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Blog Posts in August, 2009

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  • Rising Unemployment Casts Doubts on President Obama's Economic Recovery Plan

    Posted By admin || 31-Aug-2009

    Critics of President Obama are taking advantage of the rising unemployment rate to question the effectiveness of his recovery plan and economic leadership, and the huge budget deficit is only adding fuel to their fire. President Obama is working to show that there are concrete benefits to his recovery plan, saying that his administration expects to save or create 600,000 jobs this summer, thanks ...
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  • Your Bankruptcy Attorney and You: Honesty Really IS The Best Policy!

    Posted By admin || 31-Aug-2009

    So, you've made the crucial decision to file for bankruptcy and have done your due diligence to find a competent, experienced bankruptcy attorney to represent you. Bravo! You're understandably nervous about the process and wondering what the next step is. It's actually easier than you think. The number one rule of thumb is--be honest. Honesty truly is the best policy when it comes to declaring ...
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  • Know Your Rights When Negotiating with Credit Card Companies

    Posted By admin || 31-Aug-2009

    There may come a time when you need to negotiate a payment solution with a credit card company. You might find yourself with an increased minimum payment, an increased interest rate, or perhaps your income has changed and you can no longer afford the minimum payment. Remember that no matter how much the bill collector insists that you pay them immediately, your credit card bill might not be the ...
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  • Bankruptcy Court Allows Debtor to Reduce Car Loan

    Posted By admin || 31-Aug-2009

    In the bankruptcy case of (Martinez, Erasmo; In re, (Bankr. S.D.N.Y. 2009)) the bankruptcy court ruled that the Chapter 13 bankruptcy debtor could reduce the amount of a claim secured by an automobile purchased more than 910 days before filing bankruptcy. The details of the bankruptcy case: The Chapter 13 bankruptcy debtor proposed a plan that crammed down (reduced) a claim secured by an ...
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  • Dallas-Fort Worth Unemployment Rate 8.3 Percent

    Posted By admin || 31-Aug-2009

    According to an article in the Dallas Morning News, the Dallas-Fort Worth unemployment rate has increase to 8.3 percent from 8.2 percent in June and from 5.3 percent a year ago. And many of Dallas-Fort Worth's unemployed are not being counted because many have given up searching for work or have taken temporary or part-time jobs. And despite some job growth in the area, Dallas-Fort Worth has lost ...
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  • Bankruptcy Benefits: What's In It For Me?

    Posted By admin || 30-Aug-2009

    Bankruptcy definitely has a bad rap in our country, but it should not. It is the perfect solution for many consumers, providing them the one and only opportunity they have to lighten their heavy financial burdens which they might otherwise suffocate under. Here is a list of potential benefits to filing for bankruptcy. 1. Chapter 7 bankruptcy provides for the discharge of most, if not all, of your ...
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  • Driven by Federal Tax Incentive -- Housing Sales Surge

    Posted By admin || 30-Aug-2009

    According to an article in the Dallas Morning News, sales of new homes surged 9.6 percent in July, an increase driven by the $8,000 federal tax incentive for buyers. The article said: "The Commerce Department said Wednesday that sales rose to a seasonally adjusted annual rate of 433,000 from an upwardly revised June rate of 395,000. Sales are now up more than 30 percent from the bottom in January, ...
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  • More Airline Bankruptcies in 2010?

    Posted By admin || 30-Aug-2009

    According to an article in the Star-Telegram, we may be see more airlines filing bankruptcy in 2010. Already nine of the nation's largest airlines have lost $600 million in the 2nd quarter of this year and more losses are expected as revenue drops in the fall and winter. The article said: "The nation's airlines have been in a defensive crouch for two years. They've cut flights and fired workers - ...
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  • Debtor's Credit Card Debt Ruled Non-Dischargeable

    Posted By admin || 29-Aug-2009

    In the Chapter 7 bankruptcy case of (Jenks, Louise E.; In re (GE Money Bank v. Jenks)), the bankruptcy court ruled that the debtor's credit card debt was non-dischargeable because she misrepresented her income when applying for the credit card. The details of the bankruptcy case: "The 74-year-old debtor applied for a Lowe's credit card on March 15, 2008. She said she had an annual income of ...
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  • Mortgage Modification in Chapter 13 Bankruptcy

    Posted By admin || 29-Aug-2009

    In the Chapter 13 bankruptcy case of (Smith, David B. and Susan L.; In re) the bankruptcy court denied a motion to approve/disapprove an agreement to modify a residential mortgage. The bankruptcy case details: "The Chapter 13 debtors asked the bank­ruptcy court to approve a modification of their home mortgage. The lender agreed to reduce the mortgage payments for three years and to add the ...
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  • Car Title Loans Put You at Financial Risk

    Posted By admin || 29-Aug-2009

    Car title loans are marketed by creditors as a savior for the little guy; but these high interest loans are much like payday loans in that they can carry a triple-digit annual interest rate and are very difficult to repay in full when you're already struggling financially. Let's take close look at car title loans and how they work. Car title loans typically have an annual interest rate of 300% or ...
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  • Bankruptcy Attorneys Offer Advantages Over Petition Preparers

    Posted By admin || 28-Aug-2009

    Petition Preparers sound like a good bargain until you realize that they can't give legal advice. If you are considering bankruptcy, chances are you hard pressed for cash. One place you better think twice about bargain hunting excessively is your bankruptcy filing. If you've done any research on bankruptcy, it is likely that you have seen that you can actually file for bankruptcy yourself. Another ...
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  • Debtor Alert: "Credit Counseling" Deception

    Posted By admin || 28-Aug-2009

    According to an article at KFoxTV, credit counseling/debt settlement companies are using deceptive practices to con credit card consumers by giving the impression that they are calling from a credit card company and offering "lower credit card interest rates." The article said: "Vasquez has received a number of calls on his cell phone playing recordings that claimed to be from his credit card ...
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  • Peanut Plain in Plainview Bankrupt

    Posted By admin || 28-Aug-2009

    Texas-based Plainview Peanut Co., LLC filed Chapter 7 bankruptcy in a Virginia court last month, just two months after its parent company Peanut Corporation of America filed bankruptcy in the same court. Plainview Peanut Co. is the subsidiary chiefly responsible for the salmonella outbreak earlier this year. The processing plant in Plainview, TX had been operational since 2005 but was neither ...
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  • College Students and Parents Beware of Credit Card Offers

    Posted By admin || 28-Aug-2009

    As the school year begins, credit card companies are in a mad dash to rack up as many new and young customers as possible before the Credit Card Accountability Responsibility and Disclosure Act of 2009 becomes effective February 22, 2010, restricting access to youth under 21 years old. According to an article in DetNews, credit card companies are already swarming campuses with tempting credit card ...
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  • Can Bankruptcy Help Stop Repossession?

    Posted By admin || 28-Aug-2009

    Bankruptcy and Auto Repossession Bankruptcy is designed to protect individuals or businesses that are unable to meet their financial obligations--and provide protection to involved creditors as well. While bankruptcy is a serious procedure and should only be considered if absolutely necessary, sometimes it is the best solution for those suffering severe financial hardship. And, for some, it may be ...
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  • Understanding Your Debt to Income Ratio

    Posted By admin || 28-Aug-2009

    What Credit Card Debt to Income Ratio Should You File Bankruptcy? Most debtors hear the phrase "debt to income ratio" and they aren't sure what it means exactly. In a nutshell, a debtor's debt to income ratio is the percentage of debt they have in ratio to their income. This debt to income ratio is used by credit card companies, mortgage lenders, car financers and others to determine whether you ...
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  • Using Credit the Right Way

    Posted By admin || 27-Aug-2009

    After your bankruptcy has completed, you need to take steps to make sure that you avoid the same mistakes that helped lead you to bankruptcy. One of the things you can do to get your financial life back in order is to begin to use credit wisely. Not only will using credit wisely help you towards financial prosperity, it will help you get your credit in check sooner rather than later. The following ...
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  • Selling Your Home When You're Broke

    Posted By admin || 27-Aug-2009

    Foreclosures are up as the unemployment rate rises above 6% in Texas. Not surprisingly, with these foreclosures comes a 4.7% decline in market value. "The decline in demand and prices correlates more to the job losses now showing up in markets in Texas than because of excess inventory," said Ted Wilson of Dallas housing analyst Residential Strategies Inc. "Interestingly, job losses have occurred ...
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  • Taylor Bean Mortgage Corporation Files Chapter 11 Bankruptcy

    Posted By admin || 27-Aug-2009

    According to an article at CNN, Taylor, Bean & Whitaker Mortgage Corp. has filed for Chapter 11 bankruptcy protection, after suffering from crippling events that have prevented it from continuing business. The article said: "The death spiral began after the Federal Housing Administration suspended Taylor Bean's authority to issue FHA-insured loans. That was immediately followed by notices from ...
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  • An Insider's View: Reader's Digest Chapter 11 Bankruptcy

    Posted By admin || 27-Aug-2009

    An article in the Star-Telegram offers an excellent "insider's view" of Reader's Digest' Chapter 11 bankruptcy, which was actually prearranged with the compliance of the majority of its creditors. A general interest magazine that has been in business since 1922 Readers' Digest has seen its readership drop from a peak of 17 million in the 1970s to only 8 million today. But this bankrupt publisher ...
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  • Debt Takes a Toll on Your Health

    Posted By admin || 27-Aug-2009

    A study by AOL Health and the Associated Press shows that as debt related stress raises, your health decreases. Debt is a useful tool that nearly everyone uses. Debts can range from credit cards, student loans, mortgages, 401K loans, home equity lines of credit, car payments, etc. Some types of debt have actually proven to be good investments. Student loans are excellent when used correctly, ...
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  • Bankruptcy Court Splits Joint Income Tax Refund

    Posted By admin || 27-Aug-2009

    In the Chapter 13 bankruptcy case of (Halverson, Michael; In re), the bankruptcy court ruled that the Chapter 13 debtor's bankruptcy estate was entitled to half of the joint income tax refunds received by the debtor and his nonfiling wife. The details of the bankruptcy case: "The Massachusetts Department of Revenue (MDOR) filed a proof of claim in the amount of $64,172 including $14,936 for joint ...
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  • Down Payment and Closing Costs After Bankruptcy

    Posted By admin || 26-Aug-2009

    Around one and half to two years after your bankruptcy is discharged, you will likely be able to qualify for a home loan again. You must make sure to begin improving your credit long before you are considering buying a home, but once your credit is back in shape and a little time has passed you will be ready to begin looking again. A huge obstacle to getting into a house after bankruptcy is coming ...
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  • Congress Passes Anti-Foreclosure Bill

    Posted By admin || 26-Aug-2009

    According to an article from the Associated Press, Congress sent legislation to the President earlier this week that would encourage lenders to save homeowners from foreclosure. The lending industry helped block an earlier, tougher measure that would have required lenders to reduce monthly payments for those homeowners going through bankruptcy. Support for the new legislation was widespread in ...
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