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Bankruptcy

The Bankruptcy Blog

Educates consumers on bankruptcy laws.
By Total Bankruptcy.

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

Mortgage Foreclosures & Delinquencies

Posted on September 03, 2010
In light of some mixed news about housing and foreclosure for the second quarter of this year, the outlook isn?t too rosy for the short-term future of the nation?s real estate market, a recent New York Times article notes. Here?s a look at some of the numbers released recently by the Mortgage Bankers Association and various [...

How to Steer Clear of Car Loan Scams

Posted on August 30, 2010
As consumers continue to struggle under the weight of a lagging economy, many Americans are trying to refinance their car loans. Unfortunately, scammers have taken notice and are increasingly trying to bilk people of their hard earned cash. According to Rosemary Shahan, the president of Consumers for Auto Reliability and Safety, car loan scams are a [...

Debt after Death: What Happens when a Debtor Dies

Posted on August 27, 2010
What happens to your debt after you die is not a topic that?s likely to come up on its own at the dinner table, but it?s a good idea to talk about this matter anyway. It?s important for you and your loved ones to know when you?re responsible for each other?s debts post-mortem—and when you?re [...

Study: Credit Card Application Disclosures Improving

Posted on August 24, 2010
Here?s some good news from the world of credit: according to a study conducted by the web site CardHub.com, the language on applications for credit cards has improved in clarity in recent years. Specifically, the transparency and completeness of disclosure of a credit card?s terms in the large print has gotten better...

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Dealing with Debt Collectors: What Not to Do

Posted on August 23, 2010
As the Great Recession continues to take its toll on the economy and employment landscape, millions of Americans are finding themselves struggling to manage and eliminate their debt. But that?s rarely an easy task, especially during high-stress interactions like contact from a debt collector...

Student Loan Debt Tops Credit Card Debt in U.S.

Posted on August 22, 2010
The Wall Street Journal reported this month that the amount of money Americans owe on student loans has officially surpassed what we they owe on credit cards. How did student loan debt come to outweigh credit card debt, which seems to dominate the headlines and personal finance blogs? Here?s a look at the numbers behind the scenes: Americans [...

Jobless Numbers Rise Unexpectedly in Early August

Posted on August 20, 2010
The Department of Labor reported last week that initial unemployment claims for the week ending August 7 rose 2,000 from the previous week, to 484,000. This rise was apparently unexpected, and marks the highest rate since February of this year. The news sent stock markets tumbling earlier this week as job growth remains frigid...

Back to School Doesn?t Have to Break the Bank

Posted on August 18, 2010
Each year, retailers and shoppers alike anticipate back to school sales with the intense focus of a professional athlete. This focus is a result of the high stakes of the event, as reports show the average family of four spends almost $600 getting their children prepared for school...

Families Struggle with Skyrocketing College Costs

Posted on August 17, 2010
If you think college costs are on a rapid ascent, recent statistics released by Sallie Mae and Gallup support your belief. According to reports, the average cost of college attendance rose a staggering 17 percent in 2010. Just how much are costs rising? Sources indicate that the average costs of college attendance increased roughly 30 percent [...

CARD Act Review: Debit Card Rules

Posted on August 16, 2010
The Credit CARD Act, passed last year, will take full effect later this month (August 22), so there?s no better time to review the changes you can expect to see when that deadline arrives. Here?s what to look out for from your debit card and bank. The New Normal: No Overdraft Coverage Thanks to provisions in the [...

Protect Your Money and Credit: Scams to Watch For

Posted on August 14, 2010
The ever-evolving technology that makes our lives easier and more fun has a flip side: it gives the ?bad guys? and endless stream of options for tricking us out of our hard-earned money, racking up debts on our accounts and even stealing our identities...

The Truth about Bankruptcy and Student Loans

Posted on August 12, 2010
College students and recent graduates are facing a particularly difficult financial landscape as they attempt to move from the classroom to the workplace: college tuition is more expensive than ever, meaning that most students rely at least in part on loans to cover their fees...

Social Security at Its Tipping Point

Posted on August 11, 2010
Social Security is at a critical tipping point?the system is paying out more dollars than it?s taking in, a recent article from CNN.com indicates. Obviously, that?s not good news for the long-term health of Social Security, or those depending on it. The State of Social Security The Social Security system, designed as a state-run support fund for [...

Save on Medical Bills (and Other Pesky Expenses)

Posted on August 09, 2010
Considering that a significant number of Americans who seek bankruptcy protection do so at least in part because of overwhelming medical bills, there's a little-known trick that could prove financially amazing for some individuals. A recent article from the New York Times suggests a very simple technique for saving money on doctor?s bills...

What Do You Know about Your Credit Card Agreement?

Posted on August 07, 2010
A recent study from CreditCards.com illuminates a worrying issue about credit cards that may not be addressed by the Credit CARD Act (taking full effect later this month). The study, which examined what it calls the ?readability? of various credit card agreements, found some troubling trends, including: The average credit card agreement (that long document of fine [...

Personal Finance: What Troubles Us the Most?

Posted on August 05, 2010
A recent study by a consortium of advocacy groups reveals interesting data on what aspects of personal finance cause American consumers the most frustration. According to reports, a large number of consumer complaints were related to problems with car sales, credit issues, and debt, reports the Wall Street Journal...

Consumer Confidence Falls to Five-Month Low

Posted on August 04, 2010
A key indicator of the strength of the American economy?s recovery shows that the recession is still rearing its ugly head. Sources indicate that the Consumer Confidence Index fell to 50.4 in July, its lowest mark in five months. The Consumer Confidence Survey, used by financial experts to gauge the pulse of the average consumer, is [...

Financial Reform Leaves Loopholes for Predatory Lenders

Posted on August 03, 2010
Despite sweeping financial reforms passed by Congress a few weeks ago, there remain loopholes in the new laws that spell continued danger for consumers. Specifically, the new laws still allow some predatory lenders to roam free. While the reforms put lending restrictions on most major financial institutions, car dealers and community banks escaped the grasp of [...

Long-Term Savings Might Mean Short-Term Spending

Posted on August 01, 2010
Did you know that a common contributing factor to bankruptcy filings is serious illness or injury? In fact, many Americans who file for bankruptcy to escape overwhelming debt do so because of medical bills they can?t afford and didn?t see coming. It makes sense, then, to review some key ways to spend a little money now [...

Foreclosure Rescue Scams: What to Watch Out For

Posted on July 31, 2010
A recent press release from the Virginia Attorney General announces a lawsuit against a ?foreclosure rescue? company. The suit alleges that the company charged illegal fees and offered insufficient help to the consumers it was supposed to assist. So what does that mean for you? Loan Modification vs...

Latest Unemployment News: More of the Same

Posted on July 29, 2010
The Department of Labor?s latest report on the unemployment situation in the U.S. shows little change from a week earlier, indicating that significant recovery in the jobs market has not yet taken hold. Here?s a look at some of the latest numbers (for the week ending July 17, published at the end of last week): Seasonally [...

Bankruptcy: BP?s Worst Case Scenario?

Posted on July 28, 2010
Six month ago, the idea of the oil giant BP going bankrupt was an unthinkable proposition. Now, although still difficult to imagine, isn?t so far-fetched. Despite the improbability of a BP bankruptcy, there is a common question that people what been asking themselves: What does the worst case scenario for BP look like? An article [...

Look Out for More (Legal) Credit Card Fees

Posted on July 26, 2010
With the Credit CARD Act set to take full effect on August 22, many credit card issuers are reportedly already altering their policies to come into compliance with the law. And, because that law seriously limits some of the fees issuers can charge (including overdraft fees), many banks are also, according to this article, introducing [...

How to Protect Your Social Security Number

Posted on July 24, 2010
In the computer age, one of the most frightening crimes is identity theft. Here?s a look at how you can protect your personal information to avoid the frustrations and financial setbacks associated with identity crimes. What Is Identity Theft? Identity theft occurs when someone uses another person?s identifying information to pose as that person...

Unemployment Benefit Extension Passed, Payments Could Take Several Weeks

Posted on July 22, 2010
Congress passed a six-month extension of emergency unemployment benefits, restoring a lifeline to nearly 3 million out of work Americans whose benefits have run out since June 2. However, a processing delay could see many Americans waiting "several weeks" for their unemployment checks to arrive, according to the Washington Post...

The Worrisome Truth about Debt Collectors

Posted on July 22, 2010
There?s been some clamor in the news recently about some of the abuses in the debt collection industry. A recent article from CNN Money profiles ten people who used to work as debt collectors, and some of the behavior they attribute to their coworkers and companies is appalling: Many former debt collectors were reportedly encouraged to [...

Credit Card Delinquencies Down in First Quarter

Posted on July 20, 2010
As many people who have filed for bankruptcy know, one of the main causes of filing bankruptcy is unmanageable credit card debt. Often, a bankruptcy filing comes after months of missed payments. Recent data from the American Bankers Association (ABA) shows that, as a nation, we?re improving our on-time payment rate for our credit cards...

Foreclosures Likely to Top One Million This Year

Posted on July 17, 2010
A recent report from National Public Radio notes that mortgage foreclosures are likely to reach the one million mark in 2010. To put this figure in context, consider these statistics, pulled from the real estate tracking site RealtyTrac.com: In a typical year, the United States sees about 100,000 homes enter foreclosure?a mere tenth of the number [...

Credit Scores in the U.S. at Record Lows

Posted on July 16, 2010
A recent report from the Associated Press notes that Americans? credit scores have dropped to all-time lows, with 25.5 percent of the country scoring below 600. Here?s a closer look at that figure and what it might mean for future borrowing. Credit Scores & Borrowing When you apply for a loan, most lenders review your FICO credit [...

Tips for Reducing Your Credit Card Bill Now

Posted on July 13, 2010
Anyone struggling with debt or trying to rebuild after a bankruptcy filing probably knows how challenging credit card bills can be: though the plastic rectangles themselves may be highly convenient, the monthly payments we make on them often are not. And, with the economy tighter than the lid on a pickle jar, posts like this one [...

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