Published Wednesday, January 25, 2012 @ 7:36 am

“This matter is serious and will cause problems at the job.”

Believe it or not this is exactly what collection representatives from California-based debt collection company, Rincon Debt Management, were asked to tell unassuming Americans each time they attempted to collect on back debts.

But based on a complaint filed by the Federal Trade Commission, often the debtor they were trying to pressure didn’t owe any money at all.…

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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, 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 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 Saturday, January 22, 2011 @ 7:22 pm

While unexpected circumstances and scenarios often cause American debtors to consider the bankruptcy option, a disability, often combining mounting medical costs with a sudden loss of an otherwise dependable income, can make for an especially strong case for seeking the benefits of bankruptcy. The good news is a personal bankruptcy is an often safe solution for eliminating some (or all) of the associated debts from a disability.…

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Published Wednesday, January 12, 2011 @ 5:17 pm

Last year will be known for a number of things. Most of us will probably remember it as the year America attempted liftoff from the great recession but failed. That failure was not due to any one thing or person but more the result of a vastly complex economy that few people, even those put in place to do so, truly understand.…

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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 Sunday, December 19, 2010 @ 7:54 am

It’s coming up on tax season folks, so that means it’s time to start thinking about ways to make those deductions count.

Too many people, especially those who have had a rough financial year or are coming out of bankruptcy, believe that tax benefits are just those things wealthy people talk about.…

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Published Saturday, September 11, 2010 @ 9:18 am

In most discussions of bankruptcy, there are few mentions of the rising costs of motherhood/parenthood, especially considering the current economic state of affairs, whereby families are sometimes forced to choose between clothing, feeding and educating a child and their responsibilities of paying mortgages, car notes and consumer debt.

 As a result, it’s as good a time as any during this especially tough economic era to take a closer look at how mothers, guardians, and caregivers are crunching the numbers when it comes to giving their child the very best, and what that means when, at the same time, that parent is forced to seek the protections of a personal bankruptcy. For example, what might spending for a school expenditures and activities and/or a college education mean when it comes time to file and face bankruptcy’s two basic evaluations?…

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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, July 29, 2010 @ 2:27 pm

People are often deterred from filing bankruptcy by a nagging sense of pride that tells them that asking for financial help is somehow admitting defeat. Well, in this type of economy, it couldn’t be further from the truth. And if you need more evidence of that, consider the state of the federal bailout effort, which, while lacking in headlines, continues to be more aggressive today then when it was initially introduced.…

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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).…

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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 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, June 16, 2010 @ 8:23 am

There is no shortage of bright, shiny signals alerting us that the world of technology is changing faster than we can measure. At one time, shopping on the Internet was considered a decision that could put your entire financial wherewithal at risk. Now, if a company doesn’t have an online shopping cart, it’s outdated.…

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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 Friday, May 14, 2010 @ 8:20 am

Don’t call him a repo man. But if you are behind on the house payments, he’s coming for your keys.

In what can only be considered a sure sign that the current housing crisis is unlike any other, banks are now deploying professional “mediators,” to visit struggling homeowners to negotiate a settlement, which usually ends up with the homeowner accepting a check and the bank changing the locks.…

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Published Monday, May 3, 2010 @ 9:21 am

Could the food industry be the latest bellwether of a better economy and returning consumer confidence? Some industry experts seem to think so.

According to William Neuman’s report in his recent New York Times article, “The Tables Turn,” “Restaurants all over the country are beginning to see signs of a potential recovery after a dismal 2009.…

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Published Saturday, April 24, 2010 @ 8:06 am

In these tough economic times, many families are facing unprecedented financial challenges. This country’s recent Great Recession has dealt, and continues to deal, a significant blow to the budgets of Americans—leaving millions in debt, underwater in their mortgages, perpetually jobless and looking for any means necessary to get back on a financially-healthy track.…

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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 Monday, March 15, 2010 @ 6:27 pm

Exacerbated by the recent “Great Recession,” small business owners everywhere are not only facing high employee health care costs and lagging consumer and commercial spending, but also fewer credit options. 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 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 Sunday, January 31, 2010 @ 6:10 pm

As the mortgage crisis continues on, ironically, President Obama seemed right at home at the podium during his 2010 State of the Union address just as millions of Americans face losing their home. As a result, many concerned citizens sought in the President’s national address any signs not only of “hope” or “change”—expressions made famous during his campaign days—but also second year specifics about what a new year would mean for the millions of average Americans, just like them, facing imminent foreclosure.…

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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 @ 9:34 am

The traditional media industry is hurting. Specifically, hard news print vehicles, newspapers mainly, have been decimated by the rise of the Internet and a rapid decline in advertiser spending as a result of both new media opportunities and of course, the recession.

The most recent indication of America’s tilting favoritism toward all things online, the publishing parent of newspapers like the Denver Post and San Jose Mercury News is expected to petition for bankruptcy in the next few days.…

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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, December 4, 2009 @ 12:15 pm

We’ve all heard that money problems are the leading cause of marital problems. If you’re reading this article, chances are you’re experiencing both problems. In this economy, with unemployment, foreclosures, and debt at record highs, you’d be hard-pressed to find couples who don’t fight about money!

Financial problems can wreak havoc on your marriage, leading to constant arguing, blame-laying, and even divorce.…

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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 Saturday, November 28, 2009 @ 6:12 pm

Making the decision to file is a difficult one. Choosing the right attorney is a pretty daunting task as well. Now that all that is done it is time to make and go to your first appointment.

Expect to be a little anxious. You are about to commit to a big lifestyle change.…

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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 3, 2009 @ 8:03 am

So your long-time employer is declaring bankruptcy, re-organizing, or worse, closing its doors for good. Fine, you never liked that job anyway. You’ll cash in your chips, downsize, move to the lake, and finally open that bait and tackle shop you always dreamed of. Heck, you might even rent rowboats while you’re at it.…

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Published Sunday, October 25, 2009 @ 11:26 pm

In the past 24 months, the American suburban landscape has been ravaged by personal bankruptcies. Expanded credit limits, inflated home prices and a false sense of security in everything material contributed to one of the worst financial landslides since the 1930s. Needless for some to say, a lot can be learned from the way so many of us treated our credit reports in the last few years.…

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Published Sunday, October 18, 2009 @ 1:03 pm

Apart from the more typical fraudulent charges and billing errors, a common situation leading to credit disputes concerns purchase protection. This comes into play when you make a big ticket purchase from a merchant, charge it to your credit card, and then receive the good…only to discover that it is defective.…

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Published Wednesday, September 16, 2009 @ 10:06 pm

The four-year anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) is right around the corner. You might recall all the hype in the months leading up to the enactment of BAPCPA. This was the banking and credit industry’s seventh attempt to get the legislation on the books. They pitched BAPCPA as necessary to curb “rampant abuse” and to restore “personal responsibility and integrity” in the bankruptcy process.…

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Published Monday, September 7, 2009 @ 7:20 pm

So let’s say you run into some financial troubles. You meet with a bankruptcy attorney to discuss your options. You’re thinking that, if you’re going to file, you should try to refinance your mortgage first to lower the payments and ease some of the pressure. You’re also thinking you might want to go ahead and replace that old clunker with a reliable car to make sure you won’t have a problem getting to work during your bankruptcy case.…

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Published Saturday, September 5, 2009 @ 8:16 am

Let’s say you file a Chapter 13 bankruptcy petition in a given year. You state in your petition that you owe state income taxes for the previous year and give an estimate of that amount. The bankruptcy court confirms your plan. You then file your state income tax return, showing you owe even more than you stated in the plan, and you don’t pay the taxes.…

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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 Wednesday, August 26, 2009 @ 10:04 pm

A successful bankruptcy is as much about post-bankruptcy decision making as it is about making the initial decision to file. A lot needs to go into each spending choice, every credit consideration and your personal financial management goals.

Multiple bankruptcies are common. However, if you feel you may be getting close to having to file again and the reason is not the direct result of an uncontrollable emergency, there may be some broader, underlying personal issues that were not addressed the first time around.…

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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 11, 2009 @ 6:56 am

Forget getting cash for your clunker. If you want a real deal on a car after bankruptcy, hop online and get bidding. General Motors has just announced a partnership with its online auction counterpart eBay to start posting vehicles from more than 200 California dealerships as part of an ongoing effort to spur sales after the car maker’s recent bankruptcy.…

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Published Thursday, August 6, 2009 @ 1:21 pm

The month of July 2009 saw yet another increase in the number of consumer bankruptcies filed in the U.S., as low employment and high consumer debt continues to be a toxic combination throughout most of the country with only little signs that an antidote can be found. The number of filings, 126,434, was a 34.3 percent increase from the same month in 2009 and 8.7 percent increase from June, 2009.…

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Published Thursday, August 6, 2009 @ 6:56 am

In a recent post, we talked a little about the “Meeting of Creditors.” That got us to thinking, are there other terms and steps along the way that we could help you better understand if you are still considering filing bankruptcy? And, does the blog mention or gloss over some terms that leave you with questions?…

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Published Wednesday, August 5, 2009 @ 7:14 am

One aspect of bankruptcy you don’t hear much about is what happens after you file. One of the steps that tends to be a little disconcerting for those who have just filed Chapter 7 or Chapter 13 is the “Meeting of Creditors.” It just sounds so intimidating, doesn’t it?

Truthfully, it isn’t.…

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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 Thursday, July 30, 2009 @ 8:51 am

Bernie Madoff, probably the most infamous Wall Street scam artist next to the man who invented the scheme strategy that bears his name, is complaining from his North Carolina prison cell that it’s just too hot down here. I wonder why the heat never bothered him in Hawaii? Or the Bahamas?…

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Published Monday, July 27, 2009 @ 9:10 pm

The team here at the Law Offices of John T. Orcutt is certainly qualified to help you put things in perspective and as smoothly as possible, help you through the tough financial times. Nevertheless, the impact of bankruptcy can be quite emotional, regardless of how professionally it is handled. Thus, we hope it helps you to read a little about some of the more interesting stories happening in the world of bankruptcy today.…

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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 Friday, July 17, 2009 @ 4:58 pm

Most of us go on vacation to get away from the things that are causing us stress. Well, that might not be so easy anymore. Travelers across the country are reporting an increase in collection agency contact for even nominal amounts of money because of a dispute they raised with airlines, hotels and rental car companies–even after the company has acknowledged its own mistake.…

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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 Saturday, July 11, 2009 @ 8:07 am

Chapter 11 bankruptcy is in the news a lot these days. Like individuals, more and more large corporations are struggling to weather the current economic downturn. Just think of GM, Chrysler, Lehman Brothers, and the like. Chapter 11 bankruptcy essentially does for corporations what Chapter 13 does for individuals: it allows them to reorganize their debts into an affordable repayment plan.…

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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 Monday, July 6, 2009 @ 8:22 pm

You’ll recall that Psystar filed Chapter 11 bankruptcy at the end of May, right after a judge ordered it to reveal sensitive financial information to computer giant Apple, who had previously sued the small PC maker for copyright infringement. For the past few years now, Psystar has been assembling and selling PCs equipped with Mac programs – without Apple’s blessing.…

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Published Monday, July 6, 2009 @ 11:47 am

Are you hopelessly behind on your mortgage payments and wondering what to do about it? People in your shoes typically do one of three things: (1) try to convince the bank to just take whatever the property can fetch on the market (a “short sale”); (2) just let the bank foreclose; or (3) file bankruptcy.…

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Published Monday, July 6, 2009 @ 8:04 am

As you might imagine, one of the major casualties of the housing bust has been the collapse of home construction suppliers all around the country. The livelihood of these companies depends upon a thriving housing market in which homebuilders are buying windows, paneling, roofing, and other construction materials. But that’s not happening.…

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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 Thursday, July 2, 2009 @ 9:42 pm

On the eve of Johnny Depp’s latest film about infamous Depression-era bank robber John Dillinger, a new kind of bank hold-up is being executed with unfortunate regularity around the world. Apparently, the rise of interactive online gaming has spawned virtual outlaws who literally rob businesses in their game’s virtual world and sell the loot to other players for the real thing.…

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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 Monday, June 29, 2009 @ 7:04 am

So it’s more than half way through the year now. You might be wondering how things are looking in the economy. Last year, many had predicted that the downturn would continue through the first quarter of 2009, but then we’d start to see stabilization in the second quarter and maybe even a return to growth by the summer.…

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Published Saturday, June 27, 2009 @ 9:06 pm

The news of Michael Jackson’s death has rocked the entire world. From Los Angeles to Bahrain, fans are mourning his passing. The “King of Pop” had sold an astounding 61 million albums during this career – in the US alone.

Jackson first exploded onto the music scene with his 1982 “Thriller” album.…

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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 Monday, June 22, 2009 @ 10:00 am

Bucking the trend, 2008 was a prosperous time for Delta Dental – the largest dental benefits carrier in the country. And things were looking good for 2009 as well. In fact, Delta Dental employees in Okemos, Michigan were getting ready for a significant office expansion – last year the company announced it planned to tack on an additional 25,000 square feet of office space in 2009.…

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Published Sunday, June 21, 2009 @ 9:35 pm

Bernie Kosar is a household name, known for his star football career during the 1980s and 1990s. Kosar quarterbacked for the University of Miami and led the team to its first national championship in 1984. After college, Kosar jumped right into the NFL and played as a successful quarterback for the next 12 seasons.…

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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 Friday, June 19, 2009 @ 5:04 pm

The apple doesn’t fall far from the tree, right? Sure, but not all apples are created equal – even if they’re exact replicas. At least that’s what computer giant Apple says about the desktops and laptops PC assembler Psystar is selling equipped with Mac programs. “Hackintosh” is the label Apple has given Psystar’s product.…

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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 Tuesday, June 16, 2009 @ 11:44 am

When Francisco Espinosa filed his Chapter 13 bankruptcy petition, he must have had no idea his case would end up before the United States Supreme Court. Espinosa’s case was just another run-of-the-mill consumer filing, except for one thing . . . the repayment plan he proposed provided that he would pay back $13,250 to United Student Aid Funds, Inc.…

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Published Monday, June 15, 2009 @ 10:41 pm

One of the most popular amusement park companies in the world, Six Flags, is experiencing a financial rollercoaster of it’s own, having just filed for Chapter 11 bankruptcy. But it looks the company will come out of the economic corkscrew all smiles.

If the company’s plan is approved by the court, it will be owned primarily by its creditors.…

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Published Monday, June 15, 2009 @ 12:05 pm

“CONGRATULATIONS! You’re eligible for a new mortgage modification program we’re offering exclusively to homeowners in your area. We can save your home from foreclosure, cut your mortgage payments, and even reduce your principal! And you don’t have to do anything! We’ll negotiate directly with your lender. Our team of experienced loan modification consultants are here to help you.…

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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 Saturday, June 13, 2009 @ 12:58 am

In January 2005, a dream came true for the Harper family of Lake City, Georgia: they received a brand new home, courtesy of ABC’s “Extreme Make-Over – Home Edition” reality TV show. In a nationwide broadcast, a construction workforce 1,800 strong descended upon the family’s neighborhood and spent the next six days demolishing their ailing, humble abode and building a 5,500 square foot comparative palace – complete with four bedrooms, decorative rock walls, a three-car garage, four fireplaces, and a solarium.…

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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 Friday, June 12, 2009 @ 7:09 am

According to an article in The Wall Street Journal, a man from Texas registered with a debt relief firm to seek help in climbing out from under $15,000 in credit card debt. After paying hundreds in upfront fees and a steady stream of monthly payments close to $250, he eventually found himself $20,000 in debt.…

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Published Thursday, June 11, 2009 @ 4:44 pm

Some 330,477 people filed bankruptcy between January and March of this year. Do the math. That’s an average of more than 110,000 filings per month, 27,500 per month, and just shy of 1,000 per day. These numbers are up ten percent over last quarter, and 35 percent from a year ago.…

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Published Wednesday, June 10, 2009 @ 8:38 am

The Chrysler bankruptcy saga continues. As you’ve undoubtedly heard by now, in a move to save itself from certain collapse after bankruptcy, Chrysler crafted a deal to sell a big chunk of its assets to the Italian car-maker Fiat, while at the same time shedding most of its debt. The bankruptcy judge handling the case approved the sale last week, finding the deal was necessary to avoid liquidation.…

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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 @ 1:10 pm

Inside a typical house in a pretty ordinary neighborhood, a husband and wife sit at their kitchen table well after dinner, staring stoically at one another. Scattered in front of them is an array of half-torn envelopes and perforated slips of paper with bold red type. Words like “urgent” and “past due” and “collections” stand out like blood on snow.…

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Published Sunday, June 7, 2009 @ 12:01 pm

So bankruptcy filing rates for individuals and businesses are up – way up. They’re expected to hit record levels this year. Indeed, with the recent bankruptcies of GM and Chrysler, we’ve seen some of the biggest filings in U.S. history during this recession. But an even more historic event may be on the horizon: the bankruptcy of the federal government itself.…

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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 Saturday, June 6, 2009 @ 2:32 am

You’veprobably heard about the marked decline in the overall credit card debt levels since this recession took hold. You might find this a bit odd. Maybe you expected just the opposite at a time like this. Well, you’re on to something there. True, credit card debt is on the decline. It has tapered off six months in a row, by $5.4 billion last month alone.…

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Published Friday, June 5, 2009 @ 10:36 pm

In a previous post, we discussed the connections between medical bills and bankruptcy. It seems we may have been ahead of the news cycle, as several national media outlets are reporting on a study just released by The American Journal of Medicine that reports close to two out of three bankruptcies are caused by medical bills.…

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Published Friday, June 5, 2009 @ 12:03 pm

Chicago Bulls fans recently had a unique opportunity to own a significant symbol of the team’s successful history – NBA championship rings from the Bulls’ 1996, 1997, and 1998 seasons. This was the era of the legendary trio – Michael Jordan, Scottie Pippen, and Dennis Rodman – who, together, formed one of the most powerful starting lineups the NBA has ever seen.…

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