Published Saturday, January 21, 2012 @ 7:09 pm

Amid encouraging job figures that the private sector is surging, it’s important to take a second look at the sad state of the so-called “American Dream.”

In a new article, the New York Times does just that, finding that “Americans enjoy less economic mobility than their peers in Canada and much of Western Europe.…

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Published Thursday, January 12, 2012 @ 6:30 am

The days between Thanksgiving and Christmas had many people wondering where America’s lingering financial issues went as millions of shoppers returned to our nation’s stores, malls and gallerias en masse to take advantage of extreme sales (and savings) and, in doing so, generated the most successful Black Friday for retailers ever.…

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Published Friday, December 30, 2011 @ 6:20 pm

According to a new report from the 2012 U.S. Banking Sector Outlook, the New Year’s ring could signal a major “cha-ching” for banks in 2012, as financial institutions all across the country react to timely federal restrictions by scrambling to add new fees to their recession weary customers.

Coming from a new report from The Huffington Post’s Catherine New, “ In 2012, expect to see higher minimum balance requirements and an ongoing push to increase customers’ credit card spending, according to a “2012 U.S.…

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Published Monday, December 19, 2011 @ 7:52 am

We all know that the Christmas holiday is a time for turkey-filled table settings, overstuffed family reunions, and, quite literally, reflecting on what we are fortunate to have- for large and small blessings throughout the year. But for many jobless Americans from California to the Carolinas, finding even the smallest things to be grateful for is more of a struggle in 2011 than possibly ever before, as they not only face limited unemployment incomes, but diminishing benefits in the new year.…

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Published Tuesday, November 29, 2011 @ 3:14 pm

Historically speaking, the day after Thanksgiving often leaves many people asking, “what Recession?” as millions of American shoppers cut coupons, stand in long lines, and bombard our nation’s stores for extreme sales on what has now come to be know as “Black Friday.” In fact, last year we saw even bigger crowds at many stores including Best Buy, Sears, Macy’s and Toys R Us, which offered earlier openings than in past years or even round-the-clock hours meant to draw in average American shoppers.…

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Published Monday, October 31, 2011 @ 12:45 pm

Ghosts and goblins and ghouls are normally the horrifying hallmarks of annual Halloween holiday, satisfying generations of trick-or-treaters, horror movie aficionados, and lovers of frightfully fun parties during every seasonal stand.

But in these tough economic times, when consumerism can’t keep up with flagging incomes and mounting debt, the scariest thing about Halloween may be that we spend so much money on it.…

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Published Sunday, October 23, 2011 @ 7:14 am

We talk a lot here about the trials and travails of underemployment, a perpetual condition of post-recessionary America, in which many, if not most, workers face stagnant wages and/or part-time jobs that fail to keep up with the rising cost of living in the new economy.

In particular, retail workers struggle for hours amid a weak economic recovery, clamoring for extra work in this lower-skilled and paying field.…

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Published Tuesday, September 13, 2011 @ 10:16 am

In the 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. But as mortgages rates rose forcing many into foreclosure, the personal health of those impacted went on the decline, as the real estate reckoning wrought a wave of depressed homeowners.…

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Published Sunday, September 4, 2011 @ 5:05 pm

If you’re unemployed you have a ton to worry about.

Past due bills, mounting debts, going without health insurance, possible repossession of your car or foreclosure of your home, are just some of the not-so-pleasant thoughts plaguing the millions of average Americans facing extended joblessness.

Unfortunately, now there’s one more concern to add to the job market meltdown mix: a new report by the National Employment Law Project has found that employers are continuing to discriminate against unemployed people in their online job ads despite increased scrutiny surrounding the nation’s hiring practices.…

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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 Tuesday, July 26, 2011 @ 1:11 pm

Just when the financial experts said it was safe to call the economy “in recovery,” Treasury Secretary Timothy Geithner says many Americans will face hard times for a long time to come.

Geithner reemphasized in an episode of “Meet the Press” that we remain in the midst of a very tough economy in which, for a lot of people, “it’s going to feel very hard, harder than anything they’ve experienced in their lifetime now, for a long time to come.” He also revealed that he believed  President Barack Obama has rescued the United States from a second Great Depression and will continue the hard work of trying to strengthen the economy.  Unfortunately, Geithner also predicted that it would be some time before many people actually feel like the country is recovering.…

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Published Friday, July 15, 2011 @ 11:14 am

According to last week’s Federal Reserve report, U.S. consumer credit rose by another $5.08 billion in May–a figure that suggested a willingness for millions to keep borrowing despite an exceptionally tight job market.

In a recap of these new figures by Reuters, the news agency said, “The May rise, coming after a revised $5.67 billion increase in April, handily topped forecasts by Wall Street economists for a $4 billion increase and marked the eighth straight month of growth in consumer credit.…

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Published Monday, July 4, 2011 @ 5:12 pm

With the rebound of the credit card industry in full swing for 2011, more and more credit cards are being made available to consumers—often via aggressive tactics—than in quite some time. And amid these plentiful offers for plastic there come enticing rewards of all types, with a litany of merits for the cautious consumer and just as many drawbacks for average Americans attempting to get out (and stay out) of debt.…

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Published Saturday, July 2, 2011 @ 9:32 am

While a majority of economists and other financial experts firmly believe we are experiencing a modest economic recovery, a new poll reveals that a large, vocal minority of Americans feel that the economy will never fully recover from the effects of the recent “Great Recession.”

A New York Times/CBS News poll found that 39 percent of people responding believe “the current economic downturn is part of a long-term permanent decline and the economy will never fully recover.” The survey is one of many revealing overall distress with the current state of the American economic picture.…

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Published Sunday, June 26, 2011 @ 10:08 am

In these tough economic times, some households have had to put basic needs above plans for higher education, turning to personal savings and college funds to fight off foreclosure, meet mounting medical costs, and in some cases, even keep the lights on and food in the fridge. In the wake of the recent Recession, many commentators have begun to question the cost-benefit of analysis of spending for higher education versus the realities of the jobs (and salaries) earned as a result.…

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Published Sunday, June 19, 2011 @ 11:37 am

In these rough and tumble economic times, some households have been forced to put low-level, basic needs above long-term plans for higher education, turning to personal savings and what they previously considered to be college funds to fight off home foreclosure, meet mounting medical costs, and in some cases, even keep the lights on and food in the fridge.…

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Published Wednesday, March 30, 2011 @ 7:12 am

It may seem strange, the whole prospect of turning a timely tax return into a bankruptcy, but in a nation currently dealing with a healthy debt load, the whole idea that half of Americans get some form or return, comes at a good time for those looking to pay down those debts, or, better yet, find a longer-term solution for their cash-strapped situation.…

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Published Monday, February 7, 2011 @ 10:19 pm

When asked in a recent interview by Anna Robertson of Yahoo! News what he had to say to America’s 14.5 million unemployed, the Vice President Joe Biden responded, “hang in there.” Pointing to a slow and gradual national recovery, Biden said that while the unemployment rate is only “dropping minimally,” the economy is slowly improving, leaving Americans to wait it out.…

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Published Monday, January 24, 2011 @ 8:20 pm

As you made your New Year’s resolutions to dispense with debt and start on the road to saving, it appears many American banks made their own commitments to upping customer fees and, in the process, further padding their coffers in 2011.

In fact, according to a new article from The New York Times’ Ron Lieber, “Earlier this month, Bank of America announced its intent to test a number of different monthly fees for customers in some states, depending on the balance in their accounts or other relationships with the institution.…

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Published Monday, December 20, 2010 @ 12:28 pm

For the most optimistic Americans, facing the notion of job insecurity, layoffs can be seen as an opportunity: for new and possibly better-paying work, to start a business, or pursue other career paths. But in tough economic times, these dreams for a better option can quickly become a nightmare as the realities of the nation’s employment scarcity take hold, turning what can normally be an exciting time of self-discovery into a fearful world of self-doubt.…

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Published Monday, November 29, 2010 @ 9:47 am

You hear tons of experts advising you to pay off high interest debt before any other expenses. And in some cases this makes perfect sense. For example, it’s always a smart move to deal with credit cards with double-digit interest rates before handling the plastic with single-digit interest. But in other cases, you may want to pay off debts with lower interest rates in the interest of appeasing creditors who have more recourse against you when or if you get behind on your payments.…

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Published Wednesday, November 10, 2010 @ 6:37 pm

The status of the job market is on everyone’s mind right now. Even the employed.

But if you’re one of the many currently collecting unemployment benefits, the world is a frustrating place.

It’s not so much the effect of not having a place to go to every day as it is all the things that follow not having a job, like the fear of not having enough money to support your family.…

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Published Tuesday, October 5, 2010 @ 12:14 pm

While many of us were reading the Sunday paper, sitting in our various places of worship or otherwise relaxing and enjoying the weekend, Austan Goolsbee, Obama’s chief economic adviser, was telling Christiane Amanpour of ABC’s “This Week” that unemployment in the United States is “going to stay high.”

“This recession is the deepest in our lifetimes, the deepest since 1929,” said Goolsbee, who was just appointed chair of the White House Council of Economic Advisers.…

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Published Saturday, September 11, 2010 @ 6:30 pm

If, when examining your credit card debts, mortgages payments or other loans, you find you are in arrears, but also have regular income to catch up with those back payments (just not all at one time), you may find that Chapter 13 bankruptcy is your best first step in protecting your biggest assets and income.…

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Published Friday, September 10, 2010 @ 10:26 pm

You may have been waiting and hoping and wishing and praying that things will soon get back to normal. Maybe you’ve lost your job. Maybe you’re close to losing your home. Maybe you’re even thinking you may lose it all. But you don’t file for bankruptcy. You wait, hope, and believe that economic times can’t be tough forever; and that you can make it through without the help of a bankruptcy lawyer.…

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Published Thursday, September 2, 2010 @ 10:32 am

Last year, one million people filed for bankruptcy, with 2010 on tap to top even that staggering figure. So what’s behind the big bankruptcy bump? A continuing housing crisis, higher health care costs, and unemployment hovering the double-digits. As a result, many people who have already filed in the past may be facing another round of tough financial times, and considering a second-time bankruptcy.…

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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 Thursday, August 12, 2010 @ 10:12 am

In this tough economy, it may seem like your creditors are an ever-present part of your life…showing up where and when you least expect, or need, them.  You’re not alone.  It turns out that millions of Americans have fallen behind on paying their bills, and an unfortunate result is that debt collection law firms are now heading to court in record numbers in order to collect.…

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Published Monday, August 9, 2010 @ 2:00 pm

This unrelenting economic downturn has been tough on all Americans—whether they be single, dating, engaged, married or widowed. But, as anyone who has ever been married already knows: money (or lack thereof) can be the main cause of many couple’s marital strife. As a result, in this especially difficult economic climate—full of job insecurity, foreclosures, and slow economic gains—many have been pushed to the brink of bankruptcy, and, along with them, the people who love and wanted to marry them.…

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Published Sunday, August 8, 2010 @ 9:04 am

You might have seen reports that federal stimulus funding has stemmed the tide of school layoffs, has caused a marked increase in roadside construction projects, or has brought about broadband to areas preciously unable to get it; but many of the beleaguered masses are searching for more direct benefits from stimulus spending. 

Well, now it seems your local retailers aren’t waiting around for an economic rebound, they’re taking the concept of economic “stimulus” into their own hands with programs poised to get you spending in their stores, while providing more substantial savings for your trouble.…

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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 Friday, May 28, 2010 @ 5:38 pm

In the new HBO series Treme, viewers follow the lives of New Orleans residents a mere three months following the physical, emotional and economic devastation of Hurricane Katrina. The cast of characters represents a cross-section of ordinary New Orleanians—from police to piano players—trying to rebuild their lives, their homes and their unique culture in the aftermath of the 2005 storm.…

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Published Tuesday, May 4, 2010 @ 8:22 am

In this tough economy, it may seem like your creditors are an ever-present part of your life…showing up where and when you least expect, or need, them. But creditors with real teeth (i.e., car lenders, mortgage holders, and landlords) don’t need to make harassing calls or threaten you in order to get what they want.…

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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 Tuesday, April 27, 2010 @ 10:22 am

The main thrust of 2005’s Bankruptcy Reform Act (unceremoniously known as “BARF”), is a bankruptcy deterrent called the “Means Test”—a formula for determining your ability to pay back your debts. Your inability to pass this test limits your options to filing a Chapter 13 bankruptcy plan, which still discharges your unsecured debt, but takes longer to complete.…

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Published Friday, April 23, 2010 @ 1:05 pm

Since the Great Recession began in 2007, small businesses across the country have been squeezed.  Exacerbated by the flagging economy, small business owners everywhere are not only facing high employee health care costs and lagging consumer and commercial spending, but also fewer credit options. And while loans have always been the lifeblood of the small business, all across our great nation, mom and pop endeavors with even the most solid credit histories face tremendous obstacles in qualifying for much-needed capital.…

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Published Thursday, April 8, 2010 @ 3:19 pm

While the current economic forecast is considered by economists to be less dismal than in past months, many of the same economists are predicting unemployment will stay high over the next several 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 Thursday, April 1, 2010 @ 10:18 am

As we’re all aware, this decade’s Great Recession has dealt, and continues to deal, a significant blow to the budgets of many American families, leaving millions in debt, underwater in their mortgages, and looking for any means necessary to get back on a financially-healthy course.  Now, tax time can  yield a long-term solution for some cash-strapped citizens.…

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Published Sunday, January 31, 2010 @ 6:04 pm

I’ve never known a person who believed that declaring bankruptcy was an easy solution to their problems. I have never heard anyone suggest that bankruptcy should be used as a tool to intentionally shaft creditors out of spite, or to gain power. Nor have I come across anyone who garnered some sort of perverse pleasure in leaving legitimate creditors, be they large companies or individuals, to twist in the wind.…

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Published Wednesday, January 20, 2010 @ 11:34 am

In this special series, entitled “Bad Ideas for the Bankruptcy Bound,” we’ll introduce what to avoid when bankruptcy is your next, best step.

Love may move mountains,
but money can crumble the strongest marriage.
– Ron, Lieber, The New York Times

Everyone who’s married knows: money can be a primary cause of marital strife.…

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Published Tuesday, January 5, 2010 @ 6:45 pm

Okay, so this post isn’t exactly keeping with the recent holiday spirit, but it’s a pretty compelling topic given the nature of our blog. And sometimes, it takes extreme colors to paint the right picture.

A Tampa, Florida woman is suing a debt collection company for wrongful death relative to her husband’s 2005 heart failure.…

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Published Tuesday, December 29, 2009 @ 6:52 pm

Have the credit card companies ‘jacked-up’ your rates, doubling your payments?

And really stuck it to you and your family?

Now, you’re screwed for sure…right?

Where is the money gonna come from to make double payments?

You can’t just ask your boss for a raise because you need more money…can you?.…

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Published Saturday, December 12, 2009 @ 12:07 pm

Are you putting off filing for bankruptcy because you fear it will cause you to lose your security clearance? Or do you work or study in a field with a lot of defense work, and you fear a bankruptcy will keep you from getting a job? In fact, filing bankruptcy could be the best thing you could do to get or keep your security clearance.…

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Published Tuesday, December 8, 2009 @ 1:40 pm

When you are dealing with debt collectors, it’s essential to stand up for yourself and remember that your rights are protected by federal law. Debt collectors like to intimidate debtors by making them feel like they play fast and loose with standards of debt repayment. Yet in reality, it is often the debt collectors who play fast and loose with the law.…

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Published Monday, December 7, 2009 @ 7:41 pm

While mortgage companies continue to refuse lower payments to borrowers who can no longer afford their loans, millions are facing delinquency, foreclosure and the loss of their homes. But just because you’re facing tough odds doesn’t mean that you can’t plan ahead to minimize the possibility of foreclosure or mitigate the damage if you find yourself moving toward it.…

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Published Saturday, November 28, 2009 @ 10:58 am

Home foreclosures, job losses, massive consumer debt and health care costs have millions on the edge of financial ruin, struggling every single day even as we’re told by some that the worst economic downturn since the Great Depression is “technically over.”

If you’re affected by any of the above and you’re here, you may be considering bankruptcy.…

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Published Monday, November 9, 2009 @ 6:15 am

If you are facing both bankruptcy and divorce, you might be wondering whether you should file bankruptcy before or after obtaining a divorce.

In most cases, you should file bankruptcy before divorcing.  Especially if you earn more than your spouse!  If you don’t file bankruptcy before getting a divorce, you might wind up having to pay all of the debt you and your spouse incurred during your marriage!  Or you could end up paying more in child support and alimony to make up for your spouse’s debt.  Regardless of who earns more, wouldn’t it be better to get rid of your debt rather than fighting over who pays for it when you go to divorce court?  A chapter 7 bankruptcy can get rid of some, even all, of your debt before going through the divorce, and will make your divorce case much simpler.  You may not know yet what your life will be like after your divorce, but at least you will know that your debts have been handled.…

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Published Sunday, August 30, 2009 @ 7:38 am

The much-lauded Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) was signed into law on May 22, 2009, with the promise of protecting consumers from predatory and underhanded practices of credit card companies. While the most significant changes imposed by the law won’t become effective until February 2010, there were some that became effective immediately.…

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Published Monday, August 24, 2009 @ 7:06 am

So, now that you’ve come through bankruptcy with a clean slate and made the decision to stay off the credit treadmill, it’s time to examine your money habits and behaviors. It is surprising how many people view their credit limits as unofficial raises and create lifestyles that reflect a higher actual income than they actually earn.…

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Published Saturday, August 8, 2009 @ 8:47 am

We hear plenty about the dangers of gambling addictions. Perhaps this is because the compulsion to gamble doesn’t make sense to a lot of people, and it is always easier to vilify from a distance.  Or maybe it’s that gambling addictions seem dangerous because a gambler could lose everything in an instant.…

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Published Friday, July 24, 2009 @ 3:27 pm

Few of us learned much about balancing a checkbook, let alone managing our finances during high school. And for many years credit card companies have been trolling college campuses for fresh bodies to press into servitude. So it comes as no surprise that so many young adults are overloaded with debt.…

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Published Friday, July 3, 2009 @ 6:46 am

Try saying that title three times fast!

The right to an unconditional discharge of your debts is a cornerstone benefit of filing for bankruptcy protection. It would be nice if this right was limitless, but like all good things, the ability to discharge debt has some boundaries. Recent taxes, student loans, and alimony are just a few examples of debts which will not be discharged by bankruptcy.…

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Published Tuesday, June 9, 2009 @ 11:10 am

As you are probably well aware, bankruptcy is an important decision that should not be taken lightly. If you are eligible to file but hesitate to do so, you stand to lose more than you may guess. Dithering too long can ruin the strategic advantage of timing; deciding not to file at all could cause you to lose everything.…

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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 Sunday, May 31, 2009 @ 8:55 pm

By the time you realize that bankruptcy is the best option for you, it’s probably safe to say that you’ve been dealing with creditors for a long time.

Even worse than creditors are the collection companies, who are trained to bully you into agreeing to make payments even when you don’t have a cent to spare. 

Eventually you begin to feel that these companies have all the power and you have none.…

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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 Monday, May 18, 2009 @ 12:47 pm

One of the big myths in the minds of people who are in debt and happen to be married is that bankruptcy leads to divorce. Yes, along with medical bills and job loss, divorce can be considered a leading contributor to bankruptcy, since it can put one or both ex-partners in a significantly more fragile economic position, and ultimately lead to a perilous situation that can be remedied no other way.…

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Published Monday, May 11, 2009 @ 11:53 pm

To file or not to file bankruptcy is one of the most difficult decisions you’re ever going to make. It involves more than just money and the debts you’re struggling to repay. Bankruptcy has its own set of emotions attached to it. You may ask yourself:

‘How did I get into this situation?’
‘How have other people worked their way out?’
‘What will my friends and family think?’

As you work through these difficult questions, understand that there is an attorney waiting to help you work through your financial problems and give you the facts you need to make an informed decision.…

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Published Saturday, April 18, 2009 @ 6:16 pm

How many people enter into marriage these days totally debt-free? Probably fewer than you would think. Debt might have been accrued from the often inevitable student loan, through inexperienced or irresponsible spending, or even by footing the bill for a once-in-a-lifetime wedding and honeymoon extravaganza. For those taking the plunge for a second or third time, the debts could come from a myriad of sources.…

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Published Monday, April 13, 2009 @ 12:28 pm

Life happens. If you’re like many of us, you’re going to encounter your share of financial ups and downs. You’re treading water, financially, making enough to get by but not enough to get ahead. And then, wham, something extraordinary happens to upset the financial balance in your life, and you find yourself rapidly piling up debt.…

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Published Monday, April 13, 2009 @ 7:02 am

We have all seen the loan offers in the mail, the banner ads online and even the commercials that air on late-night television. Even though we all scoff initially, knowing what’s in store if we call, your outlook changes quickly when the realization hits that you too are saddled with mounting debt.…

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