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Blog Posts in April, 2009

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  • Credit Card Holder's Bill Of Rights Close To Becoming Law

    Posted By admin || 30-Apr-2009

    According to an article in the Dallas Morning News, new legislation that would rein in credit card practices is set for a vote in Congress on Thursday. The article said: Measures before the House and Senate are designed to enhance protections for credit card customers. The House bill, which was being put to a vote Thursday, would prohibit so-called double-cycle billing and retroactive rate hikes ...
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  • Workers Receiving Unemployment Benefits Reach 6.3 Million

    Posted By admin || 30-Apr-2009

    According to an article in the Star-Telegram, the number of newly unemployed workers signing up for unemployment benefits have declined; but the overall number of people continuing to receive unemployment benefits has increased. The article said: The number of newly laid-off workers signing up for unemployment benefits dropped unexpectedly last week, but the number of people continuing to draw ...
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  • Chrysler Files For Bankruptcy

    Posted By admin || 30-Apr-2009

    According to an article in the Dallas Morning News, the struggling automaker Chrysler will file for Chapter 11 bankruptcy because it was unable to settle debt with lenders. The article said: The filing comes after some of the company's smaller lenders refused a Treasury Department demand to reduce the amount of money the troubled automaker owed them. The Chrysler bankruptcy won't necessarily mean ...
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  • GM To Shutter Dallas-Fort Worth Car Dealerships

    Posted By admin || 29-Apr-2009

    According to an article in the Star-Telegram, General Motors is already moving forward to close 1,200 car dealerships nationwide and some of those may include dealerships located in Dallas-Fort Worth. The article said: GM has 15 individual dealership locations in Tarrant County, including the three Saturn of DFW stores. There are six Chevrolet outlets, as well as three Cadillac and three ...
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  • Dallas-Fort Worth Property Values (And Taxes) Plummet

    Posted By admin || 29-Apr-2009

    According to an article in the Dallas Morning News, property tax revenues are set to plummet for 2009 as home values tank. The article said: About 92 percent of all residential properties will either fall in value or remain the same, said Ken Nolan, the county's chief appraiser. Foreclosures, a decline in building permits and rising office vacancy rates have conspired to send property values and ...
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  • Job Losses Devastate Workers In The Service Industry

    Posted By admin || 29-Apr-2009

    While most of the news has focused on the plight of mostly middle-class class workers affected by corporate bankruptcies, hiring freezes, job losses and foreclosure, those in the working-class are being hit even harder by the downturn. One of the industries devastated by job losses and cutbacks has been the service industry, especially those related to travel. Many busboys, waiters, dishwashers, ...
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  • Filing Bankruptcy Puts The Breaks On Creditors Immediately

    Posted By admin || 27-Apr-2009

    When a debtor files bankruptcy, creditors have several duties imposed upon them by the bankruptcy court. One of these duties is to stop the collection of income and to return any income that was collected after the bankruptcy petition was filed. For example: If a creditor received a judgment against you and began garnishing your wages after you filed bankruptcy, the creditor would be required to ...
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  • The Foreclosure Crisis Is Poised To Get Worse

    Posted By admin || 27-Apr-2009

    With a combination of factors, including increased job losses, persistent unemployment and a ticking time bomb of subprime mortgages that have yet to reset, the foreclosure crisis will probably get worse before it gets better if legislators don't take action now. It was during 2005 and 2006 that mortgage lenders began to increasingly give borrowers interest-only adjustable rate mortgages that are ...
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  • Good News For Texas Homeowners

    Posted By admin || 27-Apr-2009

    According to an article in the Star-Telegram, legislation was just passed in the Texas Senate that would allow Texans facing foreclosure more time to save their homes. Under the current law, the foreclosure process can move rapidly, giving Texas homeowners only 20 days to fix loan defaults before a mortgage lender foreclosures on them. If the new legislation also passes the Texas House of ...
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  • GM Rumors True: GM Temporarily Closing 13 Plants

    Posted By admin || 27-Apr-2009

    According to an article in the Dallas Morning News, General Motors officially announced that it will temporarily close 13 assembly plants in the U.S. and Mexico. GM workers at the Arlington, Texas plant will also suffer a temporary closure with over 2,000 workers facing furloughs. The article said: General Motors Corp. said Thursday that it will temporarily close 13 assembly plants in the U.S. and ...
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  • Governor Perry Fights Legislation That Would Accept Stimulus Money

    Posted By admin || 27-Apr-2009

    According to an article in the Dallas Morning News, Governor Rick Perry is still fighting to kill legislation that would allow the state to accept more than a half-billion dollars in stimulus money for unemployment benefits. If the state of Texas accepts the stimulus money for unemployment insurance, they will be required to expand the unemployment benefits program to include people who are ...
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  • Is Your Chapter 13 Bankruptcy Plan Feasible?

    Posted By admin || 24-Apr-2009

    For those debtors considering Chapter 13 Bankruptcy, it is important that you create a clear, feasible plan to repay your debts within the prescribed time period. Sometimes, a bankruptcy trustee or judge will disapprove a Chapter 13 bankruptcy plan because of feasibility issues. When a bankruptcy court says that a Chapter 13 bankruptcy plan is not feasible, what they're saying is that your plan is ...
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  • First-Time Homebuyers Rush To Use Tax Credit, But Home Sales Still Down

    Posted By admin || 24-Apr-2009

    According to an article in the Dallas Morning News, home sales fell 3 percent in March despite aggressive efforts to encourage Americans to buy. The article said: The results were "a little disappointing" given that homes are more affordable than they've been in years and mortgage rates are near record lows, said Lawrence Yun, the National Association of Realtors 's chief economist. The results ...
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  • Unemployment Numbers Rise Again

    Posted By admin || 24-Apr-2009

    According to an article in the Star-Telegram, the number of workers claiming unemployment insurance benefits rose from 613,000 to 640,000, which is slightly more than analysts' expectation of 635,000 new unemployment insurance clams. The article said: Economists are closely watching the unemployment compensation data because they believe a sustained decline in the number of initial claims could ...
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  • Dallas-Fort Worth Rental Rates Remain Steady, For Now

    Posted By admin || 24-Apr-2009

    According to an article in the Dallas Morning News, Dallas-Fort Worth is one of only two metropolitan areas where average apartment rents have not declined in the first quarter of 2009. The article said: Average rents in the D-FW area and Denver were unchanged from a year ago in the study of 31 U.S. apartment markets. "Rents and occupancy continue to go down, but there was not big drop this ...
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  • GM Plants May Shutdown For Nine Weeks

    Posted By admin || 24-Apr-2009

    According to an article in the Star-Telegram, two unidentified sources said that General Motors is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles. The article said: Neither person wanted to be identified because workers have not been told of the shutdowns... J.R. Flores, president of ...
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  • Abandoned Property In Bankruptcy

    Posted By admin || 23-Apr-2009

    When a debtor files for bankruptcy, a bankruptcy estate is created that includes all of the debtor's interests in property. The bankruptcy trustee is responsible for liquidating any valuable property (property not covered by exemptions) in the bankruptcy estate and distributing the proceeds to repay creditors. However, sometimes, property in the bankruptcy estate is abandoned by the bankruptcy ...
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  • First Things First When You're In Over Your Head In Debt

    Posted By admin || 23-Apr-2009

    In March over 121, 000 Americans filed for bankruptcy, that's 41 percent increase from 2008. When you're drowning in debt and see no way out bankruptcy is most likely the best option. But there are few housekeeping items to consider before you file bankruptcy so that you are in the best position to protect your most valuable assets. Take a look at your budget. Write everything down--all bills and ...
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  • Banks Up To Old Tricks Again In Their Attempts To Block Bankruptcy Bill

    Posted By admin || 23-Apr-2009

    The banker lobbyists have already made inroads in watering down the bankruptcy legislation that would give bankruptcy courts the power to modify toxic mortgages; but what they really want to do is kill the bankruptcy legislation. An article in the NYTimes lays out the banker lobbyists' strategy in black and white: The banking industry has also succeeded in working closely with Republicans to water ...
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  • More Legal Aid For The Poor?

    Posted By admin || 23-Apr-2009

    According to an article in the Star-Telegram, over two-thirds of Americans surveyed by the American Bar Association said they would support increased federal funding for poor people needing legal assistance. Currently there is legislation making its way through Congress to increase legal aid funding for the poor. The article said: Legislation introduced in March by Sen. Tom Harkin, D-Iowa, would ...
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  • Americans Call Lawmakers For Financial Help

    Posted By admin || 23-Apr-2009

    According to an article in the Star-Telegram, many Americans facing foreclosure and bankruptcy are calling their congressional representatives for help on financial issues. The article said: Rep. Mel Watt is used to dealing with constituents who need help with government agencies. But once Congress passed a $700 billion bailout of the banking system, some people started turning to the Charlotte ...
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  • Commissions Earned But Not Received Before Filing Bankruptcy

    Posted By admin || 23-Apr-2009

    Many self-employed individuals, especially those who earn commissions such as a real estate agent face a more complex situation when it comes to how wages are treated in bankruptcy. In the bankruptcy case of Smith, Matthew J., In re (Smith v. Hanra¬han) a real estate agent was required to turn over his sales commissions to the bankruptcy trustee despite closing the deals and receiving the ...
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  • Your Bankruptcy Discharge Could Be Revoked In Cases Of Fraud

    Posted By admin || 23-Apr-2009

    It's unfortunate but there are still some debtors who have failed to be honest in their dealings with the bankruptcy system. Some debtors hide assets such as cash, property and inheritances putting their bankruptcy case in jeopardy, even after they receive a discharge. When a Bankruptcy Discharge Can Be Revoked by Fraud According to the bankruptcy law, a debtor's bankruptcy discharge can be ...
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  • American Bankruptcy Laws Unique And Humane

    Posted By admin || 23-Apr-2009

    I was browsing the internet the other day and ran across an article entitled, "1,500 Farmers Commit Mass Suicide In India" which talked about Indian farmers killing themselves because of crop failures that left them deeply indebted. The article said: Over 1,500 farmers in an Indian state committed suicide after being driven to debt by crop failure, it was reported today. "Most of the farmers here ...
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  • Warning Signs That It's A Foreclosure Scam

    Posted By admin || 23-Apr-2009

    As more homeowners face foreclosures, the number of foreclosure scammers looking for a quick buck has increased. Here are some telltale signs that you may be dealing with a foreclosure scammer: They claim to have approved you for a mortgage modification that can help prevent foreclosure; but they are not your bank. Only your bank can guarantee mortgage modifications; so if you receive an email or ...
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