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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

Ripple Effects of the Gulf Oil Spill

Posted on July 12, 2010
Anyone who has listened to the news in the last few months likely knows that the oil spill in the Gulf of Mexico is wreaking havoc on the environment and costing BP obscene amounts of money. But the disaster could also affect Americans in less obvious ways...

Credit Cards After Bankruptcy

Posted on July 10, 2010
After a bankruptcy filing, many people are reluctant to wade back into the world of credit, often because too much credit allowed them to build up the kind of debt that pushed them into filing for bankruptcy in the first place. But, as many financial analysts note, rebuilding credit is an important part of recovering from [...

Consumer Bankruptcy Filings Reach Five-Year High

Posted on July 08, 2010
According to a research by the American Bankruptcy Institute, consumer bankruptcy filings for the first half of 2010 were considerably higher than any six-month period since 2005. The Wall Street Journal recently highlighted some of the key findings of the Institute?s study: Raw figures: During the first six months of 2010, consumer bankruptcy filings rose to 770, [...

New Student Loan Laws Take Effect

Posted on July 07, 2010
For the millions of parents trying desperately to help their child pay for college—an institution that is becoming increasingly difficult to afford—some hope may be insight. A new law that went into effect last week relegating private lenders to a smaller role in educational loans may make affordable federal loans easier to get, according [...

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What Financial Reform Might Mean for You

Posted on July 03, 2010
There?s been a lot in the news about the financial regulatory overhaul bill currently working itself out in Congress and, with the bill expected to be signed into law by the Fourth of July, it?s a good time to look at how you?re likely to benefit from the bill?s passage...

A New Unexpected Cause of Foreclosure Examined

Posted on July 02, 2010
A recent report from National Public Radio describes a shocking and troubling occurrence happening in certain neighborhoods in the United States. Apparently, some homeowners are finding their houses foreclosed on?but not because they fell behind on mortgage payments...

Choosing Your Card Wisely to Protect Yourself from Fraud

Posted on June 30, 2010
Odysseas Papadimitriou is founder and chief executive officer of Evolution Finance, which is the parent company for Wallet Blog and Card Hub?an online marketplace for credit card offers. ?Credit or Debit?? You?re used to hearing this question when checking out at the grocery store, but have you ever stopped to think about what your choice means [...

Congressional Disputes Hamper Unemployment Extensions

Posted on June 28, 2010
Despite some signs of economic recovery across the United States, the nation's unemployment level remains near 10 percent and, according to recent reports, concerns in the Senate over the country?s budget deficit and expansive recovery spending could prevent unemployed Americans from seeing extensions to their benefits...

Questions To Consider If You Want to Retire

Posted on June 26, 2010
The Chicago Tribune has outlinied some of the most important questions you need to ask yourself before you can determine if you can retire. The article lays out questions, some obvious others not as much, that you should answer affirmatively if you are considering retirement...

Oil Spill Making Flood Insurance Difficult to Come By

Posted on June 25, 2010
The price of premiums for flood insurance for homeowners is on the rise and extra coverage is going to be harder to get, with the coming hurricane season and Gulf oil spill are making insurers more wary, according to the Wall Street Journal. In general, the price of homeowner?s insurance is on a significant rise...

The Latest Credit Card Regulations from the Federal Reserve

Posted on June 22, 2010
Certain provisions of the Credit Card Accountability and Responsibility and Disclosure Act (Credit CARD Act) that President Obama signed into law last year will go into effect on August 22, 2010. As that date approaches, the Federal Reserve has been announcing adjustments and modifications to prepare consumers...

Complex Issues Often Arise in Personal Bankruptcy

Posted on June 20, 2010
Bankruptcies come in all shapes and sizes. Some are relatively simple, while others pose particularly troublesome issues. While legal counsel can be beneficial for any type of bankruptcy, many people find experienced attorneys especially helpful during complex filings...

New Overdraft Rules Give Consumers a Choice

Posted on June 19, 2010
In response to consumer complaints about ballooning overdraft fees, the Federal Reserve will soon pass new rules aimed at stopping banks? misleading overdraft tactics. According to the Los Angeles Times, banks will no longer be allowed to automatically enroll customers in overdraft protection plans for their bank accounts...

Facing Foreclosure in Florida? A New Way to Save Your Home

Posted on June 17, 2010
Many people use lottery and contest winnings to buy a new house. But a new contest hosted by Avvo aims to keep the winner in their house. Avvo.com is hosting the Save My House contest for residents of Florida facing foreclosure. The winner will have Avvo find a local lawyer for them and then cover the [...

May Bankruptcy Filings Down from April, Up from 2009

Posted on June 15, 2010
Personal bankruptcy filings for the month of May have increased compared with a year ago, but dropped slightly compared with a month earlier, the American Bankruptcy Institute reported last week. Here?s a breakdown of the data. Total filings: In May 2010, 136,142 personal bankruptcy cases were filed, a nine percent increase from May 2009, when 124,838 cases [...

Seattle Earns Dubious Debtor Distinction

Posted on June 13, 2010
It turns out that Seattle leads the country in a category other than caffeine consumption. According to a survey cited in the Seattle Post-Intelligencer, among the 20 most populated metropolitan areas in the country, Seattle has the highest average amount of consumer debt...

Bankruptcy: Separating Myth from Reality

Posted on June 12, 2010
If you?ve recently found yourself buried under a pile of debt, you?ve probably spent some time researching ways to dig yourself out. Most likely, filing for personal bankruptcy did not sound like the most appealing choice. However, like visiting the dentist or and eating spinach, filing for bankruptcy can actually be quite good for your [...

The Student Debt Debate: Who?s to Blame?

Posted on June 10, 2010
Student loans provide people chances for their education, dreams and future career opportunities. But what happens when it?s time face the hefty debt waiting after graduation? Who is to blame if the recent grad gets overwhelmed with debt and can't afford to pay their loans back? A recent New York Times article profiled one indebted grad and [...

What to Expect from the Latest Financial Reform

Posted on June 07, 2010
The financial reform bill approved by the Senate last month and now being revised before it faces votes in both houses of Congress could lay the groundwork for significant changes in the country?s financial system. Here?s a look at what you, as a consumer, can expect...

Underwater Mortgages in the U.S. by City

Posted on June 06, 2010
For most of us, the story of how the Great Recession started is a familiar tune: the stock market soared because of speculation on the real estate market, which meant real estate prices soared as well. And when the bubble burst, millions of Americans lost serious money and foreclosure rates climbed steadily...

The Challenge to Get Americans to Save

Posted on June 05, 2010
Many Americans find themselves filing for bankruptcy when an unexpected expense (like an illness, death in the family, divorce or layoff) leaves them in the lurch. Unfortunately, what that means is that too many people don?t realize until too late how important it is to have a financial safety net...

New Tips for Protecting Your Money and Identity

Posted on June 03, 2010
Identity crimes?often thought to be the domain solely of tech-savvy online criminals?are on the rise, but thieves are constantly finding new ways to trick people out of their sensitive personal data, and not all of them involve advanced technology. According to this New York Times article, a new report released by CBS reveals that people who [...

Understanding Chapter 7 Bankruptcy Exemptions

Posted on June 01, 2010
Chapter 7 bankruptcy is an option for debtors who simply cannot pay off their creditors due to any number of circumstances: divorce, job loss, or high medical bills. The common view of people who file for bankruptcy is that they must be deadbeats or living beyond their means, but it's normal people who file for [...

New Government Site Puts Financial Information in One Place

Posted on May 31, 2010
The federal government has launched a centralized website to provide consumers with financial information about a variety of subjects. The site, MyMoney.gov, includes resources from 12 government agencies (including the FDIC, the Federal Reserve, the National Credit Union Association and more), which collectively make up the Financial Literacy and Education Commission...

Learn from Your Fake Financial Mistakes

Posted on May 29, 2010
Unfortunately, one of the best ways to learn what an online scam looks like is to encounter one. And if you've had too much experience with online scams you could still be reeling financially or considering bankruptcy. The good news: The Federal Trade Commission has announced a new website to help consumers experience a variety of [...

Senate Passes Financial Oversight Bill

Posted on May 28, 2010
Last December, the U.S. House of Representatives passed a financial oversight bill that would address many of the problems on Wall Street that led to the stock market collapse that touched off the Great Recession. Last week, as the New York Times reported, the Senate passed a similar bill...

The Latest in Unemployment & Consumer Prices

Posted on May 25, 2010
The Labor Department has released unemployment data for May and the numbers suggest no significant improvement in the nation?s employment landscape?in fact, last week?s numbers marked the largest rise in unemployment since February. Here?s a look at some of the numbers and how they relate to previous weeks...

Take Time for a Financial Tune-Up

Posted on May 22, 2010
Many people know that it's important to maintain healthy credit, particularly in a bad economy. But ?maintaining good credit? is a vague concept at best. Here?s a look at some concrete steps you can take to improve your finances?even if you only have a few minutes to spare...

Mortgage Application Guidelines Tough for Self-Employed

Posted on May 20, 2010
During the real estate boom that caused the housing bubble that eventually sent the country into a serious recession, it was common practice for borrowers to apply for a mortgage by using "stated income," which meant indicating their income without offering proof...

Consumer Borrowing, Retail & Median Home Prices Boost Economy

Posted on May 17, 2010
Government groups have published numbers for various economic indicators for March and April, giving a little insight into how our nation?s economic situation is changing. Here?s a summary of a few of these telling figures. Consumer Borrowing Up in March Since February of 2009, consumer borrowing in the U...

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