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Blog Posts in January, 2010

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  • The State Of The Union: Student Loans and Bankruptcy

    Posted By admin || 29-Jan-2010

    Many Americans drowning in student loan debt and many of those considering college listened to President Obama with much anticipation as he tackled the issue of crippling debt burdening most Americans who pursue a college education. President Obama announced that he was working with Congress to create a national program which would ease the burden of student loan debt. The President said: To make ...
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  • Three Ways Bankruptcy Can Save A Marriage

    Posted By admin || 29-Jan-2010

    When it comes to marriage and financial affairs many couples risk divorce because of overwhelming debt and financial troubles. As anyone who is married can attest to, marriage and debt can often be a volatile mix. But blaming your spouse for your financial problems can be counterproductive and even destructive to your relationship even if it really is their fault you're in debt. Unfortunately, it ...
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  • Special Bankruptcy Process For Failed Financial Institutions?

    Posted By admin || 28-Jan-2010

    Senator Christopher Dodd and other members of the Senate Banking Committee are proposing legislation that would create a special bankruptcy process for failed financial institutions. Members are discussing a two-stage process that would create a preferential option for bankruptcy followed by a regulator-managed resolution if bankruptcy fails, the person said. The source requested anonymity because ...
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  • Payday Lenders: New Disguise-Same 'Old Wolf

    Posted By admin || 27-Jan-2010

    Check Into Cash seems to be tweaking it's payday lending business in a way that would allow it to charge higher interest rates and offer longer term loans, a move that could help it get around existing payday lending regulations. Could other payday lenders follow Check Into Cash's lead? Blogger W. Bolton, summed it up nicely... Why the change? Could it be because the state's new law is supposed to ...
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  • Three Things You Must Consider Before You Take Out That Loan

    Posted By admin || 27-Jan-2010

    Many debtors attempting to resolve their debt problems without the help of bankruptcy consider personal loans. They figure if they take out a personal they can use that money to cover their expenses and debts and avoid bankruptcy until they "get on their feet." While in theory it seems to be possible to avoid bankruptcy by taking out a personal loan and using that to survive until you can get ...
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  • The Importance Of America's Unique Bankruptcy System

    Posted By admin || 27-Jan-2010

    While America has taken quite a beating in this economy, the bankruptcy system has done its job to keep things more stable than not. What most Americans don't realize is that Americas' bankruptcy system is unique and generous to debtors while much of the world lacks a bankruptcy system or if they do have a bankruptcy system, it is inadequate in giving the debtor the type of debt relief that would ...
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  • Job Losses Continue To Pile Up In 2010

    Posted By admin || 27-Jan-2010

    The U.S. has lost more than 7.2 million jobs since the recession began in December 2007 and job losses are continuing as we enter the new year. The biggest and most recent job losses are coming from defense contractor Lockheed Martin Corp. which is implementing 1,200 job losses and shipping giant UPS which is implementing 1,800 job losses. Shipping giant UPS Inc. will cut 1,800 management and ...
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  • Credit Card Inactivity Fees Coming Your Way?

    Posted By admin || 26-Jan-2010

    Since the passage of the Credit Card Act, many credit card lenders have been dreaming up new ways of getting more money out your pockets. One of the newest tricks on the block is the infamous "inactivity fee." Inactivity fees were at one point commonplace for credit cards; but eventually fell out of fashion. But at least with some credit cards, the inactivity fee could make it comeback. How does ...
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  • IRS Announces New Tax Preparer Regulations

    Posted By admin || 26-Jan-2010

    You won't see any changes this tax year, but the IRS is planning to require tax preparers to pass a test and register with the government so they can more effectively oversee a largely unregulated industry used by many taxpayers. [Doug] Shulman [IRS Tax Commissioner] said he hopes to have all paid tax preparers registered by the 2011 filing season. Preparers will be given about three years to meet ...
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  • Which Debts Are Covered By The Fair Debt Collection Practices Act?

    Posted By admin || 26-Jan-2010

    Debts Covered By The Fair Debt Collection Practices Act There are several requirements that a debt must meet before it becomes governed by the Fair Debt Collection Practices Act: The debt must be a consumer debt that was incurred for personal, household or family reasons. For example: Medical debt incurred because of a spouse's illness would meet this criterion; however, medical debt incurred ...
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  • Filing Bankruptcy While Holding Rental Property

    Posted By admin || 26-Jan-2010

    Bankruptcy and Rental Property Holding rental property when filing bankruptcy can impact your "means test" and your post-bankruptcy fresh start depending on the circumstances surrounding that property. Let's take a look at a few scenarios: If you have a rental property with a paying tenant, the rent received will be counted towards your income. This fact alone could cause you to "fail" the means ...
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  • I Pay My Credit Card On Time Can I keep It After Bankruptcy?

    Posted By admin || 26-Jan-2010

    Before filing for bankruptcy, many debtors have triaged their debts, paying some while allowing others to become delinquent. Most of these debtors want to know if they can keep that special credit card and keep it out of the bankruptcy. The answer is no. When a debtor files bankruptcy, they must include all of their outstanding debts and credit card accounts in the bankruptcy. That means that even ...
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  • How Do I Catch Up On My Mortgage In Bankruptcy?

    Posted By admin || 25-Jan-2010

    Most debtor/homeowners facing foreclosure and considering bankruptcy are significantly delinquent on their mortgage payments. But whether you're 1 month behind on your mortgage payment or 6 months behind, Chapter 13 bankruptcy can help you catch up with your payments and return your mortgage to good standing. Here's how it works: When you file bankruptcy you will include your mortgage lender's ...
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  • You May Need To File Bankruptcy If...

    Posted By admin || 25-Jan-2010

    You may need to file bankruptcy if you are unemployed, have limited income and are facing an imminent foreclosure. Bankruptcy can stop foreclosure in its tracks. In bankruptcy, debtors are often able to catch up on the mortgage and keep their home. They can also surrender the house in bankruptcy and receive a discharge on any mortgage balance afterward. You may need to file bankruptcy if your ...
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  • Actor Barry Corbin Files Bankruptcy

    Posted By admin || 25-Jan-2010

    Barry Corbin, the actor who played Maurice Minnifield, the patriarch of Cicely, Alaska, in the TV show Northern Exposure; Uncle Bob in the movie Urban Cowboy; and Sheriff Fenton Washburn in Dallas has filed for bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. After becoming a respected Emmy Award-nominated character actor, Corbin faced a declining income and needed time ...
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  • Mesa Air Group Files Chapter 11 Bankruptcy

    Posted By admin || 25-Jan-2010

    Mesa Air Group Inc., a regional airline carrier filed for Chapter 11 bankruptcy in hopes that it can shed excess planes after experiencing a significant loss of customers. Mesa and other carriers have been particularly hit hard by the recession as air travel has falling significant during 2009. Contract carriers like Mesa have traditionally been able to maneuver through tough economic times ...
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  • Foreclosure Prevention Programs Not Working For Those With Underwater Mortgages

    Posted By admin || 25-Jan-2010

    What good is it to modify a mortgage, only to owe three times what the house is actually worth? Well for many homeowners facing foreclosure, it's just not worth the paper the modification is written on. For them, foreclosure looks better than the false hope of mortgage modifications that don't truly-well, modify the mortgage. The problem is that many homeowners are sitting in houses that are only ...
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  • Massive Apartment Management Company Files Chapter 11 Bankruptcy

    Posted By admin || 25-Jan-2010

    Miles Properties Inc. and 12 affiliated companies filed for Chapter 11 bankruptcy protection due to an involuntary Chapter 7 bankruptcy petition filed against the Miles Properties' owner Daniel J. Miles. Daniel Miles has since converted his case to a Chapter 11 bankruptcy. The 20 largest creditors in the case have claims worth more than $18 million. Wachovia Financial Services, the largest ...
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  • Good People, Bad Loans and Foreclosure

    Posted By admin || 25-Jan-2010

    When the foreclosure crisis first began, there was a lot of finger pointing mostly at the supposedly "irresponsible" homeowners who "bought too much house" in a quest to keep up with the Joneses. We were even treated to televised rants about how "good people" shouldn't be forced to pay for their bad neighbors' financial decisions by saving them from foreclosure. Now that was back in 2008. Since ...
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  • How Chapter 13 Bankruptcy Works

    Posted By admin || 22-Jan-2010

    When a debtor files Chapter 13 bankruptcy, he/she, along with the bankruptcy attorney and trustee will work together to determine how much the debtor will pay creditors and for how long. A Chapter 13 bankruptcy can last anywhere from three to five years. All creditors who filed claims in the bankruptcy court are lumped together and paid via the bankruptcy trustee. They do not typically receive ...
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  • MediaNews Group To File Chapter 11 Bankruptcy

    Posted By admin || 22-Jan-2010

    The holding company of MediaNews Group Inc., which owns 54 daily newspapers, along with television and radio broadcasters, plans to file Chapter 11 bankruptcy after getting hit hard by the lagging advertising revenue that sent their balance sheet into a tailspin. MediaNews said its holding company will file a "prepackaged" bankruptcy...Under MediaNews's plan, senior lenders will swap debt for ...
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  • Why More Americans Are Cutting Debt With Bankruptcy

    Posted By admin || 22-Jan-2010

    Household debt accounts for the largest share of the United States' debt load. From the period of 2000 to 2008, American household debt grew $6.8 trillion. And many American debtors have found that a large amount of debt, coupled with job losses is a toxic combination. Bankruptcy has become the remedy for many Americans who have accumulated so much debt that they can't survive any longer now that ...
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  • Largest Foreclosure Posting in North Texas in More Than 20 Years

    Posted By admin || 22-Jan-2010

    The 400-room Four Seasons Resort in Irving, which hosts the annual Byron Nelson golf tournament, is facing foreclosure. In 2009, more than 2,400 commercial properties were posted for foreclosure in the Dallas-Fort Worth area, but none of the foreclosures were nearly as large as the Four Seasons Resort in Irving. The property, well known for hosting the annual Byron Nelson golf tournament, was ...
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  • Retail Credit Card Issuers Charge Customers For Statements

    Posted By admin || 21-Jan-2010

    Don't do online banking? You could be charged $1 to receive your credit card statement via mail. Over 90 retailers who issue store credit cards Dallas-based Alliance Data Systems have decided to charge customers $1 per statement if they receive their credit card bill via mail. Retailers such as Ann Taylor, Victoria's Secret and Bealls department store are amongst those retailers implementing the ...
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  • The Credit Card Act and Rebate Cards

    Posted By admin || 21-Jan-2010

    Years ago rebates were offered as checks; but now most consumers receive rebates via cards that can be burdened with a variety of fees and can be difficult to redeem. And while the Credit Card Act covers both gift cards and prepaid cards, rebate cards will not be covered by the new law. The Credit Card Act, which was passed last spring, established new standards not only for credit cards but also ...
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