Reed's Bankruptcy Blog

More Middle Class Americans File Bankruptcy

Reed Allmand — Fri, 20 Nov 2009 18:00:00 +0000

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 [...] Related posts:

Christmas and The Risk Of Debit Cards

Reed Allmand — Fri, 20 Nov 2009 16:00:39 +0000

The shopping season is approaching and many consumers are choosing to use their debit cards instead of a credit card this Christmas season. But despite their apparent safety, there are a few precautions you need to take to make sure that you don’t end up in debt despite avoiding credit cards this Christmas. Keep close track [...] Related posts:

Over 61,000 Dallas-Fort Worth Homeowners Face Foreclosure

Reed Allmand — Fri, 20 Nov 2009 14:30:52 +0000

Despite claims that the recession has ended, foreclosures in the Dallas-Fort Worth area continue to rise. Rising job losses and prolonged unemployment are major factors contributing to the foreclosure crisis. More than 61,000 homeowners are facing foreclosure, an increase of 23 percent since 2009. And despite efforts to slow the wave of foreclosures, most experts [...] Related posts:

Credit Checks, Bankruptcy And Employment

Reed Allmand — Thu, 19 Nov 2009 23:00:04 +0000

If you’re applying for a job in finance, accounting or a position that requires the handling of cash, expensive merchandise or a security clearance, you may be subjected to a credit check. If you’re behind on your bills, have delinquencies, defaults, judgments or liens, there a few things you should know. While a company is restricted [...] Related posts:

Three Major Misconceptions About Bankruptcy

Reed Allmand — Thu, 19 Nov 2009 21:15:51 +0000

Let’s clear the air about something, bankruptcy IS NOT a “gut wrenching” experience that destroys your life and leaves you awake at night. I’ve heard this ridiculous notion bandied about by the very people who have benefited from bankruptcy in their life. They file bankruptcy, reap the benefits, then turn around and tell others not [...] Related posts:

Mortgage Modification Workers Have No Previous Banking Experience

Reed Allmand — Thu, 19 Nov 2009 20:00:05 +0000

Has it been 3 weeks, 6 months or a year since you first applied for mortgage modification so that you could avoid foreclosure? Has your mortgage servicer lost important documents? Have they left you on hold for 30 minutes—an hour or “accidentally” dropped the line? What about the quality of information you receive about avoiding [...] Related posts:

Is Fort Worth Going Bankrupt?

Reed Allmand — Thu, 19 Nov 2009 18:00:37 +0000

I don’t want to sound the alarm too soon; but the road to municipal bankruptcy usually begins with small things, like the city’s recreational facilities facing budget shortfalls and closure. Unfortunately, Fort Worth, like many other municipalities around the country has suffered tax revenue declines caused by the battered economy and now they may need [...] Related posts:

State Farm Insurance May Owe YOU

Reed Allmand — Thu, 19 Nov 2009 16:00:32 +0000

A Texas judge ruled that State Farm Insurance must repay $310 million in premiums and back interest to Texas customers for overcharging them on homeowner policies. The ruling will affect State Farm Lloyds residential policies between September 2003 and July 2008. The refund is far less than the $1 billion that consumer advocates wanted, prompting one, [...] Related posts:

Loans For Unemployed Homeowners May Not Slow The Foreclosure Crisis

Reed Allmand — Thu, 19 Nov 2009 14:05:54 +0000

Unemployed homeowners facing foreclosure have been left out in the cold with the government’s foreclosure prevention program. Since unemployment insurance benefits don’t provide enough income to cover most mortgage payments and many unemployed homeowners don’t qualify for mortgage modifications, many find themselves facing imminent foreclosure with absolutely no or very little negotiating leverage with mortgage [...] Related posts:

CIT Group Officially Entering Bankruptcy

Reed Allmand — Wed, 18 Nov 2009 20:39:13 +0000

Businesses not subject to means test After announcing an influx of loans and financial support from various sources, including a $1 billion loan from Carl Icahn, CIT Group has officially filed for bankruptcy protection. They are seeking protection under Chapter 11 bankruptcy which is designed for reorganization, not complete discharge of all debts. In order to [...] Related posts:

Common Pre-Filing Mistakes

Reed Allmand — Wed, 18 Nov 2009 18:01:30 +0000

You should avoid making pre-filing bankruptcy mistakes such as using home equity loans or retirement accounts to pay off debts. Here are some common pre-filing mistakes that folks considering bankruptcy sometimes make: 1. Refusing to consider bankruptcy until it’s too late. This is a pretty easy one to figure out, but it’s also a surprisingly common mistake [...] Related posts:

Benefits of Bankruptcy

Reed Allmand — Wed, 18 Nov 2009 14:30:20 +0000

Despite bankruptcy’s bad rap in our culture, its benefits make it the best choice for many people needing a fresh financial start. Bankruptcy often gets a bad rap in our culture, but the truth of the matter is that, for many people, it is the absolutely best option to escape the stress of insurmountable debt and [...] Related posts:

Buying a House Post-Bankruptcy

Reed Allmand — Tue, 17 Nov 2009 21:42:05 +0000

You should be able to qualify for a home loan post-bankruptcy, though most lenders require that you wait two years after discharge. One of the biggest concerns on the minds of those considering filing for bankruptcy is whether they’ll be able to buy the house they’ve dreamed of owning post-bankruptcy. For many, it seems like an [...] Related posts:

Debt Collection Company Accepts $2.55 Million Judgment

Reed Allmand — Tue, 17 Nov 2009 18:10:23 +0000

According to an article in the Star-Telegram, American Corrective Counseling Services, a debt collection company has agreed to a $2.55 million judgment to settle a lawsuit brought by thousands of debtors who claimed they were wrongly led to believe they had to pay costly fees to avoid criminal charges for bouncing checks. The article said: “The company [...] Related posts:

Nokia Announces Dallas Job Losses

Reed Allmand — Tue, 17 Nov 2009 17:06:40 +0000

According to an article in the Dallas Morning News, Nokia Siemens Networks announced that it will implement 100 job losses in the Dallas area. The company employs 900 Dallas residents and 64,000 workers worldwide. The job losses are a part of Nokia’s global reorganization designed to save more than $700 million by the end of [...] Related posts:

Five Signs You May Need To File Bankruptcy

Reed Allmand — Tue, 17 Nov 2009 14:27:21 +0000

Many Americans experiencing financial trouble don’t realize until the last minute that they should have filed bankruptcy months, if not years earlier. Here are the signs that you may need to file bankruptcy: You often write checks against your bank account when you know the money isn’t there. [...] Related posts:

Three Tips For Handling Debt Related Stress

Reed Allmand — Mon, 16 Nov 2009 23:00:12 +0000

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 [...] Related posts:

Unemployed Workers Worse Off Than In 1982

Reed Allmand — Mon, 16 Nov 2009 20:00:36 +0000

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 [...] Related posts:

Debt Plus Stress Can Equal Tragic Consequences

Reed Allmand — Mon, 16 Nov 2009 18:00:43 +0000

There is a tragic story featured at the Dallas Morning News about a debtor who murdered his former co-workers after failing to receive an unemployment check. Jason Rodriquez had recently filed bankruptcy; but not before his financial troubles sent him over edge. The article said: “Employees at Reynolds, Smith and Hills recognized their former co-worker [Rodriquez] when [...] Related posts:

Debtor Who Hid $255,000 Charged With Bankruptcy Fraud

Reed Allmand — Mon, 16 Nov 2009 16:00:59 +0000

According to an article in the Star-Telegram, a woman who hid more than $255,000 from a bankruptcy trustee has been sentenced to nearly three years in prison. The article said: “Hardy filed a personal injury lawsuit in 2001 against GE Modular Space Transport International Pool Corp. She filed for bankruptcy before the settlement. Authorities say she hid [...] Related posts: