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Bankruptcy

The Bankruptcy Blog

Educates consumers on bankruptcy laws.
By Total Bankruptcy.

Post Frequency: 5.8/day

Last Entry: March 28, 2011 at 12:14:25

Business Chapter 11 Bankruptcy Filings Up 50 Percent

Posted on January 07, 2010
Business bankruptcy filings are increasing at an even faster pace than the record-setting personal bankruptcy numbers from 2009. Last year, Chapter 11 business bankruptcy filings increased 50 percent from 2008, according to a Business Week report. In all, more than 15,000 business decided to file Chapter 11 bankruptcy...

December Bankruptcy Filings Up 33 Percent

Posted on January 06, 2010
Consumer bankruptcy filings reached 113,274 in December, 2009, an increase of 33 percent over December, 2008, according to data released by the American Bankruptcy Institute, bringing an end to the highest year for bankruptcy since 2005. The December total was also a slight increase over the 112,152 consumer bankruptcies filed in November, 2009, a sign that [...

A Time for Credit Cards?

Posted on January 05, 2010
For most Americans, the allure of credit cards can lead to a financial trap. Credit cards make purchasing easier?but can make responsibility harder. Credit card spending often brings freedom today while impacting your future. Whenever you buy with credit, you're promising your future income today...

More Info for Subprime Borrowers From FTC and Fed

Posted on January 03, 2010
A joint statement from the Federal Trade Commission and the Federal Reserve Board released in late December announced new rules for lenders who offer some borrowers less favorable loan terms than others. With active participation from the borrowers in question, this measure could provide an important safeguard against certain predatory lending practices...

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Cash for Cutting Greenhouse Gases

Posted on January 02, 2010
CNNMoney.com reports that a new proposal before the Senate could mean big news for how energy is bought and sold in the U.S. ? and for how much average consumers pay. Proposed Money Saving Measures Currently, Congress has made little headway toward passing legislation that would limit production of greenhouse gases, despite various attempts...

Big Names File Bankruptcy in 2009

Posted on December 31, 2009
As 2009 winds down, we'll take a quick look at some of the biggest brands and names in business that decided to file bankruptcy. Big Brand Businesses Filing in 2009: Chicago Cubs - The Northsiders briefly entered bankruptcy protection when the team was sold...

The Biggest Business Bankruptcy Filings of the Decade

Posted on December 30, 2009
This was a banner decade for big bankruptcy. Of the 20 largest corporate bankruptcy filings in history, all but three of them occurred in the last decade. The 2000s featured three businesses with more than $100 billion in assets filing for bankruptcy...

Top 10 Celebrity Bankruptcies of the Decade

Posted on December 29, 2009
It's been a rough decade economically, and not even celebrities were immune from financial turmoil. Some of the names on this list were no longer in the spotlight, while others encountered difficulty at the peak of their fame. This list includes those who filed on personal debts as well as celebrity business owners who used bankruptcy [...

Eighty Percent Interest on a Credit Card

Posted on December 27, 2009
The Credit Card Accountability Responsibility and Disclosure (Credit CARD) Act of 2009, which will take full effect in February, limits many practices now common in the credit card industry. Some, however?like issuing a card with an interest rate near 80 percent?will still be permissible under the new law...

FTC & BBB: Avoid Free Trial Scams

Posted on December 26, 2009
The Federal Trade Commission recently released a statement warning about the potential cost of free trial offers that end up costing consumers significant amounts of money. The warning, made jointly by the FTC, the Better Business Bureau (BBB) and Visa, includes red flags to watch out for and action to take to avoid getting scammed...

What?s Forcing Americans to Consider Bankruptcy?

Posted on December 22, 2009
As America closes out 2009 with roughly 1.4 million bankruptcy filings, a new survey reveals the possible economic factors behind the surge. Respondents were asked to select which economic factor forced them to consider bankruptcy, and how many people they know who had also considered bankruptcy in the past year...

College Savings Funds at Risk in Bankruptcy Filings

Posted on December 19, 2009
A recent ruling by an Idaho bankruptcy judge, reported by the Des Moines Register, could mean bad news for parents with 529 tax-advantaged college savings plans for their children who file for bankruptcy. The Ruling The case in question apparently involved a couple who had put $14,500 into a 529 college savings account for their daughter...

Bankruptcy Provision aside, Consumer Protection Passes House

Posted on December 17, 2009
Late last week, the U.S. House of Representatives voted to approve a bill that introduces a spate of consumer protection measures. The amendment that would have permitted homeowners to address foreclosure in bankruptcy by altering the terms of mortgage loans (in what?s known as ?cramdowns?), though, did not make the cut...

Bankruptcy Fraud Investigations Declining

Posted on December 16, 2009
Between 2003 and 2009, the number of fraud cases investigated by the U.S. Justice Department saw a steep decline?including a 44% drop in bankruptcy fraud cases, according to an article in USA Today. Bankruptcy fraud, corporate fraud and securities fraud cases all received less attention from Federal prosecutors, according to Justice Department documents, with corporate fraud [...

Shakira: I Made It Because of Bankruptcy

Posted on December 15, 2009
In a recent report from CNNWorld, Columbian-born pop singer Shakira declares that her family?s bankruptcy when she was a child motivated her to become the successful, world-famous pop star she is today. In addition to having recorded record-breaking number of worldwide hits and a wildly successful career as a musical entertainer, Shakira founded the Barefoot Foundation, [...

Personal Finance News Roundup: 12/12/2009

Posted on December 12, 2009
This week, many November numbers about money and credit were released, with some surprising findings. Here?s a summary of a few important figures. November Consumer Bankruptcy Filings Down 18 Percent The American Bankruptcy Institute (ABI) reports that personal bankruptcy filings decreased 18 percent last month, compared to October?s numbers...

Federal Reserve Proposes New Limits on Store Credit Cards

Posted on December 11, 2009
According to the Wall Street Journal, the Federal Reserve has proposed new regulations that would restrict retailers' ability to issue store-specific credit cards. Many major retailers, it seems, are not happy about the prospect. Prove You Can Pay The new proposal, if adopted, would require store-card applicants to prove their ability to pay their bills when they [...

What It Takes to Get a Debt Canceled (or Reduced)

Posted on December 10, 2009
If you?re struggling with credit card debt, you?re certainly not alone. Research indicates that more than three-quarters (78 percent) of American households have at least one credit card, and among this group, the average debt is more than $10,000. While credit card debt can be a significant financial burden no matter what the national economic climate, [...

Call Your Representative and Demand Mortgage Modification in Bankruptcy

Posted on December 10, 2009
An amendment being debated in the House of Representatives could provide powerful protections for homeowners going through bankruptcy. This legislation would allow bankruptcy judges to modify mortgages in Chapter 13 cases, providing a huge benefit for everyday hardworking Americans who are facing home foreclosure...

Retirement Home Bankruptcy Filings on the Rise

Posted on December 09, 2009
A recent report from Newsweek explores the troubling trend of financial distress among retirement communities which is causing many to file for bankruptcy. If you or someone you care about is either living in or considering moving into such a facility, be sure to read the article...

FDIC: One Quarter of Americans Unbanked or Underbanked

Posted on December 05, 2009
At the beginning of 2009, the Federal Deposit Insurance Corporation (FDIC) initiated an examination of the unbanked and underbanked people of the U.S. as part of Census data collection. The report was released this week, and shows some worrying trends about financial institution usage, particularly among minority populations...

Health Insurance for the Unemployed: A Costly Concern

Posted on December 04, 2009
Thanks to the health care overhaul bills currently working their way through the U.S. Senate and House of Representatives, the high cost of health insurance in America is on the public?s mind. And now, with a key provision of the stimulus bill expiring this month, another aspect of the health care dilemma has come to [...

Bankruptcy Rate Drops in November

Posted on December 02, 2009
The number of Americans filing bankruptcy fell in November, according to the American Bankruptcy Institute, but the number remains above last year's filings. A total 112,152 consumer bankruptcy petitions were filed in November, down 18% from the 132,749 filed in October...

Student Loan Bankruptcy Case Argued in Supreme Court

Posted on December 01, 2009
The U.S. Supreme Court began hearing today the case involving a debtor whose student loans were discharged in a Chapter 13 bankruptcy?though possibly against the U.S. Bankruptcy Code. Student loans are notorious for being difficult to discharge in bankruptcy, even in a Chapter 13 bankruptcy...

Bankruptcy Filings Rise 33 Percent in Third Quarter

Posted on November 30, 2009
The number of bankruptcy filings in the third quarter of 2009 reached their highest point since 2005, and soared 33% above the total from the previous year, according to statistics from the American Bankruptcy Institute. Consumer and business bankruptcies filed between August and October reached 388,485 compared to 292,291 for Q3 2008...

Late Credit Card Payments Dip in Third Quarter

Posted on November 28, 2009
According to an article from the Associated Press, fewer Americans were late on their credit card payments in the third quarter of this year than in the second quarter, signaling that consumers may be getting more responsible at managing their debt. While the decrease isn?t staggering (1...

True Bargains: What Makes a ?Good Deal?

Posted on November 27, 2009
While looking for low prices is an important part of financial responsibility, it?s only one component: getting the value you need is the other half. For example, buying the cheapest brand of conditioner may seem frugal, but if you have to use twice as much as any other brand, it may end up costing just [...

One in Four Mortgages Underwater

Posted on November 24, 2009
Nearly one in four home mortgages are burdening borrowers with negative equity, an article by the Wall Street Journal reports. Underwater mortgages find homeowners with declining home values to the point that they owe more on their mortgages than the home is worth...

Obama Administration Creates Task Force to Fight Financial Fraud

Posted on November 21, 2009
The White House announced in a press release on November 17th that President Obama has made an executive order to create a Financial Fraud Enforcement Task Force. Part of the reason for the executive order, it seems, is the number and complicated nature of various financial fraud cases related to the current economic crisis...

Middle-Class the New Face of Bankruptcy

Posted on November 19, 2009
The 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...

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