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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

FTC Halts Robocall Credit Card Scam

Posted on December 13, 2010
The Federal Trade Commission announced this week that it has shut down operations of a company charged with a scam that involved illegally making robocalls and taking consumers? money by falsely promising them lowered credit card interest rates. The scam, according to the FTC, worked like this: Automated phone calls: The company, JPM Accelerated Services, reportedly set [...

A Stealthy New Threat to Your Credit Card Information?

Posted on December 08, 2010
A recent report from a Memphis news station warns of the latest risk to the safety of your credit card information: a super-stealthy computerized scanner that a tech-savvy thief could use to get your credit card digits while passing you on the street...

Can No-Limit Credit Cards Hurt Your Credit Score?

Posted on December 07, 2010
A recent article in the New York Times warns of the potential credit-score harm that a no-spending-limit credit card can have. And, while a credit card with no spending limit may seem like a product that would only be available to folks with strong credit, actually using one might backfire...

Scam Watch: Avoid Dating & Social Networking Money Scams

Posted on December 01, 2010
The Federal Trade Commission recently published a warning about scams that have been reported on dating and social networking web sites. Here?s what you need to know to identify and avoid these potential money-suckers (and identity thieves). It?s Probably Not True Love According to the FTC's OnGuard Online site, a typical online networking or dating scam works [...

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Many Thriving after Bankruptcy

Posted on November 29, 2010
A recent article in the Wall Street Journal offers an interesting look at how a variety of American bankruptcy filers are doing in their post-bankruptcy lives. The findings are interesting and informative ? and, if you?re among those who have filed for bankruptcy protection in recent years, they may save you some time and worry...

Your Life after Foreclosure

Posted on November 24, 2010
If you, like millions of other Americans, are currently in some stage of the foreclosure process, you?re probably wondering what you can expect from life after foreclosure. The bad news is that losing a home to the bank will almost certainly have a negative impact on your credit ? the good news, though, is that [...

Protection from Mortgage Relief Scams from the FTC

Posted on November 22, 2010
The Federal Trade Commission announced this week that it has published new rules for companies that advertise themselves as mortgage foreclosure relief outfits. The rules, it seems, are designed to eliminate scammers from taking money from struggling homeowners...

Watch out for these Ridiculous (but Legal) Credit Card Fees

Posted on November 17, 2010
Since the passage of the Credit CARD Act and its full implementation this summer, consumers have been protected in some important ways from the credit card industry. But, as Credit.com reminds us in this post about absurd credit card fees, there are still plenty of credit card industry practices to be wary of...

Personal Bankruptcy Filings Climb in 2010

Posted on November 15, 2010
The latest figures on personal bankruptcy filings in the U.S. have been released and it looks like 2010 will see the most bankruptcy cases since 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) took effect. Here?s a refresher course on what BAPCPA did for filings in 2005 and what the latest numbers might [...

A Better Alternative to Payday Loans?

Posted on November 10, 2010
The financial dangers of taking on a payday loan (a short-term, high-interest loan offered to people with weak financial histories) generally outweigh any benefits. For cash-strapped Americans who need to make rent or utility payments, though, payday loans are often the only viable source of cash...

Students & Parents Need Financial Literacy Lessons

Posted on November 09, 2010
Hard economic times (like the ones we?re in) tend to remind us of how important understanding financial matters can be. After all, everyday transactions and financial decisions are what pave the way to larger financial events like being able to purchase a home or requiring the debt help offered by bankruptcy...

Credit, Cosigning and Bankruptcy: What You Need to Know

Posted on November 03, 2010
If you?re thinking about cosigning a loan for a friend or family member to help him qualify for better interest rates or a greater loan amount, make sure you know your responsibilities if the borrower is unable to make payments or ends up in bankruptcy...

What New Debt Settlement Rules Mean for You

Posted on November 01, 2010
The Federal Trade Commission issued new rules governing how debt settlement firms can charge consumers for their services. The new rules prohibit debt settlement firms from charging upfront fees for their services, which in theory will prevent some of the predatory practices that cost consumers so much money in the past...

Take Advantage of Free ID Theft Protection & Education Materials

Posted on October 27, 2010
The Federal Trade Commission has announced that, in honor of National Protect Your Identity Week, it will provide consumers with a wealth of free information and materials about how to fight, avoid and protect themselves against identity theft. Where to Learn about Identity Theft Prevention Though federal laws exist to protect the finances of people who are [...

Foreclosure News: Record Repossessions & the Scandal

Posted on October 25, 2010
Since news of the so-called ?robo-signer? scandal broke a few weeks ago, a lot has happened in the foreclosure business in this country. Here?s a look at some of the latest developments and what they might mean for individual homeowners and the nation?s housing market...

Payday Lender Charged with Improper Disposal of Customer Data

Posted on October 20, 2010
A press release from Illinois? attorney general?s web site notes that an Illinois payday lender, Payday Loan Store, has been accused of dumping consumer?s sensitive information in trash receptacles outside several locations. Lisa Madigan, the attorney general, is reportedly suing the company for ?allegedly failing to safeguard consumer data...

Bankruptcy Woes for Liverpool Football Club?

Posted on October 18, 2010
There has been considerable buzz in the news lately about the financial woes of one of the world?s best-known soccer teams, England?s Liverpool Football Club. The trouble involves loan defaults, ownership issues and lots of other juicy bankruptcy-related news ? of course, Liverpool?s fans probably aren?t too thrilled...

FTC Halts Tax Relief Fraudsters

Posted on October 13, 2010
The Federal Trade Commission filed a complaint last week with a federal judge to halt what was reportedly an organization devoted to tricking people out of money by promising to help with tax debts. Tax Debt, Debt Relief Scams and You Like so many other debt relief scams, this one is particularly difficult to stomach because it [...

Supreme Court Considers Means Test Case

Posted on October 11, 2010
The Case Ransom v. MNBA appeared before the Supreme Court last week and raised interesting questions about the role of the means test bankruptcy filers must pass in order to qualify for protection under Chapter 7 of the U.S. Bankruptcy Code. Here's a look at what's involved in the case and what it might mean [...

Should Medical Debts Show Up on a Credit Report?

Posted on October 07, 2010
In recent weeks, the U.S. House of Representatives passed a piece of legislation that would require credit reporting bureaus to remove medical debts from consumers' credit reports if those debts were paid or settled more than 45 days before the release of the report...

When It?s Time to File for Bankruptcy: How to Know

Posted on October 05, 2010
Bankruptcy protection is often cited as a crucial part of the fabric of American capitalism ? with the safety net of bankruptcy available, entrepreneurs and risk-takers can proceed without worrying that following their dreams will have devastating financial consequences...

FTC Supports Data Security Legislation

Posted on September 29, 2010
Even though federal law protects victims of information crimes, every year some people who file for bankruptcy cite identity theft or another information crime as one of the reasons for their financial distress. And, in an age of increasing online transactions, we?re more exposed than ever to data breaches that could lead to serious privacy [...

New Debt Relief Rule Means More Truth in Advertising

Posted on September 28, 2010
If you?re struggling with debt and looking for a way to improve your finances, there?s good news on the horizon: beginning Monday, September 27, new rules issued by the Federal Trade Commission prevent advertisers from deceiving potential customers about their ability to offer financial relief...

Poverty Rate Rose in U.S. Last Year

Posted on September 22, 2010
Recent reports from the Census Bureau show that the number of American families living at or below the poverty line increased in 2009 to a fifteen-year high of about 44 million, or one in seven Americans. So what does that mean for individual finances, including foreclosure , eviction, bankruptcy filings and more? Here?s a look at [...

Save Money on Your Car: Avoid these Scams

Posted on September 21, 2010
While owning a car is an indispensable part of many people?s lives (and often the main mode of transit to and from work), maintaining a car can put a real dent in the monthly budget. And, if you aren?t especially vehicle-savvy, you may run a further risk of being taken in by car-related scams...

What You Need to Know about Debt Collectors

Posted on September 15, 2010
WalletPop.com recently published an interview with a journalist who decided to spend some time working at a debt collection agency to research whether or not the company complied with federal guidelines for debt collectors (as outlined in the Fair Debt Collection Practices Act)...

Study: We?re Using Our Credit Cards Less

Posted on September 13, 2010
A study conducted last year by the Javelin group reportedly found that, as a nation, we?re cutting back on our credit card usage. The study apparently found that, while 87 percent of consumers polled in 2007 said they?d used a credit card in the last month, only 56 percent answered yes in 2009...

Study: Americans are Spending Smarter? Sort Of

Posted on September 09, 2010
A study recently conducted by the National Foundation for Credit Counseling has found that, as a result of the Great Recession, Americans are more interested than before in paying down our debts. But, it seems, we still don?t quite have the financial habits that will get us to that goal...

FTC Deals with Payday Lending Scammers

Posted on September 08, 2010
The Federal Trade Commission has announced that it has reached a settlement deal with a payday loan company that was illegally garnishing the wages of some of its borrowers. Here are the basic facts of the case and some pointers to keep you from getting burned: The company offered payday loans...

Bolster Your Finances: Prepare for Illness or Injury

Posted on September 05, 2010
While the exact numbers fluctuate from year to year, it?s common in the United States for bankruptcy filers to indicate that an unexpected injury or illness was a contributing factor to their decision to turn to bankruptcy protection to get a fresh start on their finances...

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