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Blog Posts in November, 2009

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  • Should I Borrow Against My 401K To Pay My Bills?

    Posted By admin || 30-Nov-2009

    Many debtors finding it difficult to keep up with their bills are tempted to borrow against their retirement funds to keep their head above water. Reductions in salary and especially unemployment can appear to be legitimate reasons for raiding a retirement fund; but doing so may not offer the relief they need. Before borrowing from their retirement fund, debtors need to understand that they will ...
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  • Credit Cards vs. Personal Loans

    Posted By admin || 30-Nov-2009

    As credit card companies increase interest rates and fees, many credit card consumers are looking for alternative sources of credit. Even personal loans are given a second look due to their lower interest rates. But what is a personal loan? A personal loan is an "unsecured" credit line which is similar to "secured" loans in that there is a fixed amount of credit available and a finite time period ...
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  • Unemployment, Taxes and You

    Posted By admin || 30-Nov-2009

    If you're unemployed during this recession, several factors may greatly impact your tax liability. For unemployed workers who received unemployment insurance benefits, the IRS will tax all benefits after the first $2400. If taxes were not automatically withdrawn from your unemployment benefits check you could end up being liable for hundreds, if not thousands of dollars in taxes. Here's what you ...
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  • Unsustainable Debt Levels Push Middle-Class Into Bankruptcy

    Posted By admin || 25-Nov-2009

    In part two of our series on why there are rising numbers of middle-class Americans filing for bankruptcy, we discussed the impact of job losses and rising unemployment. In the final part of this series we will discuss how our unsustainable personal debt level has conspired to push middle-class Americans into bankruptcy. Part III - High Debt Levels Push Middle-Class Into Bankruptcy During the boom ...
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  • Bankruptcy Update: General Growth Properties Wins Creditor Approval

    Posted By admin || 24-Nov-2009

    Mall operator General Growth Properties Inc., which filed Chapter 11 bankruptcy in April with over $27 billion, has won the approval of its lenders to restructure $8.9 billion in shopping mall mortgage loans. The lenders agreed to extend the due dates on the loans to between January 2014 and as far off as 2018. But in return, they will be getting back what they originally were owed, plus interest ...
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  • Four Things You Should Know About Bankruptcy And Death

    Posted By admin || 24-Nov-2009

    What You Need to Know About Death and Bankruptcy The Bankruptcy Case Does Not Automatically End If a debtor dies during bankruptcy, the bankruptcy case does not automatically end. Remember, those debts are still owed and creditors could come after assets of the deceased debtor without a bankruptcy discharge. For example, if the debtor owned property, assets or cash, they could go after those ...
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  • Massive Job Losses Push Middle Class Into Bankruptcy

    Posted By admin || 23-Nov-2009

    In part one of our series about why the middle class is becoming more vulnerable to bankruptcy, we discussed the swelling numbers of Americans who have a college education and own homes filing bankruptcy. In part two of this series, we will explore how the massive numbers of job losses and rising unemployment rate is pushing more middle-class Americans into Chapter 7 and Chapter 13 bankruptcy. ...
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  • Seven Things You Need To Know About Delinquent Credit Cards

    Posted By admin || 23-Nov-2009

    Most credit card companies will send a delinquent credit card account to a collection agency after 180 days of no payment. These delinquent credit card accounts are usually sold for pennies on the dollar. Debt collectors who hold your credit card account are regulated by the Fair Debt Collection Practices Act and can be liable for violating the rules of this law. Calling you before 8am or after ...
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  • Five Reasons to be Honest About Your Assets

    Posted By admin || 23-Nov-2009

    Bankruptcy is a great opportunity for many people to get back on track financially, but you need to be honest with the court and your attorney. If you are struggling financially, it is likely that bankruptcy can be a wonderful opportunity for you to turn your finances around. The process is usually easier and smoother than most people expect, but you need to be honest and upfront with the court. ...
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  • Can I Still Tithe In Church While In Bankruptcy?

    Posted By admin || 23-Nov-2009

    Many debtors considering bankruptcy are active members of their church, synagogue or mosque and committed to donating a certain amount of money to the organization. Filing for bankruptcy does not mean that a debtor's charitable contributions must stop. Debtors, who file for bankruptcy, are allowed to give to a charitable organization (including religious organizations) and can even include it as ...
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  • More Middle Class Americans File Bankruptcy

    Posted By admin || 20-Nov-2009

    When we think of Middle Class America we think of stability, nice jobs, good neighbors and stellar careers; but middle class America is in crisis. Many are facing foreclosure and are filing bankruptcy despite their degrees, high salaries and symbols of stability. In this three part series we will explore how and why middle class Americans are getting hit worse by the recession than any other ...
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  • Christmas and The Risk Of Debit Cards

    Posted By admin || 20-Nov-2009

    The shopping season is approaching and many consumers are choosing to use their debit cards instead of a credit card this Christmas season. But despite their apparent safety, there are a few precautions you need to take to make sure that you don't end up in credit card debt despite avoiding credit cards this Christmas. Keep close track of your spending. While debit cards are a lot better than ...
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  • Over 61,000 Dallas-Fort Worth Homeowners Face Foreclosure

    Posted By admin || 20-Nov-2009

    Despite claims that the recession has ended, foreclosures in the Dallas-Fort Worth area continue to rise. Rising job losses and prolonged unemployment are major factors contributing to the foreclosure crisis. More than 61,000 homeowners are facing foreclosure, an increase of 23 percent since 2009. And despite efforts to slow the wave of foreclosures, most experts fear that the problem is ...
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  • Credit Checks, Bankruptcy And Employment

    Posted By admin || 19-Nov-2009

    If you're applying for a job in finance, accounting or a position that requires the handling of cash, expensive merchandise or a security clearance, you may be subjected to a credit check. If you're behind on your bills, have delinquencies, defaults, judgments or liens, there a few things you should know. While a company is restricted from not hiring you simply because you filed bankruptcy, they ...
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  • Three Major Misconceptions About Bankruptcy

    Posted By admin || 19-Nov-2009

    Let's clear the air about something, bankruptcy IS NOT a "gut wrenching" experience that destroys your life and leaves you awake at night. I've heard this ridiculous notion bandied about by the very people who have benefited from bankruptcy in their life. They file bankruptcy, reap the benefits, then turn around and tell others not to file bankruptcy because it will destroy THEIR life. When you ...
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  • Mortgage Modification Workers Have No Previous Banking Experience

    Posted By admin || 19-Nov-2009

    Has it been 3 weeks, 6 months or a year since you first applied for mortgage modification so that you could avoid foreclosure ? Has your mortgage servicer lost important documents? Have they left you on hold for 30 minutes-an hour or "accidentally" dropped the line? What about the quality of information you receive about avoiding foreclosure? Is it correct? Timely? If not, it could be because the ...
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  • Is Fort Worth Going Bankrupt?

    Posted By admin || 19-Nov-2009

    I don't want to sound the alarm too soon; but the road to municipal bankruptcy usually begins with small things, like the city's recreational facilities facing budget shortfalls and closure. Unfortunately, Fort Worth, like many other municipalities around the country has suffered tax revenue declines caused by the battered economy and now they may need to close the city's swimming ...
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  • State Farm Insurance May Owe YOU

    Posted By admin || 19-Nov-2009

    A Texas judge ruled that State Farm Insurance must repay $310 million in premiums and back interest to Texas customers for overcharging them on homeowner policies. The ruling will affect State Farm Lloyds residential policies between September 2003 and July 2008. The refund is far less than the $1 billion that consumer advocates wanted, prompting one, Texas Watch, to say Insurance Commissioner ...
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  • Loans For Unemployed Homeowners May Not Slow The Foreclosure Crisis

    Posted By admin || 19-Nov-2009

    Unemployed Homeowners Facing Foreclosure Left High and Dry Unemployed homeowners facing foreclosure have been left out in the cold with the government's foreclosure prevention program. Since unemployment insurance benefits don't provide enough income to cover most mortgage payments and many unemployed homeowners don't qualify for mortgage modifications, many find themselves facing imminent ...
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  • CIT Group Officially Entering Bankruptcy

    Posted By admin || 18-Nov-2009

    Businesses not subject to means test After announcing an influx of loans and financial support from various sources, including a $1 billion loan from Carl Icahn, CIT Group has officially filed for bankruptcy protection. They are seeking protection under Chapter 11 bankruptcy which is designed for reorganization, not complete discharge of all debts. In order to avoid bankruptcy, CIT Group has ...
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  • Common Pre-Filing Mistakes

    Posted By admin || 18-Nov-2009

    Here are some common pre-filing mistakes that folks considering bankruptcy sometimes make: 1. Refusing to consider bankruptcy until it's too late. This is a pretty easy one to figure out, but it's also a surprisingly common mistake made. Too many people convince themselves that they're not really in financial trouble, or at least not in as much trouble as they actually are. It's far easier to get ...
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  • Benefits of Bankruptcy

    Posted By admin || 18-Nov-2009

    Bankruptcy often gets a bad rap in our culture, but the truth of the matter is that, for many people, it is the absolutely best option to escape the stress of insurmountable debt and to gain a fresh financial start. Here is a list of some potential benefits to filing for bankruptcy protection: Puts an end to harassing phone calls and letters from debt collectors during the bankruptcy process and, ...
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  • Buying a House Post-Bankruptcy

    Posted By admin || 17-Nov-2009

    Purchasing a Home After Bankruptcy One of the biggest concerns on the minds of those considering filing for bankruptcy is whether they'll be able to buy the house they've dreamed of owning post-bankruptcy. For many, it seems like an impossibility, but it's not. It's true, though, that most lenders are going to want you to wait at least two years after receiving your bankruptcy discharge (i.e. ...
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  • Debt Collection Company Accepts $2.55 Million Judgment

    Posted By admin || 17-Nov-2009

    According to an article in the Star-Telegram, American Corrective Counseling Services, a debt collection company has agreed to a $2.55 million judgment to settle a lawsuit brought by thousands of debtors who claimed they were wrongly led to believe they had to pay costly fees to avoid criminal charges for bouncing checks. The article said: "The company sent out letters as recently as last winter ...
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  • Nokia Announces Dallas Job Losses

    Posted By admin || 17-Nov-2009

    According to an article in the Dallas Morning News, Nokia Siemens Networks announced that it will implement 100 job losses in the Dallas area. The company employs 900 Dallas residents and 64,000 workers worldwide. The job losses are a part of Nokia's global reorganization designed to save more than $700 million by the end of 2011. The article said: "The company said it expects to eliminate 7 ...
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