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Blog Posts in July, 2009

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  • Michael Jackson's Doctor Facing Foreclosure

    Posted By admin || 31-Jul-2009

    According to an article in the Star-Telegram, Michael Jackson's personal physician is more than $100,000 behind on his mortgage payments and is facing a possible foreclosure on his $1.1 million mansion in the exclusive Red Rock Country Club. The article said: "Murray's lawyer in Houston, Edward Chernoff, issued a statement acknowledging the cardiologist's home was in "pre-foreclosure" and blaming ...
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  • Foreclosures Reduce Taxable Property Values

    Posted By admin || 31-Jul-2009

    According to an article in the Star-Telegram, the rise in foreclosures has slowed Tarrant County's net taxable property values putting many cities on a tight budget. The article said: "Tarrant County's net taxable property values increased the smallest amount in 15 years, creating fear among many local government officials as they prepare their budgets for next year. The data released Monday shows ...
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  • Georgetown, Indiana Considers Bankruptcy Protection

    Posted By admin || 30-Jul-2009

    According to an article in the Courier-Journal, Georgetown, Indiana is considering bankruptcy after facing a debt of $1.45 million over a long-delayed sewage plant project. The municipal bankruptcy would be unprecedented in Indiana and many experts are concerned that the city may not have the power to declare bankruptcy. The article said: "Georgetown's leaders "have no authority" to declare the ...
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  • Could Unemployment and Credit Problems Equal More Stress for Married Couples?

    Posted By admin || 30-Jul-2009

    According to an article in the Star-Telegram, job losses may take an extra toll on those who are married as opposed to their single counterparts. The article said: "Unemployed husbands and wives reported experiencing stress more often than single job seekers, 81 percent to 51 percent respectively, according to a recent survey." The survey also found that more than one-third of unemployed people ...
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  • Credit Card Companies Give Debtors a Dose of Reality

    Posted By admin || 30-Jul-2009

    According to an article in the Dallas Morning News, federal regulators will require that all credit card companies make consumer credit card statements easier to understand. This includes: *Telling credit card consumers via their statements exactly how long if will take to pay off their balance if they make only the minimum payment. *Using plain language, credit card companies will place APRs and ...
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  • Credit Card Urban Myth Could Cause You Financial Pain

    Posted By admin || 29-Jul-2009

    Many credit card consumers are under the mistaken belief that as long as they pay "something" on their credit card debt every month (even if it's lower than the minimum required payment), their creditor cannot take further action against them. That's a MYTH. The truth is that each credit card has a minimum payment requirement that credit card consumers are required to pay in order to remain ...
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  • Job Losses Don't Need to Equal Foreclosure

    Posted By admin || 29-Jul-2009

    When a homeowner suffers a job loss, the most immediate fear is foreclosure. It's natural to believe that foreclosure is imminent after a job loss; but a job loss doesn't need to equal foreclosure. There are a few things a homeowner can do to avoid foreclosure after a job loss: #1 - Contact you lender immediately after a job loss. Be honest with them and explain the situation to them and make it ...
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  • Capital One Loses on Credit Cards

    Posted By admin || 29-Jul-2009

    According to an article in the Washington Post, Capital One Financial lost $276 million in their second quarter, due to continuing losses from its credit card loans. Capital One's U.S. credit card business was down by 51 percent in 2009 compared to last year's numbers. The article said: "Chief executive Richard D. Fairbank told investors and analysts in a conference call Thursday that the McLean ...
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  • Foreclosure Road Rules

    Posted By admin || 28-Jul-2009

    Facing foreclosure can be one of the most nerve-wracking experiences for even the most financially seasoned amongst us. But if you're facing foreclosure, there a few simple rules that can help you navigate the process. Rule #1 - Don't delay in seeking help. Don't wait until you receive the foreclosure notice to seek help, as soon as you realize that you can no longer afford to pay your mortgage ...
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  • Housing Fixtures and Bankruptcy

    Posted By admin || 28-Jul-2009

    When filing for bankruptcy many debtors have debt associated with upgrades to their home such as a water heater or in ground swimming pool. Just like all other debts, these debts must be included in the bankruptcy filing. But that doesn't mean that handling of the debt on these housing fixtures will be simple as other secured items such as a vehicle. Usually what happens is that the lender has a ...
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  • CIT Group Makes One More Bid to Avoid Bankruptcy

    Posted By admin || 28-Jul-2009

    According to an article in the Bloomberg, commercial lender CIT Group Inc., is pulling no punches to avoid bankruptcy; but may need to file anyway. The struggling commercial lender said that it is trying to avoid bankruptcy with a debt tender offer to bondholders which would include a $3 billion loan and $1 billion in floating-rate notes. The article said: "Even if the bond tender succeeds, ...
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  • Bankrupt Auto Dealer Accused of Fraudulent Transfer of Assets

    Posted By admin || 27-Jul-2009

    According to an article in the Star Tribune a federal bankruptcy trustee handling Denny Hecker's personal bankruptcy sued Hecker's female friend, demanding that she return documents and $119,800 worth of cash and gifts received from Hecker since January. The article said: "The lawsuit lists a $60,000 fur coat and $58,900 in check payments that Hecker gave to Christi Rowan. Bankruptcy Trustee Randy ...
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  • Historic Theater Faces Bankruptcy

    Posted By admin || 27-Jul-2009

    According to an article in the Star-Telegram, Fort Worth's R.K. Maulsby Trust could lose ownership of the historic Ridglea Theater on Camp Bowie Boulevard due to foreclosure. The article said: "It's the fourth time in two years the Maulsby Trust has faced foreclosure on the west-side landmark. The filing also includes the adjoining office and retail spaces at 3309 Winthrop Ave. FixFunding loaned ...
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  • Anatomy of The Commercial Real Estate Foreclosure Crisis

    Posted By admin || 27-Jul-2009

    Well, it's official...it looks like the commercial real estate industry is plunging into a foreclosure crisis due to reduced lending, stagnant consumer spending and a whole lot of bad loans. According to an article in the Star-Telegram, the commercial real estate foreclosure crisis is getting so bad that even Morgan Stanley reported a loss of more than $1.2 billion mostly caused by commercial real ...
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  • 566,000 More Workers Receive Unemployment Benefits

    Posted By admin || 26-Jul-2009

    According to an article in the Dallas Morning News, 566,000 newly unemployed workers filed unemployment claims this week as the number of job losses continue to rise. The recent automaker job losses are one the major factors contributing to the increase, according to government officials. But most experts agree that the unemployment rate and the number of job losses will only continue to rise this ...
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  • Stephen Baldwin Files Bankruptcy

    Posted By admin || 26-Jul-2009

    According to an article in the Dallas Morning News, actor Stephen Baldwin (along with his wife Kennya Baldwin) is millions of dollars in debt and has filed for Chapter 11 bankruptcy. The article said: "A filing Tuesday in federal court in New York shows that Baldwin owes $1.2 million in two mortgages on a property about 30 miles north of New York City valued at $1.1 million. The document shows he ...
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  • Things You Need When Filing Bankruptcy

    Posted By admin || 25-Jul-2009

    For debtors considering bankruptcy, there are a few things you should bring with you to your initial bankruptcy consultation. #1 - Proof of income. If you are an employee, make sure you have your most recent paychecks and your spouse's most recent paychecks if you're married. If you're self-employed, you will need to provide proof of income using bank statements, tax returns, financial statements ...
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  • Reduce Your Risk of Economic Abuse

    Posted By admin || 25-Jul-2009

    According to an article in the Dallas Morning News, hard times could mean more economic abuse for some. Economic abuse is when one person uses money or money difficulties to control or harm another. What it looks like: Controlling access to a shared bank account by confiscating or "holding hostage" ATM cards and checkbooks. Maxing out credit cards or accumulating debt in the other person's name ...
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  • More Commercial Real Estate Foreclosures Predicted for Dallas-Fort Worth

    Posted By admin || 25-Jul-2009

    According to an article in the Dallas Morning News, some advocates for Dallas-Fort Worth's low-wage workers accused the Texas Workforce Commission of stalling a payout of 13 additional weeks of unemployment benefits to workers who have been unemployed for more than a year. The Texas Workforce Commission claims that they must indefinitely delay unemployment benefit extension checks due to technical ...
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  • Retail Occupancy Drops as Business Bankruptcies Rise

    Posted By admin || 24-Jul-2009

    According to an article in the Dallas Morning News, retail occupancy fell this year to 87 percent due to store closings and retail bankruptcies. The article said: "Overall retail building and shopping center occupancy was at 87 percent at the end of June - down from 87.6 percent at the start of the year, Dallas-based Weitzman Group said Wednesday. The real estate firm said much of the decline in ...
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  • Friends, Family, and Bankruptcy

    Posted By admin || 24-Jul-2009

    Many debtors considering bankruptcy hesitate because they have taken out loans from friends and family and don't want to "wrong" them by filing bankruptcy. Many debtors even make the mistake of hiding or secretly repaying friends and family loans while filing bankruptcy on their "other" debt. We need to talk about this very real and emotional bankruptcy issue that causes many debtors unnecessary ...
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  • Texans Go Without Healthcare Risking Their Lives and Finances

    Posted By admin || 23-Jul-2009

    According to an article in the Star-Telegram, an estimated 5,550 Texans are losing their health coverage each week as the number of job losses increase and the cost of healthcare rises, making many Texans vulnerable physically and financially. The article said: "Rising like a deadly tide, escalating health care costs will have caused 866,580 Texans to lose their health coverage between January ...
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  • More Commercial Properties Face Foreclosure

    Posted By admin || 23-Jul-2009

    According to an article in the Star-Telegram, two shopping, residential and office developments in the growing Alliance Corridor in far north Fort Worth are facing foreclosure, another casualty of the credit crisis. The article said: "Plans for the open-air development included 1.6 million square feet of retail, and medical and office space. Trophy completed engineering and environmental studies, ...
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  • Foreclosure Crisis Continues

    Posted By admin || 23-Jul-2009

    According to an article in the Dallas Morning News, the number of Dallas-Fort Worth foreclosures have dropped below 5,000 for the first time in five months; but analysts say that number is still too high. The article said: "But filings in the four-county area are still 5 percent higher than a year ago. August's foreclosure auctions will include 4,796 properties in Dallas, Tarrant, Collin and ...
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  • High-Profile Shopping Center in Foreclosure

    Posted By admin || 22-Jul-2009

    According to an article in the Dallas Morning News, the high-profile Opus West owned shopping center and apartment complex near the Galleria is facing foreclosure. The article said: The Broadstone Parkway development on Inwood Road just north of LBJ Freeway is one of several North Texas properties built by Opus West Corp. The Phoenix developer is in bankruptcy and plans to auction off many of its ...
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