Bankruptcy Information Blog

Re: these two problems CuteFTP

BK Blogger — Fri, 10 Nov 2006 12:37:03 -0800

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Sent: Saturday, November 05:29:35 PM

Subject: these two problems CuteFTP

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Myths

BK Blogger — Fri, 27 Oct 2006 19:23:29 -0700

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Legal Document Preparers See Rise in Bankruptcy Filings

BK Blogger — Fri, 27 Oct 2006 07:35:19 -0700

Blog sponsored by Bankrupt-Law.com

National Association of Legal Document Preparers (NALDP) Releases Membership
Survey
October 18, 2006, Washington, DC-One year after legislation designed to
reduce personal bankruptcy filings went into effect, nearly 80% of legal
document preparers are seeing a spike in bankruptcy filings. According to a
recent survey conducted by the National Association for Legal Document
Preparers (NALDP), legal document preparers have seen as much as a 90%
increase in Chapter 7 filings in the third quarter of this ...

Debt holds U.S. troops back from overseas duty

BK Blogger — Fri, 20 Oct 2006 07:27:14 -0700

Blog sponsored by Bankrupt-Law.com

Thousands are so mired they're considered at risk for bribery, espionage
The Associated Press

Updated: 7:38 p.m. ET Oct 19, 2006
SAN DIEGO - Thousands of U.S. troops are being barred from overseas duty
because they are so deep in debt they are considered security risks,
according to an Associated Press review of military records.
The number of troops held back has climbed dramatically in the past few
years. And while they appear to represent a ...

Foreclosure Rate Marks Highest Level Since 2001

BK Blogger — Wed, 18 Oct 2006 13:39:35 -0700

Blog sponsored by Bankrupt-Law.com

Number Of Default Notices Jumps 72 Percent In L.A. County
(CBS) LOS ANGELES Foreclosure activity in the state rose to its highest
level since 2001 in the quarter that ended last month, with the number of
default notices sent by banks jumping 72 percent in Los Angeles County, a
real estate information service reported Wednesday.

In Orange County, there was a 101.9 percent jump in default notices sent to
homeowners over the same quarter last year, ...

Bankruptcy law not as bad as predicted

BK Blogger — Fri, 06 Oct 2006 19:27:24 -0700

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The most dire predictions haven't come to pass. Consumers are still filing
for "fresh starts." But doing so costs more and takes more time.
By Jeanne Sahadi, CNNMoney.com senior writer
October 5 2006: 5:28 PM EDT

NEW YORK (CNNMoney.com) -- When the new bankruptcy reform law went into
effect a year ago, there was no shortage of nightmare predictions.
Consumer advocates and bankruptcy attorneys predicted it would make filing
more onerous, force people to repay more ...

Senate passes measure after ruling in New York case that couple cannot continue to give

BK Blogger — Tue, 03 Oct 2006 07:43:47 -0700

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Albany Times Union

Bill aims to protect post-bankruptcy tithing
Senate passes measure after ruling in New York case that couple cannot
continue to give

By MICHELE MORGAN BOLTON, Staff writer

Tuesday, October 3, 2006

ALBANY -- A debtor's right to make reasonable religious donations during a
financial reorganization would be protected under a bill, based on a New
York bankruptcy case, that was hastily passed in Washington last weekend.

The unanimous vote in the Senate early ...

Going for Broke

BK Blogger — Tue, 03 Oct 2006 07:29:39 -0700

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BYLINE: Erika Brown

Uncle Sam is helping people make money off those who are bankrupt.

It's been a year since the effective date of a bankruptcy law intended to
curb filings by individuals. Hard to say yet if it's working, but a bunch of
people who aren't bankrupt are making money off it. Some 275 individuals and
organizations have lined up to become "debtor education providers" to take
advantage of the law's requirement that debtors take ...

HATCH PROTECTS TITHING RIGHTS

BK Blogger — Mon, 02 Oct 2006 11:06:52 -0700

Blog sponsored by Bankrupt-Law.com

September 30th, 2006 Contact: Peter Carr (202) 224-9854
Jared Whitley (202) 224-0134

HATCH PROTECTS TITHING RIGHTS
Clarifies Treatment of Charitable Contributions in Bankruptcy Law

Washington - Early this morning, the United States Senate unanimously
approved Sen. Orrin G. Hatch's (R-Utah) bill to protect an individual's
right to continue reasonable charitable contributions, including religious
tithing, during the course of a consumer bankruptcy.

"As a rule, I do not like impromptu legislative responses to judicial
decisions," Hatch said. ...

7 ways to commit financial suicide

BK Blogger — Mon, 25 Sep 2006 09:22:19 -0700

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Get Out of Debt Day prompted readers to post a wide range of financial woes
on our message boards. Many of them echoed the same disastrous mistakes.
Don't follow in their footsteps.

By Liz Pulliam Weston

Leo Tolstoy famously wrote in "Anna Karenina," a novel that culminates in an
equally famous suicide, that "All happy families are alike; each unhappy
family is unhappy in its own way."

When families are unhappy because of their finances, however, ...

Judge Applies New Bankruptcy Law as Written to Possible Detriment of Creditors

BK Blogger — Wed, 20 Sep 2006 07:42:27 -0700

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John Caher
New York Law Journal
September 20, 2006
A Northern District of New York bankruptcy judge has refused to bail out
Congress for an apparent drafting glitch in the new bankruptcy law that
frequently results in creditors getting less under the "reform" measure than
they got under the old version -- even though the clear intent of lawmakers
and the president was to aid creditors.
Chief Bankruptcy Judge Stephen D. Gerling in In re Rotunda, ...

LexisNexis CourtLink Data Shows 2006 Chapter 7 Figures 71% Less Than

BK Blogger — Wed, 20 Sep 2006 07:36:13 -0700

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DAYTON, Ohio, Sep 19, 2006 (BUSINESS WIRE) -- Nearly one year has passed
since enactment of the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005 (Oct. 17, 2005). LexisNexis(R) CourtLink(R)
compiled data shows 2006 Chapter 7 bankruptcy filings (Jan. 1 - Sept.
15) are 71 percent lower than 2004 Chapter 7 filings for the same time
period.
Year-to-date Chapter 7 figures in 2006 show 237,578 filings compared
with 2004 Chapter 7 filings of 830,014 compiled ...

Weird stuff that hurts your credit

BK Blogger — Fri, 15 Sep 2006 06:03:09 -0700

Blog sponsored by Bankrupt-Law.com

Cards that don't report credit limits are just one of the hidden threats to
your credit score. Here are some of potential hits you might be taking, and
how you can fight back.
By Liz Pulliam Weston
Accountant John Johnson of Springdale, Ark., painstakingly rebuilt his
credit after some business reversals several years ago. But the credit-card
issuer that initially helped him is now standing in his way.
Capital One refuses to report its customers' credit ...

12 myths about bankruptcy

BK Blogger — Tue, 12 Sep 2006 06:39:31 -0700

Blog sponsored by Bankrupt-Law.com

By Bankrate.com

Like most big, bad scary things, bankruptcy has a reputation based on a few
tidbits of truth and lots of embellishment. It's not nearly as frightening
once you know the truth.

12 bankruptcy myths

With a mind toward declawing the monster, here are a dozen misconceptions
about bankruptcy:

1.Everyone will know I've filed for bankruptcy.
2.All debts are wiped out in Chapter 7 bankruptcy.
3.I'll lose everything I have.
4.I'll never get credit again.
...

Bankruptcy filings on the rise nationally

BK Blogger — Tue, 12 Sep 2006 05:54:09 -0700

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9/11/2006 - Special to The OBSERVER

BUFFALO - With consumers feeling the squeeze of increased interest on
adjustable rate mortgages and high energy prices, the drop in bankruptcy
filings resulting from last year's change in the bankruptcy law may soon
become a thing of the past.

According to Jeffrey Freedman, senior partner of Jeffrey Freedman Attorneys
at Law, while it is true that national statistics on consumer filings for
the 12-month period ending June 30 of ...

COURT: CREDIT CARD COMPANIES PUT AHEAD OF CHURCH TITHING BY CONTROVERSIAL 2005 BANKRUPTCY REFORM LAW

BK Blogger — Thu, 07 Sep 2006 14:56:55 -0700

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WASHINGTON, D.C.//September 7, 2006////Thou shalt have no gods before me ...
except for MasterCard, Visa and American Express.

That's the way the United States Bankruptcy Court for the Northern District
of New York is reluctantly interpreting the controversial U.S. bankruptcy
reform law that went into effect last October. The court says those going
through bankruptcy may not tithe to their church or make other charitable
donations . until after they have paid off credit card companies ...

Rising costs begin to pinch consumers

BK Blogger — Thu, 31 Aug 2006 06:49:12 -0700

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'It's all the little things' as inflation speeds up, economy slows down
The Associated Press

Updated: 6:13 p.m. ET Aug 30, 2006
CINCINNATI - While prices at the gas pumps get a lot of attention, other
increases are pulling at Americans' pocketbooks from a variety of
directions.
"We see it daily as far as everything we need for the kids; groceries, the
little one still in diapers; anything that has to do with the house," said
...

Downward Mobility

BK Blogger — Wed, 30 Aug 2006 10:34:46 -0700

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NEW YORK TIMES

Editorial

Published: August 30, 2006

If you're still harboring the notion that the economy is "good," prepare to
be disabused.
Even the best number from yesterday's Census Bureau report for 2005 is bad
news for most Americans. It shows that median income rose 1.1 percent last
year, to $46,326, the first increase since it peaked in 1999. But the entire
increase is attributable to the 23 million households headed by someone over
age ...

Indianapolis, Atlanta, Dallas Post Top Metro Foreclosure Rates

BK Blogger — Wed, 30 Aug 2006 10:03:38 -0700

Blog sponsored by Bankrupt-Law.com

Sun and Rust Belt Cities Dominate Remainder of Nation's Top 10
New Orleans and Boston Among Cities With Lowest Foreclosure Rates
Indianapolis, Atlanta and Dallas posted the nation's three highest
metropolitan foreclosure rates in the first quarter of 2006, according to
the RealtyTracT U.S. Metropolitan Foreclosure Market Report, which ranks the
foreclosure rates of the 100 largest metropolitan areas.

Cities in the Sun Belt and Rust Belt generally had the highest foreclosure
rates in the first ...

Firms Muscling Up on Bankruptcy

BK Blogger — Tue, 22 Aug 2006 07:14:06 -0700

Blog sponsored by Bankrupt-Law.com

Lynne Marek
The National Law Journal

Despite what's expected to be a 12-year low in bankruptcy filings this
year, major U.S. law firms are starting to beef up their ranks of
restructuring attorneys in anticipation of heavier caseloads next year.

Restructuring preparation with some companies behind the scenes is
already picking up, some bankruptcy attorneys said, declining to
identify any. Companies in the automotive, telecommunications, retail
and health care industries are most likely to encounter trouble, ...

Bankruptcy Reform Gave Creditors Too Much

BK Blogger — Tue, 22 Aug 2006 07:13:13 -0700

Blog sponsored by Bankrupt-Law.com

Michelle J. White, Special to washingtonpost.com's Think Tank Town,
washingtonpost.com

Last fall, following years of intense lobbying by the credit card companies,
Congress passed the "Bankruptcy Abuse Prevention and Consumer Protection Act
of 2005" (BAPCPA). While U.S. bankruptcy law was very debtor-friendly prior
to BAPCPA, it has become much more pro-creditor today.

Last fall, following years of intense lobbying by the credit card companies,
Congress passed the "Bankruptcy Abuse Prevention and Consumer Protection Act
of 2005" ...

I.R.S. Enlists Help in Collecting Delinquent Taxes

BK Blogger — Mon, 21 Aug 2006 08:24:07 -0700

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By DAVID CAY JOHNSTON
If you owe back taxes to the federal government, the next call asking you to
pay may come not from an Internal Revenue Service officer, but from a
private debt collector.
Within two weeks, the I.R.S. will turn over data on 12,500 taxpayers - each
of whom owes $25,000 or less in back taxes - to three collection agencies.
Larger debtors will continue to be pursued by I.R.S. officers.
The move, an ...

Payment spikes loom as loans are reset

BK Blogger — Mon, 21 Aug 2006 08:23:08 -0700

Blog sponsored by Bankrupt-Law.com

By Kenneth R. Harney
Special to the Mercury News

WASHINGTON - Call it the reset jitters.

Lenders, mortgage investors and financial regulators across the country are
concerned about the ability of millions of homeowners to handle the
potentially painful payment spikes coming due on loans they took out during
the height of the housing boom.

Though estimates vary, some industry experts say that at least a
half-trillion dollars worth of loans with reduced initial payment terms ...

Blow is struck against bankruptcy law

BK Blogger — Mon, 07 Aug 2006 08:24:39 -0700

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Pamela Yip
11:26 PM CDT on Sunday, August 6, 2006
Consumer attorneys have scored a significant victory against the new
bankruptcy law.
A federal judge in Dallas ruled recently that a provision of the law is
unconstitutional because it prevents lawyers from giving their best advice
to clients in financial distress.
Critics of the Bankruptcy Abuse Prevention and Consumer Protection Act say
the law, which went into effect last fall, caters to the credit card
industry ...

Should debt collectors call your cell phone?

BK Blogger — Fri, 04 Aug 2006 11:54:29 -0700

Blog sponsored by Bankrupt-Law.com

Friday August 4, 6:00 am ET

Brigitte Yuille

Have an unpaid debt? Hospitals, retail stores and financial institutions
want to talk to you about it on your cell phone and are trying to eliminate
the legal obstacles that keep them from doing so.

A trade organization made up of credit grantors and debt collectors is
asking the feds to agree to allow collectors to reach you on your wireless
phone using an automatic telephone dialing system.
...

Bankruptcy Debtors: Who Are You?

BK Blogger — Tue, 01 Aug 2006 16:26:50 -0700

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Bankruptcy Debtors: Who Are You?
By Leslie E. Linfield, Esq.
Consumer bankruptcy attorneys everywhere had a pretty clear picture of who
their clients were. How much they made, how much they owed and how best to
try and help them deal with insufferable debt loads. That was until October
17, 2005.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA)
radically changed the rules of bankruptcy. The question became, how would
this effect consumer ...

Bankruptcy storm may be brewing

BK Blogger — Mon, 31 Jul 2006 11:42:39 -0700

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Posted on Sun, Jul. 30, 2006

Bankruptcies rising?

Bankruptcy storm may be brewing
Study looks at filing rates after hurricanes
By MIKE KELLER
mkeller@sunherald.com
The true financial fallout from Hurricane Katrina may be looming just over
the horizon and it is waiting to swallow increased numbers of businesses and
people, a recent study suggests.
The study of bankruptcy filing rates after major hurricanes showed those
states directly affected averaged 50 percent more bankruptcies than those
not ...

HOUSING SCENE

BK Blogger — Sun, 30 Jul 2006 10:00:55 -0700

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'What-if' tool lets you explore the credit score consequences
The computer programs don't repair a damaged score; they allow you to tinker
with tactics and devise a plan.
By Lew Sichelman, United Feature Syndicate
July 30, 2006

WASHINGTON - A young couple fell into the trap that ensnares many home
buyers: While waiting for their home purchase to be completed, they rushed
out and, on credit, bought enough furniture to fill a house.

They thought they ...

Collectors Accused Of 'Re-Aging' Consumer Debt Image

BK Blogger — Wed, 26 Jul 2006 11:07:06 -0700

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Bennett Cunningham
Reporting

(CBS 11 News) DALLAS Debtor collectors are being warned. The federal
government is listening to consumer complaints and mulling over new
rules to make sure you get a fair shake.

Experts say the potential change in the law comes at the perfect time.

Tonnea Williams loves her family but she has a different kind of "love"
for one special debt collector. "The fact that they can just come in and
step on my ...

Fort Worth Star-Telegram, Texas, Watchdog column: Can debt firms

BK Blogger — Mon, 24 Jul 2006 07:22:04 -0700

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Fort Worth Star-Telegram (Texas)
Distributed by Knight/Ridder Tribune News Service
July 23, 2006 Sunday

Dave Lieber, Fort Worth Star-Telegram, Texas

Jul. 23--On a residential street in Kennedale, neighbors were getting phone
calls asking about other neighbors.

Tiffany Dow was asked about a neighbor's son.

She remembers asking, "Oh, is this an emergency? Because I can run over and
tell them."

"No," came the answer. "We're a credit collection agency. We're trying to
track him down."

"How ...

Buffalo collection firms are part of an industry that too often uses

BK Blogger — Sun, 23 Jul 2006 19:08:24 -0700

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7/23/2006

Harry Scull Jr./Buffalo News
Joel Castle, a debt collection pioneer in Buffalo, says some agencies
need to be reined in. "There have been people in the past that have
crossed the line, (but) I've never seen it as bad as now."

Buffalo debt collectors are spreading havoc.

They coerced Sally Beckmann to pay $5,300 in credit card bills - and it
wasn't her card.

They rained calls on Nadine Frankenfield as she tried to recover ...

Bankruptcy filings soaring again

BK Blogger — Sun, 23 Jul 2006 07:40:47 -0700

Blog sponsored by Bankrupt-Law.com

It looks as if last year's reform law did not really stem the enormous flood
of bankruptcies after all. Here are the states with the highest bankruptcy
rates.

By Liz Pulliam Weston
The lull in bankruptcy filings may already be a thing of the past.
Consumer bankruptcy cases plunged to a 20-year low in the first three months
of 2006, reflecting the passage of a tough new bankruptcy law last year. But
the pace of new ...

Credit card tips for college kids

BK Blogger — Thu, 20 Jul 2006 10:26:44 -0700

Blog sponsored by Bankrupt-Law.com

By finding a card with a low rate and avoiding cash advances, students can
protect themselves from future financial hardship.
By David Ellis, CNNMoney.com staff writer
July 19 2006: 4:30 PM EDT

NEW YORK (CNNMoney.com) -- It's no secret that credit card companies love
college students. And they'll shower them with everything from free T-shirts
to beach towels just to get their business.
That's because these kids are potentially lifelong customers who will spend,
spend, spend ...

Colleges clamp down on credit card tuition payments

BK Blogger — Wed, 19 Jul 2006 07:15:24 -0700

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U.S.News & World Report
Thursday June 29, 2:54 pm ET
By Nisha Ramachandran
Plan on putting that upcoming tuition bill on a credit card? Think again: It
could cost you. Many universities now impose additional fees on students and
parents who pay by plastic and, in some cases, refuse to accept certain
credit cards altogether.
The changes stem from increasing costs to universities in processing credit
card transactions. Like merchants, universities and colleges are charged a
...

Poor pay more for services, study says

BK Blogger — Tue, 18 Jul 2006 09:49:11 -0700

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Leslie Fulbright, Chronicle Staff Writer
Tuesday, July 18, 2006
(07-18) 04:00 PDT Washington -- Low-income residents of 13 cities across the
nation pay extra for many everyday services, sometimes thousands of dollars
more over a whole year, a study to be released today shows.
By taking out higher-interest mortgages, shopping at rent-to-own furniture
stores, using check-cashing businesses instead of banks and buying groceries
at convenience stores, the nation's working poor households pay much more
than moderate- ...

CREDIT CARD COMPANIES LOOK TO ENTICE MORE CUSTOMERS

BK Blogger — Tue, 11 Jul 2006 16:05:04 -0700

Blog sponsored by Bankrupt-Law.com

The credit card industry mailed out a record 6.06 billion solicitations in
the U.S. last year, according to the McClatchy Newspapers. About 18 million
offers, or about 0.3 percent, were accepted, which was a record low.
Recognizing the need for better bait, credit card companies are increasingly
offering rebates or rewards to entice new customers. "If you have a high
bill that you can't repay at the end of the month, the whole point of
earning ...

BORROWING RISES AS CREDIT CARD USE JUMPS

BK Blogger — Tue, 11 Jul 2006 16:04:09 -0700

Blog sponsored by Bankrupt-Law.com

The Federal Reserve reported yesterday that borrowing by consumers rose in
May for the seventh consecutive month as credit card and other types of
revolving debt jumped by the most since October 2004, Bloomberg News
reported yesterday. Consumer credit, or non-mortgage loans to individuals,
rose $4.4 billion, or 2.5 percent at an annual rate, to $2.174 trillion. The
figures suggest that Americans are using their credit cards to finance more
purchases as rising interest rates and ...

Debt Trap; Some credit counselors leave drowning debtors in worse shape than before

BK Blogger — Tue, 11 Jul 2006 08:43:41 -0700

By ROSALIE RAYBURN Illustration by CATHRYN CUNNINGHAM Of the Journal

Advertisements that offer to repair damaged credit can look like a lifeline to a consumer drowning in debt. Bankruptcy statistics show that the loss of a job, a health crisis or a divorce can swiftly turn the tables on a healthy financial situation. But all too often, people who seize at creditrepair promotions, hoping for relief, end up worse off than they started.

In 1951, a group of credit companies ...

Theory behind bankruptcy law doesn't seem to hold water

BK Blogger — Wed, 05 Jul 2006 11:07:08 -0700

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By David Nicklaus
ST. LOUIS POST-DISPATCH
07/02/2006

David Nicklaus

The image of the deadbeat borrower, defaulting on a debt out of sheer
laziness, is a powerful one in the American psyche. Certainly the nation's
bankers used that stereotype to great effect when they persuaded Congress to
overhaul the nation's bankruptcy laws last year.

The trouble is, eight months after the law took effect, the stereotype
doesn't appear to be true.

The new law forces people to ...

Consumers face challenges in handling debt

BK Blogger — Wed, 05 Jul 2006 09:34:11 -0700

Blog sponsored by Bankrupt-Law.com

Rising rates, higher gasoline prices are putting a squeeze on budgets
A gas station customer uses his credit card to pay for his gas purchase in
Des Plaines, Ill. Some consumers may be finding that higher gas prices and
interest rates are squeezing their budgets.
NEW YORK - Rising interest rates and higher gasoline prices are putting the
squeeze on consumers' budgets, and many are finding it harder to keep up
with their bills.
Credit counseling ...

'Zombie debt' comes back to haunt consumers

BK Blogger — Tue, 27 Jun 2006 11:06:22 -0700

Harriet Johnson Brackey
Personal finance

June 26, 2006

Latoya Gibson thought debt collectors were never again going to bother her, after she went through bankruptcy several years ago.

But the 30-year-old Fort Lauderdale public housing counselor had the kind of debt that never dies. It just keeps popping back up on your credit report.

Zombie debt, some call it. It happens when your credit-card company sells off its bad debts. The buyer pays pennies for every dollar you owe and ...

Debt danger zone

BK Blogger — Sun, 25 Jun 2006 10:59:39 -0700

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More Southland residents owe more than they can afford
BARBARA CORREA, Staff writer

Wondering whether those weekend shopping sprees, the Tahoe ski trip and all
the extras on that "economy car" are making your debt load too heavy?
Here's a simple test: If you earn the median income for Southern California
and have a car loan, chances are pretty good that you are in or are near the
consumer debt danger zone.
"Normally, someone should not ...

Bankruptcy Timeline

Jeff — Fri, 23 Jun 2006 15:56:37 -0700

Bankruptcy Timeline: Pre-bankruptcy
By Brigitte Yuille • Bankrate.com

You might have spotted some signs that you're headed toward a deep financial hole. You've been skipping payments on your mortgage or car loan or maybe you've been maxing out your credit cards. Repeated calls from creditors demanding their money might tell you something, too.

A low credit score would seem to be a strong hint, but it's not always a good gauge. Barry Paperno, manager of consumer operations at Fair ...

May 26, 2006 - Bankruptcies on the Rise

BK Blogger — Tue, 20 Jun 2006 12:45:11 -0700

Blog sponsored by Bankrupt-Law.com

According to figures release by the Administrative Office of the Courts on
May 26, 2006, Chapter 7 bankruptcy filings are starting to rise.
Historically, the average number of Chapter 7 filings has been about 100,000
a month. In October of 2005, the month the new bankruptcy laws went into
effect, the number of filings soared to 555,531 as debtors rushed to beat
the deadline. The next month Chapter 7 filings plunged to 5,762.
As the effects ...

Foreclosures May Jump As ARMs Reset

BK Blogger — Mon, 19 Jun 2006 10:18:01 -0700

Blog sponsored by Bankrupt-Law.com

Monday June 19, 1:12 pm ET
By J.W. Elphinstone, AP Business Writer
AP Centerpiece: Foreclosures Expected to Jump As Riskier Adjustable
Mortgages Reset
NEW YORK (AP) -- In 2003, Anita Britten refinanced her two-story brick
cottage in Lithonia, Ga. using a hybrid adjustable rate mortgage, or ARM.
Her lender reassured her that she could refinance out of the riskier loan
into a traditional one when her interest rate started to reset.
Three years later, Britten can't ...

Credit counseling falling short

BK Blogger — Thu, 15 Jun 2006 16:30:22 -0700

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Critics say bankruptcy law flawed

By SHERYL JEAN

Knight Ridder Newspapers

ST. PAUL, Minn. - Ken Vierling worked hard to become top salesman at a local
printing company. He lived a good life and tucked away money for retirement.
Then came an ownership change that erased his job about 18 months ago.
Vierling ended up in a job that pays 25 percent less. He fell behind on his
bills. Collectors started calling, threatening to repossess his ...

Bankruptcy filings up despite reforms

BK Blogger — Mon, 12 Jun 2006 20:13:55 -0700

Blog sponsored by Bankrupt-Law.com

Increase comes even though more stringent standards were adopted in October;
lenders watch closely.
June 12, 2006: 7:14 PM EDT

WASHINGTON (Reuters) - A new U.S. law to deter American consumers from
seeking bankruptcy protection made filings plunge to a 20-year low in the
first quarter of 2006, but a rapid rise in new cases since then raises
questions about whether the law is working as expected.
The 2005 bankruptcy reform law was pushed through Congress ...

Bankruptcy Law in Shambles

BK Blogger — Mon, 05 Jun 2006 20:37:58 -0700

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What happens when the credit card industry writes congressional legislation?
According to the judges who have to enforce it, anarchy
By Brian J. Rogal

In December, Alfonso Sosa, a house painter in Fredericksburg, Texas, fell
behind on the payments for the mobile home he shared with his wife Melba.
The mortgage holder moved to foreclose, and Sosa filed an emergency petition
in federal court for bankruptcy protection. But the Sosa family quickly ran
afoul of the ...

Experian Study Reveals Consumer Debt Trend Over Past Two Years

BK Blogger — Sun, 28 May 2006 11:16:37 -0700

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Wednesday May 24

Study Shows Consumers Have Increased Their Debt By More Than 12 Percent
Since 2004

IRVINE, Calif., May 24 /PRNewswire/ -- Experian Consumer Direct, a leading
provider of online direct-to-consumer credit reports, scores and monitoring,
today announced the results of a nationwide study on consumer debt that
shows consumers have increased their debt by more than 12 percent over the
past two years. Minimum monthly payment obligations also increased by 10
percent during the ...

Foreclosures Worsening

BK Blogger — Fri, 26 May 2006 06:47:52 -0700

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ForeclosureS.com releases 1st quarter report
May 24, 2006

By COCO SALAZAR

Foreclosure activity has picked up this year and the outlook isn't rosy.

Across 918 counties nationwide, first quarter foreclosures amounted to
217,849, rising 23% from the fourth quarter and 31% above the level a
year earlier, according to ForeclosureS.com, a nationwide foreclosure
lists publisher.

In the West, high-risk adjustable-rate mortgage resets to fully
amortized payment schedules, in combination with rising interest rates,
flattening price appreciation, ...

Tricks of the credit card trade Wed May 17, 2006 2:03 PM ET

BK Blogger — Thu, 18 May 2006 11:45:20 -0700

Blog sponsored by Bankrupt-Law.com

By Linda Stern

WASHINGTON (Reuters) - Here's something that might get all those puzzled
people on the hit TV dramas "Lost" and "24" really scratching their
heads: Make them decipher the mail that credit card companies send out.

Consumer groups have been complaining for years about the sad state of
credit card industry disclosures, but little has been done to improve
that lately. To the contrary, credit card issuers have gotten absolutely
masterful about meeting the ...

IRS clamping down on credit counselors

BK Blogger — Tue, 16 May 2006 14:41:08 -0700

Blog sponsored by Bankrupt-Law.com

NY Times
Published: May 16, 2006
WASHINGTON, May 15 (AP) - The Internal Revenue Service has canceled
tax-exempt status for some of the nation's largest educational credit
counseling services after audits revealed they exist mainly to prey on
debt-ridden customers, Commissioner Mark W. Everson said Monday.
A two-year investigation of 41 credit counseling agencies resulted in the
revocation, proposed revocation or other termination of their tax-exempt
status, he announced.
Mr. Everson said that many of those ...

Middle Class 'Drowning in Debt'?

BK Blogger — Sun, 14 May 2006 21:01:12 -0700

Blog sponsored by Bankrupt-Law.com

Middle-class families are "drowning in debt" because of the increasing
costs of housing, education, and cars, according a new report by the
Center for American Progress. The progressive think tank blames stagnant
wages from 2001 to 2004 and the rising cost of big-ticket items, not
frivolous consumption, for heavy debt burdens. Mortgage debt has
increased by 29.5% for middle-class households, and education debt
jumped 37.1% during the three-year period. "Families between 35 and 44
years of ...

Stupid Investment of the Week

BK Blogger — Fri, 12 May 2006 12:50:08 -0700

Blog sponsored by Bankrupt-Law.com

A 50-year mortgage is just too much of a stretch
By Chuck Jaffe, MarketWatch
Last Update: 10:34 AM ET May 12, 2006

BOSTON (MarketWatch) -- Take the worst problems of one stupid investment
and mix it with the biggest concerns of another and you wind up with a
Stupid Investment of the Week to the second power.
And that's precisely what you will get if you fall for a 50-year
mortgage, a relatively new product that ...

NACBA Files Suit to Have Provisions of New Law Held Unconstitutional

BK Blogger — Thu, 11 May 2006 12:38:26 -0700

NACBA, along with the Connecticut Bar Association, has filed suit in the Connecticut federal court to have the "debt relief agency" provisions of the new bankruptcy law held unconstitutional if they are applied to attorneys. The suit seeks a preliminary injunction prohibiting their application to attorneys, including all NACBA members.

Read the 5/11/06 Press Release

Bankruptcy filings soaring again

BK Blogger — Thu, 11 May 2006 05:45:35 -0700

Blog sponsored by Bankrupt-Law.com

The Basics
Bankruptcy filings soaring again

It looks as if last year's reform law did not really stem the enormous flood
of bankruptcies after all. Here are the states with the highest bankruptcy
rates.

By Liz Pulliam Weston

The lull in bankruptcy filings may already be a thing of the past.

Consumer bankruptcy cases plunged to a 20-year low in the first three months
of 2006, reflecting the passage of a tough new bankruptcy law last ...

Before You Enter a Check Cashing Store

BK Blogger — Tue, 09 May 2006 12:44:41 -0700

Blog sponsored by Bankrupt-Law.com

Some people rely on check cashing stores to cash their payroll, government,
or personal checks. These corner stores charge customers very high fees for
their check cashing needs. If you use check cashing stores, you should be
aware that there are less expensive ways to cash that check.
You can avoid paying high fees by opening or using a basic checking or
savings account at a bank, savings and loan, or credit union. Think about
the ...

Three Surprising Ways You Might Harm Your Credit

BK Blogger — Fri, 05 May 2006 13:09:19 -0700

Sarah J. Lile; May 2006

Many of us find ourselves lost in a jungle of information about debt,
credit reports and credit scores. Although the credit scoring system can
be confusing, experts agree that consumers must strive to understand how
the system works in order to better manage their credit. One approach to
navigating through this jungle is understanding how certain decisions
might negatively impact credit scores.

Ignoring the pile of unpaid medical bills, parking tickets - and library
books...

Credit Card Issuers Can Check Your Credit File

BK Blogger — Fri, 05 May 2006 13:05:37 -0700

Blog sponsored by Bankrupt-Law.com

Paying your bills on time not only keeps your debt in control, but it also
keeps your interest rates in check. Were you aware that all of the credit
card companies that you have an account with have the ability to check over
your credit file to make sure that you are paying your bills on time? If you
seem to be late on some payments, don't be surprised to see your interest
rates change as ...

Ameriquest Plans to Cut 3,800 Jobs

BK Blogger — Wed, 03 May 2006 12:32:31 -0700

Blog sponsored by Bankrupt-Law.com

The 'subprime' lender also says it will close its 229 retail branches and
rely instead on the Web.
By Kathy M. Kristof and David Streitfeld, Times Staff Writers
May 3, 2006

The parent of Orange-based Ameriquest Mortgage said Tuesday it would lay off
one-third of its nationwide workforce and close all 229 of its retail
branches, in the latest sign of retrenchment in the real estate market.

The move to cut 3,800 jobs from a total ...

Default Notices For Calif. Homeowners On The Rise

BK Blogger — Tue, 02 May 2006 16:08:03 -0700

Blog sponsored by Bankrupt-Law.com

(AP) LA JOLLA, Calif. A real estate research firm says the number of
California homeowners who received mortgage default notices increased in the
first quarter to the highest level in more than two years.

Lenders sent more than 18,000 default notices to homeowners between January
and March -- for a 23.4 percent increase from the fourth-quarter of 2005 and
a 28.7 percent hike from the year-ago period.

The notices serve as an early indicator of possible ...

Credit-card issuers hit us with more than 6 billion offers in 2005

BK Blogger — Fri, 28 Apr 2006 11:21:01 -0700

Blog sponsored by Bankrupt-Law.com

By Andrea Coombes, MarketWatch
Last Update: 7:49 PM ET Apr 27, 2006

SAN FRANCISCO (MarketWatch) -- If your mailbox is overflowing with
preapproved credit-card offers, you're not alone. Card issuers mailed more
than 6 billion offers in 2005, a record number and a 16% jump from the 5.2
billion sent in 2004, according to a new report by Synovate, a market
research firm.

While consumers can opt out of preapproved credit offers, Synovate's
findings suggest that ...

NATIONAL FORECLOSURES INCREASE 38 PERCENT IN FIRST QUARTER

BK Blogger — Tue, 25 Apr 2006 14:13:44 -0700

Blog sponsored by Bankrupt-Law.com

Some 323,102 properties nationwide entered some stage of foreclosure in the
first quarter of 2006, a 38 percent increase from the previous quarter and a
72 percent year-over-year increase from the first quarter of 2005, according
to a press release from RealtyTrac yesterday. The nation's quarterly
foreclosure rate of one new foreclosure for every 358 U.S. households was
higher than in any quarter of last year. States with first-quarter
foreclosure rates ranking among the nation's 10 ...

How to Restore Your Credit after a Bankruptcy

BK Blogger — Wed, 19 Apr 2006 14:56:43 -0700

Blog sponsored by Bankrupt-Law.com

April 19, 2006

by Anthony Kirlew

It is unfortunate that many bankruptcy attorneys do not give their clients
more direction with regard to restoring themselves after their bankruptcy.
There are some simple steps that anyone who files a bankruptcy needs to take
in order to restore themselves financially.
Using these steps below, you can restore your credit and prepare yourself to
become a home owner.
1. Get a copy of your credit report. Many times (most ...

Checking study: Bank fees still rising

BK Blogger — Tue, 18 Apr 2006 16:00:29 -0700

Checking study: Bank fees still rising
By Greg McBride, CFA . Bankrate.com

Banking fees, balance requirements for checking accounts and ATM costs
continue to rise while interest earnings on checking accounts do not,
according to a Bankrate.com survey.
Bankrate.com's semiannual checking survey looks at the checking accounts and
corresponding ATM fees by the largest banks and thrifts in each of the 25
largest markets nationally. Bankrate.com surveyed 248 banks offering
checking accounts, looking at 462 accounts -- 247 interest and ...

Worried Regulators Set Stage for Mortgage Intervention

BK Blogger — Tue, 18 Apr 2006 09:37:53 -0700

Blog sponsored by Bankrupt-Law.com

CQ WEEKLY - IN FOCUS
April 17, 2006 - Page 1018

By Michael R. Crittenden, CQ Staff
Friends and family concerned about a loved one losing a battle with
substance abuse will stage an intervention to help. Federal banking
regulators are taking a similar tack with lenders and borrowers who have
become addicted to so-called exotic mortgage loans in the past several
years. But lenders are resisting a call to quit this lucrative business cold
turkey.
...

Counties reporting some delinquent accounts to major credit bureaus

BK Blogger — Tue, 18 Apr 2006 07:11:03 -0700

Blog sponsored by Bankrupt-Law.com

BY MONICA HATCHER
mhatcher@MiamiHerald.com
SUNDAY APRIL 16, 2006

Fido's expired rabies tags could take a bite out of your credit score. An
unpaid ambulance ride to Jackson Memorial Hospital could cost you a trip to
a debt counselor.
Throughout South Florida, local governments are wielding a big stick in the
battle to collect the hundreds of thousands of dollars in unpaid fees and
fines from residents -- and taking a whack at their credit scores.
Depending ...

L.A. Foreclosures Soar

BK Blogger — Mon, 17 Apr 2006 09:47:47 -0700

Blog sponsored by Bankrupt-Law.com

County's foreclosures up 63% from prior year

April 12, 2006

By COCO SALAZAR

Foreclosures surged in Los Angeles County as rising rates stressed
borrowers who used "aggressive financing" to get into homes they could
not otherwise afford.

The number of foreclosures in Los Angeles County during the first
quarter totaled 5,949, up 17 percent from the previous three-month
period and a whopping 63 percent above the total in the comparable
quarter a year earlier, Default Research ...

New Credit Scores Explained

BK Blogger — Mon, 17 Apr 2006 07:05:25 -0700

Blog sponsored by Bankrupt-Law.com

April 14, 2006

By COCO SALAZAR

Concerns about adapting to the new credit scoring system recently
announced by the three credit bureaus were addressed by a panel that
included representatives from one of the bureaus and a major subprime
lender.

The teleconference panel members included Experian representatives Steve
Robles and Chuck Robida and New Century Mortgage Senior Vice President
Bill McKay.

While Experian, TransUnion and Equifax have traditionally used slightly
customized algorithms based on software developed ...

Chapter 7 Filings on the Rise Again

BK Blogger — Wed, 12 Apr 2006 11:42:32 -0700

Friday, April 07, 2006

After BAPCPA went into effect in October, Chapter 13 filings slightly led Chapter 7 filings for the remainder of 2005. However, it looks like that tide is turning already. According to data released by LexisNexis this week, only nine states reported higher Chapter 13 filings in the first quarter of 2006.

In March, more 60% of consumer bankruptcies were filed under Chapter 7. Perhaps even more significantly, the total number of bankruptcy filings in March exceeded ...

Regulators target lending abuse

BK Blogger — Fri, 07 Apr 2006 09:06:58 -0700

By Patrice Hill
THE WASHINGTON TIMES
April 6, 2006

State regulators are moving to curb abusive tactics and loose standards used by some mortgage lenders offering unconventional loans with interest-only and multiple-payment options.
An estimated 10 percent of the U.S. population, or 30 million people, are at risk of falling into financial trouble because they used such easy-money loans with no down payments to buy houses, leaving them with little or no equity in their homes and vulnerable to sharply ...

New Law Is Learning Experience

BK Blogger — Wed, 05 Apr 2006 18:59:51 -0700

Blog sponsored by Bankrupt-Law.com

Gwyn R. Fisher is a law clerk for the U.S. Bankruptcy Court of the Western
District of Tennessee.

Wednesday, March 22, 2006

Change isn't always easy, especially when it comes in the form of a 500-plus
page bankruptcy act that took five different Congresses nearly 10 years to
pass.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 is the
largest overhaul of the nation's bankruptcy laws since 1978. The sweeping
changes affect everything from ...

Law puts debt agencies in a bind

BK Blogger — Sun, 02 Apr 2006 17:13:41 -0700

By Melissa Allison and Emily Heffter
Seattle Times staff reporters

Anyone who wants to file personal bankruptcy now must visit a credit counselor first, thanks to a new bankruptcy law that kicked in last fall. Lenders hoped counseling would persuade some borrowers not to file bankruptcy.

But the sessions aren't changing anybody's mind about filing, credit counselors say, and the required counseling is putting the agencies in a financial bind.

Credit-counseling agencies say they bring in a significant portion of ...

Bankrate's Debt Adviser: Avoid variable-rate debt consolidation loan

BK Blogger — Fri, 31 Mar 2006 10:40:42 -0800

Blog sponsored by Bankrupt-Law.com

Bankrate.com

Bankrate's Debt Adviser: Avoid variable-rate debt consolidation loan

Friday March 31, 6:00 am ET

Steve Bucci

Dear Debt Adviser,

One of my credit card companies has a debt consolidation loan that would
allow me to pay off my credit cards in five years at a variable rate of 7.24
percent. As the minimum payments on a couple of my credit cards have jumped
to a level such that it is now a struggle to come ...