The reason? They’re reacting to increased unemployment rates and card defaults...
Michael Jackson, Neverland Ranch and Foreclosure
Posted on June 27, 2009When ambulances were called to Michael Jackson’s home last Thursday, they went to the Beverly Hills mansion he had been renting. Jackson’s most famous residence, the lavish, one-of-a-kind, amusement park-like Neverland Ranch, hadn’t been his home for many years...
Michael Jackson Lived Like a King, Died Nose-Deep in Debt
Posted on June 26, 2009Michael Jackson?s death has shocked the world. If we were too young to remember him belting out top hits as a round-faced child, we probably have vivid memories of him monster-dancing on MTV or dangling his kid over a Berlin balcony. And as the globe starts to process his death, we take a look at the entertainer?s [...
Credit Card Scam Alert: Unsolicited Calls from Machines
Posted on June 25, 2009Receiving telemarketing calls can be annoying, but receiving unsolicited calls from non-human callers is even worse. And, according to this recent report from MSNBC, one scam currently plaguing the U.S. and Canada could cost you significant money. The Promise: Lower Interest Rates Apparently, these calls work by alerting you that nothing is wrong with your credit card [...
Debt Relief Company Files for Bankruptcy
Posted on June 24, 2009In a headline that seems so ironic it hurts: Texas based Debt Relief USA is filing for bankruptcy. We talk sometimes about the differences between debt relief and bankruptcy, but ths news, as reported by the Dallas Morning News, makes the contrast stark...
The Case For Bankruptcy Lawyers
Posted on June 23, 2009Rick Bloom, a financial advisor and columnist with the Detroit-area Observer & Eccentric, had some direct and stern words for a reader that recently wrote in and asked if he should represent himself when fiilng bankruptcy. The reader was concerned about the bankruptcy lawyer’s fees...
Your Second Mortgage Debt Could be Dismissed
Posted on June 22, 2009What type of debt you have can make a big difference in how bankruptcy can affect your debt. Generally speaking, unsecured debt is more likely to be dismissed - that is, retired completely - than secured debt. And, your debt is usually either secured or unsecured, one or the other...
One Wild Ride: Six Flags Now Filing Bankruptcy
Posted on June 19, 2009Weighed down by old debt, Six Flags, owner of amusement parks across the country, has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Wilmington, Delaware. The company listed assets of $3 billion and debt of $2.4 billion as of the end of 2008, according to Forbes...
Defending the ?Little Guy? ~ Obama Proposing New Consumer Protection Agency
Posted on June 19, 2009This could be good news for consumers: President Obama is reportedly poised to proposed a new group to improve consumer protection in the United States. The group, called the Consumer Financial Protection Agency (CFPA), could provide an exciting variety of regulations and protections for Americans...
CBS Takes on Bankruptcy Myths
Posted on June 18, 2009CBS 2 in New York City recently took a look at bankruptcy, and addressed some of the myths surrounding filing bankruptcy. With personal bankruptcy filings on the rise, it’s a timely topic. But, it could be a life-changing report if you are struggling with debt, but have hesitations about filing...
Bankruptcy Committee Chair: More Bankruptcy Judges Needed
Posted on June 16, 2009The Washington Post reports today that Barbara Lynn, chair of the bankruptcy committee of the Judicial Conference of the United States, recommended to congress that more bankruptcy judges are needed to handle the growing number of bankruptcy cases. Her testimony included some interesting fast-facts about bankruptcy in the U...
Consumer Credit Fairness Act = Hope for Low-Interest Loans?
Posted on June 15, 2009As too many Americans know, loans with monstrous interest rates can lead to what seems like endless rounds of debt and bills. And, in some cases, excessive interest rates can push struggling consumers to file bankruptcy. The ?Consumer Credit Fairness Act,? a bill now before the Senate Judiciary Committee, would give consumers a little help for dealing [...
Can You Get Money from Your Car? Cash for Clunkers Bills in Congress
Posted on June 12, 2009In yet another attempt to stimulate the flagging economy, both the Senate and the House are considering what are being called Cash for Clunkers bills ? in other words, legislation that would give consumers cash rebates for trading in gas-guzzling vehicles for new, fuel-efficient models...
Debt Problems? You Are Not Alone
Posted on June 10, 2009Perhaps the most difficult aspect of trying to get control of your debt can be the stress and fear. Many people - even people who come into debt through no fault of their own, through unexpected illness, injury, job loss or even tricky credit cards - feel shame at their debt...
Consider Yourself Lucky to Have the Bankruptcy Option
Posted on June 08, 2009When times get tough, it?s easy to bemoan your difficult circumstances, but sometimes it?s more helpful to remember that things could be a lot worse. I?m not being cynical here, I just think it?s worthwhile to consider how lucky we American debtors are to have the option of filing for bankruptcy to eliminate our debts...
Saving Money ? Are You Doing it Right?
Posted on June 06, 2009Whether you?re recovering from bankruptcy or just trying to save money like the rest of us, you?re probably familiar with basic budgeting techniques: know what you make, examine how you spend your money, spend less than you earn, etc. But are you doing it right? Examine these tested money-saving tips: Know the sellers? tricks...
Expensive Scams & How to Avoid Them
Posted on June 05, 2009Day to day life demands enough of your hard-earned money: between bills, food costs, and unexpected expenses - sickness, injury, Grandma?s 80th blowout bash ? - many people like they have a leak in their checking accounts already. So scams and schemes that drain your funds without giving you anything in return should be avoided [...
Medical Bills and Bankruptcy
Posted on June 04, 2009The LA Times reports today on a Harvard study that shows medical bills played a role in 62 percent of all bankruptcies filed in 2007, a seven percent increase compared with 2001. What’s more, many of the people who filed bankruptcy due to overwhelming medical bills had health insurance...
Largest Bankruptcy Filings of the Last 30 Years
Posted on June 04, 2009Don’t tell my boss I told you, but Sporcle.com is a great site. Each day they post fun and challenging quizzes on every topic imaginable: Video games, soccer players, historical city populations. So of course, bankruptcy had their day recently with this challenge: Can you name the largest U...
Student Loan Forgiveness Programs at Risk?
Posted on June 03, 2009It seems like every day there?s a new area of the economy hurt by the current recession. Unfortunately, today?s no exception. A recent report in the New York Times suggests that student loan forgiveness programs may be in danger of diminishing, which could be bad news for the country...
Energy Bills Don?t Have to Rise with Temperatures
Posted on June 02, 2009If it’s after Memorial Day that means we can start talking about summer weather, right? (I say this even though it’s cold and rainy in Chicago right now. So as temperatures do, eventually, start to warm up, it?s time to start thinking about ways to keep your temperature and your energy bills down...
Ex-Chicago Bull Bankrupt, Sells Championship Rings
Posted on May 31, 2009Not so long ago, Randy Brown was a part of the most dominant force in basketball. Brown, recently dismissed as an assistant coach of the Sacramento Kings, played guard for the ?96, ?97 and ?98 Chicago Bulls. Those Bulls teams won consecutive championships, due largely to a legendary starting lineup that included Michael Jordan, Scottie Pippen and [...
How We?re Coping with the Recession
Posted on May 29, 2009By now, you?ve probably heard classic advice on how to survive a recession: buy generic, pare extra costs, focus on necessities … But are we actually taking the advice pouring at us from so many news outlets? According to a recent article in USA Today, we are...
Save Money on Your Credit Card Bills With Your Phone
Posted on May 28, 2009Financially speaking, being ?average? in this country means hefting around a fair amount of debt. According to some sources, the average American household has $8,000 in credit card debt alone. And some experts warn that that figure might be misleading because many people carry no debt on their plastic, meaning that those with any debt [...
Needing a Summer Job? Try These Tips
Posted on May 28, 2009Unless you?ve been living underground for the past year or so, you probably know that now is generally a tough time to be hunting for a job. But that doesn?t mean you should give up without trying to find a source of income in the off-season. Finding a job may not be easy this summer, but here [...
Disney Hops on Financial Literacy Train
Posted on May 27, 2009Disney has teamed up with T. Rowe Price to create an exhibit that helps kids (ages 8 ? 14) develop basic financial literacy skills ? because we all know how much fun diversifying our portfolios can be. The exhibit, which is located in Epcot, reportedly allows kids to earn currency for their piggy banks through games...
Thrifty Tips Now Hip as Recession Lingers
Posted on May 27, 2009In some aspects, it could be considered a great time for folks who just filed bankruptcy: with the economy in the worst recession in recent memory, it?s suddenly cool to be thrifty . Here?s a look at some traditional post-bankruptcy wisdom that?s seeing new life in the down economy...
Credit Card Borrowing Is Down ? Are You Getting the Benefits?
Posted on May 26, 2009Americans cut back on our credit card borrowing in February by $7.5 billion dollars, which was apparently more than the money mavens on Wall Street expected, according to a recent Wall Street Journal article. February?s decline marked the fourth in the last sixth months, which could mean either we?re collectively tightening our belts (yea!) or we?re [...
New Credit Card Law Just Passed ~ Why It Matters to You
Posted on May 26, 2009President Obama signed into law the Credit Card Accountability Responsibility and Disclosure Act of 2009 on May 22, a sort of ?Bill of Rights? for credit cardholders that?s been in the works for some time. Keeping with his campaign-style messages of individual responsibility, Obama reportedly called on both consumers and credit card issuers to act responsibly [...
New Techniques for Preventing Identity Theft?
Posted on May 24, 2009Identity theft is a crime that occurs when someone uses another person?s identification information to make credit transactions. The severity and specifics of identity crimes vary from case to case, but identity theft victims often face frustrating (if not devastating) setbacks to their credit...
The Impact of Credit Card Regulations
Posted on May 21, 2009Earlier this week we reported on the new credit card regulations passed by the Senate that could be signed in to law as early as Memorial Day. This is good news for consumers tired of seeing their rates jacked for no reason and with no notice. Many banks and credit card companies cried and complained, saying [...
Student Loans After Graduation
Posted on May 21, 2009For many recent college graduates in the United States, the party is over (or nearly over) and life in the ?real world? is about to begin. Thanks to historically high education costs and the struggling economy, graduates across the country are likely worried about paying off education loans...
10 Ways to Recession-Proof Your Job
Posted on May 20, 2009These days, having to get up for work every morning may seem a little less of a drudgery ~ with unemployment rates steadily creeping upward, many of us are just happy to be employed. And, while there?s no failsafe way to ensure that your company won?t cut your job, there are some techniques to improve your [...
Senate Bans Sudden Credit Card Interest Raises
Posted on May 19, 2009Score one for the little guy. The U.S. Senate voted overwhelmingly, 90-5, to add regulations to the credit card industry, and the move could save consumers lots of money. A few differences must be worked out with a similar bill passed in the House, but President Obama said he hopes to sign the law by Memorial [...
Bad Economy = Good Deals on Rent?
Posted on May 18, 2009A recent BusinessWeek article suggests that some tenants may actually benefit from the weak economy right now. Rent costs are apparently dipping in major U.S. cities, including Manhattan, which is notorious for high rent costs. But the savings aren?t limited to just the Big Apple ? landlords across the country are reportedly looking for ways to fill [...
Foreclosures Rise Again in April
Posted on May 13, 2009According to the latest report from RealtyTrac, foreclosures jumped again in April. CNNMoney.com reports that 342,000 U.S. homes received default or auction notices or were in the process of bank repossession last month. This translates to one in every 324 U...
CBS Early Show on the Dangers of Debt Settlement
Posted on May 12, 2009This morning on the CBS Early Show Vera Gibbons and Harry Smith discussed the dangers of debt settlement companies. If you’re struggling with debt, you may have looked into or even been contacted by one of these companies. CBS concludes what we know about these companies: They don’t offer real debt relief...
Consumer Credit Shrank Again in March
Posted on May 07, 2009Recently released numbers from the Federal Reserve show that consumer credit in the United States contracted again in March. According to a recent Bloomberg article, consumer credit fell by $1.11 billion in March, after an $8.1 billion plummet in February...
Credit Card Issuers Cutting Us Some Slack?
Posted on May 05, 2009Good news! After issuing a ?Call to Action? last fall, the National Foundation for Credit Counseling has negotiated with some of America?s biggest credit card issuers on behalf of us, the struggling consumers. While we wait for the Credit Cardholders? Bill of Rights to work its way through Congress, this could help some of us ease [...
What Happens When Bankrutpcy & Divorce Intersect?
Posted on May 04, 2009What happens when divorce and bankruptcy occur around the same times?
Sad Day for Many Homeowners: Senate Slaps Down Anti-Foreclosure Bill
Posted on April 30, 2009The Senate voted 45-51 against Dick Durbin’s anti-foreclosure bill. Twelve democrats opposed the bill. We were hoping the Senate would help deal with the massive foreclosure epidemic and pass the bill, which would have allowed bankruptcy judges to adjust the terms of mortgages of people who were facing foreclosure, among other things...
Helping Families Save their Homes in Bankruptcy Act Up For Vote
Posted on April 29, 2009We wrote about Illinois Senator Dick Durbin’s bill when it was first being considered. Now, the measure that would potentially prevent home foreclosure for millions of Americans by allowing bankrupty judges to change the terms of a mortgage - including interest rate and principal owed - is up for a vote...
Action on the Credit Card Bill of Rights
Posted on April 13, 2009A subcommittee of the House Financial Services Committee voted last week to approve a bill called 'The Credit Cardholders' Bill of Rights'. If the bill succeeds in the rest of the House and the Senate, good news could be in...
Action on the Credit Card Bill of Rights
Posted on April 13, 2009A subcommittee of the House Financial Services Committee voted last week to approve a bill called ?The Credit Cardholders? Bill of Rights?. If the bill succeeds in the rest of the House and the Senate, good news could be in store for borrowers. Unfair and Deceptive Practices Since the current recession was so heavily fueled by subprime lending [...
Attempting to Collect Discharged Debts Is Illegal!
Posted on April 09, 2009When you receive your bankruptcy discharge, you are legally excused from responsibility for any debts that have been discharged. Unfortunately, some unscrupulous creditors count on bankruptcy filers not knowing how far their protection extends and attempt to collect on debts...
Attempting to Collect Discharged Debts Is Illegal!
Posted on April 09, 2009When you receive your bankruptcy discharge, you are legally excused from responsibility for any debts that have been discharged. Unfortunately, some unscrupulous creditors count on bankruptcy filers not knowing how far their protection extends and attempt to collect on debts after the court has excused them...
Assert Your Rights As a Consumer
Posted on April 08, 2009Unfortunately, a recent report from the FBI suggests that cyber crimes increased as much as 33 percent last year. This means that, as a consumer, you need to take steps to protect yourself and know what you can do if...
Assert Your Rights As a Consumer
Posted on April 08, 2009Unfortunately, a recent report from the FBI suggests that cyber crimes increased as much as 33 percent last year. This means that, as a consumer, you need to take steps to protect yourself and know what you can do if you?re victimized by online fraud...
When Businesses File for Bankruptcy
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When Businesses File for Bankruptcy
Posted on April 07, 2009As the economic tumult continues, news stories about businesses considering bankruptcy continue. So what does it mean when a major company seeks the protection of the bankruptcy court? Like personal bankruptcy, it depends what chapter the business files under...
Credit After Bankruptcy: Steps to Success
Posted on April 02, 2009Credit traps are dangerous to everyone, but they can be especially damaging to those trying to rebuild credit after filing bankruptcy. As you work your way to financial health, make sure you steer clear of these common post-bankruptcy pitfalls. Failing...
Credit After Bankruptcy: Steps to Success
Posted on April 02, 2009Credit traps are dangerous to everyone, but they can be especially damaging to those trying to rebuild credit after filing bankruptcy. As you work your way to financial health, make sure you steer clear of these common post-bankruptcy pitfalls. Failing to Plan: When you receive your bankruptcy discharge, you?ll likely be debt-free; but that will only last [...
Preparing for Retirement after Bankruptcy
Posted on April 01, 2009As you begin to develop savings and investment strategies for your after your bankruptcy filing, it's important to remember to develop a strategy for amassing money for your retirement. Consider the changes. Before doing any math, try to figure out...
Preparing for Retirement after Bankruptcy
Posted on April 01, 2009As you begin to develop savings and investment strategies for your after your bankruptcy filing, it?s important to remember to develop a strategy for amassing money for your retirement. Consider the changes. Before doing any math, try to figure out how your expenses will differ after retirement: you won?t have commuter or business wardrobe expenses, but [...
Chapter 13 Bankruptcy: The Process
Posted on March 30, 2009Curious about Chapter 13 bankruptcy? Talk to a bankruptcy lawyer about whether it could help you. Chapter 13 has helped many resolve their debts and save their homes from foreclosure. Here's a bit more on the process and what you...
Chapter 13 Bankruptcy: The Process
Posted on March 30, 2009Curious about Chapter 13 bankruptcy? Talk to a bankruptcy lawyer about whether it could help you. Chapter 13 has helped many resolve their debts and save their homes from foreclosure. Here?s a bit more on the process and what you may expect: Credit counseling briefing: This is a pre-filing requirement for all filers, and it?s designed to [...
Starting a Savings Plan
Posted on March 25, 2009Whether you're recovering from bankruptcy or just trying to improve your finances, saving money is essential. How to Save Money The secret to saving is to do it little by little. This isn't winning the lottery, but over the years,...
Starting a Savings Plan
Posted on March 25, 2009Whether you’re recovering from bankruptcy or just trying to improve your finances, saving money is essential. How to Save Money The secret to saving is to do it little by little. This isn’t winning the lottery, but over the years, the small amounts you sock away will accumulate...
Warning Signs of Predatory Lending
Posted on March 23, 2009Predatory lending can devastate consumers. Predatory loans can come in the form of credit card agreements, mortgages, payday loans and even bank loans. Although there's no surefire way to make sure a loan you get is safe, but here are...
Warning Signs of Predatory Lending
Posted on March 23, 2009Predatory lending can devastate consumers. Predatory loans can come in the form of credit card agreements, mortgages, payday loans and even bank loans. Although there’s no surefire way to make sure a loan you get is safe, but here are some warning signs that your lender is less than trustworthy...
Chapter 7 Bankruptcy: The Process
Posted on March 20, 2009After you've met with your bankruptcy lawyer and decided to file for Chapter 7 bankruptcy, here's what you can expect from before you file until you after you receive your discharge. The credit counseling briefing: Before filing your petition with...
Chapter 7 Bankruptcy: The Process
Posted on March 20, 2009After you’ve met with your bankruptcy lawyer and decided to file for Chapter 7 bankruptcy, here’s what you can expect from before you file until you after you receive your discharge. The credit counseling briefing: Before filing your petition with the bankruptcy court, you must complete this briefing, which acts as a filter: anyone who could [...
Assessing Your Debt: When It May Be Time to Take Action
Posted on March 19, 2009If you're having trouble making it paycheck to paycheck or if you're having difficulty paying your bills, it may be time to assess your debt levels objectively. Debt Test This debt test involves a series of questions concerning your debt...
What Happens to Your Cosigners When You File Bankruptcy?
Posted on March 16, 2009A cosigner is someone who signs his or her name along with the primary borrower on lending papers and takes on responsibility for payment of that debt should the primary borrow default. In most cases, a cosigner has stronger credit...
The Wrong Voices are ALWAYS Heard
Posted on March 12, 2009digg_url = 'DIGG_PERMALINK_URL'; Remember in elementary school choir, how there was always that one kid who couldn't carry a tune, but who belted out every song and made sure everyone heard him? Unfortunately, the same thing is happening in...
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Death and Debt Collectors
Posted on March 11, 2009In today's economy, budgets are tight in many households. While people are losing their homes to foreclosure and their jobs to the financial crisis, life marches forward. In addition to financial stresses, family obligations and emergencies can't be avoided...
Protect Your Credit Identity - Monitor Your Credit Report
Posted on March 09, 2009The crime of identity theft occurs when someone uses another person's identifying information (including Social Security Number, account numbers and credit card information) to make financial transactions. Unfortunately, the same technological advances that allow us to pay bills, shop and...
What's the Bankruptcy Automatic Stay?
Posted on February 26, 2009You’ve probably heard the phrase “bankruptcy protection”, but do you know how filing for bankruptcy could actually protect you? The bankruptcy automatic stay offers one of the major protections in a bankruptcy case. Here are some basics on the automatic...
Bankruptcy Question: What Debts Are NOT Dischargeable in Bankruptcy?
Posted on February 25, 2009If you’re thinking about filing bankruptcy as a way of relieving your debt, it’s important to know what bankruptcy cannot do for you. Many types of debt are not dischargeable in bankruptcy – that is, you’ll likely still be responsible...
Cars in Bankruptcy
Posted on February 23, 2009We rely on our cars for work, commuting, shopping and transporting our families. Understandably, if you’re considering filing for bankruptcy, you probably want to know what may happen to your automobile in bankruptcy. Chapter 7 Bankruptcy & Car Loans When...
How Much Debt is Too Much? Know When Debt Needs a Solution
Posted on February 20, 2009Although most people have debt, some may not know how much debt is considered “too much debt” and when a debt solution is needed. One way to get a general overview of your financial health is to calculate your debt...
Think About Bankruptcy? What to Look for in a Bankruptcy Lawyer
Posted on February 18, 2009Here’s some tips to keep in mind when you’re shopping for a bankruptcy lawyer: Shop around. Interview a few bankruptcy lawyers before making a decision. Many offer free consultations (be sure to ask), which will give you a chance to...
Bankruptcy FAQs: Get Your Bankruptcy Questions Answered
Posted on February 13, 2009If you’re considering filing for bankruptcy, you probably have many questions on your mind. Take a look at these frequently asked questions about bankruptcy to learn the answers you may need to move forward. How important is it to work...
Unemployment Benefits Fall Short
Posted on February 12, 2009Mass layoffs have been sweeping the country, leaving millions of people unemployed and relying on unemployment benefits to make ends meet. But the problem is that there are few jobs to be found in this economy and unemployment benefits are...
Scammers Target Online Job Seekers
Posted on February 11, 2009The FBI issued a warning to online job seekers on Feb. 4., as it and the Internet Crime Complaint Center (IC3) continue to receive numerous complaints about work-at-home fraud. As millions of Americans who are currently unemployed seek job opportunities,...
How Can Filing for Bankruptcy Stop Foreclosure?
Posted on February 11, 2009If you’re one of the millions of Americans in danger of losing your home, you’re likely at your wits’ end trying to hang on to the place you live. We don’t have to tell you that saving your house is...
Was 2008 the Year of the Bankruptcy?
Posted on February 05, 2009Times are indeed tough—more than one million Americans filed Chapter 7 and Chapter 13 bankruptcy (what’s the difference?) last year. As the U.S. economy sunk, the number of Chapter 7 and Chapter 13 bankruptcies rose 33 percent, according to data...
Foreclosed-Upon Renters
Posted on February 05, 2009A disturbing product of the foreclosure epidemic is the eviction of renters who’ve done nothing wrong and have nothing to do with the problems that spurred the foreclosure action. Generally, when banks foreclose on properties, they don’t want the liability...
New Record: 19 Million Vacant U.S. Homes in 2008
Posted on February 04, 2009On Feb. 3, the U.S. Census Bureau released a report indicating that the number of vacant homes in the U.S. rose 6.7 percent during the fourth quarter of 2008, as compared to the same period in the previous year. By...
Sick of Creditor Harassment? Tips on Dealing with Debt Collectors
Posted on February 02, 2009The slumping economy has caused many Americans to depend on credit cards to survive. A real problem arises when the credit card bills are due and there’s no money to pay them. Enter the debt collector. According to the Federal...
Bank Nationalization - A Real Possibility?
Posted on January 29, 2009The recent round of government bailouts for large banks has caused growing concern that the government may nationalize them, which means that the banks would be owned and operated by Uncle Sam. The concern is that should banks become nationalized,...
Media Speculation: Will Britain Go Bankrupt?
Posted on January 29, 2009Recently there's been much speculation about the financial security of Great Britain. One trigger for the alarm is the rapidly declining value of sterling; however, financial journalist Nils Pratley says there's no real cause for panic just yet. Britain Bankruptcy?...
What the New Bankruptcy Bill Means for Homeowners (and the rest of us)
Posted on January 27, 2009digg_url = 'http://digg.com/world_news/New_Weapon_May_Save_Millions_of_Homes'; In the fall of 2007, when Illinois Senator Dick Durbin introduced the first version of the bill now known as the "Helping Families Save Their Homes in Bankruptcy Act of 2009", an estimated 2 million American...
10 Hot Tips to Save Cold-Hard Cash
Posted on January 27, 2009In today’s economy, we all need to save money when we have the opportunity to do so. While it’s not always easy, there are ways you can spend less and use your savings to pay down debts and grow your...
Just Announced: Dec 2008 Home Sale Figures Bring Mixed Results
Posted on January 26, 2009OK, let’s get the not-so-great news out of the way: The 2008 median home sales price dropped a record 15.3 percent compared to the 2007 median home sale price of $175,400, according to the National Association of Realtors. In addition,...
China's Not Digging Our Debt & It Could Affect You
Posted on January 23, 2009Suffering economies are not exactly news anymore as we come to terms with the recession rocking most corners of the globe. But it does appear that the shifting impact of the crisis will continue to show itself in new ways....
Keep Your New Year's Resolution to Reduce Debt
Posted on January 21, 2009Of all the 2009 New Year’s resolutions that were made a few weeks ago, many are likely to be forgotten in the upcoming months. But if you made a New Year’s resolution to reduce debt in 2009 there are simple...
Experts: 2005 Bankruptcy Reform Caused Foreclosure Crisis
Posted on January 20, 2009When the U.S. housing market collapsed and foreclosures began to sweep the nation, many blamed predatory lenders, while others felt no sympathy for homeowners who took mortgages they couldn't afford. There's been a lot of finger pointing and plenty of...
Creditors Scramble to Get What They Can From Debtors
Posted on January 16, 2009Faced with the deep recession and more consumers filing bankruptcy, banks and lenders are feeling the squeeze. Not only are many consumers backed into corners with unmanageable debt and few options, debt collectors are realizing that their options are limited...
California Has Highest Foreclosure Risk
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By the Numbers: 1,064,927 Consumer Bankruptcies in '08 ... Number Likely to Climb in '09
Posted on January 13, 2009Last year overall consumer bankruptcy filing topped 1,064,927, according to the National Bankruptcy Research Center. This number is up 33 percent from 2007, when 801,840 people filed. Numbers are expected to continue to climb this year as the recession weighs...
Bush's 8 Years Mark Weakest Economy Period in Decades
Posted on January 12, 2009During President Bush’s 8-year reign, the gross domestic product—one of the most popular metrics of economic growth—grew at the slowest pace for a period of that length since the Truman administration (1945-53), according to the Washington Post...
Dealing with Diminished Job Security: Prepare for the Worse-Case Scenerio
Posted on January 07, 2009Americans are feeling the impact of the economic recession. Workers face mass layoffs and unemployment rates continue to rise. The current labor market is scary—many people are having trouble finding new jobs. The Employment Law Alliance recently surveyed 1,159 workers...
New Foreclosure Law Allows Quicker Rescue of Left-Behind Pets
Posted on January 05, 2009Before the new year, California animal control offices were required to wait at least 24 hours before they could rescue a pet from a foreclosed property after they posted a note on the door. But a new 2009 foreclosure law...
Change Your Life in '09: Release Yourself of Old Debt
Posted on January 02, 2009A new year brings new opportunity. Don't let old debt latch onto you any longer. You may be able to shake off that old debt by filing bankruptcy. Times are tough and millions of Americans just like you have sought...
Latest Fashion Trend for 2009: Bankruptcy
Posted on December 31, 2008According to the Chicago Sun-Times, several retail analysts are predicting that up to 73,000 retail locations will close during the first quarter of 2009 and 20-40% of retail chains could go totally out of business next year. Ann Taylor,...
5 Steps to Lowering Credit Card Interest Rates
Posted on December 30, 2008Stop the madness! You don’t have to be bogged down by high interest rates. Check out these tips on how you may be able to get lower interest rates and save yourself some serious cash: Review your latest statements. Figure...
Shoplifting, Robberies & Burglaries Spiking Thanks to Dumpy Economy
Posted on December 29, 2008The Retail Industry Leaders Association conducted a survey of 52 chain retailers and found that about 80 percent said organized retail crime has jumped, with 50 percent also reporting that robberies and burglaries also increased. The bottom line to this...
5 Reasons the U.S. Economy Will Be Better in '09
Posted on December 26, 2008We may have real reasons to be hopeful for a better fiscal year in 2009. Read up on MSN’s top 5 reasons to believe we’re heading in the right direction: 1] Oil Prices Are Dropping Those gas prices are going...
God Files Bankruptcy--or at least his "houses" are...
Posted on December 24, 2008This tough economy hasn't spared houses of God. Church bankruptcies are becoming a more common occurrence as giving is down and the maintenance and mortgage bills are piling up. In fact, church giving is down almost 15 percent in some...
Michael Vick's Creditors Challenge Bankruptcy Plan
Posted on December 11, 2008bankruptcy, michael vick, atlanta falcons, creditors, nfl
Durbin Makes Another Push for Bankruptcy Bill
Posted on December 09, 2008Although Illinois Senator Dick Durbin's planned press conference on the Helping Families Avoid Foreclosure bill was a bit overshadowed by the arrest of Illinois governor Rod Blagojevich, Durbin's message remains the same: allowing bankruptcy courts to rewrite home mortgage loans...
Feds Buy $600 Billion in Mortgage-Related Assets
Posted on November 26, 2008In another attempt to quell the growing financial crisis, the Federal Reserve announced Tuesday it will buy up to $600 billion in mortgage-backed assets. The Fed will purchase $100 billion of Freddie Mac, Fannie Mae and the Federal Home Loan...
Weekend Emergency Plan: Feds Bailout Citigroup
Posted on November 24, 2008Late Sunday night, federal regulators announced they approved a plan to try to stabilize Citigroup. The plan involves the government investing $20 billion in the company and backing about $306 billion in loans and securities. This emergency plan comes after...
Third Quarter Layoffs at Highest Level Since 2001
Posted on November 20, 2008U.S. employers initiated 1,330 mass layoff events in the third quarter of this year. This is the highest level for the third quarter since 2001, according to preliminary figures released by the Bureau of Labor Statistics. The mass layoffs accounted...
If Cars Industry Goes, So Will Millions of Jobs
Posted on November 18, 2008Moody’s Economy.com chief economist Mark Zandi estimates that 2.6 million people will lose their jobs if GM, Chrysler and Ford collapse and that the economy is too weak to handle such a big blow. That number includes 250,000 people who...
No. 2 U.S. Bank to Slash 52,000 Jobs
Posted on November 18, 2008Citigroup Inc. just revealed plans to cut 52,000 jobs—15 percent of its workforce—by early 2009. This mass layoff is in addition to the 23,000 jobs that were cut between January and September 2008. Expenses will also be cut by as...
Bush & Obama Front Line: What to Do About the Car Industry?
Posted on November 13, 2008In his first press conference since he was declared the 44th president, Obama said that the U.S. auto industry is “the backbone of American manufacturing” and that the Bush administration should “do everything it can to accelerate the retooling assistance”...
Credit Card Interest Rates Falling
Posted on November 12, 2008Good news for consumers: on average, credit card annual interest rates fell for the third-straight week. Overall, the average APR for variable-rate credit cards is 11.30 percent, which fell from 11.33 the week before. For low-interest cards, which have rates...
China Announces $586 Billion Economic Relief Package
Posted on November 10, 2008Throughout the global financial crisis, the Chinese government publicly forecasted that the financial crunch would only minimally impact China. But it appears that the government now thinks differently. The Hu Jintao regime has decided to provide $586 billion for an...
Bankruptcy Lawyer Going to Prison
Posted on November 07, 2008A bankruptcy lawyer from Jackson, MS is heading to prison after being convicted of defrauding his bankruptcy clients out of thousands of dollars. John Allen was sentenced to serve 32 months in federal prison after he pleaded guilty to the...
Government's Mortgage Relief Program Not Popular
Posted on November 06, 2008The Hope for Homeowners program (H4H) was the federal government’s attempt to quell the rising number of home foreclosures. It was launched on Oct. 1 and, over the next three years, was expected to help as many as 400,000 homeowners....
Wounded Home Builders Lobby For Congress to Stimulate Market, Prevent Foreclosure
Posted on November 05, 2008The National Association of Home Builders (NAHB), the home building industry’s trade association, spent $852,689 lobbying Congress in the third quarter. Their goal was to support bills that would help homeowners in foreclosure and make it easier for potential homeowners...
October Bankruptcies Toped 100,000 For The First Time Since 2005
Posted on November 04, 2008American businesses and individuals filed 108,595 bankruptcies, which is up 13 percent from September according to a Bloomberg article. October was the first month that more than 100,000 bankruptcies were filed since the bankruptcy law changed. In 2005, right before...
R.I.P.? Foreclosed Purgatory: Deceased Kicked Out in Funeral Home Evictions
Posted on October 30, 2008Five bodies and the cremated remains of 22 people were evicted last week from a funeral home in suburban Detroit. The deceased remains were removed from the House of Burns Memorial Chapel in Pontiac and shipped to the county medical...
America's Credit Card Defaults Increasing
Posted on October 30, 2008The Washington Post reports that Americans are increasingly unable to pay off their credit card debt, which forces banks to not only lend to fewer people, but to also stockpile cash to guard against future losses. Recent Federal Reserve data...
Report: September Foreclosures Up 71% From Q3 2007
Posted on October 24, 2008A RealtyTrac U.S. Foreclosure Market Report Shows the third quarter foreclosure activity is up 3 percent from the second quarter and up an astounding 71 percent from the same time last year. However, there is good news: September foreclosures decreased...
Another Huge U.S. Bank Making More "Mistakes"
Posted on October 22, 2008Countrywide Home Loans Inc. refuses to follow a ruling from Illinois bank regulators, which was created to protect homeowners.
Alternative to Bankruptcy May Mean Job Cuts, Store Closures for Circuit City; Data Breach Report
Posted on October 21, 2008Richmond-based Circuit City may file bankruptcy; New report finds most data breaches caused by employees
An International Drought
Posted on October 15, 2008Financial shock waves are being felt all around the world. Read on for which countries may be facing bankruptcy.
September Personal Bankruptcy Filings Up
Posted on October 10, 2008New data shows that personal bankruptcy filings were up significantly in September from the same time last year.
Britain Announces Massive Bank Bailout; Iceland On Brink of National Bankruptcy
Posted on October 08, 2008Global economic crisis coverage: Britain's new bank bailout plan & Iceland's efforts to prevent a "national bankruptcy".
Online Bid of $1.75 Buys Michigan House
Posted on October 07, 2008Sign of the times: Woman buys abandoned house on E-Bay for $1.75.
The Tent City Trend
Posted on October 06, 2008Tent cities are popping up all around the country as the economy worsens, more jobs are lost and the mortgage foreclosure crisis continues.
In Foreclosure? Know Your Voting Rights
Posted on October 01, 2008Ohio Secretary of State reminds residents that they still have the right to vote if they are in mortgage foreclosure. Obama camp recently filed lawsuit to make sure everyone eligible in the country will be allowed to vote--regardless of the status of their mortgage payments.
House Passes Bill Delivering Blow to Credit Card Industry, High-Five to Consumers
Posted on September 29, 2008House passes the Credit Cardholders Bill Of Rights Act, which is intended to reduce heavy credit card fees and charges. Next step is the Senate, where its future is uncertain.
The Economy: Poll Shows Most People Believe Government Should Step In
Posted on September 26, 2008New poll shows that people are concerned the economy could worsen if the government doesn't step in--but there are concerns that the bailout could fatten the pockets of the people who created the whole financial crisis.
Retailers Go Bust & Gift Cards Turn to Dust?
Posted on September 24, 2008Consumer groups are petitioning the FTC for tighter regulation for the gift cards of retailers who go bankrupt. Turns out, not all plastic cards are created equal.
Hey, Washington: What About the Rest of Us?
Posted on September 23, 2008While big banks and insurance companies are getting handed billions of dollars in federal bailouts, Americans are left to fight their financial struggles alone.
Politicians Question Feds' Bailouts & Offer Solutions to Wall Street Crisis
Posted on September 19, 2008Politicians criticize Fed's recent financial institution bailouts. Some offer plans of how to fix Wall Street and boost America's fiscal health.
AIG: Taxpayers To The Rescue, As Usual
Posted on September 17, 2008Another government bailout: AIG gets $85 billion--from taxpayers. Read more at our Total Bankruptcy blog.
More Financial Meltdown as Lehman Files Ch. 11
Posted on September 16, 2008After the largest bankruptcy filing in U.S. history by Lehman Brothers, Total Bankruptcy examines what these bank blowouts really mean to the average American.
Countrywide Attempting to Settle Claims of Bankruptcy Manipulation in PA
Posted on September 12, 2008Former lending giant Countrywide is attempting to settle allegations in Pennsylvania that it purposely defrauded the bankruptcy system and its clients. Countrywide is also being investigated for fraudulent practices in other states.
A Frat House Filing
Posted on September 10, 2008We know the mortgage foreclosure crisis is bad, but now it's hitting on frat boys?! Fraternity files for Chapter 11 bankruptcy protection to save their home from foreclosure.
The Fannie & Freddie Government Bailout
Posted on September 08, 2008U.S. government just announced a federal bailout of failing mortgage giants Freddie Mac and Fannie Mae. What does this mean?
State Bankruptcy Filing Rates
Posted on September 05, 2008Bankruptcy filings are up all around the country. See how individual states are fairing.
55+ Americans More Likely to File Bankruptcy Than Younger Generations
Posted on September 04, 2008New analysis shows between 1991 and 2007, the bankruptcy filing rate increased for older Americans, while people less than 55 years of age saw a decrease in filings.
Unpaid Parking Ticket Results in Foreclosure
Posted on September 02, 2008Can you really lose your home to foreclosure because of old parking tickets? A Milwaukee, Wisconsin man found out the hard way that it can actually happen.
Consumer Bankruptcies Up 28.8 Percent from Same Time a Year Ago
Posted on August 29, 2008A new report shows total U.S. bankruptcies are up 29.2 percent during the first six months of 2008, compared to the same period in 2007.
Banks Weigh In on Credit Cardholders' Bill of Rights
Posted on August 28, 2008Banks warn passage of Credit Cardholders' Bill of Rights Act will ultimately hurt consumers. Consumer advocates disagree, saying the bill provides long-needed protection from fees and rate hikes.
The Sting of Foreclosure: Fish to Rescue
Posted on August 25, 2008Foreclosed homes result in abandoned swimming pools, which create a mosquito-breeding nightmare. One fish is working hard to combat the problem.
Cosmetic Surgery with No Money Down
Posted on August 21, 2008Credit options are helping the uninsured pay for costly surgeries but the interest rates and late fees can make the buy now, pay later choice more of a burden.
"No End in Sight" to American Financial Turmoil?
Posted on August 20, 2008While current financial turmoil in the United States has been detailed far and wide, a recent editorial in the New York Times called for an end to political posturing on these issues critical to our economy and provided several enlightening suggestions on how lawmakers can begin to make fixes.
Consumer Credit Explodes in June, Further Proving Consumer Claims Unfounded
Posted on August 12, 2008Despite what a recent Javelin Strategy & Research online survey suggested about consumer credit use being down in the midst of the nation's current economic struggles, recently-released Federal Reserve numbers for the month of June reveal quite the opposite about consumer credit.
Favorable Changes in South Carolina Bankruptcy Law
Posted on June 13, 2008More people in South Carolina may begin filing bankruptcy because of a new state bankruptcy law. Some consumers who owe a large amount of credit card debt may have previously avoided filing bankruptcy due to income restrictions or for fear of losing their vehicles and other property.
Bankruptcy Filings up Nearly 31 Percent
Posted on June 10, 2008Despite the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) that went into effect on October 17, 2005, the number of consumers and businesses filing bankruptcy is on the rise. BAPCPA increased the fee to file bankruptcy and placed tighter limits on the income of those who are filing bankruptcy, but aside from a brief decrease in bankruptcy filings at the end of 2005, has done nothing to slow down the number of people and businesses who find that filing bankruptcy is their best option.
Free Credit Scores for Six Months
Posted on June 04, 2008TransUnion has recently settled a lawsuit with several disgruntled credit users and you can reap the benefits. As part of the settlement, TransUnion will be offering free credit SCORES for six months, beginning in mid-June. As you may know, free...
Ever Heard of an "Application for Debt"?
Posted on May 28, 2008How we talk about credit goes a long way in revealing our attitudes toward using it responsibly. From Urban Word of the Day comes a new term to describe the junk mail flood of credit card applications. Application for Debt: An of offer of credit from a financial institution...
New Century Signed Contracts Limiting Number of "Bad Loan" Rejections
Posted on May 27, 2008An NPR report on the mortgage crisis detailed how investment banks willingly and knowingly accepted bad loans--to the extent that they had hard numbers on what to accept and what to reject. Economist Dean Baker has the gory details: According to its report, one investment bank had a contract with New Century, a leading issuer of subprime debt, that it would reject no more than 2...
Consumer Credit Skyrockets in March
Posted on May 08, 2008The tough outlook for the economy has made many consumers feel the ill effects and caused them to make many changes in their day-to-day life. But according to new figures made available, via Bloomberg.com, many aren't quite ready to give up the affluent lifestyles to which they have grown accustomed...
Another Unintended Consequence of the Foreclosure Crisis
Posted on May 07, 2008The San Jose Mercury News is reporting that local health officials are worried about the potential for disease epidemics like West Nile Virus carried by mosquitoes. And where would mosquitoes carrying the deadly disease be likely to breed in record numbers? The swimming pools of foreclosed homes...
Fed Funds Rate Matches Lowfat Milk--Interest Cuts to 2%
Posted on May 01, 2008In order to stimulate the economy out of the current recession, Ben Bernanke and the Federal Reserve Board cut the federal funds rate once again, slashing another quarter percent off to bring the rate to 2.0%.
Supreme Court Ruling Modifies Bankruptcy Law
Posted on May 01, 2008The U.S. Supreme Court approved amendments to the Federal Rules of Bankruptcy Procedure on April 23, which are generally speaking a rubber stamp on rules implemented by bankruptcy courts across the nation in August 2005 as a result of BAPCPA. Congress must vote on approval of these measures in order to enact them as laws, and doing so would finalize the rules from their current provisional state.
Student Lending Bill Passes Senate Unanimously
Posted on May 01, 2008Congress passes bills to address the expected shortage of student loans in the coming academic year. Agreement on a bill and a presidential signature are expected as early as this week.
2008 Q1 Foreclosure Stats Show Dire State of Industry
Posted on April 29, 2008Foreclosure statistics for the first quarter of 2008 were released today, and, as predicted, things are getting worse for the housing market. Q1 of this year saw a 23% rise over foreclosure filings from Q4 2007, and a 112% rise over Q1 of 2007. In raw numbers, around 650,000 homes have been repossessed, or 1 in every 194 households in America...
When to Expect Your Income Tax Rebate
Posted on April 28, 2008Visit the Total Bankruptcy blog for an easy-to-follow chart outlining when you can expect your economic stimulus rebate check from Uncle Sam.
House Hears Testimony on Excessive Credit Card Fees
Posted on April 22, 2008Congressional hearings on a Credit Cardholders' Bill of Rights include testimony from cardholders, industry experts, senators and consumer advocates. The bill continues its gradual movement through the legislative process.
Student Loan Legislation Passed in the House
Posted on April 18, 2008Amidst concerns about student loan availability and affordability during the credit crunch, the House of Representatives has approved a measure that would allow the Department of Education to purchase federally guaranteed loans that lenders cannot sell to private lenders and would also increase the amount of money that students can borrow...
Money Smart Week Focuses on Financial Literacy
Posted on April 18, 2008Money Smart Week, a part of national Financial Literacy Month, means free classes on financial management for Midwesterners.
Foreclosures Up 57% from Last March
Posted on April 15, 2008New figures show that foreclosure filings have increased 57% from a year ago and experts are saying the end is not near.
Credit Crunch Update: Sallie Mae to Charge for Student Loan Applications
Posted on April 14, 2008In the last week or so, we've been talking a lot about how the U.S. credit crunch has sparked fears about student loan availability. With this in mind, the country's largest student loan lender -- Sallie Mae -- announced late last week that it will be cutting certain types of student loans and charging loan application fees ranging from $35 for freshman students to a couple hundred dollars for graduate students.
Consumer Confidence Drops Again, Report Says
Posted on April 11, 2008The AP is reporting that consumer confidence has reached its lowest point since the RBC Cash Index began recording the phenomenon in 2002. Currently, the index is at 29.5, dropping from its March level of 33.1. The RBC Cash Index...
Senate Passes Housing Stimulus Package
Posted on April 10, 2008After months (which seemed, at times, like years) of debate on the best way to address the current housing and foreclosure crisis in the United States, the Senate passed a housing stimulus package by a 84-12 vote earlier today.
Bush Plans to Expand FHA Mortgages in Homeowner Bailout
Posted on April 10, 2008Though President Bush has vowed to veto the Senate housing bill currently being considered, his administration announced that it plans to advance homeowner bailout programs of its own, beginning with the expansion of FHASecure, a program that transfers mortgages to prime-rate mortgages insured by the Federal Housing Administration...
College Loan Availability Concerns Addressed in New Legislation
Posted on April 10, 2008In the midst of concerns about student loan availability during the credit crunch, the House Education and Labor Committee approved a bill yesterday that would aim to prevent current market problems in the United States from curtailing the abilities of aspiring college students to obtain student loans...
Senate Housing Bill Goes to Final Stage
Posted on April 09, 2008The Senate invoked cloture--the process for ending a filibuster or debate by a three-fifths vote--on its housing stimulus package, meaning that the bill is fast-tracking through. This is good news for homeowners, who would benefit to the tune of $4 billion...
New Bush Proposal for Struggling Homeowners
Posted on April 09, 2008The Bush Administration's latest proposal to address the foreclosure crisis would help up to 100,000 borrowers if implemented. Democrats in Congress continue to push for more aggressive, far-reaching government intervention that would address a more significant proportion of those facing foreclosure.
Credit Industry to Blame for Rise in Bankruptcy Filings
Posted on April 07, 2008During the first week of April, the American Bankruptcy Institute detailed data from the National Bankruptcy Research Center (NBKRC) revealing that consumer bankruptcy filings were up 15.2 percent nationwide this past February as compared to January 2008 and up 37...
Consumer Alert on Suspicious Magazine Debt Collection Practices
Posted on April 07, 2008The issue of "Zombie Debt" has seemingly been getting a lot of coverage in the mainstream media over the last several months. A recent ConsumerAffairs.com story detailing how Luebke Baker has been recently attempting to collect alleged magazine subscription debts from as long as 11 years in some cases further clarifies the need to be aware of such deceptive debt collection practices and to protect yourself as a consumer, as these following pages reveal: • Debt Collection; • Dishonest Debt Collectors; and • Could You Be Paying Debts You Don't Owe?
8 Tips to Avoid Business Debt
Posted on March 28, 2008An obvious purpose and focus of The Bankruptcy Blog is to examine how consumers fall into debt, how filing bankruptcy may be able to help them attain a fresh financial start, and how debtors can establish healthier financial practices after filing. With that in mind, Bankaholic recently provided an interesting post earlier this week on how businesses can avoid business debt and do a better job of providing for their employees in the future.
Where's Your Foreclosed Mortgage Going Now?
Posted on March 13, 2008The Federal Reserve has offered banks another $200 billion in US currency in exchange for debt that includes mortgage securities, and includes subprime mortgage loans that they hold. Essentially, experts explain, the Fed is using the available funds to encourage confidence in these securities among investors...
The Subprime Mess in Pictures
Posted on March 10, 2008Enjoy this amusing and informative peek behind the scenes into the subprime mortgage mess. Via Andrew Sullivan....
When can we call it a "recession"?
Posted on March 07, 2008Government reports show that we lost 63,000 jobs in February. It's the largest falloff in that sector in five years. Expect bankruptcy filings to go up again. When does the word "recession" come in to play in earnest? Update: Via...
Rebate Checks Notice Letters to Cost $42 Million
Posted on March 07, 2008We all know every time the government makes a concerted effort to do anything, there's more red tape than at a marathon supply dealer trade show. The latest evidence? Rebate letters to cost $42 million And, "It doesn't include the...
Bankruptcy, Foreclosure and Second Mortgages
Posted on March 06, 2008Second mortgages are often unsecured loans, just like home equity loans; this means that when home prices have plunged, the owner is stuck with a loan that's not backed up by any tangible asset. Unsecured debts like this can be eliminated in Chapter 13 bankruptcy, which strips any excess unsecured debt that exceeds the actual value of your home...
Have We Hit the Subprime Iceberg Yet?
Posted on March 05, 2008Julian Delasantellis reviews a year's worth of articles on the subprime crisis for Asia Times, and tosses out a few (admittedly unrealistic) solutions for the subprime iceberg. Here's the crux: The reason the problem keeps getting worse all the time....
Fed Cuts Interest Rate to Ease Market, Housing Crunch
Posted on January 22, 2008The US Federal Reserve Bank announced a lowering of the interest rate for federal funds, meaning the rate banks charge one another for overnight loans. The rate will be lowered from 4.25 to 3.5. This is the third interest rate cut since last September, when the bank cut the interest rate by a half-point, and then quarter-points in October and December...
BBB Foreclosure Rescue Scam
Posted on January 09, 2008A California foreclosure rescue scam involved one company fraudulently using the Better Business Bureau's logo on their publications.
Countrywide Financial Fabricated Documents in Foreclosure Case
Posted on January 08, 2008Countrywide Financial Corporation, formerly one of the nation's biggest subprime lenders, has admitted to fabricating documents in a Pennsylvania woman's bankruptcy case. The implementation of the so-called recreated letters took bankruptcy attorneys and judges by surprise.
Comic Tackles Foreclosure Crisis
Posted on January 04, 2008The renegade comic strip "Brewster Rockit" puts a sardonic twist on the subprime mortgage crisis.
New Hampshire State Courts Press On with Illegal Surcharge
Posted on December 31, 2007In a blatant case of a governmental double standard at work, the state of New Hampshire charges a $3 surcharge on credit card transactions for court fees, fines and other legal fees. This fee is illegal, in truth, according to the regulations of Visa and MasterCard, which prevent retailers who use their credit cards from charging customers any unauthorized surcharge...
Bush's Plan For Foreclosure Rescue
Posted on December 13, 2007President Bush's long-awaited foreclosure rescue plan might prove to be too little, too late for most struggling homeowners.
One More Thing Hurting Your Credit Score
Posted on December 13, 2007Overdue fines from red-light cameras can push your credit score down.
Paulson Announces Potential Break on Subprime Mortgages
Posted on December 03, 2007Secretary of the Treasury Henry Paulson has noted that a plan to freeze rate resets on adjustable rate mortgages is in the works, and could be finalized as early as this week.
Norwegian Town Feels Housing Pinch
Posted on December 03, 2007A Norwegian town invested millions of dollars in Florida's housing market, and has lost an amount equal to nearly a quarter of its yearly revenue. Now, public services could be at risk as the town leaders seek ways to save money.
Protestors Demand Foreclosure Relief from Countrywide
Posted on November 28, 2007California homeowners protested outside the offices of Countrywide Financial this week, demanding a moratorium on foreclosure proceedings and increased efforts at mortgage loan-modification.
Foreclosure Listings Added to Trulia Searches
Posted on November 27, 2007Trulia.com, a website that details residential real estate listings across the country, has announced that it will begin including properties in foreclosure in its database, according to reports from RISMedia.
Read this Article Before You Do Your Holiday Shopping!
Posted on November 21, 2007Taking Out Store Credit Cards Can Lower Your Credit Score explains what you need to know before you enter the malls this holiday season and find yourself confronted with solicitations to apply for a store card and save 10%...in virtually every store you visit...
Presidential Hopefuls Address Foreclosure
Posted on November 20, 2007Democratic hopefuls' pre-primary speeches reflect the need to address the mortgage foreclosure crisis--and to start offering some solutions.
Mortgage Fraud Perp Gets 40 Years
Posted on November 19, 2007A mortgage fraudster is sentenced to 40 years behind bars in Texas.
Beware of Jury Duty Scam!
Posted on November 15, 2007If someone calls you and says you missed your date for jury duty and could be arrested as a result, hang up the phone. According to various postings on the Federal Bureau of Investigation's website, this is a scam. It...
Bank Survey Results from Federal Reserve
Posted on November 07, 2007The past three months have seen a lowered demand for loans coupled with stricter lending standards by banks.
46,000 Workers Affected by Chrysler Shutdown
Posted on December 31, 1969Chrysler announced that as of Friday, it will shut down its 30 manufacturing plants for at least a month. The company blames lower demand for its vehicles in the tightening consumer credit market. Chrysler is the last of the big...
Bushs Role in the Economic Crisis
Posted on December 31, 1969In the midst of a global economic crisis, President Bush has asked “How did we get here?”, according to sources close to the president. Well, the New York Times has an answer for him. A recent article said that Bush’s...
Bills Keeping You Down? Check Out These Tips on Saving Money
Posted on December 31, 1969Whether you’re recovering from bankruptcy or just trying to improve your financial situation, you’re probably looking for ways to make sure your finances are in top shape. If you’re ready to start spending and saving a bit more wisely, you’ve...
Tribune Bankruptcy: Rumors of Media Death Are Exaggerated
Posted on December 31, 1969The Tribune Co. filed Chapter 11 bankruptcy. Although many people are not surprised to see another business bankruptcy, this is big news because the Tribune Co. is the news for many people around the country. The Tribune Co. owns eight...
Analysts: Economy Shrinking, Could Get Worse
Posted on December 31, 1969The Commerce Department reported today that the gross domestic product (GDP), the economy’s total output of goods and services and a major metric of economic health, declined at an annual rate of 0.5 percent in the July/September quarter. Analysts had...
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Does a Chapter 7 bankruptcy discharge a secured mortgage loan?
Yes if you file they cannot sue you to the knowledge I know. My brother is in re...
Once a storage company takes possession of a stored asset and attempts to sell it to satisfy delinquent storage fees, can they continue to charge for storage?
what we found out is that the guy held onto the car since 99 and now wants all s...
I have a collection account on my credit report which states a later "account opened" date than the original creditor's default date on the very same report. What should I do? Do not want to file for bankruptcy.
You might consider contesting the account problem in question. If you call the c...
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How do you recover money from a stop payment placed on a personal check given to you?
you can always take them to small claims court and sure them for 3 times the amo...
Protection from damages from Internet advertising fraud for owners of an Incorporated company?
The "corporate veil" that ordinarily protects business owners and managers from ...
Does a Chapter 7 bankruptcy discharge a secured mortgage loan?
Yes if you file they cannot sue you to the knowledge I know. My brother is in re...
Once a storage company takes possession of a stored asset and attempts to sell it to satisfy delinquent storage fees, can they continue to charge for storage?
what we found out is that the guy held onto the car since 99 and now wants all s...
I have a collection account on my credit report which states a later "account opened" date than the original creditor's default date on the very same report. What should I do? Do not want to file for bankruptcy.
You might consider contesting the account problem in question. If you call the c...
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