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Blog Posts in March, 2009

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  • Health Insurance Companies Vie For A Captive Market

    Posted By admin || 25-Mar-2009

    According to an article in the Star-Telegram, the health insurance industry is offering to make several concessions in exchange for the government requiring all Americans to signup for private health insurance The article said: For the first time, the health-insurance industry offered Tuesday to curb its controversial practice of charging higher premiums to people with a history of medical ...
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  • Texans Get Money To Make Homes Energy Efficient

    Posted By admin || 25-Mar-2009

    According to an article in the Dallas Morning News, Texas will receive $546 million from the American Recovery and Reinvestment Act stimulus package to make homes and buildings more energy-efficient. Of that amount, $327 million will go to help low-income Texans weatherize their homes. Anyone who does not make more than 200% of the federal poverty level would qualify for a $6,500 home ...
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  • U.S. Home Prices Continue To Plunge

    Posted By admin || 25-Mar-2009

    According to an article in the Dallas Morning News, a government report noted that U.S. home prices fell 6.3 percent in January from the same month in 2008. Such a significant drop in home prices is negatively affecting homeowners here in Texas, especially those facing foreclosure. Homeowners facing foreclosure are finding it nearly impossible to sell their homes, not just because there are fewer ...
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  • Tips For Seniors Facing Foreclosure

    Posted By admin || 25-Mar-2009

    As the economy continues to sour many Senior Citizens are finding themselves facing foreclosure. A job loss and/or medical debt is usually the main reason homeowners face foreclosure; but in the case of Senior Citizens, devaluation of their retirement savings is leaving many short on cash and without enough income to even pay the mortgage. The biggest symptoms of a pending foreclosure is reduction ...
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  • White-Collar Job Losses At GM

    Posted By admin || 25-Mar-2009

    According to an article in the Star-Telegram, General Motors Corp. which is facing the possibility of bankruptcy, has begun implementing white-collar job losses as of Tuesday. On Tuesday, GM laid off 160 workers at its manufacturing engineering operations. Over 3,400 salaried job losses are planned for GM's U.S. operations. These scheduled job losses are part of a wider 47,000 job losses to be ...
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  • Elm Place Tower Foreclosure

    Posted By admin || 23-Mar-2009

    According to an article in the Dallas Morning News, one of downtown Dallas' largest office skyscrapers is facing foreclosure. The article said: The 52-story Elm Place tower at 1401 Elm St. has been posted for forced sale by lenders who are owed more than $22 million for the office tower and other downtown properties. As we have noted on previous posts, the commercial real estate markets are ...
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  • Bankruptcy Won't Lock You Out Of Credit Access

    Posted By admin || 23-Mar-2009

    Many Americans considering Chapter 7 or Chapter 13 bankruptcy mistakenly believe that once they file bankruptcy that the doors to credit will be closed to them forever or at least for a long time to come. This myth couldn't be farther from the truth. The truth of the matter is that many creditors immediately begin offering bankrupt debtors credit cards soon after their discharge. Often, within ...
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  • New Bankruptcy Law May Make It Easier To Discharge Credit Card Debt

    Posted By admin || 23-Mar-2009

    There's an interesting article at USA Today about the negative affects of the 2005 Bankruptcy reform laws and how some laws are being introduced to Congress to mitigate the damage to American debtors. The article said: "There is continuing concern about the bankruptcy-reform bill and what its effects have been," says Sen. Sheldon Whitehouse, D-R.I., who leads the Senate Judiciary subcommittee that ...
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  • Government To Buy Banks' Bad Assets

    Posted By admin || 23-Mar-2009

    According to an article in the Dallas Morning News, the Obama administration has unveiled a new program to purchase banks' "bad assets" which will include toxic mortgages. The "bad assets" shopping spree will require $75 billion - $100 billion which will be taken from the existing $700 billion bailout program as well as private investors and the Federal Deposit Insurance Corp. The article said: ...
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  • GM Bankruptcy, Highly Probable?

    Posted By admin || 23-Mar-2009

    According to an article in the Star-Telegram, bondholders of General Motors Corp. sent a letter to the U.S. government warning that if the administration does not accept the company's restructuring plan, GM will likely go bankrupt. The article quoted a portion of the letter: "The result of such a failed exchange would likely be a bankruptcy that would have dire consequences for the company, the ...
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  • Moratoriums End - Foreclosures Surge

    Posted By admin || 20-Mar-2009

    According to an article in the Star-Telegram, the surge in April foreclosures may be the result of foreclosure moratoriums ending. Both Fannie Mae and Freddie Mac have ended their foreclosure moratoriums helping to push up the number of foreclosures posted for an April auction. Foreclosures have increased 32 percent since last year and 27 percent since last month. As the government has rolled out ...
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  • Legislation Being Introduced To Protect Renters Facing Foreclosure

    Posted By admin || 20-Mar-2009

    According to an article in the Star-Telegram, there are at least three bills being presented to the Texas Legislature that would give renters more rights when their landlords are foreclosed on. The article said: The bills would require earlier notification about foreclosures and give tenants more time before they have to move out. Other bills would provide more rights for renters, such as: Barring ...
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  • Creditor Violated Bankruptcy Discharge By Targeting Spouse

    Posted By admin || 20-Mar-2009

    The 1st Circuit Bankruptcy Appellate Panel ruled that in the bankruptcy case of Lumb, William B.; In re (Lumb v. Cimenian), (Bankr. 1st Cir. 2009) a creditor may have violated the bankruptcy discharge by pursuing a non-debtor spouse for repayment of a discharged debt. The details of the case: The debtor, the defendant and another person formed a partnership that acquired title to real property. ...
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  • Bad Advice Hooks Debtor For $75,000

    Posted By admin || 20-Mar-2009

    In the bankruptcy case of Kosinski, Alan D.; In re (Douglas v. Kosin¬ski), (Bankr. D. Mass. 2009) a bankruptcy court ruled that an investor's claim could not be discharged in bankruptcy. The case involved a debtor who described himself as the "go-to-guy when it comes to achieving real estate riches in any market" and an investor who loaned money to the debtor based on false information. The ...
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  • Surrender Your Car And Fully Satisfy Claim In Bankruptcy

    Posted By admin || 20-Mar-2009

    In the Chapter 13 Bankruptcy case of Pruitt, Jennifer L.; In re, (Bankr. D. Conn. 2009) the bankruptcy court allowed a debtor to surrender her car to a creditor to fully satisfy a secured claim. The details of the case: Less than 910 days prior to filing for bank¬ruptcy, the Chapter 13 debtor purchased a 2003 Mit¬subishi Eclipse that she said was worth $10,690 when she filed for bankruptcy. TD ...
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  • Good News For Homeless Debtors

    Posted By admin || 20-Mar-2009

    According to a ruling in the bankruptcy case Villarreal, Gregorio and Estela; In re, (Bankr. S.D. Tex. 2009) a bankruptcy court allowed debtors to claim the business as their exempt homestead. That's the good news. The bad news is that because the noteholder was unaware of the business being used as a residence, the debtor could not assert the exemption against the noteholder. The is a case where ...
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  • Bankruptcy Court Allows Debtors' To Care For Parents

    Posted By admin || 20-Mar-2009

    There's an interesting bankruptcy case Clingman, John K. and Susan Y.; In re, (Bankr. S.D. Tex. 2009) which involves debtors in Chapter 13 bankruptcy who are allowed to pay the mortgage on a home in which the debtor-wife's parents live. It's important to note that the home is in the name of the debtors. Here are the details of the case: The bankruptcy trustee objected to the debtors' Chapter 13 ...
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  • Nearly 100% Of Major Cities City See Rise In Unemployment

    Posted By admin || 20-Mar-2009

    According to an article in the Star-Telegram, the unemployment rate rose in January 2009 in 99.7 percent of cities tracked by the Labor Department. By comparison, in January 2008 unemploymentt rose in only 63 percent of the cities tracked. And the economy continues to sour as the high number of job losses is expected to send the unemployment rate soaring above 10% nationwide. Many experts even ...
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  • Government Bail Out For Auto Parts Suppliers

    Posted By admin || 20-Mar-2009

    According to an article in the Dallas Morning News, the Treasury Department is providing a $5 billion bail out to nearly bankrupt auto parts suppliers who are dependent on Ford, GM and Chrysler automakers. The article said: The program will be run through U.S. automakers - General Motors, Chrysler and Ford Motor Co. - that agree to participate. Suppliers to those companies would have to agree to ...
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  • First-Time Home Buyer Program Suspended

    Posted By admin || 20-Mar-2009

    According to an article in the Star-Telegram, a state program for first-time home buyers was suspended because it was no longer able to offer below-market interest rates. The program has helped 9,600 first-time home buyers since 2005. The Texas Department of Housing and Community Affairs is hoping to restructure the program and launch it in April making it easier for first-time home buyers to make ...
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  • There Is No Deadline When Objecting To Creditor Proof Of Claims

    Posted By admin || 18-Mar-2009

    No Deadline to Object to Proof of Claim In the case of Haraldson, Steve O. and Betty; In re, (Bankr. S.D. Tex. 2009) a bankruptcy court sustained a debtor's objection to a creditor's proof of claim despite the fact that the objection was made at the last minute. The bankruptcy case involved a Dell proof of claim for $1,565 and an assertion that they were a secured creditor with the computer being ...
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  • Chapter 13 Bankruptcy Plan Mistakes Can Be Costly

    Posted By admin || 18-Mar-2009

    There was an interesting case In re Delp, No. 08-31466 (Bankr. S.D. Ill. 02/09/09) in which debtors' Chapter 13 Bankruptcy plan was rejected by the bankruptcy court because it was determined that the proposed plan was made in bad faith. Basically the debtors' initial Chapter 13 bankruptcy plan proposed $1,492.43 in monthly payments. Afterwards, when the debtors' bankruptcy attorney realized that ...
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  • Foreclosure Scammers Rarely Get Jail Time, But Maybe They Should

    Posted By admin || 18-Mar-2009

    According to an article in Star-Telegram, foreclosure scammers falsely claiming that they can save homeowners from foreclosure for a fee rarely face jail time, leaving civil lawsuits as homeowners' only recourse. The article said: While some states have recently toughened penalties for perpetrating the booming business of foreclosure scams, and some prosecutors have used existing fraud statutes to ...
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  • 40 Percent Of Foreclosures Handled By A Few Banks

    Posted By admin || 18-Mar-2009

    According to an article in the Dallas Morning News a handful of banks are responsible for as much as 40 percent of all the home foreclosures in the Dallas-Fort Worth area in 2008. The article said: Two financial firms - Wells Fargo and Deutsche Bank - were responsible for about a quarter of the residential foreclosure filings, according to a study of residential property foreclosure sales in 2008. ...
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  • Is Liquidation Imminent In GM Bankruptcy?

    Posted By admin || 18-Mar-2009

    According to an article in the Star-Telegram, General Motors' CEO Rick Wagoner warned the Obama Administration that liquidation would be imminent if GM was forced into a Chapter 11 bankruptcy. The article said: Wagoner said a 30- or 60-day prepackaged bankruptcy might not work, according to an audio recording obtained by The Associated Press. "If it doesn't, you'd need in the end a long period of ...
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