Bankruptcy Blog

Understanding the Housing Reform Plan: Foreclosure

admin — Mon, 23 Mar 2009 18:31:14 +0000

During the first week of March 2008, President Obama’s plan to help families keep their homes has gotten rolling. The plan will help families by refinancing their mortgages to more favorable terms in an effort to stop the foreclosure situation in this country from spiraling further out of control. The Housing Reform Plan has [...]

More Bankruptcy Reform Looming: Personal Bankruptcy

admin — Mon, 23 Mar 2009 14:10:41 +0000

With personal bankruptcies reaching a level not seen since just before the bankruptcy laws were reformed back in 2005, pundits are beginning to point to the reform efforts as an unmitigated failure. The intent of the 2005 reforms was to prevent abuse and to stem the rising tide of bankruptcy filings. As our economy continues [...]

Credit Default Swaps and the AIG Mess

admin — Wed, 18 Mar 2009 16:50:22 +0000

Credit default swaps are being thrust into the limelight, most especially due to the AIG disaster and hearings going on at Capitol Hill today. Here is a (hopefully) simple explanation of what a credit default swap is: Borrower Bill borrows $1,000 dollars from Loaner Jim. Loaner Jim wants to obtain insurance on that debt in the [...]

Unemployed? Downsized? Don’t Rush to Bankruptcy

admin — Wed, 18 Mar 2009 03:31:12 +0000

That’s right. Don’t rush. Don’t be in a hurry. We wouldn’t dare say don’t worry and don’t stress. We would say - don’t do it for long. Take the body blow, feel the pain, and then work to inhale deeply. Stand up straight, and get to work. Being [...]

The Judicial Mortgage Modification Bill

admin — Wed, 18 Mar 2009 02:20:55 +0000

For an ever-increasing number of citizens in this recession, filing for bankruptcy becomes a way of managing the mounting financial crisis, even when it means losing the family home. It really becomes a matter of survival for faced with this decision. New legislation proposed in Congress includes provisions that allow bankruptcy judges to cut the principal [...]

Debt Settlement Firms - Panacea or Pitfall?

admin — Fri, 13 Mar 2009 16:39:30 +0000

Now more than ever before, radio and television advertising is flooded with ads purporting to resolve your debt and credit issues. Are these debt settlement firms a panacea or another pitfall? If you’re not careful, you will find yourself not climbing out of the financial hole you’re in, but digging yourself deeper into debt. Credit counseling [...]

Personal Bankruptcy: What are your options?

admin — Fri, 13 Mar 2009 14:09:41 +0000

Chapter 7 Bankruptcy Chapter 11 Bankruptcy Chapter 13 Bankruptcy These terms strike fear in the hearts of worried citizens all over the country as they take the difficult steps of running their home financial figures, figuring out which bills not to pay in today’s economy instead of working on which bills they should pay. What’s the difference in [...]

Foreclosure Figures for February Increase 30%

admin — Thu, 12 Mar 2009 21:13:38 +0000

RealtyTrac Inc. reports that the filings for foreclosure proceedings have increased 30% in February 2009 as compared to this time last year. In a statement today, RealtyTrac reported that 290,631 homes received default notices, auction notices, or were seized by lenders. First-time foreclosure filings totaled 161,976, the highest figure in over 4-years, according to [...]

Bankruptcy Means Test

admin — Wed, 11 Mar 2009 19:16:18 +0000

The new bankruptcy laws passed in 2005 created several new forms that must now be included in a bankruptcy petition, including the Means Test in a Chapter 7 bankruptcy. The means test is supposed to tell the court whether or not you have enough disposable income left after paying your necessary living expenses to pay [...]

Bankruptcy Losing its Shame

admin — Wed, 11 Mar 2009 14:40:51 +0000

It’s beginning to appear that in this time of economic crisis, declaring personal bankruptcy has become a viable option for more people than ever before. As a result, it is losing its historical stigma due, in part, to the reality that we all probably now know more people than ever before who have done [...]