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Blog Posts in September, 2009

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  • Servicemember's Civil Relief Act Protects Active Duty Members From High Interest Rates On Credit Cards

    Posted By admin || 30-Sep-2009

    According to an article in the Dallas Morning News, the Servicemember's Civil Relief Act (SCRA) provides a wide range of protections for active duty members who may be facing high interest rates on their credit cards. The article said: "The Servicemember's Civil Relief Act provides a wide range of protections for active-duty military members. It's aimed at postponing or suspending certain civil ...
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  • Creditors May Force MGM Into Chapter 11 Bankruptcy

    Posted By admin || 30-Sep-2009

    According to an article in the NYPost, feuding creditors are threatening to force movie studio Metro-Goldwyn-Myer (MGM) into bankruptcy if their demands are not met. The article said: "Both sides staked out their positions during two conference calls Wednesday afternoon that lasted a combined six hours, according to a half-dozen sources on the call. They described the calls, led by Zolfo Cooper ...
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  • Jilted Nortel Employee Vows Revenge

    Posted By admin || 30-Sep-2009

    When Nortel Networks filed for Chapter 11 bankruptcy protection, they left many employees who were right at the cusp of retirement with shattered dreams and unmet obligations. One of those jilted Nortel employees was Linda Amick, who worked for the company for 24 years, according to an article in the Huffington Post. The article said: "It was really a great place to work," Amick told the ...
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  • Grieving Widow Sues Mortgage Company For Causing Her Husband's Death

    Posted By admin || 29-Sep-2009

    According to an article in the Star-Telegram, a widow is claiming that debt collectors hounded her husband to death with as many as nine harassing and illegal calls per day, causing stress that contributed to his fatal heart attack. She's suing Green Tree Servicing for damages, claiming that their illegal collection practices that led to her husband's heart failure on Dec. 4, 2005. The article ...
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  • Mattress Maker Simmons Files For Chapter 11 Bankruptcy Protection

    Posted By admin || 29-Sep-2009

    According to an article in the Dallas Mornings News, Simmons Co., the maker of Beautyrest mattresses plans to file for Chapter 11 bankruptcy protection in a move to place new owners in charge of the bedding unit and significantly lower the company's debt load. The article said: "The plan, which will not affect the company's operations, is expected to reduce its total debt from about $1 billion to ...
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  • Bankruptcy Trustee: What's On Your Credit Card?

    Posted By admin || 29-Sep-2009

    After filing for bankruptcy, a debtor's credit card purchases will come under scrutiny by the bankruptcy trustee at the 341 meeting. During the 341 meeting, the bankruptcy trustee will probably ask the debtor questions about what assets they purchased with their credit card and which of those assets do they still have. For example, if a debtor purchased a scooter for $2,000 using a credit card, ...
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  • Foreclosure Crisis Awaits Second Wave

    Posted By admin || 29-Sep-2009

    According to an article in the Bloomberg, the foreclosure crisis is likely to worsen as more than 7 million properties facing imminent foreclosure hit the housing market in the next year or two. The article said: "The "huge shadow inventory," reflecting mortgages already being foreclosed upon or now delinquent and likely to be, compares with 1.27 million in 2005, the analysts led by Laurie Goodman ...
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  • Hounded by a Debt Collector....Know Abuse and Report Abuse

    Posted By admin || 28-Sep-2009

    No one likes to owe money. Most people don't plan on falling behind on their bills. Then... to add insult to the financial injury, a debt collector with an attitude calls you. Their job is plain and simple...to get you to pay. Some collector's though have the belief that their job is to get you to pay, regardless of what it takes. You might owe the debt. You probably feel guilty about what you ...
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  • Marriage, Bankruptcy, and Community Property

    Posted By admin || 28-Sep-2009

    Community property rules have positives and negatives, but if you live in Texas you have to abide by them. When the subject of marriage and bankruptcy comes up, the next thing often mentioned is community property. Depending upon where you live, this may or may not mean anything to you, but Texas is one of nine states that adheres to the community property rules. An article on the associated ...
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  • Bankruptcy Q&A: Discharge of Debt

    Posted By admin || 28-Sep-2009

    The goal of bankruptcy proceedings is to obtain a discharge of debts, which means the debtor is no longer personally liable for that debt. Q: What does a "discharge of debt" mean, exactly? A: The goal of bankruptcy proceedings is to obtain a discharge of debts, which means the debtor is no longer personally liable for that debt. Q: So what does "personal liability" mean, then? A: Having personal ...
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  • Short Sales can Short Circuit your Savings

    Posted By admin || 28-Sep-2009

    With the housing market in constant flux, many people are trying to take advantage of "Short Sales" to get into the home of their dreams. A "short sale" is where the bank or lender agrees to allow a house to be sold for the less than the balance of the mortgage due on the home. The theory is that the bank or lender is attempting to reduce their losses with a "something is better than nothing" ...
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  • A Credit History Statement

    Posted By admin || 28-Sep-2009

    After bankruptcy, a credit history statement can make your credit report look better. After your bankruptcy is complete, you need to get your financial life in order. Of course one of the first steps to doing this is to improve your credit report. You probably have heard all of the common ways to improve your credit report, but one thing you might not know about is your right to have a credit ...
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  • Will Student Loans Soon Become Dischargeable In Bankruptcy?

    Posted By admin || 27-Sep-2009

    Student loans are almost impossible to discharge in bankruptcy, with exception of undue hardship as most graduates who have fallen upon hard times have eventually discovered. But according to an article in Inside Higher Education, legislators are now moving to consider altering the bankruptcy code to change the way private student loans are treated during bankruptcy. A quick overview: Private ...
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  • Investors Look To Bankruptcy Loans As Hot New Opportunity

    Posted By admin || 27-Sep-2009

    According to an article in Reuters, credit markets are finally loosening for corporations who have filed Chapter 11 bankruptcy. Many investors are taking a close look at investing in bankruptcy loans given to companies who have filed Chapter 11 bankruptcy as debtors in possession. The article said: "Several fund managers are going to investors for money to take advantage of the potentially fat ...
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  • Feeling Stiffed On Credit Card Fees, Banks Eye Debit Cards

    Posted By admin || 27-Sep-2009

    According to an article in the Star-Telegram, banks that are losing profits because of the new credit card legislation are now looking to debit cards and bank accounts to make up the difference. The recently passed credit card legislation requires that banks give customers a choice on whether they want to opt into over-draft programs that can be costly. The article said: "That law only applies to ...
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  • Tax Refunds From Exempt Income Remains Exempt During Bankrutpcy

    Posted By admin || 26-Sep-2009

    In the bankruptcy case of Sparks, John W. and Betty L.; In re, the bankruptcy trustee's objection to the debtor's exemption was denied by the bankruptcy court. The details of the bankruptcy case: In the Chapter 7 bankruptcy case involving debtors claimed their state and federal income tax refunds as exempt under various state law provisions. However, the bankruptcy trustee objected to the ...
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  • Filing Chapter 11 Bankruptcy As "Debtor In Possession"

    Posted By admin || 26-Sep-2009

    For self-employed and small business owners considering Chapter 11 bankruptcy, filing bankruptcy creates anxiety about their ability to continue operating their business and earning an income. Fortunately, the bankruptcy laws allow business owners to file bankruptcy as a "debtor in possession." What that means is that the debtor is allowed to file Chapter 11 bankruptcy and continue to operate ...
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  • I Want To Secretly File Bankruptcy

    Posted By admin || 25-Sep-2009

    Most debtors considering bankruptcy are less than enthusiastic about the prospect of other people knowing about it, especially friends and family. But while, many debtors would be more comfortable filing for bankruptcy without telling family and close friends, it may not be advisable to keep a bankruptcy filing secret. Here's why: If a family member or friend loaned you money and you have not ...
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  • Will Retirees Face Medical Debt As Companies Cut Benefits?

    Posted By admin || 25-Sep-2009

    According to an article in the Star-Telegram, American Airlines is dropping health insurance benefits for it's non-union retirees over 65 year old as the company battles to avoid bankruptcy. The article said: "American officials said Tuesday that letters went out to 5,500 retirees last week. The insurance plan will end Dec. 31, leaving retirees with the option of paying the full cost of their own ...
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  • Calculating Income For Bankruptcy When You're Self-Employed

    Posted By admin || 25-Sep-2009

    After the passage of Bankruptcy reform in 2005, all debtors filing bankruptcy are required to calculate their average monthly income. The average monthly income is calculated using the income earned during the six months before filing bankruptcy. For example, if you filed bankruptcy in October, you would need to calculate your average monthly income for the period of April through September. For ...
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  • How To Estimate Your Monthly Chapter 13 Bankruptcy Payment

    Posted By admin || 25-Sep-2009

    When a debtor files Chapter 13 bankruptcy, the bankruptcy court and debtor work together to create an affordable monthly repayment plan that will allow the debtor to maintain a typical middle-class lifestyle. The debtor makes payments for 3 to 5 years and at the end of the term the debt that was not repaid is discharged. How to Estimate Your Chapter 13 Bankruptcy Monthly Repayments To estimate ...
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  • I Filed Chapter 13 Bankruptcy But I Lost My Job! What Now?!

    Posted By admin || 25-Sep-2009

    As the unemployment rate continues to climb many debtors considering Chapter 13 bankruptcy are fearful that they want be unable to keep their payment agreement because of the loss of a job or other crisis. The good news is that the bankruptcy law allows debtors to convert their Chapter 13 bankruptcy case to a Chapter 7 bankruptcy. The debtor also has the option of dismissing their Chapter 13 ...
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  • Federal Housing Administration Shaken By Foreclosure Crisis

    Posted By admin || 25-Sep-2009

    According to an article in the Star-Telegram, the Federal Housing Administration (FHA) has been terribly weakened by the foreclosure crisis and many analysts fear that the housing agency may need a taxpayer bailout. The article said: "On Friday, the FHA said its financial reserves had sunk below mandatory levels for the first time in its 75-year history. While officials insist the agency won't ...
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  • Texas Student Loan Defaults 2nd Highest Nationwide

    Posted By admin || 24-Sep-2009

    According to an article in the Dallas Morning News, Texans are defaulting on their student loan debt at an alarming rate. The article said: "In Texas, 9.3 percent of borrowers defaulted on their federal student loans last year - the highest rate in nearly a decade. Only Arizona had a higher rate, 9.8 percent. The national average was 6.7 percent, based on the data released this week." Many Texans ...
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  • Big Banks May Be Locked Out Of Student Loan Subsidies

    Posted By admin || 24-Sep-2009

    According to an article in Reuters, the U.S. House of Representatives approved legislation last week that would cut major banks and student loan giant Sallie Mae out of a large slice of the $92 billion university student loan business if passed by the Senate. Under the bill H.R. 3221 --the Student Aid and Fiscal Responsibility Act of 2009, all new student loans would originate with the Direct ...
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