Published Tuesday, January 31, 2012 @ 7:27 pm

It would make sense that recent signs of recovering economy would be great news for jobless Americans. But as a report on public polling explains, even though the overall economic picture may be brightening, many job seekers are still very much in the midst of a stark economic haze.

According to a report from The Huffington Post’s Janell Ross, “Economic data suggests the long-stagnant economy may finally be gaining momentum, but Americans aren’t seeing a turnaround yet, according to a pair of newly released polls.…

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Published Tuesday, January 24, 2012 @ 7:34 pm

In the “new economy,” full of novel financial realities, we often hear a lot about how cash-strapped kids are often coming home to live with and borrow from their better-positioned parents. And now a new report tells us why.

According to a report from the Associated Press, the wealth gap between younger and older Americans has stretched to the widest on record, “worsened by a prolonged economic downturn that has wiped out job opportunities for young adults and saddled them with housing and college debt.”

Based on analysis by the Pew Research Center, the AP says “The typical U.S.…

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Published Saturday, December 17, 2011 @ 5:35 pm

If you’re like many beleaguered and over-budgeted Americans, you grew weary and wary of credit card debt during the throes of the Great Recession.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) was supposed to address the fact that you’ve been “paying” with plastic both literally and metaphorically ways for years, shielding average Americans from unexpected and massive changes to their credit card terms—terms that had previously led directly to financial hardship for an overwhelming amount of our nation’s families.…

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Published Saturday, October 22, 2011 @ 8:49 am

Since the real estate reckoning of 2007 launched what would become a global economic meltdown, average Americans just like you have been taking advantage of the sure-fire safe havens of personal bankruptcy. But part of successfully joining the more than 1.5 million people who will file in 2011, is planning for life following the fruition of that bankruptcy.…

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Published Friday, October 21, 2011 @ 7:46 pm

Since the real estate reckoning of 2007 launched what would become a global economic meltdown, average Americans just like you have been taking advantage of the sure-fire safe havens of personal bankruptcy. But part of successfully joining the more than 1.5 million people who will file in 2011, is planning for life following the fruition of that bankruptcy.…

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Published Monday, September 26, 2011 @ 7:24 am

Need signs that credit card companies are getting more aggressive with their credit card tactics and tricks? Well, there’s 346 million reasons from one particular credit card purveyor, Citigroup.

Based on a new report from The Wall Street Journal, in the third quarter alone, the bank mailed more than 346 million credit card offers to unwitting customers.…

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Published Tuesday, August 30, 2011 @ 7:52 am

Are you buying forecasts of an economic recovery? Don’t believe another global recession is possible? Just ask Michael Spence, professor at New York University’s Stern School of Business and winner of the 2001 Nobel Prize in economics. Recently, Professor Spence told Bloomberg Television Wednesday that there’s “probably a 50 percent” chance of the global economy slipping into recession.…

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Published Monday, August 29, 2011 @ 4:51 pm

At a time when a full-fledged recovery remains a distant prospect for many average Americans and their beleaguered budgets, the outlook is also pretty grim for the overall American economy itself.

As millions of men and women flood unemployment lines awaiting word of jobs that may never return, and with few signs that the federal government nor the nation’s central bank will make any further efforts to stimulate our flagging financial state, according to government estimates released Friday, the United States economy grew at a slower pace this spring than even previously thought.…

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Published Tuesday, August 9, 2011 @ 8:56 am

Are you buying forecasts that we’re in a slow-but-steady economic recovery?

Well some believe the economic recovery never actually happened.

Just ask Nobel Prize winning economist and New York Times columnist Paul Krugman. On the heels of the recent debt ceiling crisis, 600-point plunge in the Dow Jones industrial average and the drop in interest rates to near-record lows, Krugman warns that the United States economy was never truly ‘on the road to recovery.’

As Krugman writes in this week’s New York Times, “It’s not just that the threat of a double-dip recession has become very real.…

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Published Wednesday, August 3, 2011 @ 11:00 am

In the midst of an economic meltdown, it can be tough to track your finances and start saving for a rainy day. But in the years since the recent Great Recession ended, many people are indeed trying to get their budgets back on a positive track, staging a financial comeback after years of dire economic setbacks.…

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Published Tuesday, August 2, 2011 @ 10:49 am

In the two years since the end of America’s recent Great Recession, there have been plenty of ups and downs in economic forecasts, fiscal prognostications, and financial facts and figures. Polls have also been a big part of taking the country’s financial pulse, as average Americans are often asked, “how are you feeling now, post-recession?”

Some experts will tell you that as recently as last fall—with news that businesses were back to hiring, some saying the housing market was no longer in a tailspin, and the economy looking less bleak than before—men and women throughout the country were beginning to feel better about their personal financial prospects.…

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Published Wednesday, July 27, 2011 @ 6:49 pm

This week, Citigroup will launch a brand, spanking new credit card that purportedly carries with a trifecta of post-recessionary perks: no late fees, no penalty rates and a single interest rate for purchases, balance transfers and cash advances.

As reported by The Associated Press, Citi’s revamped “Simplicity card” sells itself as exactly that: it will be marketed to those who are “juggling busy schedules” and “want a credit card with simple terms.” In fact, Jud Linville, CEO of Citi Cards told the AP, “It lets them not have to worry that they’re going to be late on a payment.…

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Published Sunday, June 12, 2011 @ 1:57 pm

Are You Prepared for an American Recession Turned Great Depression?

Just as many Americans had begun to believe the worst of the economic downturn had passed, some experts are saying that the nation’s reemerging job woes are signs of something more sinister afoot: a potential Great Depression.

So what could cause America’s Recession to turn into a Great Depression?…

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Published Thursday, March 17, 2011 @ 6:00 am

To commemorate the Federal Trade Commission’s annual National Consumer Protection Week (March 6 – 12, 2011), the FTC is providing a budget-load of handy-dandy information designed to protect your money, your credit, and your overall post-recessionary financial future. So whether you’re rebuilding your economic life post-bankruptcy, or simply trying to speed up your savings, the NCPW blog can yield a wealth of resources exactly at a time when average Americans need a financial infusion, including information about:

• Avoiding foreclosure rescue and other mortgage-related scams;
• Knowing how to spot employment opportunity scams;
• Making the most of your money in the early stages of your career;
• Building and maintaining a budget to improve financial stability;
• Avoiding time-share and credit-card scams offered via text messages; and
• Learning what steps to take to save your home from foreclosure.

…

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Published Saturday, March 12, 2011 @ 11:04 am

By now we know that “paying” with plastic is both a literal and metaphorical proposition, especially as a good number of bankruptcy bound individuals—even in an era of home-made foreclosure filings and mounting medical bills—find credit card debt to blame for their insolvency.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act), signed into law by President Obama on May 22, 2009, was meant to change much of that.…

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Published Friday, March 11, 2011 @ 12:51 pm

If you’re like many average Americans, you were dealt a hefty budgetary blow during the recent Recession. And, as a result, you may have responded by trying to spend less, save more and reduce debts where you could—including cuts in your consumer credit card use.

If so, you’re not alone.

According to a recent report from Credit.com, since the inception of the economic crisis, more and more men and women are resisting the urge to spend, climbing aboard the equivalent of the “Good Ship Spendthrift” in order to create a sea of savings on a new course to a better financial future.…

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Published Friday, March 11, 2011 @ 10:51 am

Continuing unrest in major oil-producing pockets of the Middle East—including recent changes in Egypt’s leadership and the current chaos in Libya—is adding fuel to the rumors that rising gas prices could take us into another economic downturn.

Yes, you read that correctly.

According to a new report from The Huffington Post, “Yet another group of analysts have issued grim warnings about the recent run-up in oil prices.…

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Published Monday, January 3, 2011 @ 6:50 am

At the stroke of midnight on New Year’s, most people—people just like you—contemplated resolutions for a better, and in many cases, more financially sound, 2011.  And with millions of Americans facing foreclosure in a lingering housing crisis, extended unemployment or job insecurity, mounting medical debts, and/or other tenuous financial situations during this lingering economic malaise, making amends to be more fiscally savvy can be as tough as post-holiday fruit cake.…

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Published Tuesday, August 31, 2010 @ 9:32 pm

The Obama Administration’s Credit CARD Act, meant to tighten the reins on credit card industry treatment of card customers—and thereby assist most average Americans— has slowly (but imperceivably?) begun changing our credit card rates, rewards, the appearance of our statements, and even the number of offers we receive.

But despite these significant changes in credit card law to this point, many Americans are still struggling to pay their bills on time, every time.…

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Published Thursday, August 26, 2010 @ 11:54 am

So, like a very large number of Americans today, you think bankruptcy is your best route out of the financial doldrums.  After all the credit counselors, self-help books and Craigslist charlatans, it’s likely that you’ve grown tired of the debt cycle. We understand. That is what brings a lot of clients to our offices.…

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Published Thursday, August 12, 2010 @ 2:04 pm

Political satirist P.J. O’Rourke once said, “Politicians are interested in people. Not that this is always a virtue. Fleas are interested in dogs.”

This quote could be said to ring true today as ever, since not yet a week after the Obama Administration pushed for more economic stimulus spending meant to benefit “the people,” Congress refuses to act, distracted by election-year anxiety about the deficit.…

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Published Tuesday, July 20, 2010 @ 10:10 am

Are you buying forecasts of an economic recovery? Don’t believe a “Third Depression” is possible? Just ask Nobel Prize winning economist and New York Times columnist Paul Krugman. On the heels of the G-20 meeting in Toronto, where world leaders pledged to cut their country’s deficits in half by 2013, Krugman warned that worldwide austerity will curb the necessary stimulus needed to encourage economies and deter another downturn.…

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Published Wednesday, July 14, 2010 @ 2:54 pm

Everywhere you look it seems there are people affected by Congress’s failure to authorize and extend unemployment benefits to jobless Americans. And everywhere you turn there are reports of politicians accusing laid-off laborers of resting on their laurels and depending on these federal same governmental subsidies instead of following through with their job searches.…

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Published Friday, June 18, 2010 @ 8:28 am

The times they are a’ changing.’ But are they really getting better for the unemployed?

Back in the 1980s, laws like COBRA were enacted to protect laid-off workers from losing their precious health care immediately following their job loss. COBRA allowed, and currently allows, for unemployed Americans to keep their former employer-provided health care benefits for up to 18 months, assuming those same employees pay the full amount of their premiums along with additional administrative charges.…

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Published Thursday, June 17, 2010 @ 10:15 am

Following the last several years of the worst economic downturn in recent history, economists, commentators and financial experts have recently been heartened about prospects for economic growth and recovery this year as industries increasingly report better profits and the additions of new jobs.

Yet, as the economy emerges from the doldrums, consumers aren’t the only ones feeling hesitant.…

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Published Thursday, June 17, 2010 @ 8:17 am

Just when you thought it was safe to call it an economic recovery, the American Bankruptcy Institute (ABI) pointed to a continuing recession with reports last week that personal bankruptcy filings for the month of May 2010 have increased compared with a year ago (May 2009). In this data also reveals figures finding that total bankruptcies dropped slightly in May 2010 versus the previous month of April 2010.…

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Published Wednesday, June 16, 2010 @ 2:18 pm

In these tough economic times, eating healthy doesn’t have to mean eating expensively; in fact, it can often mean the opposite. As any nutritionist worth his or her salt can tell you, eating in often means eating better; and as any economist will tell you, eating out can starve your wallet.…

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Published Wednesday, May 19, 2010 @ 8:20 am

In a move that, as The New York Times described it, “will affect most American corporations,” the Labor Department has announced its latest mandates for company compliance with plans to end wage violations, increase workplace safety and adhere to equal employment laws.

As The New York Times’ Steve Greenhouse reported, “The effort, aimed in part at reducing the incidence of employers not paying overtime and improperly classifying workers as independent contractors, will require them to document many of their decisions and share that information with their workers and the government.…

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Published Thursday, May 6, 2010 @ 6:06 pm

It was easy to spend money a few years ago, somewhere around late 2005 and into 2006, when the economy was flying, anyone could get a loan and every house in the zip code was appreciating at eight percent a year.

Those who managed to avoid subprime loans and the desire to keep up with whatever the other side of the cul-de-sac was spending turned out to make it through the recession in decent shape, provided the unemployment crisis didn’t catch up with them.…

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Published Wednesday, April 28, 2010 @ 8:23 am

While millions of struggling Americans still working hard to find meaningful employment might disagree, economists are heartened about prospects for growth this year as industries increasingly report better profits and add new jobs, though they still expect the recovery to remain slow, a new survey shows.

As The Huffington Post reported this week, 70% of those recently surveyed by The National Association for Business Economics believe real Gross Domestic Product (GDP)—the measure of our country’s overall economic output— will “grow by more than two percent this year, up from 61 percent who said the same in January.…

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Published Monday, March 29, 2010 @ 7:47 am

Dear Consumers,

Just kidding.

Yours,
LifeLock

To follow up on a recent post about the overzealous marketing of credit report monitoring services, we bring you the latest in what can now be called a disturbing trend in financial fear-marketing.

LifeLock , the company that boasted their monthly fee-based privacy system could thwart even the Impossible Missions Force from seizing your identity or accessing your credit is now on the hook for $12 million to the Federal Trade Commission (FTC) for … wait for it … misleading consumers about the nature of its products.…

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Published Wednesday, March 24, 2010 @ 8:00 pm

In this economy, qualifying for a bank loan or line of credit can feel impossible—even for people with perfect credit—and much more so if you’re trying to bounce back from a recent bankruptcy. But a bit of patience (targeting smaller community banks rather than large corporate banks) and a bit of help (getting others to vouch for you) can improve your odds tremendously—even in this uncertain economic climate.…

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Published Thursday, March 18, 2010 @ 6:08 pm

As many people facing significant financial hurdles already know: compulsive spending, like smoking, can often be a difficult habit to overcome. And like chain smoking, spending sprees can have devastating consequences, literally causing people just like you to “shop ‘til you drop”—sacrificing not only cash, but sometimes the ability to keep other possessions, relationships, and even, a healthy financial, emotional and physical future.…

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Published Wednesday, February 24, 2010 @ 1:03 pm

While the current economic forecast is considered less dismal than in past months, the Federal Reserve released a forecast this week predicting unemployment will stay high over the next two years—noting that recession-scarred employers are likely to stay conservative in their hiring practices even as recession-scarred citizens continue their search for a dwindling number of jobs.…

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Published Wednesday, February 24, 2010 @ 9:50 am

We sure do like to shop in America.

Despite the rise of Internet browsing, there are still few environments more attractive to a modern-day capitalist than a shopping mall during the holidays. Even in down-times, like the last two major holiday periods, just about any mall appears packed with people as diverse as the brand names on the bags that dangle from their wrists.…

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Published Saturday, February 13, 2010 @ 8:08 am

In this era of extreme homeowner hardship, mounting medical bills, and surging unemployment, most people use their credit cards—for better or for worse—just to get by. But, as everyone knows, there’s a price to pay for playing with plastic, including, over recent years, soaring interest rates, diminishing card disclosures, and a general lack of lender and credit card company transparency.…

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Published Friday, February 5, 2010 @ 12:07 pm

Foreclosures have become a plague across the country, sickening the economies of small towns, the general contractor industry and even the commercial real estate industry. No facet of the real estate world has gone unaffected.

Whether your home was foreclosed upon or your mortgage lender granted you a short sale (negotiated permission to sell your home for less than what is owed), it was probably considered a tremendous relief to drop the proverbial financial anchor tied around your neck.…

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Published Wednesday, January 6, 2010 @ 7:22 am

It’s been a very rough year for media companies, particularly newspaper publishers. An ongoing decline in advertising revenue, huge debt and a continuing inability to obtain additional credit have threatened the industry at large. It should come as no surprise, then, that a number of newspaper publishers have sought protection from creditors through Chapter 11 bankruptcy filings and have been sorting out their financial affairs under the oversight of U.S.…

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Published Tuesday, January 5, 2010 @ 1:52 pm

Foreclosure is a common precursor to bankruptcy. More often than necessary, it happens before a family really knows where to turn for help.

Worse yet, those who lose their home in foreclosure continue to spiral into debt and end up filing bankruptcy long after it could have been used to help save their home in addition to relieving them from the agony of overwhelming monthly credit card bills and other debts.…

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Published Monday, January 4, 2010 @ 7:58 am

Did you find yourself standing around at the stroke of midnight on New Year’s night, hard pressed to think of something, anything, that, in the current economy, you could resolve to do when all you currently think about is money? Whether you were in Times Square or a tiny gathering, you probably weren’t alone.…

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Published Friday, January 1, 2010 @ 5:20 pm

When many people think about bankruptcy, what normally comes to mind is what is represented in Chapters 7 and 13 of the Bankruptcy Code. In Chapter 7, you can discharge all of your debts and, in return, may lose non-exempt assets. Under Chapter 13, you may hold on to your assets, such as their home, but devote income in the near future to repaying your outstanding debts.…

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Published Sunday, December 27, 2009 @ 2:21 pm

Recently one of the largest radio broadcasting companies in the nation, Citadel Broadcasting, entered into bankruptcy proceedings. Now it appears as if there may be other media giants following in Citadel’s footsteps with NextMedia Group and Heartland Publications looking to file for bankruptcy as well.

This has been a bad year for media organizations all around.…

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Published Sunday, December 27, 2009 @ 10:10 am

A common practice for many businesses and individuals is to make charitable contributions that can then be used as a tax deduction. Whether the motivation be a tax benefit or true philanthropy, many organizations depend on these contributions.

The contributions that Joe Kimmel has made to two local universities in western North Carolina are likely to come to an end soon as the philanthropic business man has filed for personal bankruptcy protection as well as protection for his company, Kimmel and Associates.…

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Published Wednesday, December 23, 2009 @ 5:49 pm

Even in these tough economic times, everyone wants their family and friends to have a nice holiday—full of fun, frivolity and festive giving. And, even if you find yourself among the millions considering bankruptcy in the New Year, you may believe, now more than ever, that it’s open [holiday] season to shop for pricey presents using problem credit cards.…

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Published Saturday, December 19, 2009 @ 10:10 am

Back in 2005, credit card companies were convinced – or at least tried hard to convince everyone else – that there was a bankruptcy crisis in the United States. Bankruptcy rates had doubled since 1980, they pointed out. ‘Shopaholics’ were charging everything under the sun and then declaring bankruptcy, forcing the credit card companies to eat their debt.…

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Published Wednesday, December 9, 2009 @ 6:30 pm

For Americans laboring in long department stores lines, hot off the hunt for holiday deals, the cashier question “would you like to save 10% on your purchase today?” can be as common as a seasonal cold. And for well-known retailers seeking to make a profit this Christmas shopping season—from Target to World Market—pitching a retail credit card with the promise of an initial discount is an innovative way to make them fast money and you financially miserable.…

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Published Thursday, December 3, 2009 @ 6:11 am

The American Bankruptcy Institute, relying on data from the National Bankruptcy Research Center, reports that more than 135,000 consumers filed for bankruptcy in October 2009. The industry group estimates that this represents a nearly 9% increase in filings from the previous month. ABI Executive Director Samuel J. Gerdano commented that the increase in consumer bankruptcy filings in October, together with a reported 7 percent increase in business cases, “demonstrates the sustained stress on the U.S.…

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Published Wednesday, December 2, 2009 @ 4:07 pm

Are medical bills and health care costs making you sick? Join the crowd.

A recent study from the Commonwealth Fund found nearly two-thirds of American adults—an estimated 116 million people—are buckling under the weight of medical bills, going without much-needed care because of cost, are uninsured for a time, or remain underinsured.…

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Published Tuesday, December 1, 2009 @ 7:35 am

Exacerbated by the recent recession, self-employed or small business owners everywhere are facing fewer credit options, high health care costs, and lagging consumer spending. Those struggling to stay afloat in these tough financial times must ask themselves even tougher questions. Do I have the motivation to continue my business? Could the business prosper if it wasn’t keeping up with old debts?…

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Published Tuesday, November 24, 2009 @ 8:40 am

Most people believe that their credit rating will be ruined for the next 8-10 years if they file for bankruptcy. This could not be further from the truth.
Bankruptcy is not a shiny gold star on your credit report, that is for sure, but it is far from a death toll on your credit.…

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Published Tuesday, November 10, 2009 @ 11:16 am

The number of people filing bankruptcy due to medical bills has been rising every year. A recent study in the American Journal of Medicine shows that more than 62% of people filing for bankruptcy do so at least partly because of medical bills they can’t pay. Many filers have insurance – often they’ve ‘capped out’ their insurance and the insurance company refuses to pay any more bills, leaving them tens or even hundreds of thousands of dollars in debt.…

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Published Thursday, September 3, 2009 @ 9:43 am

The economy is so grim right now it’s hard to see the silver lining, but the good news about markets is that they rarely stand still forever. Even now, economists are slowly and cautiously becoming more optimistic about the situation, and consumers are gradually gaining back confidence. The housing market, for example, posted a quarterly rise in prices for the first time in three years, which may indicate a stirring of recovery.…

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Published Friday, August 21, 2009 @ 5:49 pm

The last installment of the hugely successful Terminator franchise was widely regarded as anemic―except at the box office , where it grossed a healthy $370 million. That’s a pretty good return on the film, and it hasn’t even been released to DVD yet. So with that kind of success, you’d think the franchise owners would be laughing all the way to the bank, right?…

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Published Tuesday, August 4, 2009 @ 11:15 am

You have been tempted by the e-mail (we all have, at least for a second) to cash a comma laden check for a desperate soon-to-be-millionaire in Tanzania and you have probably clicked on the search engine pop-up promising to make you $10,000 per month from home for only five minutes worth of work per week.…

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Published Friday, July 31, 2009 @ 2:46 pm

The Tribune Company, which owns the iconic Chicago newspaper of the same name, has almost completed the process of relinquishing ownership of another Chicago icon. To the tune of $900 million, the Chicago Cubs, famously consistent losers and one of baseball’s most beloved clubs, is being purchased by Tom Ricketts, who had won exclusive negotiating rights as early as January of 2009.…

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Published Monday, July 20, 2009 @ 11:01 pm

The automatic stay is one of the greatest benefits that filing for bankruptcy has to offer. However, it is important to note that there are some exceptions to the applicability of automatic stay rights.  You will not be protected from criminal prosecution, divorce proceedings, government regulatory procedures (except for efforts to collect on pre-petition debt–these will be barred) and efforts to collect on child support and alimony, or even modifications of the support orders.  Regular deductions for payments of a loan against a retirement plan may also continue even after the stay.…

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Published Sunday, July 19, 2009 @ 5:13 pm

There are many reasons for filing bankruptcy. From sudden medical expenses to layoffs, We already know medical bills are a substantial reason people file and that even smart consumers have faced serious challenges as a result of uncertain mortgages.

Regardless of your reasons, life after bankruptcy offers you the chance to start in a new direction.…

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Published Sunday, July 19, 2009 @ 4:08 pm

Gambling, not at all unlike compulsive spending in department stores, can often lead to serious financial pitfalls. Despite the prevalence of gambling addictions in America, debts incurred by too much betting were at one time non-dischargeable in bankruptcy. While the specifics of dischargeability with any type of debt should be explored with a bankruptcy attorney, it is important for you to know that if you count gambling losses as one of your reasons for bankruptcy, the odds are in your favor that it can be discharged.…

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Published Saturday, July 18, 2009 @ 3:56 pm

As we’ve discussed here several times, there is a very good chance you can keep your home when filing bankruptcy. However, those of you who rent may find reason to worry about that ubiquitous “credit check” that shows up on every new rental application.

Whether a faceless, multi-billion dollar property management company or a private duplex owner down the street, landlords need to know they can collect rent.…

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Published Tuesday, July 14, 2009 @ 8:21 am

We all make mistakes, but some are more costly than others. So how costly is it if you forget to list a debt in your bankruptcy paperwork? There’s no need to panic; forgetting to list a debt isn’t the end of the world. However, depending on what kind of bankruptcy you file, it can cause some problems in your bankruptcy.…

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Published Monday, July 13, 2009 @ 2:59 pm

If you have declared under Chapter 13, you may be eager to refinance your home. In doing so, you should pay close attention to what the mortgage companies are proposing and whether you will actually benefit from refinancing.  It is a good idea to research companies offering refinancing during Chapter 13 and analyzing their track records with consumers.…

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Published Friday, July 10, 2009 @ 5:34 pm

While bankruptcy can provide you a haven from financial insecurity, it will not automatically change for you the habits that may have led to your decision to file.

It’s important for you to understand that you are not the only person who has ever overspent. Money was good, credit was easy and why shouldn’t you live the lifestyle you deserve?…

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Published Wednesday, July 8, 2009 @ 9:10 am

So you have decided that it is time to file bankruptcy. Next, it’s time for you find the right kind of help to get you through the maze of paperwork, aggressive creditor tactics and into the court system.

Clearly, a bankruptcy attorney is your best option. But not all attorneys are the same.…

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Published Wednesday, July 8, 2009 @ 12:30 am

The bankruptcies of General Motors and Chrysler have created a buzz in bankruptcy law circles because of their rapid movement through the court system. The sale of GM was formally approved on July 5, marking the nation’s birthday by giving court approval to one of its favorite corporate sons.

Both the GM and Chrysler bankruptcies sped through the courts in under 45 days with the help of sell-off strategies largely orchestrated by the US government.…

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Published Friday, July 3, 2009 @ 2:12 pm

Can an entire state file for bankruptcy? Anything is possible in California.

The once proud land of opportunity, the state with an economy bigger than most countries and the mecca for all things celebrity, is going broke.

Again.

California’s state legislature is trying to pass a budget to cover what has become a Yosemite-sized gap between the money assigned to state operations in February and a rapid decline in coffer-filling state tax revenue.…

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Published Wednesday, July 1, 2009 @ 8:05 am

Credit card balances, medical bills, mortgages and student loans make up a lot of America’s debt. In this recession-plagued economy, relief from any one of those financial obligations can be a tremendous benefit.

The White House has championed a bill to curb credit card company billing tactics and its mortgage modification program is expanding despite some early setbacks.…

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Published Tuesday, June 30, 2009 @ 4:45 pm

In an ironic twist of fate, a company’s whose claim to fame was helping people “avoid bankruptcy” has invoked bankruptcy protection itself. Debt Relief USA, a credit counseling agency based in Texas, filed Chapter 11 bankruptcy on June 18th. And it shut down all operations. According to its bankruptcy petition, DRU is currently saddled with $5 million in debt and has only $4.65 million in assets.…

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Published Monday, June 29, 2009 @ 10:13 pm

Well, Chrysler’s bankruptcy fire sale is done. It was finalized on June 10th. Now, three main players hold the bulk of Chrysler’s “good” assets: the Italian car-maker Fiat, the United Auto Workers’ retiree healthcare trust, and the federal government. And, the majority of Chrysler’s secured creditors got 29 cents on the dollar for their debts.…

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Published Saturday, June 27, 2009 @ 7:59 am

The people creditors hire to do the dirty work of collecting on debts can be the most irritating and persistent bullies you’ll be forced to deal with. Many consumers are not aware that Congressional law exists to protect them against the nasty business practices adopted by some of these bill collectors.…

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Published Friday, June 26, 2009 @ 3:45 pm

By this time of year, the flu and cold season is usually behind us. The windows are open, the jackets are packed away, and the cold medicines are shelved, as we get ready to enjoy the freedom that the warmth of summer brings us. But it’s different this year. The “Swine Flu” (the H1N1 virus) is upon us.…

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Published Friday, June 26, 2009 @ 12:32 pm

If you have spent some time on this blog then you’re probably giving some consideration to filing for bankruptcy. It’s not an easy decision, which is why this blog exists. We understand that it helps to understand what others are dealing with and similar stories about accumulating debt can better help you grasp where it is you stand financially.…

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Published Saturday, June 20, 2009 @ 7:07 am

Chapter 7 bankruptcy, or a liquidation bankruptcy, involves the sale of any non-exempt assets, and is generally the fastest route to a discharge of debt.. Chapter 13 offers the option of a payment plan, or wage earner’s plan, that allows a person to create a structure to catch up on missed mortgage or auto payments.…

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Published Friday, June 19, 2009 @ 11:06 pm

It’s important to remember that credit card issuers are businesses. While they may not necessarily sell a tangible product (other than a sleek piece of plastic) they are very much in the business of making money. Interest, clearly, is the primary profit generator. In the last several years, however, more marketing incentives and added services have come online to generate fee-based revenue for those how don’t spend much and therefore, don’t provide a great deal of interest income to the company.…

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Published Thursday, June 18, 2009 @ 11:44 am

If you have spent some time on this blog, then you should understand the value of working with a bankruptcy attorney. Not only can a dedicated legal representative be your best asset in a courtroom, they offer the emotional confidence that everything will be all right in the end. It can be trying and frustrating at times, and that is exactly why you should hire an attorney.…

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Published Sunday, June 14, 2009 @ 6:45 am

You’ve probably heard by now: if you want to file bankruptcy, you have to go through “credit counseling.” This new requirement is part of the “Bankruptcy Abuse Prevention and Consumer Protection Act,” which became law in 2005. The idea is that those filing bankruptcy should get “educated” on how to manage their money.…

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Published Saturday, June 13, 2009 @ 9:07 pm

You know it as the faceless organization behind all those numbers subtracted from your paycheck, but for those who are considering bankruptcy, it pays to understand just what impact the Internal Revenue Service could have on you.

The IRS is a party to more than 40 percent of all bankruptcy cases, primarily because past due taxes are fairly common.…

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Published Saturday, June 13, 2009 @ 8:13 pm

It took almost five years after legislation passed to make it more difficult to file, but bankruptcies in the United States are at their highest number since 2005. It should not come as a surprise to anyone, given the extent to which job losses, tight credit and the housing market have bludgeoned our economy.…

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Published Saturday, June 13, 2009 @ 10:32 am

We have put a lot on the blog about how your home can be affected by bankruptcy. Hopefully, you’ve read through some of those posts. If not, simply do a search to find as much as you can about the topic because knowing how bankruptcy affects where you lay your head down at night can be very helpful to you and your family.…

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Published Friday, June 12, 2009 @ 4:14 pm

It’s been a trying week for defamed NFL quarterback Michael Vick. He has been officially released from the team that drafted him, the Atlanta Falcons, and on Tuesday, a United States bankruptcy judge gave him a deadline of July 2 to submit a revised Chapter 11 plan. Vick has been ordered to repay a multitude of creditors that he owed prior to his confinement in federal prison for backing a multi-state dog fighting ring.…

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Published Tuesday, June 9, 2009 @ 2:08 pm

As a result of General Motors and Chrysler filing bankruptcy, thousands of dealerships across the country will be shutting the garage doors and deflating their obnoxious balloon animals and banners. But first, many of them will be liquidating cars at prices that, even for a car dealer, can be considered “Out of this World!”

So if you are on your way out of bankruptcy and the time has come to for a new ride, will you be able to get a car from a dealer?…

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Published Monday, June 8, 2009 @ 5:46 pm

After you file for Chapter 13 bankruptcy, the court will set what’s called a 341 meeting. The 341 meeting in a Chapter 13 bankruptcy is similar in many respects to the Chapter 7 meeting, but they will not be identical. The 341 meeting, like some other parts of your bankruptcy process, will have some variations depending on your local jurisdiction, which is why it is a good idea to hire a bankruptcy attorney who practices in your area and is familiar with local procedure.…

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Published Monday, June 8, 2009 @ 11:50 am

Many people own a home before they file for bankruptcy protection, and once they are ready to start over and lay down that solid financial future, they will want to refinance their home loans. Refinancing a home can result in excellent benefits for a home owner.  By refinancing, you may be able to improve your cash flow by lowering monthly payments and reduce future risk associated with variable rates.…

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Published Sunday, June 7, 2009 @ 8:59 am

As any experienced bankruptcy attorney will tell you, knowing your rights and defenses against creditors is key to leaving behind a troubled financial past and making a fresh start. There are a host of things you should know. One of them is that there are specific limits to how long your creditors can chase after you trying to claim an unpaid debt.…

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Published Thursday, June 4, 2009 @ 2:55 pm

A very troubling trend that potentially affects millions of Americas is going unnoticed. Don’t make the mistake too many people make when it comes to arbitration. There’s a good chance that you have conceded to arbitration already, probably unwittingly. That’s because more and more of the big companies that touch our lives on a daily basis, such as software developers, banks, web based services and of course, credit card companies, are writing arbitration clauses into their terms.…

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Published Thursday, June 4, 2009 @ 11:33 am

A psychology professors at Maastricht University in the Netherlands published a study about what it takes to find true happiness. Or at least, the psychological make-up of happiness. As it turns out, yes, money does have something to do with our level of happiness. But so does uncertainty.

In a recent New York Times column on the professors’ work by Daniel Gilbert, author of “Stumbling on Happiness,” it was published that indeed, money can buy happiness.…

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Published Wednesday, June 3, 2009 @ 12:15 pm

Our blog sure does cover a lot of ground about bankruptcy. Which is a good thing. We want to be sure that you understand all the processes, terms, principles and philosophies that factor into such an important decision. We even throw in some recent news about bankruptcy to help provide additional “real world” perspective on how bankruptcy laws are interpreted and applied.…

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Published Wednesday, June 3, 2009 @ 9:46 am

There is no questioning how critical a role the state of our economy has played in the debt problems Americans are experiencing today. From lost jobs to increased consumer costs, the economy has caused a lot of pain for all Americans.

It’s clear that our economy will continue to be a source of worry for much of America.…

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Published Wednesday, June 3, 2009 @ 7:15 am

The “The Credit Card Holders’ Bill of Rights” has passed both the House and Senate and was signed into law on May 22 by President Barack Obama.

Coupled with regulations recently issued by federal bank regulators, the “Bill of Rights” makes sweeping changes to the credit card industry beginning in July 2010.…

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Published Tuesday, June 2, 2009 @ 2:22 pm

When you have been dealing with huge bills and no way to pay them for a long time, filing for bankruptcy protection can come as an enormous relief, putting an end to the uncertainty of a precarious financial life. For one thing, your paychecks will finally stretch to cover your expenses.…

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Published Monday, June 1, 2009 @ 3:00 pm

You’ve probably seen ads for companies that claim they can repair your credit. Sounds great, right? Who wouldn’t pay a few hundred dollars in exchange for a better credit score? Resist the temptation to believe in easy fixes. If it sounds too good to be true…well, you know the adage.

Most of these companies are scams, preying on people in vulnerable positions.…

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Published Monday, June 1, 2009 @ 12:30 pm

Your “Golden Years” are supposed to be the best time of your life. You shouldn’t be worrying about bills, going to work, or holding an “upside-down” mortgage. These years are supposed to be the fruit of your life’s labor, and you should be able to enjoy them – or least not have to juggle the kinds of responsibilities and concerns you did in your 20’s and 30’s.…

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Published Monday, June 1, 2009 @ 10:42 am

Filing bankruptcy is all about getting back to your feet, socially and financially. When it’s time to start rebuilding your credit history, one of the best ways to do so is through the use of a secured credit card.

A secured credit card is just like a regular credit card. The only difference is that instead of the bank granting you credit, your credit line is based on an actual cash deposit you put into a savings account.…

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Published Thursday, May 28, 2009 @ 12:31 pm

As if we didn’t have enough things to worry about, it seems like every day another TV commercial, pop-up ad or credit card offer is telling you to worry about your credit score and pay someone to look at it.  Unfortunately, these messages, while pesky, are partly right; credit scores are now an important tool in the arsenal of an informed consumer.  Based on the way these offers are phrased, anyone might think that simply looking at your credit score is going to somehow fix it.…

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Published Wednesday, May 27, 2009 @ 2:28 pm

Future home ownership is a major concern of so many people who have made the decision to file bankruptcy. A previous post on this blog discussed the ins and outs of your ability to buy a house after emerging from bankruptcy. The good news is that it is completely possible and that you can indeed be a very viable mortgage candidate.…

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Published Tuesday, May 26, 2009 @ 4:00 pm

Despite the defeat of the mortgage cramdown bill that would have allowed bankruptcy judges more power to renegotiate mortgages on behalf of those seeking relief, the Obama administration is realizing some slow success with its heavily touted foreclosure prevention program.

Mortgages eligible for the program started to be serviced last month and to date, 55,000 home loans have been subjected to modification as a way to alleviate the financial pain caused by sub-prime loan interest rate spikes.…

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Published Thursday, May 21, 2009 @ 8:00 am

The much talked about credit card reform bill passed the Senate on May 19 and with it comes at least a semblance of resolution to what has impacted so many American’s financial wherewithal over the last several years. In a previous post on this topic, we mentioned that credit card companies currently perform, and will now ramp up, extensive consumer psychology research to find out what drives our spending habits.…

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Published Wednesday, May 20, 2009 @ 5:20 pm

For some people who are ready to file for bankruptcy, the prospect of going through the “341 meeting” looms dauntingly. The meeting gets its name from the section of the bankruptcy code that outlines the requirement, 11. U.S.C. 341, but you may hear it also called the “first meeting of creditors.”  Within ten days of your filing, the court will send notice to your creditors, and one purpose of this notice is to set the date for the 341 meeting.…

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Published Wednesday, May 20, 2009 @ 11:12 am

After living with the stress of debt for a while, it’s very possible to become accustomed to it. Maybe you think that financially, things are just always going to be that way. “I’ll owe more than I make and somehow, I’ll just manage to get by every month.” Serious debt is an emotionally trying and socially problematic complication of life and unfortunately, almost like an illness, many of us learn to accept the pain and find a way to live.…

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Published Tuesday, May 19, 2009 @ 1:05 pm

The Chrysler Corporation faces an unlikely challenger in its attempt to move quickly through U.S. bankruptcy court… its own dealer network. In a Sunday article posted at the Financial Times website, Chrysler’s dealers are planning a challenge to try to stop the North American automaker from slashing nearly 800 underperforming dealers from carrying its products nationwide.…

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Published Tuesday, May 19, 2009 @ 10:46 am

Recent credit card legislation may prove to be a big relief for many Americans who have trouble keeping up with the rapid interest rate changes, hidden fees and aggressive collection efforts. Or not.

Many industry watchdogs believe the bill, currently alive in both a Senate and House edition, will not meet its original expectations.…

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