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Blog Posts in May, 2009

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  • When A Chapter 11 Bankruptcy May Work For You

    Posted By admin || 28-May-2009

    Chapter 11 bankruptcies have been in the news lately with the bankruptcy of Chrysler and the possible bankruptcy of GM. Many debtors may be wondering how Chapter 11 bankruptcy could work for them. Well, most individuals and small business debtors will benefit the most from Chapter 7 or Chapter 13 bankruptcy; but for some debtors Chapter 11 bankruptcy is either required or preferable. Corporations ...
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  • Almost 8 Percent Of Texans At Least One Month Late On Mortgage

    Posted By admin || 28-May-2009

    According to an article in the Dallas Morning News, almost 8 percent of Texans are behind on their mortgage payments and nearly 4 percent of all home loans nationwide were in foreclosure at the end of March. But the sub-prime market in Texas is still taking a brutal blow. The article said: In Texas, more than 21 percent of so-called subprime loans are now past due. That compares with a 4 percent ...
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  • Auto Parts Supplier Visteon Corp. Files Chapter 11 Bankruptcy

    Posted By admin || 28-May-2009

    According to an article in the Star-Telegram, auto parts supplier Visteon Corp., along with some of its U.S. units filed Chapter 11 bankruptcy because of reduced demand from automakers. The article said: "During the reorganization period, we will seek to address our capital structure and legacy costs that are not sustainable given the current economic environment," said Donald J. Stebbins, ...
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  • Retail Space Occupancy Down As Job Losses Take Toll On Spending

    Posted By admin || 28-May-2009

    According to an article in the Star-Telegram, there are more empty retail spaces in the Dallas-Fort Worth as the rising number of job losses takes its toll on consumer spending. The article said: Shopping center occupancy slipped 1.4 percentage points in the first quarter to 84.3 percent, the lowest level this market has seen in three years...That compares with 85.5 percent occupied in the first ...
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  • Do People Have A Moral Obligation To Repay Debt No Matter What?

    Posted By admin || 26-May-2009

    There are many people out there who believe that debtors have a moral obligation to repay debt no matter what--illness, destitution, job loss or other crisis. Although, I respect the beliefs of others, I don't think this argument is sound. The laws of this country are designed to forgive the debts of individuals and businesses when necessary by using bankruptcy. It's set up like this for a ...
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  • Credit Repair Scams Could Lead To Bankruptcy Troubles

    Posted By admin || 26-May-2009

    According to an article in the Arkansas Democrat Gazette, credit repair scam artists almost destroyed the Chapter 13 bankruptcy case of Ken Maddox, a shoe salesman who was struggling financially. The credit repair scammers promised Maddox that they could fix his credit report by "getting rid" of his Chapter 13 bankruptcy and paying off all of his debts for a fee of $375. You can only imagine what ...
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  • Struggling With Debt And Want A Divorce? You May Want To File Bankruptcy First

    Posted By admin || 26-May-2009

    Many couples struggling with marital debt that has been piling up every since their wedding day, have successfully used bankruptcy to get a fresh financial start. But what happens when couples are in debt and heading towards the divorce court? Well there are a few things you need to consider before you file divorce with a boatload of debt: Debts accrued during the marriage will be the ...
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  • Many Texas Residents Face Rising Property Taxes Despite Foreclosures

    Posted By admin || 26-May-2009

    According to an article in the Star-Telegram, many middle-class homeowners are facing rising property taxes while some higher-end property owners receive lower property tax assessments. One such resident, Richard Humphries, a 77-year-old retired railroad worker recently received a property appraisal that showed an increased value of $55,000 while his neighbor's property value remained the same. ...
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  • General Motors Bankruptcy May Be Beneficial To Auto Sales

    Posted By admin || 26-May-2009

    According to an article in the Dallas Morning News, a General Motors (GM) bankruptcy may be exactly what the struggling automaker needs to boost sales. The article said: Car and truck buyers, they say, may not be as fearful of Chapter 11 as once thought, as evidenced by Chrysler LLC's stronger-than-expected sales in the two weeks after it took the dreaded step into court. Many potential buyers ...
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  • Should I File Bankruptcy Now Or Wait Until I Have No Other Option?

    Posted By admin || 22-May-2009

    Most debtors who are considering bankruptcy are those who should have filed bankruptcy months or even years ago. They're facing foreclosure, lawsuits, wage garnishments and repossessions by the time they finally step into a bankruptcy attorney's office. But there is another type of debtor considering bankruptcy who has excellent credit; but foresees a financial problem in the near future. For ...
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  • Tax Liens And Bankruptcy

    Posted By admin || 22-May-2009

    Debtors with delinquent tax debt often worry about IRS tax liens during bankruptcy. Here are a few facts about tax liens and bankruptcy: 1. Tax liens survive the bankruptcy discharge. 2. The tax liens that survive the bankruptcy discharge only apply to pre-bankruptcy property. For example, if a debtor filing for bankruptcy has a tax lien on an old car that's worth $1500, and the debtor sells the ...
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  • How Can I Afford A Bankruptcy Attorney When I'm Already Struggling?

    Posted By admin || 22-May-2009

    One of the biggest deterrents for those considering bankruptcy is the belief that they cannot afford a bankruptcy attorney. Because of this belief many debtors attempt to file bankruptcy on their own and end up losing assets or worse face sanctions by the bankruptcy court because they have made a big mistake that gave the appearance of fraud. Hiring a bankruptcy attorney can be affordable and most ...
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  • General Motors Reaches Deal With Union

    Posted By admin || 22-May-2009

    According to an article in the Star-Telegram, the United Auto Workers struck a deal with General Motors and the federal government to cut labor costs, close factories and change the way retiree healthcare is funded. This deal has eased one of GM's biggest concerns, the cost of labor, as it struggles to avoid bankruptcy. The details of the deal were not released, but it's rumored that the new ...
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  • Texas Suffers Over 39,000 Job Losses In April

    Posted By admin || 22-May-2009

    According to an article in the Dallas Morning News, Texas employers experienced 39,500 job losses in April, as job losses in the state continues to rise. The state's unemployment rate is currently 6.7 percent, far below the nationwide unemployment rate of 8.9 percent. However, with an unemployment rate of 6.6 percent, Dallas-Fort Worth has the highest unemployment rate among the state's four ...
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  • Credit Cardholder's Bill of Rights Act May Become Law

    Posted By admin || 22-May-2009

    According to an article in the Dallas Morning News, President Obama is planning to sign the credit card legislation that would put a Credit Cardholders' Bill of Rights in place. The article said: The Credit Cardholders' Bill of Rights Act: • Takes effect nine months after enactment, except for notice before interest rates are increased, which goes into effect in 90 days. • Prohibits retroactive ...
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  • Debt Settlement Companies Face Lawsuit

    Posted By admin || 21-May-2009

    According to an article in the Dallas Morning News Attorney General Greg Abbott filed a lawsuit against two Dallas-area debt settlement companies and two out-of-state firms this week, accusing them of orchestrating fraudulent debt settlement schemes. The article said: According to the state's lawsuits, the defendants unlawfully misrepresented and overstated the nature of their services...Court ...
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  • Credit Card Companies Can't Put A Lien On Your Home

    Posted By admin || 21-May-2009

    Credit Card Companies and Liens on Your Home There are many rumors floating around about what credit card companies can do to collect on outstanding debts. Some debtors mistakenly believe that a credit card company like Mastercard or American Express can place a lien on a debtor's home. This is completely false. Credit card companies have NO legal right to place a lien on a debtor's home for ...
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  • Save Your Home Using Bankruptcy

    Posted By admin || 21-May-2009

    Is your home at risk of foreclosure ? Many homeowners facing foreclosure fail to understand their rights and the tools available to them to prevent foreclosure. One of those tools is bankruptcy. Bankruptcy is designed to protect the primary residence of the debtor by using what's called the homestead exemption. The Texas homestead exemption is available for Texans who have lived in the state for ...
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  • Foreclosures And Credit Crisis Cause Abandoned Communities

    Posted By admin || 21-May-2009

    There's an interesting article in the Dallas Morning news about how some subdivisions in the Dallas-Fort Worth area are being hit hard by the foreclosure and credit crisis. The article said: Hacienda del Sol never turned into the community homeowners say they were promised. Homeowners expected the southeast Dallas subdivision, tucked between a busy street and lush trees, to flourish into a ...
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  • Should You File Bankruptcy With Your Spouse?

    Posted By admin || 20-May-2009

    Many married debtors are confused about whether they should file bankruptcy together or not. There are some benefits to filing bankruptcy as a couple and you should do so if one of the following situations exists: Your spouse has significant debts that would be dischargeable in bankruptcy. You spouse is legally responsible for the debts you intend to discharge in bankruptcy. If your spouse ...
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  • Job Losses Sometimes Lead To Homelessness -- Be Prepared

    Posted By admin || 20-May-2009

    There is a must read article in the Star-Telegram that shares the stories of ordinary Americans who suffered job losses and eventually became homeless. One particular story stood out, about a woman who became homeless after losing her job as a certified nursing assistant. The article said: "I never expected this," said McGregor, who is 49 and divorced. "It wasn't drug-related or because of alcohol ...
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  • Bankruptcy Can Wipe Out Judgments

    Posted By admin || 20-May-2009

    Many debtors struggling financially are also facing lawsuits from creditors such as credit card companies who are trying to collect by using the court system. If a credit card company files a lawsuit against a debtor and wins a judgment, bankruptcy can stop the judgment from being enforced. Should a debtor file bankruptcy before a creditor sues them or after a judgment is in place? Well, it ...
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  • Foreclosure Prevention Legislation Sent To President

    Posted By admin || 20-May-2009

    According to an article in the Star-Telegram, Congress sent the president legislation designed to prevent foreclosure. Legislators hope that "Helping Families Save Their Homes Act" will encourage lenders to modify the mortgages of homeowners facing foreclosure. The article said: The bill would expand an existing $300 billion program that encourages lenders to write down an individual's mortgage if ...
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  • Hewlett-Packard Suffers Job Losses

    Posted By admin || 20-May-2009

    According to an article in the Dallas Morning News, Hewlett-Packard (HP) announced more job losses this week. Over 6,400 HP workers will experience job losses this year. That's 2 percent of HP's global staff. But they won't be the only HP workers experiencing job losses as the computer company shrinks to meet sagging demand. The article said: The layoffs come on top of the 24,600 jobs HP was ...
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  • Senate Passes Legislation To Restrict Credit Card Companies

    Posted By admin || 20-May-2009

    According to an article in the Star-Telegram, the Senate voted to pass legislation (90-5) that would rein in credit card rate increases and fees. The article said: "This is a victory for every American consumer who has ever suffered at the hands of a credit card company," said Sen. Christopher Dodd, D-Conn., chairman of the Banking Committee... If it is enacted into law as expected, the credit ...
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