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Blog Posts in August, 2010

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  • Why Bankruptcy Has Become Baby Boomers' Safe Haven In Troubled Times

    Posted By admin || 31-Aug-2010

    The American Bankruptcy Institute's ABI Journal recently released a study that says that 42 percent of all debtors filing for bankruptcy were between the ages of 45 and 64 in 2007 and that older Americans file for bankruptcy at a faster rate than young adults. The increased rate of bankruptcy filings among older Americans is due to a combination of unemployment, medical debt, high credit card ...
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  • How The Triple Threat Foreclosure Crisis Is Fueling The Rise Of Bankruptcy

    Posted By admin || 31-Aug-2010

    The truth is out, the housing industry is not recovering and the economy may be facing a double dip recession. Sales of previously occupied homes plunged to their lowest level in 15 years and that's despite the presence of some of the lowest mortgage rates we've seen in decades. But what is driving this perfect storm of economic malaise? And why are the current conditions driving even more people ...
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  • Your Post Bankruptcy Life: Employment

    Posted By admin || 31-Aug-2010

    Many unemployed debtors are filing bankruptcy because they simply can't pay their bills, are facing lawsuits and asset seizures. Generally speaking these unemployed debtors have had decent credit and paid their debts faithfully and on-time while employed; but because of unemployment or persistent underemployed they have become delinquent and need to file bankruptcy. Unfortunately, some uninformed ...
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  • Lessons From Teresa Giudice's Bankruptcy

    Posted By admin || 30-Aug-2010

    If you've been watching the news and following the celebrity blogs then you've probably heard that Teresa Giudice is taking a lot of heat for spending $60,000 on home furnishings after filing bankruptcy. Her bankruptcy attorney is supposedly defending the purchases saying that the money spent was from income earned after the bankruptcy fling and therefore could be legitimately spent for ...
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  • How To Property Disclose Income During Bankruptcy

    Posted By admin || 30-Aug-2010

    Filing Out Your Statement of Financial Affairs When a debtor files bankruptcy, they must fill out what is called the Statement of Financial Affairs. On the Statement of Financial Affairs the debtor must disclose all the income they have earned from employment or the operation of a business. They must also disclose to the bankruptcy court all income received from any other sources. Here a few ...
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  • How To Battle Non Wage Garnishments

    Posted By admin || 30-Aug-2010

    If a debtor has become delinquent on their debt payments for long enough, creditors will eventually file a lawsuit against them and may win a judgment. With a judgment in place the creditor can garnish wages and get the right to use non wage garnishments which typically means they will seize bank accounts. If a creditor serves the debtor's bank a non-wage garnishment affidavit, the bank is ...
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  • Homeowner Are Still Suffering From ARMs But Bankruptcy May Help

    Posted By admin || 29-Aug-2010

    When the foreclosure crisis first began we heard a lot about the devastating effects of adjustable rate mortgages (ARMs) which were financially crippling millions of homeowners whose interest rates had reset. Unfortunately for many homeowners, ARMs are still pushing many into foreclosure causing a silent crisis on the thousands of communities across the nation. At the height of the housing boom ...
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  • New Efforts To Aid Unemployed Homeowners Avoid Foreclosure Misguided?

    Posted By admin || 29-Aug-2010

    The newest foreclosure prevention scheme to come out of the White House is a $3 billion loan program that's intended to help unemployed homeowners avoid foreclosure. But some homeowner and consumer advocate groups are crying foul saying that the only people guaranteed to benefit will be the banks. Right now, the government is targeting states hardest hit by the foreclosure crisis (Texas is not ...
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  • Bankruptcy Automatic Stay Protection and Post-Foreclosure Proceedings

    Posted By admin || 29-Aug-2010

    Bankruptcy Automatic Stay Post-Foreclosure Has your mortgage servicer already filed a foreclosure against your property? Has the mortgage servicer already won a foreclosure judgment for possession and is just waiting to evict you from the property? You may still be able to reap limited and temporary protections from the foreclosure eviction after filing bankruptcy. Here's what you need to know: ...
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  • Foreclosures Continue To Rise Because Of Ineffective Programs

    Posted By admin || 28-Aug-2010

    The foreclosure crisis is threatening to enter a third year as the Tarrant County foreclosure rate for September showed an increase of 36 percent from August and Dallas County foreclosure postings jumped by 19 percent from a year ago. The root of the foreclosure crisis is not just unemployment and toxic mortgages but also the ineffective foreclosure prevention programs that the government ...
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  • Exercising Your Debtor Rights

    Posted By admin || 28-Aug-2010

    Many debtors feel helpless under the onslaught of bills, but every debtor has a specific set of rights as established and protected by the Fair Debt Collection Practices Act. It is important that every debtor exercise his/her rights when they are contacted by a bill collector. Here's what you need to know: When a debt collector contacts you regarding a debt the law requires that they provide the ...
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  • Federal Reserve Adopts New Rules To End Harmful Mortgage Loan Kickbacks

    Posted By admin || 28-Aug-2010

    The Federal Reserve has adopted new rules banning what is called "yield spread premiums," a practice which allowed mortgage brokers and lenders to earn extra profits every time a borrower was placed in a mortgage that had higher-than-market interest rates. What are yield spread premiums? Before the mortgage bubble, mortgage brokers were traditionally paid directly from the home buyer. But with ...
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  • Statute Of Limitations, Credit Reports and Your Credit Card Delinquency

    Posted By admin || 27-Aug-2010

    Debtors facing collections actions by creditors are often unaware of time limits concerning their delinquent credit card accounts and other debts. In the state of Texas, a creditor cannot sue a debtor for payment on a delinquent account four years after last payment. For example, if you last made a payment on a credit card in 2006, the creditors would only have until 2010 to sue you for the ...
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  • Why You Should Not Opt-In For Overdraft "Protection"

    Posted By admin || 27-Aug-2010

    New laws have prohibited banks from automatically enrolling their checking account customers into overdraft "protection" schemes. But many banks are getting creative about convincing their customers that signing up for overdraft "protection" schemes is to their benefit. Don't doubt for one minute that the only people that the overdraft "protection" schemes benefit are the banks. Below are several ...
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  • When Signing A Reaffirmation Agreement During Bankruptcy Makes Sense

    Posted By admin || 27-Aug-2010

    One of the most common reaffirmation agreements during bankruptcy is between a car lender and a debtor. A reaffirmation agreement is a contract between the creditor and the debtor stating that despite the bankruptcy filing the debtor is still responsible for paying the debt and agrees to continue paying as if there was no bankruptcy filing. In the case of a car loan, signing a reaffirmation ...
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  • How Lying During Bankruptcy Can Cost You

    Posted By admin || 26-Aug-2010

    Robert Negrelli, filed bankruptcy on March 23, 2005 and unfortunately lied to the bankruptcy court in an attempt to defraud the system. At the time, Negrelli was a licensed real estate broker, owned a real estate company and specialized in selling high-end homes; but claimed initially that he only earned $81,000 in the two year period prior to filing bankruptcy. Of course, his lie was soon ...
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  • Did Fame Push 'Real Housewives of New Jersey' Star Into Bankruptcy?

    Posted By admin || 26-Aug-2010

    'Real Housewives of New Jersey' star Teresa Giudice and her husband Joe, who owe creditors nearly $11 million are feeling victimized by their fame, according to an unnamed friend. "If she wasn't on the show, this all would be much easier," a friend of Teresa's tells a news publication. "Everything would be settled by now, but because she is now famous everyone is using the situation to get press ...
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  • Why You Must Say No To Repaying Friends and Family After Bankruptcy

    Posted By admin || 26-Aug-2010

    Filing bankruptcy on debts owed to family and friends is a very emotionally charged issued. It hurts to file bankruptcy and not repay your loved ones especially if they loaned you money they could not afford to just give away. This is why we hear so many stories about debtors failing to include in their bankruptcy filing debts owed to family and friends or even worse, transferring cash and assets ...
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  • American Apparel Careening Towards Bankruptcy?

    Posted By admin || 25-Aug-2010

    American Apparel, infamous for its controversial CEO Dov Chamey and its hip, risqué fashions may be facing a possible bankruptcy. American Apparel announced in a securities filing that it "may not have sufficient liquidity necessary to sustain operations for the next 12 months." The retailer is in talks to obtain new financing to shore up its struggling operations, which have been hit by ...
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  • 3 Reasons Why You Shouldn't Wait Until The Last Minute To File Bankruptcy

    Posted By admin || 25-Aug-2010

    Many debtors wait until the absolute last minute to file bankruptcy. Below are three reasons why debtors should never wait until the last minute to file bankruptcy: Waiting until the last minute to file bankruptcy leaves a debtor vulnerable to losing their home in foreclosure if they're a homeowner. As we have mentioned in previous articles, a mortgage servicer has to go through a foreclosure ...
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  • IRS Moves To Discourage Big-Fee Refund Anticipation Loans

    Posted By admin || 25-Aug-2010

    The Internal Revenue Service recently announced that it will cease issuing debt indicator notices to tax preparers. Debt indicator notices inform tax preparers of any possible reasons a taxpayer's refund could be garnished. For example, taxpayers with outstanding student loans, child support or other debts could face a reduction in their tax refunds. Tax preparers use this debt indicator notice to ...
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  • Bankruptcy Trustee Describes Mortgage Company As Giant Ponzi Scheme, Denies Discharge

    Posted By admin || 24-Aug-2010

    Bankruptcy Trustee Steve Nottinger denied a bankruptcy discharge for Scott David Farah and his now infamous company Financial Resources Mortgages Inc., saying the company was nothing more than a giant Ponzi scheme designed to bilk investors out of millions. On Wednesday, the bankruptcy court issued an order that the request to discharge the Farah case was denied -- the usual course when alleged ...
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  • Decreasing Your Tax Withholdings Could Jeopardize Your Chapter 13 Bankruptcy

    Posted By admin || 24-Aug-2010

    Incorrect Tax Withholdings During Bankruptcy When debtors are faced with increasing bills and a decreasing salary one of the first things some do is decrease their IRS tax withholdings so that their paycheck shows just a little more income. Fear, panic and the pressing need for cash can cause a debtor to decrease their tax withholdings so much that at the end of the year they actually owe taxes. ...
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  • Tribune Co. Bankruptcy Negotiations Collapse

    Posted By admin || 24-Aug-2010

    Tribune Co's Chapter 11 bankruptcy sits in limbo because negotiations regarding its reorganization plan collapsed as the company's biggest creditors balked and decided to negotiate a deal without the debtor's participation. The original management-brokered settlement began to collapse late last month when court-appointed independent examiner Kenneth Klee filed a report evaluating claims that the ...
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  • Teresa Giudice Spent Extravagantly After Bankruptcy Filing According To Court Documents

    Posted By admin || 23-Aug-2010

    Bankruptcy records have revealed that Teresa Giudice spent $60,000 on high-end furniture just days after filing for Chapter 7 bankruptcy last year. The Giudices who are $10.85 million in debt have agreed to have their bankruptcy auction postponed from August 22 nd to October so that the bankruptcy court can reevaluate the value of each of their personal belongings. Bankruptcy Judge Morris Sterns ...
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