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Blog Posts in October, 2009

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  • A Response To The Critics Of Foreclosure Victims

    Posted By admin || 30-Oct-2009

    As the foreclosure crisis worsens, many homeowners facing foreclosure are finding themselves the target of sensationalists, whiners and finger-pointers. The foreclosure crisis, some say, is the result of irresponsible, greedy homeowners who have taken on more than they could handle and now they're experiencing the consequences of their extravagance. But is that really true? The foreclosure victim ...
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  • If Bankers Would Do Their Part To Stop The Foreclosure Crisis

    Posted By admin || 30-Oct-2009

    There's an interesting article in the Huffington Post, which suggests a unique (well not so unique) solution to the foreclosure crisis. The author said: "Let's have a federal bill that states that any bank that took a bailout loan and hasn't paid it back yet isn't permitted to foreclose on anybody's primary residence. In addition, bonuses for senior officers at lending institutions will be reduced ...
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  • NCLC Reports: Mortgage Servicers Profit From Foreclosure

    Posted By admin || 30-Oct-2009

    According to an article in Reuters, the National Consumer Law Center (NCLC) just released a report finding that mortgage servicers have favored foreclosure over loan modification because it's cheaper and even more profitable to the servicer. The article said: "Loan modifications inevitably cost the servicer something. A servicer deciding between a foreclosure and a loan modification faces the ...
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  • Retirement Community Files Chapter 11 Bankruptcy

    Posted By admin || 30-Oct-2009

    According to an article in the Star-Telegram, the Erickson Retirement Communities have filed for Chapter 11 bankruptcy and has agreed to be purchased by Redwood Capital Investments LLC. The article said: "Erickson spokesman Mel Tansill says the bankruptcy filing in Dallas and the agreement with Redwood took place on Monday. He says Erickson must restructure its debt to complete the sale. Tansill ...
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  • Filing Bankruptcy To Avoid Ex-Spouses' Bills - Not Allowed

    Posted By admin || 30-Oct-2009

    In the Chapter 7 bankruptcy case of Taylor, Anthony; In re, the bankruptcy court dismissed the debtor's case because it was ruled abusive of the bankruptcy system. The details of the bankruptcy case: "The Chapter 7 debtor admitted that his case was presumptively abusive, but argued that he needed to file due to the impending foreclosure sale of his former marital residence. When the debtor and his ...
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  • CIT Group Inc. Prepares For Possible Chapter 11 Bankruptcy

    Posted By admin || 29-Oct-2009

    According to an article in the Star-Telegram, CIT Group Inc., is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection. The article said: "The troubled New York-based lender had launched the restructuring effort Oct. 1 with the hope that it will trim at least $5.7 billion from its near-term debt." CIT Group, which has ...
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  • What You Need To Know About Chapter 13 Bankruptcy

    Posted By admin || 29-Oct-2009

    Chapter 13 bankruptcy is a powerful tool for repaying an agreed upon amount of your debt under a plan that fits your budget. Here's what you need to know about Chapter 13 bankruptcy: Chapter 13 bankruptcy is specifically designed for "wage-earners" who have enough disposable income to repay their debts. Chapter 13 bankruptcy repayment plans must last three to five years. Chapter 13 bankruptcy ...
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  • Could Your Credit Score Affect Your Insurance Rates?

    Posted By admin || 29-Oct-2009

    According to an article in the Dallas Morning News, drivers and homeowners in North Texas with poor credit ratings pay an average of 35 percent more for insurance coverage than those with good credit - even when driving records and recent damage claims on homes are identical. The article said: "Rates submitted by the 35 largest auto insurers show that all but two use credit history to help decide ...
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  • Avoiding Student Loans Seems Impossible For Texas' Future College Students

    Posted By admin || 29-Oct-2009

    According to an article in the Dallas Morning News, Parents who invested in Texas' prepaid tuition plan to pay for their child's education and avoid student loans may be out of luck after November 30, 2009. On November 30 th new rules governing the program take effect that will change the way the Texas Guaranteed Tuition Plan calculates refunds. The article said: "The plan, which started selling ...
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  • Medical Update: More costs likely to be passed on to consumers.

    Posted By admin || 29-Oct-2009

    According to an article this Sunday in the Dallas Morning News, "It's open season, and time to rethink your health plan," this is the year to rework and review your health insurance coverage. Over the last several months, many workers crammed in last minute medical care in anticipation of job loss and thereby insurance coverage. As a result, insurance companies paid out a higher numbers of claims ...
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  • $787 Billion Later - Job Losses Still Increase

    Posted By admin || 28-Oct-2009

    According to an article in the Dallas Morning News, Texas companies and local governments say they've saved or created about 1,100 jobs with stimulus-funded contracts created by the $787 billion state stimulus package; but many critics say the self-reported results are suspect. The article said: "The jobs include many instances in which construction companies assert that stimulus contracts allowed ...
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  • I May Inherit Money Soon After My Bankruptcy Discharge, Now What?

    Posted By admin || 28-Oct-2009

    Inheritance After Bankruptcy Discharge The bankruptcy law says that if a debtor inherits money from someone who dies within 180 days of the date the debtor filed bankruptcy, that money becomes part of the bankruptcy estate even if you received a Chapter 7 bankruptcy discharge. What that means is that if you filed bankruptcy September 30, 2009 and a relative/friend died December 30, 2009, and you ...
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  • Write Checks To The Mortgage Industry? or Help Homeowners Facing Foreclosure?

    Posted By admin || 28-Oct-2009

    There is currently a huge push to extend the expiration date on the $8,000 federal "tax credit" for first-time homebuyers and even expand its scope. But should we really spend an additional $16.7 billion lining the pockets of the mortgage industry while millions of Americans face the prospect of foreclosure? Some "experts" say yes. An article in the Star-Telegram, says that lawmakers are pushing ...
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  • Bankruptcy Court Tells Debtor: Bills Come Before Retirement

    Posted By admin || 28-Oct-2009

    In the Chapter 7 bankruptcy case of Kunkelman, Jeffrey D.; In re, the bankruptcy court ruled that a debtor's retirement contributions must be included in his disposable income and dismissed his Chapter 7 bankruptcy case. The details of the bankruptcy case: "The Chapter 7 debtor had one secured debt of $10,731 and unsecured debts of $18,628, including a $4,000 student loan. The debtor filed for ...
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  • Foreclosures Increase By 35 Percent

    Posted By admin || 28-Oct-2009

    According to an article in the Star-Telegram, the number of foreclosures in Tarrant County have increased by 35 percent since November 2008. The article said: "At this pace, and with only December's postings remaining to be filed, I fully expect D-FW residential postings for 2009 to top 60,000, which will be an all-time record high," Roddy said in a statement. The number of foreclosures in the ...
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  • Bankruptcy Debtor Allowed Homestead Exemption After Sale

    Posted By admin || 28-Oct-2009

    In the Chapter 7 bankruptcy case of Sparks, Jeanette R.; In re, debtor is allowed to keep homestead exemption despite bankruptcy trustee's objection; but is not allowed to exempt $514 held in a mutual fund account. The details of the bankruptcy case: "The 55-year-old, unemployed Chapter 7 debtor owned an interest in her home, which she claimed as exempt pursuant to Section 522(d)(1), and an Edward ...
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  • Coming To A Credit Card Near You

    Posted By admin || 28-Oct-2009

    Unless you've been living in seclusion these past couple of months you've probably heard about the new credit card legislation that will prohibit or limit several of credit card billing practices that are unfair or difficult for consumers to understand. But let's take a closer look at one of the most important changes you will see on your credit card next year: The prohibition against "universal ...
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  • Can Others Discriminate Against Me Because I Filed Bankruptcy?

    Posted By admin || 27-Oct-2009

    Many debtors considering bankruptcy are afraid that they will miss out on opportunities due to discrimination against them. It's important that debtors understand that it is illegal to discriminate against anyone who has sought relief under the bankruptcy code. A matter of fact, there is a specific section of the bankruptcy code that addresses the illegality of discriminating against bankruptcy ...
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  • No Cost Of Living Increase For 50 Million Social Security Recipients

    Posted By admin || 27-Oct-2009

    According to an article in the Dallas Morning News, over 50 million Social Security recipients, many facing foreclosure and bankruptcy, will not receive a cost of living increase for the first time since cost of living increases were adopted in 1975. Why? Supposedly the prices of critical consumer goods are falling. But I guess they haven't noticed that many are still struggling with non-consumer ...
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  • Should Southwest Airlines File Chapter 11 Bankruptcy?

    Posted By admin || 27-Oct-2009

    According to an article in the Dallas Morning News, Southwest Airlines Co. has reported a loss of $16 million in the past three months. Southwest CEO, Gary Kelly cited special items such as employee reductions and fuel hedging as the cause of their financial losses. The article said: "The results included $66 million for the costs of an early-out program in which 1,400 employees accepted an offer ...
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  • The IRS is More Accommodating Thanks to Legislation of a Few Years Back

    Posted By admin || 27-Oct-2009

    Congress was getting bombarded with people saying that the IRS was treating them terribly, so they did something about it. Even though the IRS still has a bad reputation with a lot of people, it is still considerably much easier to deal with than it was just a few years ago. The IRS was actually forced to become easier to deal with through legislation. In the book, Personal Bankruptcy For Dummies, ...
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  • Bankruptcy Myths - Separating Fact from Fiction

    Posted By admin || 27-Oct-2009

    Unfortunately, there are a whole lot of bankruptcy myths out there, many of which lead people to fear bankruptcy as the boogie man in the closet that will destroy their financial well-being. Many times, exactly the opposite is true! In the right circumstances, bankruptcy can provide the fresh financial start that so many consumers need to dig themselves out of a seemingly-endless financial hole. ...
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  • Serial Bankruptcy Filer Is Banned From Filing Bankruptcy For 180 Days

    Posted By admin || 26-Oct-2009

    In the bankruptcy case of Walker, Sedrick T.; In re, a Chapter 13 bankruptcy debtor's case is dismissed with prejudice after the bankruptcy court determined that the debtor was attempting to abuse the system. The details of the bankruptcy case: The bankruptcy debtor has filed bankruptcy six times since 1994 and was filing his most recent case pro se. The bankruptcy court noted that the debtor ...
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  • The Trouble With The Bankruptcy Means Test

    Posted By admin || 26-Oct-2009

    For debtors seeking bankruptcy protection taking the bankruptcy "means test" can be a hassle that doesn't always leave the debtor with a fair shake. For debtors seeking bankruptcy protection taking the bankruptcy "means test" can be a hassle that doesn't always leave the debtor with a fair shake. When the Bankruptcy Abuse Prevention And Consumer Protection Act ("BAPCPA") was passed in 2005, it ...
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  • 2010 Census May Be Impacted By Foreclosure Crisis

    Posted By admin || 26-Oct-2009

    According to an article in the Star-Telegram, the foreclosure crisis is having an impact on the 2010 Census as more families become homeless due to foreclosure. The article said: "Director Robert Groves said he expects some of the census questionnaires mailed out in 2010 will land at empty homes in areas hard hit by the housing crisis...Job losses have left more than 13 percent of American ...
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