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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 Century Signed Contracts Limiting Number of "Bad Loan" Rejections

Posted on May 27, 2008
An 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, 2008
The 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, 2008
The 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, 2008
In 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%.

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Supreme Court Ruling Modifies Bankruptcy Law

Posted on May 01, 2008
The 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, 2008
Congress 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, 2008
Foreclosure 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, 2008
Visit 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, 2008
Congressional 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, 2008
Amidst 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, 2008
Money 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, 2008
New 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, 2008
In 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, 2008
The 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, 2008
After 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, 2008
Though 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, 2008
In 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, 2008
The 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, 2008
The 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, 2008
During 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, 2008
The 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, 2008
An 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, 2008
The 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, 2008
Enjoy 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, 2008
Government 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, 2008
We 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, 2008
Second 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, 2008
Julian 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, 2008
The 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, 2008
A California foreclosure rescue scam involved one company fraudulently using the Better Business Bureau's logo on their publications.

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