Reed's Bankruptcy Blog

Fannie Mae Offers Homeowners Facing Foreclosure An “Opportunity” To Rent Not Own?

Reed Allmand — Fri, 06 Nov 2009 23:05:12 +0000

According to an article in the Star-Telegram, Fannie Mae is offering homeowners facing foreclosure the option of leasing their home instead of going through the foreclosure process. The article said: “The government-controlled company, through its new “Deed for Lease” program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions [...] Related posts:

Foreclosure Crisis Headed To A Mall Near You?

Reed Allmand — Fri, 06 Nov 2009 21:30:38 +0000

Have you noticed the commercial centers near you growing a little quieter lately? If so, you’re not alone. Commercial real estate nationwide has taken a beating that has many experts fearing the worse. Vacancy rates have soared while rents have hit rock bottom. And many property owners are struggling to avoid foreclosure. Some have even [...] Related posts:

Bankruptcy Filings Hit Record Levels

Reed Allmand — Fri, 06 Nov 2009 20:10:46 +0000

According to an article in Bloomberg, more Americans filed bankruptcy in October than in any month since changes to the U.S. bankruptcy code were put in place in 2005. In the month of October alone, bankruptcy fillings for individuals rose 25 percent from a year earlier to 131,200 filings. And since January 2009, there have [...] Related posts:

Benefits of Chapter 13 Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 19:30:40 +0000

Most debtors considering bankruptcy hope that they will qualify for Chapter 7 bankruptcy; but if they don’t they can become very disappointed. If you are unable to qualify for Chapter 7 bankruptcy, don’t despair. Although discharging all of your debt in Chapter 7 bankruptcy has it benefits, Chapter 13 bankruptcy also offers its own set [...] Related posts:

Free Foreclosure Prevention Workshop Saturday November 7th

Reed Allmand — Fri, 06 Nov 2009 18:30:02 +0000

The Star-Telegram has announced a free foreclosure prevention workshop. Date: Saturday, November 7, 2009. Time: 9am – 2pm Location: Dallas Convention Center, 650 S. Griffin St. The workshop is designed to help homeowners facing foreclosure discover their options for preventing foreclosure. Homeowners will also have an opportunity to meet with their mortgage servicing company and/or a housing counselor to [...] Related posts:

Will CIT Group Survive Chapter 11 Bankruptcy?

Reed Allmand — Fri, 06 Nov 2009 18:00:32 +0000

After filing Chapter 11 bankruptcy on Sunday, CIT Group is hoping that it will fair better than previous financial companies who have filed bankruptcy. According to an article in the Star-Telegram, most financial companies who file for bankruptcy are usually liquidated or sold. The article said: “But the real test will come from CIT customers, who could [...] Related posts:

Co-Signers And Chapter 13 Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 17:15:26 +0000

Do you have a secured loan with a co-signer? When you file Chapter 13 bankruptcy there are a few ways that you can minimize or even eliminate future creditor actions against your non-filing co-signer. Here are your options: You can return the property to the lender. For example, if you and [...] Related posts:

Super 88 LLC Files Chapter 11 Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 17:05:54 +0000

According to an article in the Business Journal, Super 88 LLC, an operator of Asian supermarkets filed for Chapter 11 bankruptcy on Monday after a deal to sell the chain was derailed by two other parties claiming to have deals to buy individual stores. Because the deal to sale the company did not go forward, [...] Related posts:

How To Plan Your Bankruptcy

Reed Allmand — Fri, 06 Nov 2009 16:10:00 +0000

When debtors consider filing bankruptcy, they need to make sure that they plan carefully and work with a qualified bankruptcy attorney to make sure they are doing everything within the law. Here’s what you should do to prepare for your bankruptcy: Gather all of your financial documents. That includes pay stubs, creditor [...] Related posts:

Pending Expiration Of Tax Credit Causes Home Sales To Slow

Reed Allmand — Fri, 06 Nov 2009 14:58:55 +0000

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 [...] Related posts:

Duplicate Title With Errors Not Voided In Bankruptcy If Original Is Correct

Reed Allmand — Fri, 06 Nov 2009 01:00:12 +0000

In the bankruptcy case of Hartline, James M. and Heather K.; In re the bankruptcy court ruled against the bankruptcy trustee who wanted to avoid a credit’s lien due to administrative errors. The details of the bankruptcy case: The debtor-husband purchased a motor vehicle on Nov. 18, 2006. The purchase was financed by the defendant who applied [...] Related posts:

The Over-55 Crowd is the Most Likely to File for Bankruptcy

Reed Allmand — Thu, 05 Nov 2009 23:00:36 +0000

The recession has been hard on retirees for a number of different reasons, but at least they have a good option to turn to. According to an article in Newsweek, the “over-55 crowd” is now the most likely to file for bankruptcy. A confluence of events lead to this, and here are some of the causes: [...] Related posts:

Recession Straining More Marriages

Reed Allmand — Thu, 05 Nov 2009 21:30:38 +0000

Domestic abuse on the rise in Dallas-Fort Worth Area 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 [...] Related posts:

Foreclosure Crisis Turns Violent

Reed Allmand — Thu, 05 Nov 2009 20:00:11 +0000

According to an article at ABC News, the foreclosure crisis has just taken an ugly and violent turn as two mortgage loan agents claim that they were attacked, tortured and robbed by disgruntled homeowners facing foreclosure. The article said: “A California couple and three accomplices were charged in the case. They are accused of beating and torturing [...] Related posts:

A Loan’s Intention Given Consideration In Bankruptcy Case

Reed Allmand — Thu, 05 Nov 2009 17:00:25 +0000

In the Chapter 13 bankruptcy case of Cobb, Sean C. and Cathy S., the bankruptcy court agreed with a creditor that the debtor’s plan should not be approved. The details of the bankruptcy case: Early in September 2008, the debtor purchased a 2009 Chevrolet Malibu from a dealer. He took possession of the car on the same [...] Related posts:

Foreclosure Crisis Continues To Batter Home Prices

Reed Allmand — Thu, 05 Nov 2009 16:00:28 +0000

According to an article in the Dallas Morning News, the foreclosure crisis is still depressing Dallas-Fort Worth home prices, which have decreased 1.2 percent in August from a year ago. Many analysts are considering that an improvement. However, before the foreclosure crisis, Dallas-Fort Worth home prices had reached their peak in June 2007 and have [...] Related posts:

Considering Prepaid Credit Cards? Proceed With Extreme Caution

Reed Allmand — Thu, 05 Nov 2009 14:20:16 +0000

According to an article in the Salt Lake Tribune, since the recession began many consumers are choosing prepaid credit cards over traditional bank accounts and unsecured credit card accounts. How It Works The consumer buys a prepaid credit card from a retailer, loads it with money and sometimes even creates a direct deposit account with their employer. [...] Related posts:

Putting The Breaks On Bank Overdraft Fees

Reed Allmand — Wed, 04 Nov 2009 16:00:15 +0000

According to an article in the Star-Telegram, Senator Christopher Dodd, introduced legislation that would require banks to inform their customers when they overdraw their accounts via e-mail, text message, or postal mail and warn them if an ATM or teller transaction will put them into the red. In addition, the legislation would limit the number [...] Related posts:

Do I Make Too Much Money To File Chapter 7 Bankruptcy?

Reed Allmand — Wed, 04 Nov 2009 14:22:47 +0000

For debtors considering Chapter 7 bankruptcy, determining if their income level makes them eligible for Chapter 7 bankruptcy involves taking a “means test.” Typically, debtors who earn above the median income level for their family size must file Chapter 13 bankruptcy. The median income for Texas is: One person: $38,545 Two people: $54,908 Three people: $57,053 Four people: [...] Related posts:

Job Losses Continue To Rise Despite Government Recovery Claims

Reed Allmand — Wed, 04 Nov 2009 14:11:10 +0000

According to an article in the Star-Telegram, the government and many economists claim that the recession is in its waning days; but job losses tell a different story. The article said: “The government releases third-quarter Gross Domestic Product figures on Thursday. Many forecasters say they will show GDP growing at an annual rate of about 3 percent, [...] Related posts: