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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Recent Posts in Economy

  • Can Student Loan Debt Affect Our Nation's Future Economic Growth?

    Posted By Allmand Law Firm, PLC || 9-Sep-2015

    Students across the U.S. have accumulated so much student debt since the 2008 recession that it now poses a threat to our nation’s economic growth. Americans laboring under the assumption that they could pay back their loans after college are now finding that they have to put off important life decisions like getting married, starting a family, or buying property because of student loan debt ...
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  • The Crisis of Texas: An Economic Downturn

    Posted By admin || 26-Sep-2012

    With the upcoming election, thousands of voters in Texas have a variety of woes facing them. This infographic will teach you about some of the big issues in Texas and how they could play a part in how voters react in the upcoming election.
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  • How The Debt Downgrade Could Impact Your Finances

    Posted By admin || 16-Aug-2011

    For debtors filing bankruptcy, the ability to rebuild their credit rating after their bankruptcy discharge is critical to their fresh financial start. But what about the impacts of a sluggish economy and more specifically the impact of America's first ever debt downgrade? How will the S&P debt downgrade impact the personal finances and credit ratings of debtors exiting bankruptcy? Borrowing ...
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  • More Bankruptcy Filings To Come As Americans Increasingly Rely On Credit Cards

    Posted By admin || 27-Jul-2011

    More Americans are relying on credit cards as their wages stagnate or shrink and food/fuel prices continue to rise. After-tax income adjusted for inflation fell 0.1 percent from January through May, according to figures from the Commerce Department. The drop came as Labor Department data showed energy prices rose 8.2 percent and food climbed 2 percent during the same period. Companies that target ...
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  • Bankruptcy Filings Drop, Economy Still Sluggish

    Posted By admin || 12-Jul-2011

    The number of Americans filing bankruptcy dropped this year according to a report issued by Epiq Systems which tracks bankruptcy filings. The number of bankruptcy filings in June was 120,623, or an average of 5,483 a day, a drop of 6.2 percent from May, when filings totaled 122,775, or 5,846 a day, according to a report from Epiq Systems, which tracks bankruptcy filings. There was one additional ...
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  • Economy Not This Bad Since The Great Depression

    Posted By admin || 23-Nov-2010

    It's a bit infuriating when you have a 73-year-old Texas-based furniture chain, Lack's Stores Inc. closing all of its stores and filing bankruptcy while some of our so-called economists have the nerve to claim that the recession is over. In a news release, the 73-year-old company said the action was necessary because lenders are no longer willing to provide Lack's funding to finance customers' ...
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  • Debtors Still Owe HOA Fees After Bankruptcy?

    Posted By admin || 5-Jul-2010

    Filing bankruptcy while owning a condominium, townhome or single family home that has homeowners association fees attached to it might not completely get rid of the HOA liability. Below are a few facts you should know about how HOA fees may be handled during bankruptcy. Homeowners' associations have a legal right to place a lien against a debtor's property if they fail to pay their HOA fees. They ...
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  • Texas Needs Harsher Penalties For Sloppy Bankers

    Posted By admin || 23-Jun-2010

    It has become so common that it barely shocks even the most sensitive of us, a homeowner has spent months negotiating and waiting on a home modification only to discover that their home has be sold at foreclosure. This is the type of disconnect that is impacting thousands of homeowners in Texas and especially in the Dallas-Fort Worth area. They end up in foreclosure because of a job loss, toxic ...
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  • Tips On Avoiding Subprime Lenders After Bankruptcy

    Posted By admin || 22-Jun-2010

    Many debtors are surprised that after their bankruptcy is discharged they find themselves receiving many credit offers. Credit card companies, car loan lenders and even mortgage finance companies will send post-bankruptcy debtors credit offers hoping to capitalize on their clean financial slate. But beware; many of these creditors are subprime lenders who prey on people just out of bankruptcy who ...
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  • Bankruptcy And Special Needs Families

    Posted By admin || 22-Jun-2010

    More families who have special needs children or other disabled dependents are considering bankruptcy. Because a disability can become financially draining, causing families to rack up hundreds of thousands of dollars in debt, bankruptcy is often a good choice. Whether the family member is blind, deaf or has some other physical or cognitive disability, special needs families can benefit from both ...
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  • The Duchess of York To File Bankruptcy?

    Posted By admin || 22-Jun-2010

    Sarah Ferguson (aka The Duchess of York) the former wife of Prince Andrew, the Duke of York, has announced that she may file for bankruptcy due to mounting debt troubles that have been dogging her for years. While she hasn't revealed exactly how much money she owes, Fergie has gone on the Oprah Winfrey show revealing that she is deeply indebted and that's why she attempted to sell an introduction ...
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  • Six Signs That You're Suffering From Debt Related Stress

    Posted By admin || 22-Jun-2010

    You may be suffering from debt related stress if you notice that you are experiencing apathy and lack of energy. The feeling that you don't care about your finances, debts or other financial stress is ironically a sign that you may be suffering from debt related stress. You may be suffering from debt related stress if you are feeling indecisive about how you will solve your debt problems. ...
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  • More Credit Card Companies Exploit CARD Act Loopholes

    Posted By admin || 21-Jun-2010

    When the Credit Card Accountability Responsibility and Disclosure (CARD) Act was enacted it was designed to put an end to some of the practices used by credit card companies that negatively impacted consumers. But now that three months has passed since the CARD Act was signed into law, many debtors are still finding themselves exploited by credit card companies determined to increase their profits ...
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  • High Unemployment Expected To Continue Until 2015

    Posted By admin || 21-Jun-2010

    The unemployment rate rose to 9.9 percent in April, up from 9.7 in March and many experts expect the unemployment rate to remain high until 2015. Currently there are 15.3 million unemployed Americans as of April and that's not counting workers who have given up on finding a job. The unemployment rate is calculated by counting all workers who are unemployed and are actively looking for work. If the ...
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  • Will Dallas Loan Program Help Stem The Tide Of Job Losses And Corporate Bankruptcy?

    Posted By admin || 17-Jun-2010

    The Dallas City Council has approved a $1 million loan program that is designed to assist small businesses in southern and western Dallas get capital for growth. The program, which will provide $1 million from the city's public/private partnership fund to the Southern Dallas Development Corporation was approved unanimously with only one dissenting voice. But will this program go far in stemming ...
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  • Furniture Factory Warehouse Files Chapter 11 Bankruptcy - Customers Empty Handed

    Posted By admin || 16-Jun-2010

    Home furnishings retailer Furniture Factory Warehouse, which operates 12 stores in South Texas, has filed for Chapter 11 Bankruptcy protection due to unfavorable financial conditions and a consistent decline in furniture sales. The retailer has closed all of its stores and distribution facilities pending the bankruptcy court's approval of Furniture Factory Warehouse's "Bankruptcy Going Out of ...
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  • General Growth Properties Get Bankruptcy Approval On Final Secured Loan Restructuring

    Posted By admin || 15-Jun-2010

    General Growth Properties Inc., which filed the largest bankruptcy in U.S. history, has finished restructuring its $15 billion secured-debt load, clearing yet another obstacle from its path as it attempts to exit Chapter 11 bankruptcy. Bankruptcy Judge Allan Gropper in Manhattan today approved a restructuring agreement on a $95 million loan tied to a Louisiana mall. It's the last of the Chicago ...
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  • Texas Rangers Bankruptcy Judge: "This is like one of those baseball movies..."

    Posted By admin || 15-Jun-2010

    If you thought the Texas Rangers bankruptcy drama had ended, it seems that it is just getting started. Most recently bankruptcy judge Michael Lynn quipped that " This is like one of those baseball movies where the players get stranded," after convincing Chase to keep the baseball team's credit card active while they played in Kansas City. The attorneys representing Chase and other lenders in the ...
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  • Bankruptcy Bidding War: Major League Baseball Stands Out As The Winner

    Posted By admin || 15-Jun-2010

    Bankruptcy Judge Michael Lynn said he had never before seen a fight over who would provide Chapter 11 bankruptcy financing for a bankruptcy company because securing such financing is usually an uphill battle. But this is the exact type of drama that broke out when senior creditors of the Texas Rangers offered to loan the bankrupt team nearly twice what Major League Baseball (MLB) offered at a ...
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  • Three Myths About Bankruptcy

    Posted By admin || 14-Jun-2010

    Debt is big business. That's why there are so many people out there invested in getting you indebted and keeping you that way. One of the ways they do this is by spreading myths about bankruptcy, which is the only legal way to have your debts forgiven. Let's take a look at some of the three most common myths about bankruptcy and why you shouldn't believe them: Myth #1 - If you file bankruptcy, you ...
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  • Icahn And Beal Bank Fight Bankruptcy Ruling On Trump Casinos

    Posted By admin || 14-Jun-2010

    Carl Icahn and Dallas-based Beal Bank have appealed a bankruptcy court ruling that would give ownership of the casinos to Donald Trump, his daughter, Ivanka Trump, and company bondholders. Icahn and the bank claim the bankruptcy court made several mistakes in ruling against them. The Trumps and the bondholders, led by New York-based Avenue Capital Group, offered $225 million for the company. Icahn ...
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  • How To Prevent Job Loss Related Financial Disaster

    Posted By admin || 14-Jun-2010

    The official national unemployment rate for the country is 9.7 percent. Millions of Americans are out of work and trying to figure out how to survive without a job. One of the biggest casualties of joblessness is not just the frustration and anger that accompanies fruitless job searches, but also the seemingly imminent financial disaster that almost always follows long-term unemployment. And with ...
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  • Five Benefits Of Filing Bankruptcy

    Posted By admin || 13-Jun-2010

    Debtors who file for bankruptcy immediately enjoy some of the unique benefits offered to them under the law. Let's take a look at some of the benefits of filing bankruptcy: Bankruptcy will stop creditors from calling you, sending you letters and prohibit them from demanding payment from you. Even if some of your debts are not legally dischargeable under the bankruptcy law, even those creditors ...
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  • Credit Card Act Restrictions May Create New Fees

    Posted By admin || 13-Jun-2010

    Amid the new Credit Card Act which limits the credit card issuer's most profitable practices, many credit card companies are looking for new ways to generate additional income. New credit card fees such as annual fees and new banking fees for checking account customers are just a couple of ideas that banks are implementing to offset the loss of revenue caused by the Credit Card Act. Here's what ...
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  • Thriving After Bankruptcy

    Posted By admin || 11-Jun-2010

    When considering bankruptcy, many debtors only focus on the process; but the most important part of bankruptcy is after the debtor receives their bankruptcy discharge. It is the time after bankruptcy that the debtor is beginning their fresh financial start. So how does a debtor thrive after they receive their bankruptcy discharge? Let's take a look at a few tips: Live within your means. Creating ...
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  • Three Bad Reasons For Delaying Bankruptcy

    Posted By admin || 11-Jun-2010

    About 75 percent of the people who file bankruptcy wait until they just don't have any other choice. They give various reasons for waiting to file bankruptcy; but below are three of the worse excuses for not filing bankruptcy earlier: Guilt. Guilt is never a good reason for delaying a necessary bankruptcy filing. But many debtors don't file bankruptcy because they feel guilty for not repaying ...
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  • Why Dallas-Fort Worth Has The Lowest Average Credit Score In The Nation

    Posted By admin || 10-Jun-2010

    According to a survey released by Experian, Dallas-Fort Worth ties with Miami-Fort Lauderdale for having the lowest credit score among the top 20 metro areas in the nation. Not only that, but Dallas-Fort Worth ranks No. 2 for having the highest average debt per consumer, right behind Settle. So why is it that Dallas-Fort Worth is sinking in debt with credit scores that are suffering? Two of the ...
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  • Judge Approves Independent Examiner For Tribune Bankruptcy Case

    Posted By admin || 8-Jun-2010

    Bankruptcy judge Kevin Carey, who is presiding over Tribunes' Chapter 11 bankruptcy case, approved an independent examiner to review the 2007 leveraged buyout of the media conglomerate and the potential claims arising from it that might be brought on behalf of the bankruptcy estate. Tribune, which owns the Los Angeles Times, Chicago Tribune, The (Baltimore) Sun and other dailies, along with 23 TV ...
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  • Five Signs That You May Be At Credit Card Default Risk

    Posted By admin || 8-Jun-2010

    You pay the minimum payment on your credit card. Paying the minimum payment requirement on your credit card may be a sure sign that you are at credit card default risk especially if you can't afford to pay more than your credit card's minimum payment. You use one credit card to pay the minimum payment on another. You are probably on the edge of default if you are using one credit card to pay the ...
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  • Bankruptcy Court Decision Causes Withdrawal Of General Growth Bidder

    Posted By admin || 7-Jun-2010

    Simon Property Group Inc., which for months was involved in a campaign to acquire General Growth which is in Chapter 11 bankruptcy y, recently withdrew its bid due to a bankruptcy court decision that would make the acquisition too expensive. The plan approved by U.S. Bankruptcy Court Judge Allan Gropper in New York would enable General Growth to emerge from Chapter 11 bankruptcy protection as a ...
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  • Movie Gallery To Receive $74.2 Million From Bankruptcy Liquidation Sale

    Posted By admin || 7-Jun-2010

    Movie Gallery Inc. which filed for bankruptcy in February will receive about $74.2 million from liquidation sales, the highest bid at a bankruptcy auction for the video rental chain's inventory. Great American WF LLC's bid was approved today by U.S. Bankruptcy Judge Douglas O. Tice Jr. in Richmond, Virginia. Tice granted Movie Gallery permission to hire the liquidator to conduct the closing sales ...
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  • Examiner Will Not Be Appointed To WAMU Bankruptcy Case

    Posted By admin || 6-Jun-2010

    Bankruptcy Judge Mary Walrath ruled recently that the Washington Mutual Inc. bankruptcy will not be subjected to an investigation by an independently appointed examiner. Shareholders had requested that the bankruptcy court allow an independent examiner to investigate Washington Mutual to determine the value of outstanding legal claims against the bank. But bankruptcy judge Mary Walrath said that ...
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  • Freedom Communications Emerges From Chapter 11 Bankruptcy

    Posted By admin || 5-Jun-2010

    Freedom Communications Inc., the publisher of many newspapers around the country known for their libertarian views, has finally emerged from Chapter 11 bankruptcy, their debt loand $450 million lighter; but also under new ownership Three investment companies - Alden Global Capital, Angelo Gordon & Co. and Luxor Capital Group - and a group of lenders led by JPMorgan Chase will assume ownership ...
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  • Brown Media Holdings Files Chapter 11 Bankruptcy

    Posted By admin || 4-Jun-2010

    Brown Media Holdings, a 90-year-old family-owned company with 18 daily and 27 weekly newspapers in 10 states, filed for Chapter 11 bankruptcy with over $95 million in debt. The company, which is hoping to sell their business during bankruptcy, is seeking $2.5 million in financing to fund the operations of their publications while they find a buyer. Currently Brown Media has what's called a ...
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  • Six Flags Inc. Emerges From Chapter 11 Bankruptcy

    Posted By admin || 3-Jun-2010

    Six Flags Inc. has emerged from Chapter 11 bankruptcy after a yearlong bankruptcy process that faced numerous obstacles. The company's Chapter 11 bankruptcy has allowed it to reduce its debt load by $1.7 billion and it has acquired $725 million in equity committed by new shareholders. In the initial phases of Chapter 11 bankruptcy Six Flags Inc. was going to back a bankruptcy plan proposed by ...
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  • Texas Rangers File Chapter 11 Bankruptcy - Owes New York Yankees Player Millions

    Posted By admin || 3-Jun-2010

    The Texas Rangers, the Major League Baseball team controlled by billionaire Thomas Hicks, filed for Chapter 11 bankruptcy in an effort to expedite the sale of the baseball team to a group of investors which include the team's president Nolan Ryan and his partner Chuck Greenberg. The Texas Rangers baseball team is the second Major League Baseball team to enter Chapter 11 bankruptcy in less than a ...
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  • Realities Debtors Should Consider Before Settling Debt

    Posted By admin || 2-Jun-2010

    With the unemployment rate still above 9 percent, many debtors have found themselves unemployed for one or two years. Unfortunately for the unemployed debtor, daily expenses remain and can eventually exhaust the debtor's savings, retirement accounts and even cause them to max out their credit cards. Facing long-term unemployment, depleted savings and mounting credit card debt, many debtors are ...
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  • Three Reasons Why Waiting For Debts To Disappear Is A Bad Financial Strategy

    Posted By admin || 1-Jun-2010

    It can happen to the best of us-we lose a job, fall on hard times and our bills go unpaid. But many of us opt to simply ignore our debts instead of coming up with a plan to either repay them or make them go away legally. Many of us mistakenly believe that debts will just go away after a lot of time; but this proves a bad strategy especially during a recession. Here's why: Creditors never forget. ...
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  • U.S. Concrete Files Chapter 11 Bankruptcy

    Posted By admin || 1-Jun-2010

    U.S. Concrete, a concrete supplier for the construction industry, filed Chapter 11 bankruptcy with assets of $389.2 million and debt of $399.4 million as of Dec. 31, 2009. They hope that the pre-bankruptcy plan's approval will allow them to reduce their debt by approximately $272 million. The company said it has reached an agreement with a "substantial majority" of its bondholders on the ...
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  • Three Reasons Why Acting As The Family Bank Could Lead To Bankruptcy

    Posted By admin || 1-Jun-2010

    Unless you're independently wealthy, acting as the family bank and personal lender could do serious damage to your financial health, even leading you to bankruptcy. Below are three reasons why becoming the personal lender of your family and friends could lead to bankruptcy: Personal loans are often not repaid and if they are particularly large or numerous the lack of repayment could lead to ...
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  • Bankruptcy Judge May Approve Six Flags Settlement

    Posted By admin || 31-May-2010

    Six Flags Inc. has finally resolved a many weeks long dispute between two groups of creditors and expects to exit Chapter 11 bankruptcy as early as the first week of May. Bankruptcy Judge Christopher Sontchi has indicated that he will accept the settlement offer and approve the company's bankruptcy reorganization plan rather quickly. Under the settlement, senior noteholders owed about $420 million ...
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  • Three Reasons Why Private Student Loans Should Be Dischargeable In Bankruptcy

    Posted By admin || 30-May-2010

    The "Private Student Loan Bankruptcy Fairness Act of 2010" was introduced in the House on April 15 th and if passed into law, it could make it easier for debtors who have private student loan debt to discharge that debt in bankruptcy. Currently, it is nearly impossible for debtors to discharge their student loans in bankruptcy; but under the new law, private student loans (not federal student ...
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  • Sallie Mae Blames New Student Loan Law For Job Losses

    Posted By admin || 28-May-2010

    Sallie Mae announced that a new law cutting out private lenders in the federal student business and stricter underwriting rules for private student loans will cost the company 2500 jobs. The law strips the middleman role in student lending away from banks. It's expected to save at least $60 billion in fees that went to banks to process government-backed student loans. Sallie Mae, which wrote a ...
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  • House And Senate Consider Bankruptcy Relief For Private Student Loan Borrowers

    Posted By admin || 27-May-2010

    The House and Senate are reviewing legislation that could allow bankruptcy courts to treat private student loans like other unsecured debt such as credit cards, which could mean that borrowers would have the ability to discharge private student loans in bankruptcy. Currently, both private and government backed student loans are treated like other hard to discharge debts such as taxes and domestic ...
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  • Could The Commercial Real Estate Foreclosure Crisis Reach 1980's Levels?

    Posted By admin || 27-May-2010

    North Texas commercial foreclosure filings have increased by more than 60 percent so far this year. Since January nearly 1400 commercial property foreclosure filings have been posted in the Dallas-Fort Worth area alone-compare that to last year's 900 commercial real estate foreclosure filings in the same period. When the commercial real estate foreclosure crisis first hit, it initially impacted ...
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  • Foreclosures Impact Dallas County Home Values

    Posted By admin || 26-May-2010

    Eighty percent of the approximately 360,000 residential properties reappraised this year will show decreases or no change in value, according to the Dallas Central Appraisal District. This is the second year in a row that the majority of homes in Dallas County have either decreased in value or remained stagnate. Last year 55 percent of the residential properties reappraised decreased in value, ...
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  • Fuddruckers' Parent Company Files Chapter 11 Bankruptcy

    Posted By admin || 26-May-2010

    Magic Brands LLC, the parent of Fuddruckers and Koo Koo restaurants has filed Chapter 11 bankruptcy and announced it will close 24 corporate owned locations by April 30 th including one of its Dallas-Fort Worth area stores located in Garland. None of the 135 franchised Fuddruckers has been included in the Chapter 11 bankruptcy. Magic Brands filed Chapter 11 bankruptcy with assets of $1 million to ...
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  • Homeowner Association Foreclosures Becoming More Common In Texas

    Posted By admin || 25-May-2010

    The number of foreclosures filed by homeowner associations (HOAs) and home equity lenders has risen dramatically this year. Already 350 Dallas-Fort Worth area homes are facing foreclosure sale in May because the owners owe money to homeowners associations or home equity lenders. "Especially from the homeowners associations, we have seen significant increases in postings," said Roddy, whose firm ...
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  • Why Mortgage Servicers Have Little Incentive To Modify Toxic Mortgages

    Posted By admin || 25-May-2010

    This month the Treasury Department will begin paying mortgage servicers $1,500 for approving the sale of homes for less than the balance of the mortgage, also known as a short sale. Also, if the mortgage servicer modifies a mortgage under the HAMP program, they will receive $1,000, plus additional money over the course of three years if they homeowner doesn't fall into foreclosure during that time ...
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  • Agent 007 On Hold As MGM Teeters On The Edge Of Bankruptcy

    Posted By admin || 25-May-2010

    MGM Studios, a movie studio which has been teetering on the edge of bankruptcy for months, just announced that the development of the movie BOND 23 will be put on hold indefinitely. "Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on BOND 23 indefinitely," producers Michael Wilson and Barbara Broccoli said ...
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  • Should Derivatives Receive Special Treatment In Chapter 11 Bankruptcy?

    Posted By admin || 24-May-2010

    Derivatives in the world of finance are financial instruments or agreements between two parties that has determined the value of something by its estimated future value. More simply put, it is the bet that a certain asset will be worth a certain price in the future. For example, a derivative might say if this group of houses is worth $1 billion, then Party A will pay Party B a certain amount of ...
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  • Employer Job losses And Bankruptcy Fuel High Office Space Vacancy

    Posted By admin || 24-May-2010

    As many companies contract due to job losses and bankruptcy, many office space landlords are facing a high vacancy rate that is decimating their profits and forcing them to make huge concessions in order to win tenants. "The strength of the Dallas-Fort Worth economy will return in 2010, though office operations will remain relatively weak through the end of the year," said Marcus & Millichap. ...
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  • Living The American Dream Without The Debt

    Posted By admin || 23-May-2010

    What is the American Dream? Before the economic recession began 3 years ago, many Americans may have described the American dream as having a big house, big car and access to lots of credit so that they too could live like the rich and fabulous. But after millions of Americans lost their jobs to business contraction, their homes to foreclosure and their access to easy credit to the credit crisis, ...
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  • Stop The Faux Moral Outrage About Personal Bankruptcy

    Posted By admin || 22-May-2010

    As the number of Americans filing bankruptcy reaches an all time high there has been a rise in the faux "moral outrage" against bankruptcy. Many so called debt repayment "gurus" are thumbing down their collective noses at bankruptcy and the debtors who rely on bankruptcy to get a fresh financial start. Many of these "gurus" seem to be on a witch hunt for spendthrifts who are using bankruptcy to ...
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  • Is Medical Debt Causing Hospital Bankruptcy Filings?

    Posted By admin || 22-May-2010

    The country has been hit by a string of hospital bankruptcy filings and closings that could impact healthcare access for many communities. St. Vincent's Hospital is the latest hospital to file Chapter 11 bankruptcy in the hope that the bankruptcy filing will allow it to continue operating and caring for its patients until it closes. The hospital filed Chapter 11 bankruptcy with more than $1 ...
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  • Predatory Payday Lenders Leech Off Unemployed Americans

    Posted By admin || 22-May-2010

    Just when we thought we had heard it all, the payday loan industry has a brand new trick up its sleeve. With the unemployment rate over 9 percent and millions of Americans on extended unemployment, many companies in the payday loan industry are now accepting unemployment checks as proof of income. That's right, unemployed Americans who are already struggling financially are now able to take out ...
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  • Tackling Mortgage Debt And Bankruptcy

    Posted By admin || 21-May-2010

    Now that many Americans are desperately struggling with debt, there has been a brand new crop of debt and wealth "gurus" who are imparting advice that may not be the best thing for many Americans struggling with debt troubles and considering bankruptcy. One of the most often repeated pieces of advice for homeowners is the suggestion that a home mortgage should be paid off as soon as possible. ...
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  • Four Signs You May Need To File Bankruptcy

    Posted By admin || 21-May-2010

    Reduced income while your expenses remain the same. Debtors who have suffered a job loss, salary reduction or have taken a job with compensation lower than what they've become accustomed to, may need to file bankruptcy. Reduced income over the short-term may be tolerable but long-term is another matter. Bankruptcy will help debtors discharge their debt while they adjust their lifestyle to their ...
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  • HAMP Is Failing - Time To Give Bankruptcy Courts More Power

    Posted By admin || 20-May-2010

    The HAMP foreclosure prevention program is suppose to help four million homeowners facing foreclosure; but the program is far from reaching its goal. The second wave of foreclosures is already upon us and the HAMP foreclosure prevention program is failing to make major progress in convincing lenders to modify toxic mortgages. The Treasury reported recently that as of March, nearly 228,000 troubled ...
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  • Six Questions You Should Ask Before Taking Out A Short Term Loan

    Posted By admin || 20-May-2010

    Finding fast cash for emergencies can be tough especially if you don't have savings and lack good credit. That's why so many people choose to take out payday loans, car title loans, tax refund anticipation loans and even purposely overdraft their bank account. But using any of the aforementioned methods to get fast cash could cause fast and long lasting financial problems. There is another way. ...
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  • A Cautionary Tale For Potential Real Estate Buyers

    Posted By admin || 19-May-2010

    In the bankruptcy case of O'Brien, Patrick S. and Denise L.; In re (Jensen v. O'Brien) , a land buyer may lose his investment because of failing to practice due diligence before buying the land. The details of the bankruptcy case: The plaintiff agreed to buy real estate that the debtors listed for sale on the Web site craigslist. The court described the transaction as being unorthodox. It was ...
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  • America Faces A Second Wave Of Foreclosures

    Posted By admin || 19-May-2010

    Last year we talked about how the (now failed) HAMP program and various foreclosure moratoriums were the only thing standing between homeowners and a second wave of foreclosures. Well, the time has come and that second wave of foreclosures is now upon us. Just in the first three months of 2010 more homes were lost to foreclosure than any other time since 2005. The number of homes taken in ...
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  • Some Credit Unions Say 'Bye Bye' To Overdrafts - Banks Should Too

    Posted By admin || 18-May-2010

    Some credit unions are banishing overdraft fees by creating checking accounts and debit card options that eliminate overdrafts by limiting an accountholders ability to withdraw only the amount of cash available in the account. The new system is called Cash Points Global (CPG) which is a controlled spending account with only electronic access via the CPG card. There are no checks, no paper ...
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  • Commercial Real Estate Developers Chose Bankruptcy To Thwart Foreclosure

    Posted By admin || 18-May-2010

    David Bagwell, a Colleyville luxury home developer has placed the partnerships that own three of his subdivisions into Chapter 7 bankruptcy so that he can avoid foreclosure on the undeveloped land. The group of creditors who hold the debt for the partnerships called Old Grove Ltd, Broughton Ltd. and Broadland Ltd., demanded payment from Bagwell, forcing him to file bankruptcy or face foreclosure. ...
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  • Big Banks Pushing "Shadow" Payday Loans?

    Posted By admin || 17-May-2010

    A new report was recently released by the Center for Responsible Lending, stating that many mainstream banks are offering short-term, high-interest loans that are basically payday loans in the form of a paycheck advances. These loans charge $10 per $100 per month and amount to an annual percentage rate of 120 percent or more violating the ban on triple-digit interest rates in 15 states and the ...
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  • States Can File Objection To Bankruptcy Plan On Behalf Of Domestic Support Claimant

    Posted By admin || 17-May-2010

    In the Chapter 13 bankruptcy case of Trupp, Douglas; In re, the bankruptcy court partially sustained an objection to the confirmation of a debtor's Chapter 13 bankruptcy plan. The details of the bankruptcy case: In the debtor's Chapter 13 case, the Arizona Department of Economic Security filed a priority claim in the amount of $106,607 for a prepetition child support arrear­age. The claim listed ...
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  • How Does Chapter 11 Bankruptcy Help Small Business?

    Posted By admin || 16-May-2010

    \ How Bankruptcy Helps Small Business Small businesses that choose to file Chapter 11 bankruptcy have an opportunity to get their financial affairs in order, reduce and get a fresh financial start. Many businesses think of bankruptcy as an end to their dream; but Chapter 11 bankruptcy is not an end to their business but rather an end to the debt troubles that are preventing their company from ...
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  • Former Detroit Piston Files Chapter 7 Bankruptcy

    Posted By admin || 16-May-2010

    Former Detroit Piston Derrick Coleman filed for Chapter 7 bankruptcy with $4.7 million in debts and a little over $1 million in assets. Coleman, whose 15-year NBA career ended with the Pistons in 2005, had interests in a wide range of real estate, retail and restaurant companies. His interests included a stake in Detroit's Sweet Georgia Brown restaurant, which closed in February, and franchises in ...
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  • More Rich And Famous Homeowners Succumb To Foreclosure

    Posted By admin || 15-May-2010

    Just when financial pundits claim that the economy is improving many rich and famous individuals are losing their homes to foreclosure. Just this week, a Tudor mansion in Bel-Air belonging to film star Nicolas Cage was in foreclosure auction and reverted to the lender. On Wednesday, Richard Fuscone, a former top Wall Street executive, declared personal bankruptcy, forestalling a foreclosure ...
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  • Will Blockbuster's Attempts To Restructure Outside Bankruptcy Prove Successful?

    Posted By admin || 13-May-2010

    Blockbuster's announcement that it has secured new agreements with major studios that offer enhanced payment terms in exchange for a first lien on the company's Canadian assets sent its stock trading slightly higher. But are Blockbuster's efforts to restructure outside of Chapter 11 bankruptcy bound for failure or success? Blockbuster's CEO Tom Casey is hoping he can help the company survive ...
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  • Overcoming The Presumption Of Bankruptcy Abuse

    Posted By admin || 12-May-2010

    When a debtor decides to file bankruptcy, in order to determine if they should file Chapter 7 bankruptcy or Chapter 13 bankruptcy it must first be determined if their income is above the median income for Texas. And a debtor's income is only determined by their past six months of income before filing bankruptcy. If it is determined that a debtor considering bankruptcy earns more than the median ...
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  • Commercial Real Estate Vacancy Rates Rise As Foreclosures And Bankruptcy Loom

    Posted By admin || 12-May-2010

    The U.S. office vacancy rate has reached its highest level in 16 years and many commercial properties may face foreclosure or bankruptcy if occupancy rates don't increase soon. The U.S. office vacancy rate rose to 17.2 percent, a level unseen since 1994, as the market lost about 11.6 million net square feet of occupied space during the first quarter, according to the report released on Monday. The ...
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  • Three Reasons Why You Should Not Pay Taxes With A Credit Card

    Posted By admin || 11-May-2010

    It has become a lot easier for taxpayers to pay their taxes using a credit card; but doing so may not be a good idea. Below are three reasons why a debtor should not pay their taxes with a credit card. You will end up paying more. Yes paying your taxes late will result in interest and penalty fees; but that won't be nearly as much as the interest you will pay on a credit card. Compared to credit ...
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  • Overcoming Challenges Facing Companies Considering Chapter 11 Bankruptcy

    Posted By admin || 11-May-2010

    In many cases only about half of businesses who need to file bankruptcy actually go ahead and file Chapter 11 bankruptcy. At a time when businesses are facing more economic troubles than ever, why is that so many choose to forgo the benefits of bankruptcy? Well mostly because perceived challenges either real or imagined. Let's take a look at some of these challenges and how businesses can overcome ...
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  • Six Flags Files Amended Chapter 11 Bankruptcy Plan

    Posted By admin || 10-May-2010

    For the third time since it first filed Chapter 11 bankruptcy, Six Flags Inc filed an amended reorganization plan of reorganization that if approved, will formalize last month's agreement putting junior bondholders in control of the company once it exits Chapter 11 bankruptcy. Just last month, analysts thought that Six Flags would back a bankruptcy plan proposed by Avenue Capital Group ...
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  • Don't Be Fooled By "Free" Credit Health Companies

    Posted By admin || 8-May-2010

    It's been seven years since credit bureaus have been required by law to provide Americans with annual access to their credit reports, at no charge; but the the AnnualCreditReport.com web site created to manage the process has been overshadowed by a variety of companies claiming they can offer "free" credit health reports leaving many consumers confused and out of money they could have spent ...
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  • New Health Care Reform Bill May Hold Some Surprises For Student Loan Debtors

    Posted By admin || 8-May-2010

    In a bill that is suppose to address the current health care issues facing the country there are a few surprises for debtors struggling under the weight of student loans. As of July 2010, all new federal student loans will be issued directly from the U.S. Department of Education, cutting out banks as middle-men. This doesn't mean that private bank loans will disappear totally; but they may simply ...
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  • Tribune's Creditors Complain Bankruptcy Court Gives Them Little Time To Object

    Posted By admin || 8-May-2010

    After the Tribune Company filed its fifth request for an extension to file a bankruptcy reorganization plan without interference, some of the company's biggest creditors complained that it was unfair to be given only three business days to object to the company's extension request. Citing "serious concerns" about the extension, the lenders said Tribune was trying to force them to "shoot in the ...
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  • General Growth Readies To Present Bankruptcy Exit Plan

    Posted By admin || 7-May-2010

    General Growth Properties Inc., announced that it has reached an agreement with Brookfield Asset Management Inc., Pershing Square Capital Management LP and Fairholme Capital Management LLC, to reorganize the second largest U.S. mall owner by infusing $6.55 billion into the company. Brookfield, Pershing Square and Fairholme will commit $6.55 billion of new equity capital at a value of $15 a share ...
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  • Unsecured Creditors Desperately Fight For Pennies In Chapter 11 Bankruptcy

    Posted By admin || 7-May-2010

    Unsecured Creditors and Chapter 11 Bankruptcy Traditionally, Chapter 11 bankruptcy left unsecured creditors with at least some equity in the reorganized company or part of the proceeds of a sale if nothing else. However, due to the recession and the massive amounts of losses hitting debtor companies and creditors alike, many unsecured creditors are being left with nothing after a company exits ...
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  • Many Chapter 11 Bankruptcy Debtor-Companies Turn To "Junk" Bond Financing

    Posted By admin || 7-May-2010

    While most debtor-companies in Chapter 11 bankruptcy depend on financing from banks to fund their bankruptcy exits, there is an increase in the number of companies turning to high-yield bonds (junk bonds) to fund their bankruptcy exit. Junk bond sales have surged to records every month since December as companies contend with "wall of maturity" over the next few years, prompting a rush to ...
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  • Debtors Are Not Required To Financially Punish Themselves Because Of Past Mistakes

    Posted By admin || 6-May-2010

    There seems to be an upsurge of anti-bankruptcy rhetoric aimed at indebted Americans to make them feel guilty about their financial circumstances which force them into bankruptcy. Since the critics can't honestly say that bankruptcy is not an effective way to discharge debt and get a fresh financial start, now many are saying that bankruptcy is immoral and too easy. Let's get to the bottom of the ...
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  • Three Tax Myths That Could Land You In Trouble With The IRS

    Posted By admin || 4-May-2010

    Around tax time a lot of myths get thrown about online and offline. If you want to stay out of trouble with the IRS and get your tax situation done correctly take a look at some of the most common but nonetheless untrue tax myths out there: Money earned online is tax-free. Whether you earn money online or offline, all revenue is taxable by the IRS and must be reported to the IRS on your income tax ...
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  • Texas Unemployment Numbers Remain Stagnant

    Posted By admin || 3-May-2010

    Many analyst watching Texas unemployment had shown a glimmer of hope when job gains were posted in January. However, a loss of 13,000 jobs in February erased January's meager gains. Currently, many of Texas' employers are implementing job losses and Texas' unemployment rate remains stagnant at 8.2 percent as of February. "The Texas unemployment rate remained at 8.2 percent for the fourth month in ...
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  • Mortgage Modification Offers Now A Measure Of Progress?

    Posted By admin || 1-May-2010

    In a report issued by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the Obama administration is measuring the performance of the foreclosure prevention program by a questionable standard. At the program's launch in February 2009, Obama officials said it would help 3 million to 4 million homeowners. But with only 170,000 borrowers completing the program so far, ...
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  • President Obama Signs Health Care Reform Bill

    Posted By admin || 30-Apr-2010

    President Obama has signed the landmark $875 billion health care reform bill into law at the White House. In our previous blog we discussed changes that could take effect immediately; but below are some changes that could take effect by 2016. • New health insurance subsidies would be provided to families of four making up to $88,000 annually, or 400 percent of the federal poverty level. • Health ...
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  • Chapter 11 Bankruptcy Settlement For Six Flags

    Posted By admin || 29-Apr-2010

    Six Flags filed Chapter 11 bankruptcy in June listing assets of $2.9 billion against debt totaling $3.4 billion, including an $850 million secured term loan and a $243 million revolving credit. But the fight for control of the bankrupt amusement park may end in a Chapter 11 bankruptcy settlement agreement if the plan is approved by the bankruptcy court. In the compromise announced in the Delaware ...
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  • How To Avoid The Coming Credit Card Backlash

    Posted By admin || 28-Apr-2010

    With the implementation of the Credit Card Act last month, many credit card companies are taking actions to make up for lost profits. The implementation of annual fees and inactivity fees are just two of the most commonly used strategies being utilized by credit card companies to fill in the gap of lost profits. But what can credit card customers do to avoid these extra fees by credit card ...
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  • Five Ways To Avoid Foreclosure

    Posted By admin || 28-Apr-2010

    Homeowners fighting foreclosure often feel overwhelmed by the magnitude of their situation. When trying to save their home, the choices available can often seem confusing or even inaccessible. Below we take a look at five ways that a homeowner can save their home from foreclosure. If you're facing foreclosure and want to remain in your home, you may consider arranging a forbearance with your ...
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  • Is The Newest Foreclosure Prevention Program Just Another Failure Waiting To Happen?

    Posted By admin || 28-Apr-2010

    Starting April 5, 2010, homeowners facing foreclosure will have an additional program to access that is designed to prevent foreclosure. Then newest foreclosure prevention program designed by the Obama administration, homeowners facing foreclosure will be encouraged to sell their home their home for less than what they owe on the mortgage (short sale). Under the new program, the servicing bank, as ...
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  • The Trump Casino Bankruptcy Showdown

    Posted By admin || 27-Apr-2010

    The Trump casino bankruptcy in winding down to a close as two opposing parties battle to gain control of the bankrupt company. Billionaire Carl Icahn and banker Andy Beal are at a standoff against bondholders as both parties struggle for control over the Trump casinos and present their bankruptcy exit plans to bankruptcy Judge Judith H. Wizmur. Both parties presented their closing arguments to the ...
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  • Will The New Health Care Bill Reduce Medical Bankruptcy?

    Posted By admin || 2-Apr-2010

    Sunday night, legislators in the House of Representatives voted for the historic health care reform bill which will be signed into law on Tuesday by President Obama. But will this shift in how Americans receive health care impact the number of medical bankruptcies in this country. Well let's take a look at some of the provisions in the new bill. What will become effective immediately? Health ...
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  • Bankruptcy Court Allows Discriminatory Repayment When Benefiting Debtor Rehabilitation

    Posted By admin || 2-Apr-2010

    In the Chapter 13 bankruptcy case of Caccamise, Joseph and Cynthia; In re, the bankruptcy court ruled that it was okay for a debtor to pay one credit card in full while only paying others partially because the debtor needed access to the credit card for her business. The details of the bankruptcy case: The below-median income Chapter 13 debt­ors had $5,195 in take-home pay and $5,088 in expenses. ...
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  • Foreclosures Set Another Record For Dallas-Fort Worth

    Posted By admin || 2-Apr-2010

    Foreclosures in the Dallas-Fort Worth area have soared again, setting a new monthly record for the Dallas-Fort Worth area. Mortgage lenders posted 6,168 foreclosures scheduled for the month of April. This is the only the second time that foreclosures in the Dallas-Fort Worth area have topped 6,000, the last time was last July when 6,072 foreclosures were posted. April's foreclosure posting are an ...
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  • Scam Artist Pleads Guilty To Defrauding Homeowners

    Posted By admin || 1-Apr-2010

    Harris Poulikidis, 62, pleaded guilty in a federal court participated in a bank fraud scheme that forced several low-income homeowners into bankruptcy by saddling them with excessive amounts of debt they were unable to pay. Poulikidis admitted that he caused a homeowner to obtain a $61,500 loan from Fremont Investment and Loan to refinance a mortgage and to provide approximately $19,350 in home ...
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  • IRS Warns Taxpayers To Avoid Common Tax Scams

    Posted By admin || 1-Apr-2010

    The Internal Revenue Service has issued a list of several common tax scams that taxpayers should avoid. Below we take a look at just a few of them. To see the complete list visit www.irs.gov. Return Preparer Fraud - Taxpayers need to watch out for tax preparers who attempt to gain extra profit from their clients by skimming a portion of their client's tax refund, charging high fees and by ...
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  • Considering Loading Your Tax Refund On A Prepaid Credit Card? Just Say "NO"

    Posted By admin || 1-Apr-2010

    As if tax preparation companies haven't come up with enough schemes to pry money out of taxpayers' hands, now some tax preparation companies are encouraging taxpayers to load their tax refund on a "convenient" prepaid credit card. Just say no to this new scheme which will leave the tax preparers and banks with more of your hard earned money. Below are five reasons why you should avoid loading your ...
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  • Blockbuster Again Warns Of Possible Chapter 11 Bankruptcy

    Posted By admin || 31-Mar-2010

    Blockbuster Inc., has again warned of a possible Chapter 11 bankruptcy filing if it is unable to turn its business around. In an annual report it filed recently, Blockbuster said that it was concerned that it would not be able to continue without filing bankruptcy due to declining sales and a lack of sufficient cash flow. In an effort to correct the situation and avoid filing Chapter 11 ...
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  • Congress Approves Jobs Incentive Bill In Effort To Curb Unemployment

    Posted By admin || 31-Mar-2010

    Congress has approved a jobs incentive bill that is aimed at curbing unemployment and stimulating job growth. Under the new spending bill companies that hire unemployed workers will get a temporary payroll tax holiday. The bill which passed Wednesday contains about $18 billion in tax breaks and a $20 billion infusion of cash into highway and transit programs. Among other things, it exempts ...
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  • Movie Studio MGM Struggles To Avoid Bankruptcy

    Posted By admin || 29-Mar-2010

    Movie studio Metro-Goldwyn-Mayer is still struggling to sale itself and find a non-bankruptcy method of reorganizing its $5 billion debt load. But with about 10 days to go before the next round of potential investor bids are due, MGM may need to seriously consider filing Chapter 11 bankruptcy if it is to survive. MGM put itself up for sale last fall as part of an effort to pay off the debt it took ...
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  • More Medical Debt For Senior Citizens As Healthcare Costs Rise

    Posted By admin || 29-Mar-2010

    More senior citizens may face mounting medical debt as monthly premiums rise on popular Medicare Advantage plans with drug benefits. Senior citizens enrolled in Medicare Advantage plans with drug benefits will see an increase of 14.2 percent for their monthly premiums this year as opposed to the 5.2 percent increase they experienced from 2008 to 2009. The health insurance industry blames the ...
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  • Use Your Tax Refund To File Bankruptcy If...

    Posted By admin || 29-Mar-2010

    The tax deadline is just a few weeks away and many debtors are expecting at least a few thousand dollars in their tax refund check. But what should debtors do with that money? Buy a car, TV, pay off credit card debt? Well if you're drowning in debt, like many debtors, you should probably use that tax refund to file bankruptcy if: If you are unemployed and have been unemployed for at least a few ...
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  • Debtor Denied Motion Due To Improper Notice

    Posted By admin || 26-Mar-2010

    In the Chapter 13 bankruptcy case of Hannon, Mary; In re (Hannon v. Countrywide Home Loans Inc.) , the bankruptcy court denied a debtor's motion for sanctions against a creditor because the debtor failed to properly notify the creditor and give them time to correct the problem. The details of the bankruptcy case: Countrywide Home Loans filed a proof of claim stating an arrearage of $9,294 of which ...
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  • Be Careful What Oral Agreements You Make With Creditors

    Posted By admin || 26-Mar-2010

    In the Chapter 13 bankruptcy case of Janssen, Richard D.; In re (Janssen v. Chase Home Finance LLC) , the bankruptcy ruled against a debtor who changed his mind about an oral creditor/debtor settlement agreement. The details of the bankruptcy case: After he received a Chapter 13 discharge, the debtor sued Chase Home Finance alleging that the lender failed to abide by the terms of his confirmed ...
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  • Chapter 13 Bankruptcy Debt Limits Increase

    Posted By admin || 26-Mar-2010

    When a debtor decides to file for Chapter 13 bankruptcy, there is a limit on how much debt they can have. As of April 1, 2010 the debt limits for Chapter 13 bankruptcy will increase by 7 percent. Chapter 13 bankruptcy debt limits for unsecured debt will be $360,475 and for secured debt, the limit will be $1,081,400. What this means is that a debtor filing Chapter 13 bankruptcy cannot have more ...
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  • Four Things You Should Do If Suffer A Job Loss

    Posted By admin || 26-Mar-2010

    When a debtor faces a job loss, the first thing they should do is apply for unemployment insurance. Don't make the assumption that you don't qualify for unemployment insurance, apply and allow them to approve or not approve your benefits. One of the mistakes that many unemployed workers make is waiting too long to apply for their unemployment benefits, don't make that mistake, apply as soon as you ...
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  • Strange Case Where Bankruptcy Can Help a Prisoner Remove Years from his Sentence

    Posted By admin || 25-Mar-2010

    Michael Lee Wilson could have 10 years removed from his 20 year sentence if his bankruptcy comes up with $2 million for his victims. Back in October, Michael Lee Wilson Pleaded guilty to 59 felony counts of grand theft, because he had been scamming people through his mortgage company, Pacific Coast Mortgage, for several years. He was originally arrestede in July and charged with 147 counts of some ...
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  • Celebrity Bankruptcy: Nicholas Cage Update

    Posted By admin || 25-Mar-2010

    Actor Nicolas Cage's Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year. Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what the movie star paid for it in 2006. Could Nicholas Cage have saved his home ...
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  • Natural Products Group Files Prepackaged Chapter 11 Bankruptcy

    Posted By admin || 25-Mar-2010

    Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities. Lenders who hold 90 percent of the company's loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less. The company plans to borrow up to $20 million to fund operations during its bankruptcy, known as a ...
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  • Six Important Bankruptcy Code Changes from the Bankruptcy Reform Act of 1978

    Posted By admin || 25-Mar-2010

    The first major bankruptcy legislation since the Chandler Act of 1938 brought major changes to the U.S. Bankruptcy Code. Bankruptcy is a process that has been refined over several years and through several pieces of legislation. When looking at the history of bankruptcy, you can usually turn to just a few pieces of legislation that brought major changes to the bankruptcy process. Of course, there ...
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  • Tribune's Bankruptcy Dispute Spawns "World War III"

    Posted By admin || 24-Mar-2010

    Senior creditors in the Tribune Co's Chapter 11 bankruptcy proceeding have warned the bankruptcy court against allowing bondholders to sue over the legitimacy of $10 billion of the bankrupt company's debt. The bondholders claim that $10 billion in debt for a leveraged buyout of the Tribune in 2007 was fraudulently incurred and therefore holders of the debt should have their claims disallowed or ...
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  • Myths and Facts About Debt Collection

    Posted By admin || 24-Mar-2010

    Many debtors are intimidated by debt collectors who often cast themselves as these all powerful entities who can wreck havoc on a debtor's life. But the truth of the matter is that debt collectors aren't as powerful as they seem, it's just that many debtors' lack of knowledge about their rights and the limitations of debt collectors make them vulnerable to debt collector tall tales. Here are a ...
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  • Mortgage Fraud Could Cause More Foreclosures

    Posted By admin || 23-Mar-2010

    A former loan officer in the Dallas-Fort Worth area has been sentenced to over 3 years in a federal prison and ordered to $751,075 for falsifying mortgage documents sent to the U.S. Department of Housing and Urban Development. Lynn Anne Ingle, 36, of Burleson is the second person to admit guilt in a scheme that cost HUD $964,814 after 21 mortgages defaulted, according to HUD and court documents. ...
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  • Bankruptcy Works Its Magic On General Motors

    Posted By admin || 23-Mar-2010

    Since emerging from Chapter 11 bankruptcy in July, General Motors Co. has become somewhat of a poster child for how bankruptcy can turn around even the most seemingly doomed enterprise. In the throes of the recession, General Motors' future was questioned and its viability as a company uncertain. After filing Chapter 11 bankruptcy it was forced to make huge changes to the way it did business, ...
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  • American Recovery Capital Loans May Not Help Businesses Avoid Bankruptcy

    Posted By admin || 23-Mar-2010

    Last year the Obama administration created the American Recovery Capital lending program which is providing $255 million in emergency loans until September for "viable" small businesses facing immediate financial hardship. Businesses facing financial problems could receive deferred payment loans of up to $35,000 interest-free for five years. However the program has not worked out as many had hoped ...
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  • How Support Obligations Are Handled In Bankruptcy

    Posted By admin || 23-Mar-2010

    When a divorced debtor files bankruptcy they are often facing a special set of circumstances that may impact how their bankruptcy proceeds. One of those special circumstances is the obligation to pay domestic support to a former spouse or child. For the purposes of bankruptcy, domestic support obligation is defined as money that must be paid to 1) a spouse, former spouse, or child of the debtor or ...
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  • Four Reasons Chapter 7 Bankruptcy May Be Right For You

    Posted By admin || 22-Mar-2010

    If you are low or no-asset debtor, it is unlikely that you will need to pay any money to your creditors or be required to liquidate any of your assets. Because of the bankruptcy codes' generous exemptions system, many Chapter 7 bankruptcy debtors are able to protect all of their assets from seizure during bankruptcy. Because of bankruptcy exemptions, most Chapter 7 bankruptcy debtors are able to ...
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  • Four Tips For The Post Bankruptcy You

    Posted By admin || 22-Mar-2010

    Bankruptcy offers debtors the chance at a fresh financial start. But what does a debtor do once their debt has been discharged and their bankruptcy case closed? Below are four tips every post bankruptcy debtor should follow if they want to start their fresh start out on the right foot. Live within your means. Debtors exiting bankruptcy must learn to rely less on debt and more on the real income ...
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  • Can A Health Care Overhaul Reduce Medical Bankruptcy?

    Posted By admin || 22-Mar-2010

    The Obama administration and legislators are currently debating the feasibility of health care reform. Senate majority Leader Harry Reid made an interesting observation about how medical debt often influences a debtor's decision to file for bankruptcy: "In 2008, about 750,000 bankruptcies were filed. About 70 percent of those bankruptcies were filed because of health care costs. Eighty percent of ...
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  • Reader's Digest Emerges From Chapter 11 Bankruptcy

    Posted By admin || 22-Mar-2010

    Reader's Digest Association, one of the most popular magazines in the US, has emerged from Chapter 11 bankruptcy, six months after seeking bankruptcy protection. The company said on Monday it was able to slash its US$2.2 billion ($3.1 billion) debt load by 75 per cent and boost its capital levels. It has access to US$525 million in funding after refinancing certain bonds, which also will save the ...
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  • New Credit Card Disclosures May Not Reach Debtors Who Bank Online

    Posted By admin || 19-Mar-2010

    The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online or pay their credit card bill through automatic electronic payment. Debtors who bank online and forgo ...
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  • Job Losses Lead To A Sluggish Housing Market

    Posted By admin || 19-Mar-2010

    Home sales were down in January, another sign that the housing market may not be recovering as quickly as many had hoped. Sales of previously owned homes fell by 7.2 percent bringing the number of homes sold to its lowest level since summer. "Most of the improvement that we've seen in housing over the past year has been tied to some sort of stimulus program," said Wells Fargo economist Mark ...
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  • Single Bankruptcy Debtors Not Allowed Two Cars At The Expense Of Unsecured Creditors

    Posted By admin || 19-Mar-2010

    In the Chapter 13 bankruptcy case of Daniel-Sanders, Andrea C.; In re, the bankruptcy court ruled that a single debtor in Chapter 13 bankruptcy could in fact keep two cars but could only do so if it did not diminish bankruptcy plan payments for unsecured creditors. The details of the Chapter 13 bankruptcy case: The unmarried Chapter 13 debtor took Means Test deductions for two cars. One was a 2004 ...
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  • Regent Communications Files Chapter 11 Bankruptcy

    Posted By admin || 19-Mar-2010

    Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million. Regents and creditors are proposing a debt exchange which will give creditors control of the broadcaster. Under terms of a ...
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  • Three Dangers Of Hiding Debt

    Posted By admin || 18-Mar-2010

    In troubled times many people turn to debt to make ends meet, take care of emergencies or just to relieve the stress of everyday life by charging shopping sprees to their credit card. But more and more Americans are not only become more indebted, they are choosing to rack up large amounts of debt secretly. Many hide their debts from their spouse, children and parents. But hiding debt that is out ...
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  • Four Reasons Why Foreclosures May Skyrocket

    Posted By admin || 18-Mar-2010

    Re-defaults on loan modifications. Many homeowners who attempted to avoid foreclosure by signing up for a 3 month trial in the HAMP program may end up falling into default again. Presently, the number of defaults in the HAMP program has exceeded 60 percent and many analysts expect that number to rise. Upside-down mortgages. One of the biggest causes of foreclosure now is the large number of ...
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  • Will I Lose All Of My Property If I File Bankruptcy?

    Posted By admin || 18-Mar-2010

    One of the most insidious myths about bankruptcy is that debtors who file bankruptcy will lose all of their personal property. For the umpteenth time, this myth is simply not true. A matter of fact, most debtors who file Chapter 7 bankruptcy do not lose any of their property. Every state, plus the federal bankruptcy code provides a generous amount of exemptions for debtors to use during ...
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  • Bankruptcy Debtor Denied Motion To Avoid Liens

    Posted By admin || 17-Mar-2010

    In the Chapter 7 bankruptcy case of Spears, Raquel C.; In re, the debtor was denied a motion to avoid two liens against a commercial property that she owned. The details of the bankruptcy case: The Chapter 7 debtor filed a motion to avoid a judgment lien and a mechanic's lien against commercial property that she owned. The debtor asserted that the mort­gage on the property exceeded the property's ...
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  • I've Paid Several Bills Before Filing Bankruptcy - Will The Bankruptcy Court Demand The Money Be Returned?

    Posted By admin || 17-Mar-2010

    The bankruptcy code allows the bankruptcy trustee to demand the return of assets that were transferred before a debtor filed bankruptcy under certain circumstances. The debtor made payments on a debt that gave that creditor preferential treatment over other creditors. For example, if a debtor repaid a relative while not paying on their other debts, that money may need to be returned to the ...
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  • Job Losses and Bankruptcy Create Smaller Airline Industry

    Posted By admin || 17-Mar-2010

    According to a recent report by the Bureau of Transportation, the U.S. airline industry has lost tens of billions of dollars and over 170,000 of jobs over the past 10 years. A combination of lost revenue and several bankruptcy filings have conspired to shrink the industry significantly. The impact of job losses and bankruptcy can be seen greatest in the major airline carriers. United Airlines ...
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  • Five Steps To Conquering Monstrous Debt

    Posted By admin || 16-Mar-2010

    The first step to conquering debt that has gotten out of control is to get honest with yourself. Take the time to find out how much you owe, how much you earn and what the real gap is in between. One of the biggest shockers debtors experience when they file bankruptcy is just how indebted they really are compared to what they had imagined. Don't engage in self-deception, get to the root of the ...
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  • How The "New Payment Hierarchy" Can Be A Path To Financial Destruction

    Posted By admin || 16-Mar-2010

    Credit experts are explaining the new trend of American debtors paying credit cards off to the detriment of their home mortgages as the 'new payment hierarchy." But what some so-called credit experts may describe as a new payment hierarchy is really just more damaging behavior that could lands millions of Americans into foreclosure and on the path of financial destruction. ... a small slice of ...
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  • Five Tips For Self-Employed Debtors Filing Bankruptcy

    Posted By admin || 15-Mar-2010

    Tip #1 - Make sure your business and personal finances are separate before you file bankruptcy. Take an effort to keep track of your business expenses and income while simultaneously keeping your private finances in order before you bankruptcy filing. Tip #2 - Work with an accountant if necessary to calculate what your monthly income is before you file bankruptcy. The bankruptcy court will look at ...
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  • Can I Convert My Chapter 13 To Chapter 7 Bankruptcy?

    Posted By admin || 8-Mar-2010

    Chapter 13 bankruptcy allows a debtor to repay all or part of their debts over a 3 to 5 year period of time. However, some debtors who have filed Chapter 13 bankruptcy may find themselves facing new financial difficulties at some point during the repayment period that prevents them from making agreed upon payments. This reason alone has been major factor is scaring off some debtors from filing ...
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  • Dallas-Forth Foreclosures Continue To Rise

    Posted By admin || 8-Mar-2010

    Foreclosures in the Dallas-Fort Worth area rose again by 18 percent compared to last month's foreclosure filings. But compared to last year's foreclosure filings in the same month, the foreclosures increased by a whopping 37 percent. Many analysts believe that many foreclosures that were on hold at the end of 2009 are now being released causing the most recent rise in foreclosures. Also, many ...
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  • Online Video Sharing Company Files Chapter 7 Bankruptcy

    Posted By admin || 8-Mar-2010

    Veoh, an online video sharing service plans to file for Chapter 7 bankruptcy and liquidate its business, according to the company's founder, Dmitry Shapiro. Shapiro posted a passionate open letter blaming a legal battle with Universal Music Group for the company's bankruptcy: "Two years ago, Universal Music Group (UMG), the largest music company in the world sued Veoh alleging copyright ...
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  • Mosaic Apartments Face Foreclosure

    Posted By admin || 5-Mar-2010

    The Mosaic Building apartments in downtown Dallas is facing foreclosure. At least one of the building's lenders has filed foreclosure on a $63 million loan. Businesses and residents leasing in the building will not be impacted by the foreclosure. Hamilton Properties which owns Mosaic said that it has no plans to lay off employees and there are no rumors of a future bankruptcy. The company is ...
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  • Property Taxes and Bankruptcy

    Posted By admin || 5-Mar-2010

    Many debtors behind on both their mortgage and property taxes wonder if bankruptcy can be used to stop a property tax sale of their home. Bankruptcy Can be Used to Stop a Property Tax Sale Fortunately for debtors facing a property tax sale of their home, bankruptcy can be used to stop the sale if they move quickly. Here's what you need to do: Before filing for bankruptcy, find out if there is a ...
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  • Separating Bankruptcy Fact From Fiction

    Posted By admin || 4-Mar-2010

    When it comes to bankruptcy there is a lot of misinformation floating around. Many debtors considering bankruptcy often listen to the half-truths and outright myths about bankruptcy instead of getting the truth from qualified sources. Let's take a look two of the most common myths out there about bankruptcy and get to the bottom of the truth. Myth : Bankruptcy will ruin your credit for 10 years ...
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  • Penton Business Media Holding Files Chapter 11 Bankruptcy

    Posted By admin || 3-Mar-2010

    Penton Business Media Holdings Inc. filed for Chapter 11 bankruptcy protection in hopes that the company can reduce the large amount of debt it incurred when the company bought trade-magazine publisher Penton Media Inc. three years ago. Penton Business Media came to its bankruptcy decision after it became apparent it may not be able to pay its debts. Penton Business and Penton Media filed Chapter ...
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  • How To Thrive Financially After Bankruptcy

    Posted By admin || 3-Mar-2010

    Bankruptcy offers an opportunity at a fresh financial start of even the most indebted individuals. But how does a debtor ensure that their financial affairs remain in the "black" after a bankruptcy? Here are a few tips: Create A Budget - Whether you filed a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, creating and sticking to a realistic budget will help you manage your financial affairs ...
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  • What Senior Citizens Need To Know About Reverse Mortgages

    Posted By admin || 3-Mar-2010

    Reverse mortgages have become a very popular method for seniors to get cash out of their home during this recession. But what do senior citizens need to know about reverse mortgages before they commit? While reverse mortgages are a "no recourse" loan, the heirs of the debtor may still lose the property (to foreclosure) if the loan is not repaid after the debtor's death or move. Reverse mortgages ...
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  • What To Expect From The Credit Card Industry In 2010

    Posted By admin || 2-Mar-2010

    After the passing of the Credit Card Act, which will restrict credit card companies' ability to increase interest rates, amongst other things, the credit card industry took decisive action to soften the blow to their profits. Below are some of the changes you may see on your credit card in 2010: An annual fee. Since the Credit Card Act was passed, about 43 percent of new credit card offers ...
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  • ALERT: Phony Pay Day Debt Collectors

    Posted By admin || 2-Mar-2010

    It's an unfortunate reality but many debtors are not only facing aggressive collection action by creditors they are also being scammed by phony debt collectors. One such scam includes a payday loan scheme that requires the debtor to wire money to the scammer or face imprisonment. Here's how it works and what you can do to avoid falling for the ploy: The debtor will receive a phone call from a debt ...
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  • Above Median Income Earners and Bankruptcy

    Posted By admin || 1-Mar-2010

    In 2005 the bankruptcy code was changed to make it difficult for above median income earners to file Chapter 7 bankruptcy and discharge their debts. In Texas, the median income for a 2 person family is $30,502. If a debtor with a 2 person family earns more than $30,502 they may be forced to file Chapter 13 bankruptcy, although there are exceptions. The change was made to the bankruptcy code ...
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  • Tribune Company's Bankruptcy Extension Request Approved

    Posted By admin || 1-Mar-2010

    Bankruptcy judge Kevin Carey approved the Tribune Company's exclusivity extension request, allowing the company until the end of March to resolve outstanding issues delaying the company's emergence from bankruptcy and present an effective reorganization plan. The main point of contention is an $8.2 billion leveraged buyout in 2007 that according to an official committee of unsecured creditors, ...
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  • Federal Trade Commission To Reimburse Consumers Scammed By Debt Collectors

    Posted By admin || 1-Mar-2010

    The Federal Trade Commission (FTC) successfully sued three debt collection companies who scammed consumers into paying money they did not really owe. A total of $1.6 million was recovered from the debt collection scammers and will be distributed to 24,916 consumers. In 2003, the FTC sued three companies, operating under the name National Check Control, charging them with harassing and abusing ...
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  • Federal Trade Commission Takes Steps To Protect Homeowners

    Posted By admin || 1-Mar-2010

    The Federal Trade Commission (FTC) has proposed changes to the law that would prohibit so-called "foreclosure prevention" companies from charging up-front fees for their services. "Homeowners facing foreclosure or struggling to make mortgage payments shouldn't have to contend with fraud­ulent companies that don't provide what they promise," FTC Chairman Jon Leibowitz said. "The proposed rule would ...
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  • Be Cautious When Using Alternative Financing, It Could Land You In Financial Trouble

    Posted By admin || 26-Feb-2010

    Despite a push to increase small-business lending, it is still very difficult for small companies to get traditional loans from banks. That fact has many small businesses looking to less traditional means to finance their business ventures; however this trend could land some start-ups in financial straits. A recent survey by the National Small Business Association found that a third of firms can't ...
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  • Dallas-Fort Worth Commercial Real Estate Foreclosures Surge

    Posted By admin || 26-Feb-2010

    Approximately 250 commercial real estate properties in the Dallas Fort-Worth area are facing foreclosure. Foreclosure filings for about 250 properties include buildings, hotels, shopping centers, warehouses and commercial land. In total, the foreclosures represent more than $900 million in debt. Some of the biggest foreclosures were the Four Seasons Resort and Club with more than $183 million in ...
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  • Employer Hiring Freeze Fuels High Unemployment

    Posted By admin || 26-Feb-2010

    While the U.S. lost 106,000 jobs since January, employers have added a net 52,000 temporary jobs since then. But many economists are saying that the increase in temporary jobs may not be a sign that there is a jobs recovery on the horizon. "I think temporary hiring is less useful a signal than it used to be," says John Silvia, chief economist at Wells Fargo. "Companies aren't testing the waters by ...
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  • How Chapter 11 Bankruptcy Can Save Good Companies During Hard Times

    Posted By admin || 24-Feb-2010

    Chapter 11 bankruptcy has become almost a like a "miracle cure" for companies around the country. At the onset of the recession and foreclosure crisis, many companies desperately sought the protection of Chapter 11 bankruptcy, went through the bankruptcy process and emerged more stable and more profitable. But how is it that bankruptcy can help companies turn the proverbial corner financially? ...
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  • Madoff Bankruptcy Liquidation Decision Riles Investors/Victims

    Posted By admin || 23-Feb-2010

    While Bernie Madoff was sentenced to 150 years in prison in June for masterminding the world's longest and largest Ponzi scheme in history, many of his victims who lost fortunes in his "investments" aren't happy with how the bankruptcy liquidation is being handled. The bankruptcy trustee in the Madoff case has decided to reimburse claimants based on their cash deposits minus withdrawals instead of ...
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  • An America Without Bankruptcy?

    Posted By admin || 23-Feb-2010

    Have you ever wondered what life would be like in America without our modern bankruptcy system? Well, unfortunately for the citizens of the Philippines, life without a modern bankruptcy system has proven disastrous. "The lack of a modern insolvency legislation caused untold damage to our economy. Mere liquidity problems nearly spelled the death knell for businesses. Our vintage 1909 Insolvency Law ...
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  • FHA Loans Threaten Another Wave Of Foreclosures

    Posted By admin || 22-Feb-2010

    Mortgages backed by the Federal Housing Administration are literally draining the agency of its cash reserves. The number of FHA foreclosures has increased 26 percent within the past year and at least 9.1 percent of FHA borrowers are at least 3 payments delinquent on their mortgage payments as of December. The problems are rooted in FHA mortgages made in 2007 and 2008. Those loans are now maturing ...
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  • The State Of The Union: Foreclosures and Bankruptcy

    Posted By admin || 16-Feb-2010

    President Obama's State of The Union speech, addressed many issues facing Americans today. One of those issues was the need of America's banking institutions to repay the American taxpayer for bailing them out of their self created financial mess when many of them were facing the possibility of liquidation in bankruptcy. The President said: So I supported the last administration's efforts to ...
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  • Why More Commercial Real Estate Foreclosures Could Hamper A Recovery

    Posted By admin || 4-Feb-2010

    Commercial real estate foreclosures may be poised to be a major Achilles heel for the financial recovery we all hope to see. Many commercial real estate properties are losing serious value and tenants causing a jittery reaction of commercial real estate lenders. It's becoming a common headline to hear about some "poor" real estate developer who lost his/her shirt because a loan became due and no ...
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  • World's Largest Employer Cuts 11,200 Jobs

    Posted By admin || 4-Feb-2010

    Wal-Mart Stores, Inc. is implementing 11,200 job losses at its Sam's Club warehouses in an effort to stop financial losses being experienced by the discount grocery chain. Approximately 1,200 of those job losses will be in Texas. The cuts represent about 10 percent of the warehouse club operator's 110,000 staffers across its 600 stores. That includes 10,000 workers, mostly part-timers, who offer ...
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  • How Bankruptcy Helps Seniors Enjoy Their Golden Years

    Posted By admin || 3-Feb-2010

    Rising inflation and stagnant pensions and retirement incomes are leaving many senior citizens vulnerable to financial troubles. More senior citizens are facing foreclosure, loan defaults on credit cards and significant reductions in their standard of living. The result is that many more are deciding to file bankruptcy so that they can survive and thrive in their golden years. According to the ...
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  • Foreclosure Crisis Hits A Dallas Landmark

    Posted By admin || 2-Feb-2010

    One of Dallas' oldest skyscrapers, the 52-story Elm Place tower at 1401 Elm Street, is closing down due to a foreclosure and an extremely low occupancy rate. [Guerrino] Savio [who represents the owners] said occupancy in the office tower had fallen to about 20 percent last year and has recently gone even lower. "It got to the point it was impossible to keep operating," he said. "For every dollar ...
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  • 2010's Bankruptcy Indicators

    Posted By admin || 2-Feb-2010

    At the end of 2009 we heard many commentators celebrate the ending of the recession and the arrival of a new year that would bring lower unemployment and more economic activity. However, the real indicators are pointing to more job losses and the possibility of more personal and business bankruptcy filings in 2010. Numbers for retail sales have come out and they're indicating that most consumers ...
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  • More Dallas-Fort Worth Homeowners Face Foreclosure

    Posted By admin || 2-Feb-2010

    More than 5.7 percent of Dallas-Fort Worth homeowners are more than 90 days delinquent on their mortgage and facing a possible foreclosure. Plus, another 1.41 percent of Dallas-Fort Worth homeowners are already in foreclosure. The irony of this is that we are constantly being told that the recession is clearing and that things are getting better. But all the while Dallas-Fort Worth homeowners are ...
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  • Muzak Holdings LLC Prepares To Emerge From Chapter 11 Bankruptcy

    Posted By admin || 1-Feb-2010

    Muzak Holding LLC a music and entertainment company which provides background music in stores, hotels and elevators just received approval of its Chapter 11 bankruptcy reorganization plan and hopes to exit Chapter 11 bankruptcy in late January. The company, which filed for bankruptcy protection in February to restructure maturing debt, was able to slash its debt burden to less than half of what it ...
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  • Have Subprime Lenders Shifted To FHA Programs?

    Posted By admin || 1-Feb-2010

    The Federal Housing Authority (FHA) announced that it has served subpoenas on 15 mortgage companies with suspiciously high default rates and foreclosures for loans backed by the FHA. On Tuesday, Department of Housing and Urban Development's inspector general, Kenneth Donohue, said he wanted to determine why defaults are so elevated among the 15 companies being probed and whether any have committed ...
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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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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  • FHA Rules To Change As Foreclosure Crisis Worsens

    Posted By admin || 21-Jan-2010

    The Federal Housing Administration (FHA) has been hit pretty hard by the foreclosure crisis. The agency, which insures 30 percent of new loans in the U.S. against default, has suffered heavy losses due to a high rate of foreclosures. More than 18 percent of FHA loans are at least delinquent by 30 days. That's more than the national average of 14 percent. The foreclosure crisis has even caused the ...
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  • What You Need To Know About Pre-Packaged Bankruptcy and 363 Sales

    Posted By admin || 20-Jan-2010

    In 2009 we saw many corporate bankruptcies move swiftly, with the company filing bankruptcy and emerging form the bankruptcy process in only a few months. But what exactly are the bankruptcy tools being used by companies such as CIT Group, Gm and others? Let's take a look at two frequently used strategies in Chapter 11 bankruptcy: Pre-Packaged Bankruptcy A Pre-packaged bankruptcy is basically when ...
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  • Foreclosure, Home Appraisal And Bankruptcy

    Posted By admin || 19-Jan-2010

    Could your neighbor's foreclosure affect your ability to resell you home even though you are not personally facing foreclosure? Maybe. Many homeowners are finding that the large amounts of foreclosures in their neighborhood are having an indirect affect on their ability to resell their home at a profitable price or to break even. When a mortgage lender has a home appraisal done, the value of that ...
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  • "SWAT" Teams To Swoop Down On Mortgage Servicers?

    Posted By admin || 18-Jan-2010

    Is this real or just more "hot air"? The Treasury Department claims that is ready to send in the police if mortgage servicers don't shape up and help stop more foreclosures. Well not exactly the POLICE, more like the financial police. The Treasury Department announced that they might send in financial "SWAT" teams to police the performance of mortgage servicers who are collectively failing to stop ...
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  • Divorce and Bankruptcy: Three Questions You Need To Ask

    Posted By admin || 13-Jan-2010

    Couples filing bankruptcy and going through a divorce need to carefully weigh their bankruptcy decisions. Here are a few questions you should ask yourself and your potential bankruptcy attorney before you proceed: Should We File Bankruptcy Together or Separately? While some divorcing couples get along fine and may be able to go through a bankruptcy together with little to no problems, others may ...
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  • Restaurant Chain Known For Murders Files Chapter 11 Bankruptcy

    Posted By admin || 12-Jan-2010

    Brown's Chicken & Pasta Inc. a chain of chicken restaurants that made national headlines in 1993 when seven employees at one of its stores were murdered has filed for Chapter 11 bankruptcy protection. The bankruptcy filing came two months after a judge ordered the restaurant chain to pay more than $800,000 to a former vice president and minority shareholder who'd filed a wrongful termination ...
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  • After Bankruptcy Pilgrim's Pride Scolds "Bailout Banks"

    Posted By admin || 11-Jan-2010

    Pilgrim's Pride, which emerged from bankruptcy this week has scolded American banks who received bailouts, saying that not one bank offered the poultry company credit after its bankruptcy. A fact, says Pilgrim's Pride, that forced it into the arms of foreign lenders. A bankruptcy judge approved a deal in which JBS of Brazil invested $800 million in the Pittsburg-based company, receiving in return ...
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  • Seven Things You Can Do Now To Ring In A Good Financial New Year

    Posted By admin || 6-Jan-2010

    Run all three of your credit reports. Go to www.annualcreditreport.com now and get your credit reports for free. Many debtors do not realize the extent of their debt troubles until they actually run their credit report. Please take a careful look and challenge any inaccurate information. If information is inaccurate the credit bureaus are obligated by law to change or delete incorrect information. ...
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  • France And Britain Tax Banker Bailout Bonuses, Should We?

    Posted By admin || 22-Dec-2009

    Britain and France announced that they will levy a one-time tax on large bonuses paid by bailed-out banks, while US banks who benefited from taxpayer bailouts are set to dole out bonuses that are even larger than bonuses during 2008. I guess it's been a good year-for the banks. Wall Street banks are on track to pay $26 billion in bonuses for 2009 performance...That's up from $18.4 billion in 2008. ...
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  • Will The Proposed Stimulus Program Save You Financially?

    Posted By admin || 21-Dec-2009

    President Barack Obama is proposing a stimulus program that's designed to combat the high unemployment rate plaguing the nation. But will the new stimulus program help the average American avoid foreclosure and bankruptcy? Obama proposed new spending for highway and bridge construction, for small-business tax cuts and for retrofitting millions of homes to make them more energy-efficient. He said ...
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  • Economists Fear Consumer Saving Is Derailing U.S. Recovery

    Posted By admin || 17-Dec-2009

    The high unemployment rate and tight credit markets have caused consumers to decrease their spending which has many economists fearing that an increase in savings will derail the U.S. economy. Since spending accounts for 70 percent of the United States' total economic activity, the rapid decline in spending has hurt everyone from retailers to banks. Many consumers have been hesitant about spending ...
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  • Are TARP Funds Coming Your Way?

    Posted By admin || 14-Dec-2009

    One of the biggest controversies surrounding the use of TARP funds (aka bailout money) has been that none of that money was used to directly benefit homeowners facing foreclosure. Proponents of funneling money into the banking industry as opposed to homeowners claimed that the benefits of the bailout would trickle down to homeowners facing foreclosure. However, many months later we have found that ...
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  • Dallas-Fort Worth's Sales Tax Collections Dip Lower

    Posted By admin || 11-Dec-2009

    October's reports on declining sales tax revenues have shown that the state of Texas is still suffering from consumer spending contractions. Sales tax revenue has declined a full 15 percent statewide, 17 percent in Fort Worth with Dallas fairing a little better at a 5.3 percent decline. An unrelenting string of job losses, elevated long-term unemployment and increased vulnerability to foreclosure ...
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  • An Economic Recovery Plan That Works

    Posted By admin || 9-Dec-2009

    President Obama is meeting with economists, local officials, businesses and labor leaders to create a strategy that will lower unemployment and help end the recession. But what strategy will really work in our efforts to turn this recession around and lower unemployment? Some legislators have suggestions that include "letting the cards fall where they may" to dipping into the remaining banker ...
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  • More Middle Class Americans File Bankruptcy

    Posted By admin || 20-Nov-2009

    When we think of Middle Class America we think of stability, nice jobs, good neighbors and stellar careers; but middle class America is in crisis. Many are facing foreclosure and are filing bankruptcy despite their degrees, high salaries and symbols of stability. In this three part series we will explore how and why middle class Americans are getting hit worse by the recession than any other ...
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  • Three Tips For Handling Debt Related Stress

    Posted By admin || 16-Nov-2009

    Being buried in debt can put tremendous amounts of stress on any individual. Here are some tips for handling stress caused by debt: Get help immediately. If you see that you are drowning in debt and simply can't pay, get some assistance. Some creditors are willing to negotiate repayment plans and if not, you can use bankruptcy to relieve some of the stress. Bankruptcy can be effective in relieving ...
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  • Unemployed Workers Worse Off Than In 1982

    Posted By admin || 16-Nov-2009

    According to an article in the Star-Telegram, unemployed workers may be worse off now than they were the last time the unemployment rate topped 10 percent in 1982. The article said: "Americans have more than triple the debt they had in 1982, and less than half the savings. They spend 10 weeks longer off the job. And a bigger share of them have no health insurance, leaving them one medical ...
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  • Home Buyer Tax Credits Approved!

    Posted By admin || 12-Nov-2009

    According to an article in the Star-Telegram, the home buyer tax credits have been approved and are expected to be signed into law by President Obama. For first-time home buyers (or anyone who has not owned a home in the past 3 years), legislators extended a tax credit of up to $8,000 which was originally scheduled to expire at the end of the month and added another tax credit of up to $6500 for ...
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  • 10.2% Unemployment in a Bad Economy

    Posted By admin || 12-Nov-2009

    According to an article in the Dallas Morning News, the unemployment rate has surpassed 10 percent for the first time since 1983. The article said: "The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September, ...
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  • Mediation In Lieu of Foreclosure?

    Posted By admin || 12-Nov-2009

    According to an article in the Star-Telegram, some legislators are pushing mandatory mediation to resolve lender/borrower foreclosure disputes. Will it work in Dallas-Fort Worth? The article examined the case for it in Florida: "Florida's courts are currently trying to cope with more than 290,000 foreclosure cases... A majority on the high court's Task Force on Residential Mortgage Foreclosures ...
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  • Ford Bankruptcy A Better Deal?

    Posted By admin || 11-Nov-2009

    According to an article in the Star-Telegram, workers have rejected contract changes that would have allowed Ford Motor Co. to cut labor costs and remain competitive with Chrysler and GM, both of which recently emerged from bankruptcy. The article said: "Ford sought the deal to bring its labor costs in line with Chrysler Group LLC. and General Motors Co., both of which won concessions from the ...
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  • Credit Union Credit Cards Vs. Bank Credit Cards

    Posted By admin || 11-Nov-2009

    According to an article in Forbes, as study conducted by the Pew Charitable Trust found that credit cards offered by credit unions may offer lower rates and cheaper fees than their bank issued counterparts. The article said: "The study found that the median advertised interest rates for credit cards issued by the nation's 12 largest credit unions were 20% lower than those for bank-issued cards. ...
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  • Pending Expiration Of Tax Credit Causes Home Sales To Slow

    Posted By admin || 6-Nov-2009

    According to an article in the Dallas Morning News, the Commerce Department reported that new home sales have dropped in September by 3.6 percent. Some analysts expect that the drop off in sales is a result of potential homebuyers delaying their decision to buy a home due to the expiring tax credit which will end November 30, 2009. The article said: "It has been taking longer to close a ...
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  • Recession Straining More Marriages

    Posted By admin || 5-Nov-2009

    Even under the best of circumstances, things happen that can strain the best of marriages. The recession hasn't helped the strain. Most news reports focus on debt relief as some type of numbers game...what you have to do to get out of debt and a bottom line analysis of your personal budget. But keep in mind, that a high debt burden has a deeper consequence that just a bouncing checkbook. It ...
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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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  • Is Your Credit Card Under New Management? What You Need To Know

    Posted By admin || 22-Oct-2009

    This financial crisis has brought on a slew of bank failures, credit card divestment and general changes to the lending landscape. Already, 2009 has seen nearly 100 bank failures and numerous acquisitions and sales of credit card brands. But how do all these changes affect your credit card? Let's take a look: The terms and conditions of your credit card may change if it is acquired by another ...
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  • No Compassion For Homeowners Facing Foreclosure?

    Posted By admin || 20-Oct-2009

    According to an article in the Star-Telegram, a Florida appeals court chastised a judge for granting extensions in a foreclosure case for compassionate reasons. The article said: "The Third District Court of Appeal ruled last week that Circuit Judge Valerie Manno Schurr could not grant extensions solely on grounds of benevolence or compassion. Schurr had given a Miami couple an extra month to sell ...
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  • Has It Really Come To This?

    Posted By admin || 19-Oct-2009

    According to an article in the Star-Telegram, many low-income residents had to receive medical treatment after thousands of people pushed and shoved for the opportunity to apply for the Homelessness Prevention and Rapid Re-Housing program which will provide grants of up to $3,000 for homeless and low-income individuals. The article said: "Scuffles erupted as several thousand Detroit residents ...
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  • Unemployment Claims Fall Slightly But Economy Is Still On The Rocks

    Posted By admin || 14-Oct-2009

    According to an article in the Dallas Morning News, the Labor Department announced that new claims for unemployment insurance benefits dropped last week to a seasonally adjusted 521,000. The article said: "Despite the improvement, initial claims remain well above the 325,000 that economists say is consistent with a healthy economy." Also, there are still 8.9 million Americans continuing to receive ...
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  • Lessons from the Recession

    Posted By admin || 5-Oct-2009

    We've all heard the saying that those who forget the past are doomed to repeat it. An article in Investopedia.com highlights the most recent lessons from our recession. Lisa Smith lists five basic principles that should be garnered from this financial crisis: Risk matters...but protecting what you have is just as important as trying to get more. Experts don't know everything...blind trust is a bad ...
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  • Recession Still Kicking Workers in Michigan

    Posted By admin || 1-Oct-2009

    Bankruptcy is important source of relief as job recovery still lags I still remember the recession when Jimmy Carter was president. I would go to the houses of family friends and literally hear parents cursing Carter for their economic stress. Families got through that recession doing the same things that many people are doing right now. Parents diluted the milk to stretch a gallon. They figured ...
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  • Home Prices Decline Nationwide

    Posted By admin || 1-Oct-2009

    According to an article in Dallas Morning News, as the foreclosure crisis presses on, home prices have continued to decline. Nationwide, the foreclosure crisis has caused home prices to fall 13.3 percent below where they were last year. Fortunately, Dallas-Fort Worth has faired better than the rest of the country. The article said: "Dallas-Fort Worth home prices fell by a scant 1.6 percent from a ...
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  • How Do I Know I Need To File Bankruptcy?

    Posted By admin || 1-Oct-2009

    Many debtors considering bankruptcy are often hesitant because they're not sure if they have crossed the line between just struggling financially and being completely bankruptcy. Well, here are a few general rules of thumb to follow when considering bankruptcy: If you're three months or more behind on your mortgage payment and are unable to secure an affordable mortgage modification or other ...
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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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  • More Americans Face Bankruptcy As Poverty Levels Rise

    Posted By admin || 15-Sep-2009

    According to an article in the Star-Telegram, the nation's wealth real median income fell by 3.6 percent from $52,163 in 2007 to $50,303 in 2008, the worst decline since the Census Bureau began collecting the data during World War II. The article said: "The national poverty rate also hit its highest level since 1997, jumping to 13.2 percent in 2008 from 12.5 percent in 2007. The increase meant ...
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  • Texas Tomorrow Fund May Go Bankrupt

    Posted By admin || 12-Sep-2009

    The Texas Tomorrow Fund (now known as the Texas Guaranteed Tuition Plan) which allowed parents to prepay for tuition at locked-in rates is facing bankruptcy. The now-closed fund, also promised that if a child dies or received a full scholarship, parents could cancel the contact and receive a payout based on current tuition and fees at public universities. Sounds like a sweet deal? The only problem ...
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  • Retail Sales Continue to Fall for 12th Consecutive Month

    Posted By admin || 10-Sep-2009

    Retailer's August report reveals their 12th month of sales declines as many company's hopes for a recovery are dashed. According to an article in the Star-Telegram, retail stores saw an average sales decline of 3.4 percent for the month of August. Stores suffering from declining sales include: Target Corp. - minus 2.9 percent Limited Brands Inc - minus 5.9 percent Macy's Inc. - minus a whooping ...
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  • The Credit Crisis Recovery Might Be in Trouble if TALF Program Expires

    Posted By admin || 8-Sep-2009

    According to an article on Reuters, the recent recovery in the credit markets might be in trouble. The Federal Reserve is getting some of the credit for the rebound by helping the credit markets recover. One program that the Fed used to get credit flowing again is the Term Asset-Backed Securities Loan Facility, or TALF. Now, many people are concerned as to whether or not the credit markets will be ...
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  • Health Care Relief Through City of Forest Hill

    Posted By admin || 7-Sep-2009

    Forest Hill set to offer free prescription discount cards. As the forces on Capitol Hill continue to hash out details regarding a national plan of attack for rising health care expenses, local governments are looking to find ways of their own to help their residents cope with the current healthcare and economic crisis. CBS 11 reported today that Forest Hill will begin offering free prescription ...
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  • Economic Crunch Also Affecting Non-Profits

    Posted By admin || 7-Sep-2009

    The Dallas Morning News reported today a heartbreaking decision by the Collin County Meals on Wheels to cut back on services for senior citizens. The article stated that "Evening and weekend deliveries of Meals on Wheels will be eliminated and transportation services for seniors will be scaled back as the Collin County Committee on Aging copes with a $1 million budget deficit." Lunchtime meals ...
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  • Uncle Sam Offers Cash for Your "Clunker Appliances" -- Caution Advised

    Posted By admin || 3-Sep-2009

    The Star-Telegram has an interesting article about the energy efficient tax credits offered by the government, but some caution is advised. There's already an energy star tax incentive offered by the federal government which you can find out about at www.energystar.gov; but now the U.S. Energy Department will distribute $300 million through state programs which in turn will be handed out to ...
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  • Should You Sell Your Life Insurance Policy to Raise Cash?

    Posted By admin || 1-Sep-2009

    This economy is tough and many seniors are facing financial issues they certainly never expected to face in the golden years. Foreclosures are rising for many seniors who refinanced or upgraded their homes during the boom and many are finding it difficult to keep their heads above water financially. But should seniors sell their life insurance policy to prevent foreclosure or pay off credit card ...
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  • U.S. Postal Service to Implement 30,000 Job Losses?

    Posted By admin || 1-Sep-2009

    An article in Reuters announced that the U.S. Postal Service is hoping to slash 30,000 jobs by offering buyouts to union employees. The article said: "The incentive for voluntary resignations and early retirements among a pool of veteran workers by the end of September is part of a drive to cut costs by $6 billion this fiscal year, the Postal Service said... The majority of those offered $15,000 ...
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  • College Students and Parents Beware of Credit Card Offers

    Posted By admin || 28-Aug-2009

    As the school year begins, credit card companies are in a mad dash to rack up as many new and young customers as possible before the Credit Card Accountability Responsibility and Disclosure Act of 2009 becomes effective February 22, 2010, restricting access to youth under 21 years old. According to an article in DetNews, credit card companies are already swarming campuses with tempting credit card ...
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  • Dallas-Fort Worth Homeowners Drowning?

    Posted By admin || 21-Aug-2009

    According to an article in the Dallas Morning News, more than 30 percent of Dallas-Fort Worth homeowners now owe more than their property is worth and may eventually face foreclosure. The article said: "Negative equity continues to be the dominant driver of the mortgage market because it leads to foreclosures in the event a borrower experiences some kind of economic shock," First American ...
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  • Watch Out for Debt Settlement Scams

    Posted By admin || 20-Aug-2009

    Given today's economy, many debt settlement companies are waiting to take advantage of you. An article in the USA Today warns that people should make sure they are not being taken advantage of by debt settlement companies. Many people are struggling financially right now, and there are companies and individuals trying to profit from others misfortunes. A prime example of this came to the forefront ...
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  • Bankrupt Auto Parts Supplier Requests Termination of Retiree Benefits

    Posted By admin || 19-Aug-2009

    According to an article in the Star-Telegram, auto parts supplier Visteon Corp. is asking a bankruptcy judge for permission to terminate the company's retiree health care and life insurance benefits. It approved by the bankruptcy court, approximately 8,000 current and former Visteon workers could find themselves without healthcare and life insurance. The article said: "At a hearing Thursday, ...
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  • Bankruptcy Newsroom: Southwest Hopes to Acquire Bankruptcy Rival, Frontier Airlines

    Posted By admin || 18-Aug-2009

    The Dallas Morning News ran an article stating that Southwest Airlines Co. will bid $113.6 million to buy Frontier Airlines Holdings Inc., a rival airline known for its low costs and low fares that is now operating in bankruptcy. According to Southwest officials, they're taking advantage of a good opportunity to grow by actively courting the Denver-based carrier. "We are excited about the ...
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  • Facing Foreclosure Many Homeowners at Mortgage Servicers' Mercy

    Posted By admin || 14-Aug-2009

    Millions of homeowners are at least 60 days past due on their mortgages and facing imminent foreclosure; but they're having a hard time taking advantage of mortgage modifications that could help them avoid foreclosure. The government's Making Home Affordable program has experienced sub par involvement from mortgage servicers and only 9 percent of eligible borrowers facing foreclosure have been ...
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  • Mortgage Servicers Abusing Homeowners Facing Foreclosure?

    Posted By admin || 12-Aug-2009

    According to an article in the Star-Telegram, at least 30 mortgage servicers have faced lawsuits accusing them of harassing borrowers, imposing illegal fees, charging for unnecessary insurance and failing to quickly aid homeowners facing foreclosure despite billions of dollars invested in foreclosure prevention by the government. But despite the lawsuits and controversy surrounding mortgage ...
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  • GM Prepares for Job Losses

    Posted By admin || 3-Aug-2009

    General Motors has announced that it will be forced to implement job losses because only 6,000 GM blue-collar workers have taken the latest round of early retirement and buyout offers. General Motors, which has 54,000 factory workers, has stated that it wants to slash its workforce to save labor costs and survive the economic downturn. Via the Star-Telegram "GM has about 54,000 factory workers and ...
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  • Georgetown, Indiana Considers Bankruptcy Protection

    Posted By admin || 30-Jul-2009

    According to an article in the Courier-Journal, Georgetown, Indiana is considering bankruptcy after facing a debt of $1.45 million over a long-delayed sewage plant project. The municipal bankruptcy would be unprecedented in Indiana and many experts are concerned that the city may not have the power to declare bankruptcy. The article said: "Georgetown's leaders "have no authority" to declare the ...
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  • Bankrupt Auto Dealer Accused of Fraudulent Transfer of Assets

    Posted By admin || 27-Jul-2009

    According to an article in the Star Tribune a federal bankruptcy trustee handling Denny Hecker's personal bankruptcy sued Hecker's female friend, demanding that she return documents and $119,800 worth of cash and gifts received from Hecker since January. The article said: "The lawsuit lists a $60,000 fur coat and $58,900 in check payments that Hecker gave to Christi Rowan. Bankruptcy Trustee Randy ...
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  • Reduce Your Risk of Economic Abuse

    Posted By admin || 25-Jul-2009

    According to an article in the Dallas Morning News, hard times could mean more economic abuse for some. Economic abuse is when one person uses money or money difficulties to control or harm another. What it looks like: Controlling access to a shared bank account by confiscating or "holding hostage" ATM cards and checkbooks. Maxing out credit cards or accumulating debt in the other person's name ...
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  • Retail Occupancy Drops as Business Bankruptcies Rise

    Posted By admin || 24-Jul-2009

    According to an article in the Dallas Morning News, retail occupancy fell this year to 87 percent due to store closings and retail bankruptcies. The article said: "Overall retail building and shopping center occupancy was at 87 percent at the end of June - down from 87.6 percent at the start of the year, Dallas-based Weitzman Group said Wednesday. The real estate firm said much of the decline in ...
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  • Texans Go Without Healthcare Risking Their Lives and Finances

    Posted By admin || 23-Jul-2009

    According to an article in the Star-Telegram, an estimated 5,550 Texans are losing their health coverage each week as the number of job losses increase and the cost of healthcare rises, making many Texans vulnerable physically and financially. The article said: "Rising like a deadly tide, escalating health care costs will have caused 866,580 Texans to lose their health coverage between January ...
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  • CITI Group Nears Possible Bankruptcy

    Posted By admin || 22-Jul-2009

    According to an article in Bloomberg, CIT Group Inc., a 101-year-old commercial lender is facing a possible bankruptcy as it has failed to secure an emergency loan to pay creditors. If CIT Group (not Citigroup) files bankruptcy it will be the first bank who received TARP funds to do so. The article said: "A bankruptcy filing may be the first by a company that took money from the Troubled Asset ...
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  • Construction Industry Hit by Crisis

    Posted By admin || 21-Jul-2009

    According to an article in the Dallas Morning News, Texas construction starts are expected to drop by more than 20 percent this year due to foreclosures, bankruptcy and the tightening of the credit access for construction companies and investors. The article said: "It's the biggest such fall-off since 1967, according to a report issued Wednesday by analyst McGraw-Hill Construction. The sharpest ...
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  • Healthcare Relief Through City of Forest Hill

    Posted By admin || 18-Jul-2009

    As the forces on Capitol Hill continue to hash out details regarding a national plan of attack for rising health care expenses, local governments are looking to find ways of their own to help their residents cope with the current healthcare and economic crisis. CBS 11 reported today that Forest Hill will begin offering free prescription drug discount cards. Forest Hill City Manager, David Miller, ...
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  • Bankruptcy: Protection for YOU

    Posted By admin || 18-Jul-2009

    Times are tough on everyone right now. You are a good person in a bad situation, and you probably feel alone and worried about your near-desperate circumstances. However, if you have been considering working through a "credit counselor", explore working through an attorney instead. You hire the attorney to work on YOUR BEHALF. And you can be sure the attorney will work within the law. Bankruptcy ...
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  • Hospitals Rocked by the Recession

    Posted By admin || 8-Jul-2009

    According to an article in the Star-Telegram, the healthcare industry is facing hard times as the recession creates massive losses across the board. The article said: "Consider Texas Health Resources, the top hospital provider in the region. From 2004 to 2008, the Arlington nonprofit system earned almost $1 billion in "excess revenue" - what regular companies would call net profit. Then the ...
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  • Credit Trouble, Bankruptcy and Unmarried Cohabitating Couples

    Posted By admin || 6-Jul-2009

    Marriage isn't the only type of relationship that can become rocky because of bankruptcy or other financial troubles. Unmarried couples who cohabitate can also suffer from unexpected financial troubles including the bankruptcy of one or both partners. Often, when couples enter into a serious, but non-marital relationship, many financial matters become intertwined just like in marriage, especially ...
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  • Corporate Bankruptcies, Economic Downturn Make Renters Cautious

    Posted By admin || 26-Jun-2009

    According to an article in the Dallas Morning News, many companies are opting for a shorter term lease due to the instability in the economy and the uncertainty about the future. The article said: "Companies aren't sure how much real estate they will need in a quarter or two, let alone years and years ahead. That was the case with digital marketing firm Razor-360, which recently rented offices in ...
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  • President Obama Creates "Council on Automotive Communities and Workers"

    Posted By admin || 24-Jun-2009

    According to an article at AFP, President Obama and the White House have created a "Council on Automotive Communities and Workers," which will recommend policies to help auto workers who have been hit by a tidal wave of automaker bankruptcies and job losses. The article said: "After decades of industry decline, workers have recently been buffeted by plant closures, slumping car sales and ...
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  • President Obama to Overhaul Financial System

    Posted By admin || 17-Jun-2009

    According to an article in the Dallas Morning News, President Obama has proposed sweeping changes in how our financial system is regulated. The President's regulation plan, if approved, would give new powers to the Federal Reserve allowing it to oversee the entire financial system and would also create a new consumer protection agency designed to protect Americans from credit abuse. The article ...
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  • Americans' Wealth Shrinks In 2009

    Posted By admin || 12-Jun-2009

    According to an article in the Star-Telegram, Americans' personal wealth has shrunk by $1.3 trillion putting American wealth at the level it was in 2004. Driven by job losses, shrunken 401(k) investments and foreclosures, many Americans are feeling little poorer. The article said: The value of Americans' stock holdings dropped almost 6 percent from the final quarter of last year - in a market that ...
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  • More Job Losses At American Airlines

    Posted By admin || 12-Jun-2009

    According to an article in the Star-Telegram, American Airlines is implementing nearly 1,600 job losses due to drastic decreases in consumer demand for domestic and international flights. The company's job losses come after yesterday's announcement that it is cutting flights due to dropping consumer demand. The article said: At Dallas/Fort Worth Airport, there will be 19 fewer American and ...
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  • More Job Losses for the Airlines?

    Posted By admin || 11-Jun-2009

    According to an article in the Dallas Morning News, Delta and American Airlines are planning to reduce flights on several domestic and international routes due to drastic decreases in customer demand. The airlines' most recent cuts could mean more job losses for the already beleaguered airline industry. The article said: "Customer demand for international travel has fallen significantly," Bastian ...
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  • General Motors Reaches Deal With Union

    Posted By admin || 22-May-2009

    According to an article in the Star-Telegram, the United Auto Workers struck a deal with General Motors and the federal government to cut labor costs, close factories and change the way retiree healthcare is funded. This deal has eased one of GM's biggest concerns, the cost of labor, as it struggles to avoid bankruptcy. The details of the deal were not released, but it's rumored that the new ...
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  • Hewlett-Packard Suffers Job Losses

    Posted By admin || 20-May-2009

    According to an article in the Dallas Morning News, Hewlett-Packard (HP) announced more job losses this week. Over 6,400 HP workers will experience job losses this year. That's 2 percent of HP's global staff. But they won't be the only HP workers experiencing job losses as the computer company shrinks to meet sagging demand. The article said: The layoffs come on top of the 24,600 jobs HP was ...
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  • As Dallas Budget Deficit Looms City Considers Drastic Cuts To Services

    Posted By admin || 19-May-2009

    According to an article in the Dallas Morning News, the City of Dallas is facing a $100 million budget deficit that may cause them to cut services to close the gap. The article said: The first round of proposed cuts has put the jobs of nearly 350 city employees at risk and placed everything from police overtime to Dallas Zoo exhibits on the chopping block. Though City Manager Mary Suhm has said ...
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  • Shockingly Taxable Property Values Rise 4.6 Percent In Tarrant County

    Posted By admin || 15-May-2009

    According to an article in the Star-Telegram, over 129,000 Tarrant County homeowners will see their property taxes go up. This is quite surprising given the high number of foreclosures hitting Texas, especially the Dallas-Fort Worth area. Slightly less than half of homes assessed for taxes (128,000) experienced a drop in their home's value. Most of those devaluations were due to foreclosures in ...
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  • Tax Revenue Drops Drastically

    Posted By admin || 14-May-2009

    According to an article in the Star-Telegram, state tax collections nationwide have plummeted by a collective $20 billion. The article said: A report released Wednesday shows that average tax revenue dropped more than 12 percent in 45 of 47 states that reported data. Texas was in the middle with a 7.6 percent decline in sales taxes from January to March, compared with the same period last year, ...
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  • Commercial Real Estate Gets Slammed By Tight Credit Markets

    Posted By admin || 13-May-2009

    According to an article in the Dallas Morning News, the number of new loans issued for commercial properties plunged 70 percent in the first quarter of 2009 compared to the same time period in 2008. The article said: "In the first quarter of 2009 we saw the effects of the continued recession coupled with little demand from borrowers and a constrained supply from lenders as a result of the credit ...
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  • Medicare Trust Fund Running Dry

    Posted By admin || 13-May-2009

    According to an article in the Dallas Morning News, Medicare is facing huge deficits and its hospital trust fund may run out of money within eight years. The article said: One point that Richard Fisher made in our ed board meeting with him yesterday was that the country can't afford to ignore its Medicare liability. About the same moment the Dallas Fed president was emphasizing the cost of such a ...
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  • Economic Crisis Exasperates Dallas-Fort Worth's Homeless Problem

    Posted By admin || 6-May-2009

    As the number of job losses and foreclosures rise, the population of homeless people is reaching record numbers. That's why, according to an article in the Dallas Morning News, Texas' eight largest cities are trying to convince the state legislators to invest $25 million a year on housing and services (such as mental healthcare) for Texas' growing homeless population. The article said: Texas ranks ...
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  • GM To Shutter Dallas-Fort Worth Car Dealerships

    Posted By admin || 29-Apr-2009

    According to an article in the Star-Telegram, General Motors is already moving forward to close 1,200 car dealerships nationwide and some of those may include dealerships located in Dallas-Fort Worth. The article said: GM has 15 individual dealership locations in Tarrant County, including the three Saturn of DFW stores. There are six Chevrolet outlets, as well as three Cadillac and three ...
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  • GM Rumors True: GM Temporarily Closing 13 Plants

    Posted By admin || 27-Apr-2009

    According to an article in the Dallas Morning News, General Motors officially announced that it will temporarily close 13 assembly plants in the U.S. and Mexico. GM workers at the Arlington, Texas plant will also suffer a temporary closure with over 2,000 workers facing furloughs. The article said: General Motors Corp. said Thursday that it will temporarily close 13 assembly plants in the U.S. and ...
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  • First-Time Homebuyers Rush To Use Tax Credit, But Home Sales Still Down

    Posted By admin || 24-Apr-2009

    According to an article in the Dallas Morning News, home sales fell 3 percent in March despite aggressive efforts to encourage Americans to buy. The article said: The results were "a little disappointing" given that homes are more affordable than they've been in years and mortgage rates are near record lows, said Lawrence Yun, the National Association of Realtors 's chief economist. The results ...
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  • GM Plants May Shutdown For Nine Weeks

    Posted By admin || 24-Apr-2009

    According to an article in the Star-Telegram, two unidentified sources said that General Motors is planning to temporarily close most of its U.S. factories for up to nine weeks this summer because of slumping sales and growing inventories of unsold vehicles. The article said: Neither person wanted to be identified because workers have not been told of the shutdowns... J.R. Flores, president of ...
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  • Recession May Be Leading To A Rise In Domestic Violence

    Posted By admin || 23-Apr-2009

    According to an article in the Associated Press, the rise in job loss and foreclosures may be causing an increase in domestic violence nationwide. The article said: "Our children and families are suffering," said Alane Fagin, who runs a nonprofit group called Child Abuse Prevention Services. "With more layoffs expected, the threat of foreclosure looming over so many and our savings disappearing, ...
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  • First The Automakers, Now The Airlines?

    Posted By admin || 16-Apr-2009

    According to an article in the Dallas Morning News, Southwest Airlines Co. has reported a $91 million loss in the first quarter of 2009. This is one day after AMR, the parent company of American Airlines reported a $375 million loss for the first quarter of 2009. Southwest Airlines has taken swift action, stopping all hiring, freezing pay for senior executives and offering a buyout to nearly all ...
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  • Deals For The Soon To Be Jobless?

    Posted By admin || 6-Apr-2009

    Businesses are getting pretty creative with their efforts to pump up the sales numbers. Many companies are offering guarantees for consumers who fear they may soon face a job loss. Let's to a look at some of the job loss guarantee offers: Ford and GM are offering to make car payments for consumers who experience a job loss after purchasing a new vehicle. Hyundai is allowing car buyers to return ...
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  • Ford Auto Sales Plunge 41 Percent

    Posted By admin || 1-Apr-2009

    According to an article in the Dallas Morning News, Ford Motor Co.'s U.S. auto sales fell by nearly 41 percent in March. Ford sold 131,102 cars and light trucks last month, compared with 221,642 in March 2008. The automaker who is fighting bankruptcy reported that sales of its Focus compact car fell 42 percent, and sales of its top seller, the F-series pickups fell 40 percent and Ford Expedition ...
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  • Chase Bank Must Pay Back Credit Card Fees

    Posted By admin || 1-Apr-2009

    According to an article in the Star-Telegram, Chase Bank has caved in to pressure from their customers and consumer advocacy groups and has agreed to refund $4.4 million of what some called illegal fees to 184,000 customers. In January, Chase imposed a $10 monthly fee on 184,000 customers who were holding balances on their low-interest Chase credit cards. Chase also raised the monthly minimum ...
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  • Billionaire Predicts That Commercial Real Estate Will Plunge

    Posted By admin || 1-Apr-2009

    According to an article in Bloomberg, billionaire investor George Soros is predicting that U.S. commercial real estate will drop at least 30 percent in value in 2009. The article said: "Commercial real estate has not yet fallen in value," Soros, speaking at a forum in Washington, said. "It is inevitable, it is written, everybody knows it, there are already some transactions which reflect and ...
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  • Texans Get Money To Make Homes Energy Efficient

    Posted By admin || 25-Mar-2009

    According to an article in the Dallas Morning News, Texas will receive $546 million from the American Recovery and Reinvestment Act stimulus package to make homes and buildings more energy-efficient. Of that amount, $327 million will go to help low-income Texans weatherize their homes. Anyone who does not make more than 200% of the federal poverty level would qualify for a $6,500 home ...
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  • Government To Buy Banks' Bad Assets

    Posted By admin || 23-Mar-2009

    According to an article in the Dallas Morning News, the Obama administration has unveiled a new program to purchase banks' "bad assets" which will include toxic mortgages. The "bad assets" shopping spree will require $75 billion - $100 billion which will be taken from the existing $700 billion bailout program as well as private investors and the Federal Deposit Insurance Corp. The article said: ...
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  • Government Bail Out For Auto Parts Suppliers

    Posted By admin || 20-Mar-2009

    According to an article in the Dallas Morning News, the Treasury Department is providing a $5 billion bail out to nearly bankrupt auto parts suppliers who are dependent on Ford, GM and Chrysler automakers. The article said: The program will be run through U.S. automakers - General Motors, Chrysler and Ford Motor Co. - that agree to participate. Suppliers to those companies would have to agree to ...
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  • Retail Sales Numbers Sway

    Posted By admin || 12-Mar-2009

    According to an article in the Dallas Morning News, retail sales fell in February by 0.1 percent, less severe than the 0.5 percent drop predicted by analysts. Although the government revised January's retail sales performance by reporting a 1.8 percent increase in sales, many analysts do not expect a sustained rebound in retail sales. The article said: "Consumers are fighting a good fight, but ...
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  • Another Residential Real Estate Project Halted Due To Market Conditions

    Posted By admin || 11-Mar-2009

    According to an article in the Star-Telegram, the once-planned condo tower in City Place in downtown Fort Worth is up for sale. The project's develop was suspended when credit availability dried up last year during the onslaught of foreclosures that shook up the financing industry. The article said: Initially, plans called for 350 condos, but PNL reduced that significantly when it said it would ...
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  • More Workers Face Financial Hardship Because Of Part-Time Work

    Posted By admin || 9-Mar-2009

    According to an article in the Star-Telegram, over 8.6 million Americans work part-time because they can't find full-time work, that's the largest number of part-time workers ever recorded, a 76 percent increase from 2008. The article said: As the recession cuts demand for goods and services, companies that don't shed workers outright must squeeze savings from the work force that remains. They ...
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  • Impact Of Homebuyer Tax Credit Uncertain

    Posted By admin || 5-Mar-2009

    According to an article in the Dallas Morning News, a refundable first-time homebuyer tax credit of up to $8,000 featured in the American Recovery and Reinvestment Act may boost the nation's housing market; but we're not so sure. The article said: "We think this year's tax credit will certainly have a much bigger impact because it is a true tax credit which is also refundable," Yun says. "For ...
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  • Will Texas Governor Accept Stimulus Money?

    Posted By admin || 5-Mar-2009

    According to an article in the Dallas Morning News, Texas Governor Rick Perry is considering not accepting stimulus money that would require him to expand the unemployment insurance program making more unemployed workers eligible for the program benefits. Perry argues that the program would expand unemployment eligibility; but once the stimulus money is exhausted, Texas taxpayers would be left ...
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  • Economy May Not Recover Quickly

    Posted By admin || 4-Mar-2009

    According to an article in the Star-Telegram, the Obama Administration's new budget may be painting an unrealistically "rosy" picture instead of showing the true costs of government programs and proposed tax cuts. While the administration predicts that the deficit will decline to $1.17 trillion and that the overall economy will grow by 3.2 percent in 2010, and 4 percent in 2011, many analysts ...
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  • Commercial Real Estate Sales Lowest Since 1984

    Posted By admin || 27-Feb-2009

    According to an article in the Dallas Morning News, commercial real estate sales in the Dallas-Fort Worth area have fallen to their lowest levels on record. In 2008 only 1,434 commercial buildings and land were sold, a 32 percent drop since 2007. Apartment buildings sales also plunged 58 percent in 2008 as more lenders withheld credit from those wanting to buy real estate. Retail real estate sales ...
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  • Dallas-Fort Worth Homeowners Going In Debt To Pay Property Taxes

    Posted By admin || 24-Feb-2009

    According to an article in the Star-Telegram, more and more homeowners are paying their property taxes by taking out a loan with a third-party lender. According to the article the number of homeowners who used third-party lenders to pay their property taxes went from 1,206 in 2007 to 1,839 in 2008, a 41 percent increase. The fact that more homeowners are using loans to pay their property taxes is ...
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  • American Workers In For A Rough Ride For 2009

    Posted By admin || 24-Feb-2009

    According to an article in the Star-Telegram, the recession gripping the nation is predicted to worsen, with job losses, bankruptcies and foreclosures reaching record numbers even with the stimulus package pumping billions into the economy. The article said: The country stands to lose a sizable chunk of economic activity in 2009 as consumers at home and abroad retrench in the face of persistent ...
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  • Corporate Bankruptcies Soar

    Posted By admin || 23-Feb-2009

    Corporate bankruptcies are on the rise in the United States as companies suffer from sagging sales and the tight credit markets. Already in 2009, corporate bankruptcy has risen to 33 companies as compared to 14 corporate bankruptcies in 2008. The assets of those 33 bankrupt companies are a combined $66.7 billion, the size of one the smaller bail outs delivered to companies this year. But what does ...
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  • Retailer J.C. Penny Gets Battered By Declining Sales

    Posted By admin || 23-Feb-2009

    According to an article in the Dallas Morning News J.C. Penney Co. reported a 51 percent decline in fourth quarter earnings as it joins the ranks of other retailers facing loses. Many retailers have already filed for bankruptcy and those who have avoided bankruptcy have been hit by massive job losses, store closings and restructuring that has sent a tidal wave through the retail industry and its ...
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  • Are Department Stores And Malls Going The Way Of The Dinosaurs?

    Posted By admin || 19-Feb-2009

    The current recession is sucking the life out of the retail sector, sending many companies to bankruptcy and putting a serious hurting on the commercial real estate market. With money becoming tighter, many shoppers are simply staying away from malls and learning to live with less as many face their own personal financial crises including foreclosures and bankruptcy. But is it just temporary or ...
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  • Employers Slash Benefits

    Posted By admin || 18-Feb-2009

    As job losses mount nationwide, many employees who escaped the job loss axe are finding their benefits reduced or eliminated. According to an article in the Dallas Morning News, Fossil Inc. who reported a 13 percent decline in their 4th quarter earnings and project further losses for 2009 announced that they are implementing job losses that will represent 9 percent of their non-retail payroll. The ...
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  • House And Senate Scheduled To Vote On $789 Billion Stimulus Plan

    Posted By admin || 12-Feb-2009

    According to an article in the Star-Telegram, the House and Senate are scheduled to vote on the Obama Administration's $789 billion stimulus plan by Friday. The plan, which is touted by President Obama as a tool that will "save or create more than 3.5 million jobs and get our economy back on track" is filled with tax cuts and incentives to encourage consumer consumption which could prevent some ...
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  • Bail Out Gave Bankers Extra Money

    Posted By admin || 10-Feb-2009

    According to an article in the Star-Telegram, government officials "overpaid tens of billions of dollars for stocks and other assets in its massive bailout last year of Wall Street banks and financial institutions." The article said: The Congressional Oversight Panel, in a report released Friday, said last year's overpayments amounted to a taxpayer-financed $78 billion subsidy of the firms. ...
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  • President Obama Warns Of Economic Catastrophe

    Posted By admin || 5-Feb-2009

    According to an article in the Dallas Morning News, President Obama warned Congress that if the $900 billion stimulus package is not passed quickly the recession could quickly morph into a "catastrophe." The article said: "A failure to act, and act now, will turn crisis into a catastrophe and guarantee a longer recession, a less robust recovery, and a more uncertain future," he said. "That's why I ...
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  • Car Sales Flounder As Automakers Struggle To Avoid Bankruptcy

    Posted By admin || 4-Feb-2009

    According to an article in the Dallas Morning News, American automakers started the New Year with a fizzle as the car sales sank amid the increase in job losses, foreclosure, bankruptcy and decreased consumer spending. The article said: Ford Motor Co. said Tuesday its U.S. vehicle sales fell 40 percent in January, Ford sold 93,060 light vehicles in January, compared with 155,832 in the same month ...
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  • Personal Bankruptcy Soar

    Posted By admin || 3-Feb-2009

    According to an article in the Dallas Morning News, personal bankruptcy filings have surged 33 percent since 2007. In the Dallas- Fort Worth area alone, 15,707 consumers filed for bankruptcy in 2008, a 20 percent increase since 2006. The article said: "Consumers are under great financial stress, with no immediate end in sight," said Samuel J. Gerdano, American Bankruptcy Institute executive ...
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  • Dallas-Fort Worth Commercial Real Estate -- Winter Is Here

    Posted By admin || 29-Jan-2009

    According to an article in the Star-Telegram, nearly 200 commercial real estate developers, investors and brokers attended an industry conference this week and the assessment of the current conditions for the commercial real estate market was somber at best. The article quoted one of the speakers at the conference: "We've got to acknowledge that winter is here," Rob Sell, a partner in Village ...
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  • Texan Politicians Fight Over Economic Stimulus Money

    Posted By admin || 29-Jan-2009

    After meeting with Texas lawmakers regarding the national debt and spending, President Obama was criticized for not allocating enough of the $825 billion economic stimulus package for Texas, according to an article in the Dallas Morning News. Texas, which represents 8 percent of the nation's population according to the latest census bureau figures, will only receive as little as 7 percent of the ...
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  • Google Announces Job Losses

    Posted By admin || 19-Jan-2009

    According to an article in the Star-Telegram, Google Inc. announced that it is closing three engineering offices and cutting 100 recruiters and 700 engineers from its payroll. The job losses comes as a surprise from a company known for its loyalty to employees and generous employee perks. This is what Google had to say: "Given the state of the economy, we recognized that we needed fewer people ...
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  • WestBend Shopping Center On "Hold"--The First Of Many Casualties

    Posted By admin || 19-Jan-2009

    According to an article in the Star-Telegram, the construction of the upscale WestBend shopping center is on hold until the "economy recovers." That's right, this shopping center which once promised to vitalize the area will simply become a huge source of blight in Dallas-Fort Worth. This is once again a casualty of the foreclosure and credit crisis facing us. As we have mentioned before on this ...
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  • Texas Poised For Bailout Funds

    Posted By admin || 19-Jan-2009

    According to an article in the Dallas Morning News, House Democrats unveiled an $825 billion stimulus package Thursday that would be used for transportation and infrastructure projects, energy-grid upgrades and Medicaid payments. The plan also includes tax breaks for individuals and businesses. Texas is poised to receive around $3.6 billion, including $2.4 billion for highway projects. The article ...
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  • Obama's Proposed Economic Recovery Plan, May Not Make It Through Congress

    Posted By admin || 12-Jan-2009

    Obama's proposed economic stimulus recovery plan includes a $500 a year tax cut for most single workers and a $1000 tax break for married couples. But this particular provision is coming under heavy fire from both sides of the Congressional aisle. According to an article in CNN, Congressman Kent Conrad complained that the tax cut was costly and did little to offer financial relief to the average ...
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  • Dallas-Fort Worth House Sales Take A Serious Beating In 2008

    Posted By admin || 8-Jan-2009

    Sales of pre-owned homes in North Texas plunged 18 percent in December as job losses, the credit crisis and foreclosures leave the economy with less buyers and a glut of houses sitting empty. The 18 percent dip is in addition to the 8 percent decline in pre-owned home sales in 2007, causing sales totals for 2008 to be at their lowest point since 2002. But it's not just the number of homes being ...
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  • Small Banks Finding It Difficult To Access Bailout Funds

    Posted By admin || 17-Dec-2008

    According to an article in the Dallas Morning News, many small banking institutions are unable to access the government's $700 billion bailout fund. When the bailout fund was initially opened, it was publicly traded banks that had access to it. But now, nearly two months later, smaller banks are suppose to have access to the fund; but the necessary guidelines for access have not been released to ...
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  • Bailout Denied To Automakers

    Posted By admin || 16-Dec-2008

    The Senate did not pass a $15 billion rescue plan for Automakers this past week and the White House is now considering allocating some the Wall Street bailout funds to shore up the U.S. auto industry, which according to many analysts is on the verge of bankruptcy. Currently approximately $15 billion of the Wall Street bailout fund is not committed to anyone; but to dip into this fund for ...
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  • Social Security Benefits Increase In 2009

    Posted By admin || 17-Oct-2008

    According to The Dallas Morning News social security benefits will increase by 5.8% for 50 million Americans in 2009, the largest increase since 1982. What that means is that the average American retiree will receive an additional $63 in their monthly social security check. But many retirees won't feel the benefits of the social security increase because of the high inflation rates of energy and ...
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