Published Sunday, September 4, 2011 @ 8:52 am

When you’re drowning in debt, and dodging your creditors, you may feel stuck—forced to eliminate your financial trappings as soon as possible and by any means necessary. But, in the process of dispensing with debt through the benefits of bankruptcy, it’s vital that you deal with that debt deliberately and follow certain rules pre-filing in order to assure that your financial future is as fruitful as possible.…

Read more

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.…

Read more

Published Friday, July 15, 2011 @ 5:13 am

Everything old is new again with news that private investment firms are now lending to subprime borrowers again.

In fact, based on a Wall Street Journal report, subprime borrowers—home buyers whose credit scores do not meet the standards of banks—who had been largely shut out of the lending market in the years since the financial crisis, are now finding a much more liberal environment for getting a home loan.…

Read more

Published Wednesday, June 15, 2011 @ 2:36 pm

While many Americans learned a harsh lesson during the economic recession—turning away from reckless spending in an attempt to increase much-needed savings and avoid high-interest consumer debts—auto lenders still did well during the downturn, as demand for cars remained high and auto loans became one of the very few types of consumer debts that grew even as consumer confidence dwindled.…

Read more

Published Monday, June 13, 2011 @ 11:03 am

You may have heard the phrase “debt ceiling” being bandied about in the media recently. But few people outside of Washington D.C.’s Beltway, and in the current Congressional fight over raising it, truly understand what the term has to do with the proverbial “price of beans.” But financial experts warn that this unending political battle over how the country handles our national debt limit, could have lasting effects on average American pocketbooks.…

Read more

Published Wednesday, February 16, 2011 @ 8:42 am

In the last century, it was not uncommon to hear of average Americans, understandably wary of a then-fledgling banking industry, hiding personal fortunes under household mattresses instead of placing them in various accounts.  And yet while wads of cash are even less common in today’s tough economic times—times when banks coincidentally are mistrusted more than ever—the idea of Americans hording whatever they have for a “rainy day,” is not.…

Read more

Published Monday, August 30, 2010 @ 2:25 pm

Regardless of your current financial situation—from good credit to no credit—there’s no denying that we’re living in a tough housing market. So if you’re considering bankruptcy, you might think that if it’s a challenge to become a homeowner for those in the best financial times, it might be next to impossible to acquire your dream home if you’re currently recovering from a Chapter 7 or 13 bankruptcy filing.…

Read more

Published Friday, August 27, 2010 @ 9:47 am

In the hard-hit housing market, there’s some good news and some bad news. First the good news: according to the Mortgage Bankers Association, for the first time since 2006, the number of loans in the process of foreclosure fell in the second quarter. But then there’s the bad news: even with these drops in default leading to foreclosure, still more early delinquencies are apparent all across the county as homeowners continue to struggle with high unemployment and job insecurity.…

Read more

Published Tuesday, August 10, 2010 @ 9:53 am

In the wake of the worst economic conditions since the Great Depression, millions of people are finding themselves bankruptcy bound. And with so many people forced to find relief in the protections a bankruptcy filing can provide, gone are the days of societal stigmatization and shame.

Yet, many debtors enduring tough financial times are still stuck in an old mindset that bankruptcy is a measure of last result.…

Read more

Published Friday, July 30, 2010 @ 8:42 pm

It seems that in today’s difficult economic weather, just about everyone is a risk for a lender.

Earlier this month, FICO, Inc. (the company that develops credit risk metrics) reported that America’s collective credit score is at an all-time low. Close to 43.4 million consumers have a credit score at or below 599, which is the risk benchmark for the majority of lenders.…

Read more

Published Friday, July 2, 2010 @ 8:14 am

Bankruptcy Myth #1: You won’t receive credit offers after your bankruptcy.

Don’t be surprised to receive many credit offers following your bankruptcy. Car lenders, mortgage financiers, credit card companies and more, often line up for the chance to provide post-bankruptcy debtors with all types of consumer spending opportunities.

Bankruptcy Myth #2: Taking creditors up on all of their offers is a good thing.…

Read more

Published Thursday, July 1, 2010 @ 12:04 pm

While some experts are calling 2010 the year of the economic recovery, bankruptcy filings are in true recession-era form, rising in recent months, and, according many analysts, increasing with no end in sight. In early June, the American Bankruptcy Institute (ABI) validated these fears, reporting that personal bankruptcy filings for the month of May 2010 increased compared with a year ago (May 2009).…

Read more

Published Saturday, May 8, 2010 @ 8:23 am

Sometimes, 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. While options like bankruptcy can stop most creditors cold, in the interim, unsecured creditors, the ones at the bottom of the proverbial food chain, are more likely to be the ones contacting you via phone, sending you letters, and generally harassing you for cash, any cash, where and when they can.…

Read more

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.…

Read more

Published Friday, February 26, 2010 @ 4:19 pm

Everyone—from the halls of Congress to the many channels of media—is paying a ton of attention to those Americans who have lost their homes in the seemingly endless mortgage meltdown. Virtually ignored have been the millions who continue to pay their mortgage every month, even when they really can’t afford to.…

Read more

Published Monday, January 25, 2010 @ 6:57 pm

Ugh. Debt. These days most Americans are sick of hearing the d-word. And who can blame us? Americans are in more debt now than ever before. Avoiding debt seems impossible…there are so many things you can’t even do without credit cards or loans that we now take debt as a matter of course.…

Read more

Published Sunday, January 24, 2010 @ 10:25 am

So the impact of your bankruptcy is settling in. You have mixed emotions but underneath, feel confident that it was the right thing to do. The phone has stopped ringing, the mailbox delivers good news (for the most part) and best of all, you can sleep again.

Now that it’s time to get back on track, saving money should be a top priority.…

Read more

Published Tuesday, January 19, 2010 @ 11:23 am

In the Preventing Foreclosure series, you’ve received an introductory look at how to stay in your home, either through bankruptcy proceedings or via negotiations with your mortgage lender, with later discussions specifically devoted to how Chapter 13 or Chapter 7 bankruptcy proceedings can force creditors to end their collection activities and delay a foreclosure sale.…

Read more

Published Monday, December 28, 2009 @ 7:10 am

The New Year is a few days away. And without doubt, millions of Americans will welcome 2010 with grand hope, desperate to put 2009 far behind them, the year the Great Recession took hold of our collars and shook us into submission. Unfortunately, many Americans will greet the end of the 2000′s first decade still in debt and financially directionless.…

Read more

Published Thursday, December 10, 2009 @ 8:37 am

In Part I of the Preventing Foreclosure series, you received an introductory look at how to stay in your home, either through bankruptcy proceedings or via negotiations with your mortgage lender. In Part II of this six-part series, we’ll elaborate on the ins and out of working with your mortgage lender, including timelines, terms, and what to say when starting this important dialogue.…

Read more

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.…

Read more

Published Saturday, December 5, 2009 @ 3:10 pm

For far too many people in North Carolina, and the country, job loss has been the primary driver of excessive debt. Even those who spend wisely and are conservative with credit can quickly feel the impact of being laid off. Three months of savings may help. But only for three months.…

Read more

Published Saturday, September 26, 2009 @ 6:17 pm

One of the greatest benefits of filing for bankruptcy protection is that it allows struggling homeowners a second chance to catch up on missed mortgage payments. For many people, the fear of losing a beloved family home is one of the most stressful parts of their struggle with debt. But is your house really worth saving?…

Read more

Published Sunday, July 5, 2009 @ 8:05 am

Buying a home after bankruptcy is a smart move. And yes, it is possible! If you don’t own a home already, buying a house is an excellent step toward rebuilding your financial life. A home can be a great investment because it is one of the few major assets you will own that will hopefully appreciate over time.…

Read more

Published Friday, June 26, 2009 @ 9:02 am

The sad fact is, these days nobody is immune to financial troubles. This includes people who have worked hard their entire lives, all the while looking forward to reaping the rewards of their hard work in a restful, stress-free retirement. So what happens to seniors when they run into serious financial trouble?…

Read more

Published Tuesday, April 21, 2009 @ 7:15 am

Bankruptcy gives you a fresh start; a relief from the stress and uncertainty about your future. Your hope is that things will soon be back to normal. But that hope is often based on the answers to so many questions. For many, one of those questions may be about your ability to buy a home.…

Read more