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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

New Bankruptcy Chapter Proposed by Congress

Posted on November 18, 2009
A 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, 2009
On 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...

5 Reasons to File Chapter 13

Posted on September 29, 2009
This 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, 2009
Thank 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...

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CFED Releases State Financial Report Cards

Posted on September 26, 2009
In 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, 2009
Check 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, 2009
When 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, 2009
A 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, 2009
Last 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, 2009
In 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, 2009
ACORN, 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, 2009
Thursday’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, 2009
Back 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, 2009
The 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, 2009
According 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, 2009
The 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, 2009
Not 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, 2009
Senator 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, 2009
Months 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, 2009
The 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, 2009
In 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, 2009
We?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, 2009
Last 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, 2009
The 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, 2009
Drum 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, 2009
If 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, 2009
Three 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, 2009
As 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, 2009
After 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, 2009
Ok, 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 [...

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