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Blog Posts in September, 2010

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  • When Things Fall Apart: The Tribune Co. Chapter 11 Bankruptcy

    Posted By admin || 30-Sep-2010

    It's been two years of haggling and legal briefs in the Tribune Chapter 11 bankruptcy leaving the embattled media company with nothing to show for their efforts other than $180 million in legal fees. So what happened to Tribune's Chapter 11 bankruptcy? Many analysts closely watching the Tribune bankruptcy say that the major factor contributing to the company's diminished hope of emerging from ...
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  • 3 Reasons Why You Shouldn't "Escape" Your Debt By Moving Abroad

    Posted By admin || 30-Sep-2010

    While economic refugees fleeing debt serfdom by moving abroad has not become commonplace, it is gaining popularity as more American debtors get "creative" about how to get out from underneath the crushing weight of debts they can no longer afford. But is it really wise to flee your financial troubles by moving abroad? Probably not. Below are three good reasons why escaping your debts by moving ...
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  • Debt Strategies: Dealing With Credit Card Debt When Facing Unemployment

    Posted By admin || 30-Sep-2010

    Handling Your Credit Card Debt During Unemployment Are you facing unemployment and have a large amount of credit card debt ? Below are a few tips on how you should tackle credit card debt when you're facing unemployment: Build up Your Emergency Fund Many debtors facing imminent unemployment use the income in the months preceding their layoff to pay off credit card balances, this is a huge mistake. ...
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  • Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy

    Posted By admin || 29-Sep-2010

    The Differences Between Chapter 7 and 13 Bankruptcy Many debtors considering bankruptcy often wonder what the difference is between Chapter 7 bankruptcy and Chapter 13 bankruptcy. Below are a few core differences that every debtor needs to understand: Chapter 7 bankruptcy allows the debtor to discharge their unsecured debts and the case usually lasts a few months at most, while Chapter 13 ...
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  • Bankruptcy Judge Allows Blockbuster To Pay Studios

    Posted By admin || 29-Sep-2010

    Blockbuster backers exhaled in relief after U.S. Bankruptcy Judge Burton Lifland approved payments to studios designed to insure the supply of movies and games to the embattled movie-rental giant. Blockbuster can pay $28 million owed to Sony Pictures Home Entertainment Inc., Twentieth Century Fox Home Entertainment LLC and Warner Home Video, U.S. Bankruptcy Judge Burton Lifland in Manhattan said ...
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  • Failure To Disclose Previous Bankruptcy Jeopardizes Discharge

    Posted By admin || 29-Sep-2010

    Gubernatorial candidate Nathan Deal is reeling after a U.S. bankruptcy judge ordered the reopening of a 2009 bankruptcy filing by Deal's daughter Carrie Deal Wilder and his son-in-law Clint Wilder. A U.S. bankruptcy trustee sought to reopen the Wilders' case after it was revealed that Clint Wilder was not eligible for a discharge of his debts, including those from the sporting goods store, because ...
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  • 5 Domino Effects Of Credit Card Default

    Posted By admin || 28-Sep-2010

    Have you defaulted on your credit card? If so, you're probably worried about what can happen to you after you fail to pay the bill. Below are five domino effects of credit card default: If you default on your credit card, your interest rate could increase significantly. Credit card default is costly and once your interest rate increases you could be facing a bill that is much more than your ...
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  • Subprime Credit Cards, The Next Financial Crisis?

    Posted By admin || 28-Sep-2010

    U.S. banks have charged off $50 billion in credit card loans which represents 5.47 percent of all credit card loans. That's an increase of 2 percent in just one year. Some are saying that the large amount of charge offs is a sign that the credit card market will be the next crisis during this recession. And some are saying that the credit card industry's reliance on poor and low-income borrowers ...
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  • What Happens To My Car Loan After Chapter 7 Bankruptcy?

    Posted By admin || 28-Sep-2010

    When a debtor files Chapter 7 bankruptcy, they have several options for handling the debt associated with their car: Chapter 7 Bankruptcy Car Loan Option #1 The first option for debtors in Chapter 7 bankruptcy is the surrender of their car and the discharge of their car loan balance. If they choose this option, the vehicle financer will auction off the car and if there is a balance, that balance ...
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  • 3 Things You Should Consider Before Taking Out Debt To Avoid Foreclosure

    Posted By admin || 27-Sep-2010

    The Obama administration and Federal Housing Administration are taking steps to help homeowners avoid foreclosure by offering loans to unemployed borrowers facing foreclosure. But should unemployed homeowners really take out more debt to avoid foreclosure? Here a few things you should consider before taking out a loan to avoid foreclosure: Do you have other debts besides your mortgage? Oftentimes, ...
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  • College Life and Bankruptcy

    Posted By admin || 27-Sep-2010

    It's an unfortunate reality; but many college students have a disproportionate amount of debt compared with those who are not in college. Even with the recent Credit Card Act, students are still taking on unprecedented amounts of credit card debt, student loan debt and some are even taking the leap to purchase a home. Here are few tips on surviving financially during your college years: Limit the ...
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  • Federal Housing Administration Announces New Reverse Mortgage Option

    Posted By admin || 27-Sep-2010

    The Federal Housing Administration said that beginning Oct. 4 th, it will offer a new reverse mortgage option with drastically lower up-front fees than its standard version. The new saver option will allow the senior citizen homeowner to only borrow between 10 to 20 percent which is significantly less than the standard reverse mortgage. Here's how it would work: -- Dorothy, age 70, owns a home ...
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  • How The Bankruptcy Trustee Impacts Your Bankruptcy Case

    Posted By admin || 26-Sep-2010

    When a debtor files Chapter 7 bankruptcy or Chapter 13 bankruptcy, a bankruptcy trustee is appointed to the case. The bankruptcy trustee is an independent contractor who works for the Office of the U.S. Trustee in the Department of Justice. Below are a few of the responsibilities of bankruptcy trustees: The bankruptcy trustee is responsible for administering the bankruptcy case, reviewing the ...
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  • Good Faith vs. Bad Faith Chapter 7 Bankruptcy Conversion

    Posted By admin || 26-Sep-2010

    Many debtors considering Chapter 13 bankruptcy worry about their ability to make bankruptcy plan payments if they lose their job or their income decreases for some reason during their course of their bankruptcy. But the bankruptcy code has already taken into account the possibility that a debtor may not be able to complete their Chapter 13 bankruptcy payment plan and will allow a debtor to convert ...
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  • Five Bankruptcy Mistakes That Can Destroy Your Finances

    Posted By admin || 25-Sep-2010

    Bankruptcy Mistake #1 - Failing to work with a qualified bankruptcy attorney. Bankruptcy is not a D.I.Y. project. If you make a mistake in trying to file your own bankruptcy you don't get a "do-over" and you want be joking about it with your friends afterwards. Bankruptcy law is complex and creditors have been known to work the system to their advantage, especially when they realize that a debtor ...
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  • Why Parents Should Not Financially Sacrifice Themselves For Their Adult Children

    Posted By admin || 25-Sep-2010

    Election time is here again, which means that proverbial "dirt digging" is back in fashion for every politician out there, left, right and center. One such "dirt digging" campaign is getting a lot of attention. The case of Nathan Deal who is running for governor in Georgia is being branded with the big "B" which stands for bankruptcy. We've talked a little bit about why it really shouldn't matter ...
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  • 3 Reasons Why Unemployed Must Use Caution When Taking Out Student Loans

    Posted By admin || 25-Sep-2010

    Since the rise of long-term unemployment, many debtors have turned to higher education as a solution. The result is that Americans now collectively owe $829.8 billion in student loans with an estimated $300 billion of those student loans being incurred in the last four years. And while sensible borrowing for higher education is generally believed to be good, many consumer advocates fear that the ...
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  • When Are Changes To The Bankruptcy Petition Prohibited?

    Posted By admin || 24-Sep-2010

    Federal Rule of Bankruptcy Procedure 1009 typically gives a debtor the right to amend their schedules any time before the bankruptcy case is closed. The bankruptcy rule reads "a voluntary petition, list, schedule, or statement may be amended by the debtor as a matter of course at any time before the case is closed. The debtor shall give notice of the amendment to the trustee and any entity ...
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  • Dallas-Fort Worth Pastors Stand Up Against Payday Lenders

    Posted By admin || 24-Sep-2010

    A group of Dallas-Fort Worth pastors are initiating a battle against car title and payday loan stores popping up in disadvantaged neighborhoods. The pastors are saying that the payday lenders are failing to offer anything of value to their neighborhoods and that they are little more than predators, profiting on the desperation of the poor. Reverend Frederick Haynes, who is part of the group ...
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  • Foreclosure Prevention Company Takes Homeowners' Money Then Disappears

    Posted By admin || 24-Sep-2010

    Homeowners Legal Assistance promised Texas homeowners that they could stop foreclosure; but what thousands of homeowners discovered is that the company could not deliver on its promises. Valladares paid the business $3,000. In April, Valladares received a letter from his mortgage company stating his loan modification would be approved pending some needed documentation. Then weeks later, he ...
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  • Should I Delay Filing Bankruptcy While Waiting For A Mortgage Modification?

    Posted By admin || 23-Sep-2010

    Filing Bankruptcy While Waiting For Loan Modification Many debtors whether they are working full-time, part-time or are unemployed, feel reluctant to file Chapter 13 bankruptcy or Chapter 7 bankruptcy because they believe that they are only a few days or weeks away from winning a mortgage loan modification. But when it comes to saving your home from foreclosure, you don't necessarily need to wait ...
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  • Recession Sends Debt Collector To Bankruptcy, Will More Follow Their Lead?

    Posted By admin || 23-Sep-2010

    Hudson & Keyse, LLC was supposedly in track for 1,000-plus percent growth just a few years ago, but the debt collection company astonished many by recently filing bankruptcy with more than 200 creditors and $63 million in unpaid debt. The Chapter 11 bankruptcy company only has $288,000 in assets according to their bankruptcy petition. "A major event was the implosion of the real estate market ...
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  • It's Official, Blockbuster Has Filed Chapter 11 Bankruptcy

    Posted By admin || 23-Sep-2010

    Video-rental chain Blockbuster finally filed for Chapter 11 bankruptcy protection with over $900 million of debt. Blockbuster which had been struggling with a rapidly changing video rental market and a declining economy took drastic measures to try to save its company outside of bankruptcy. The company closed 1,061 stores nationwide and cut general and administrative expenses by $333 million last ...
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  • Dallas-Fort Worth Hotel Foreclosures Continue To Increase

    Posted By admin || 22-Sep-2010

    Hotels in the Dallas-Fort Worth area are facing an increase in foreclosures this year. Hotel foreclosures in the Dallas-Fort Worth area have already tripled since 2009 and some analysts are predicting that more are to come. "They have done everything they can to keep the property going - they've used reserves and deferred maintenance," Keeling said. "The ones most in trouble are the properties ...
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  • GMAC's Foreclosure Suspension Yet Another Sign That All Has Not Been "Above Board"

    Posted By admin || 22-Sep-2010

    GMAC Mortgage recently announced that it is temporarily suspending evictions and real-estate owned (REO) closings related to certain foreclosures that have been challenged in court. The company is supposedly investigating those foreclosures to make sure that they were done correctly. Earlier this week it was announced that GMAC had called a moratorium on foreclosures in 23 states due to fears that ...
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