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Bankruptcy

The Bankruptcy Blog

Educates consumers on bankruptcy laws.
By Total Bankruptcy.

Post Frequency: 5.8/day

Last Entry: March 28, 2011 at 12:14:25

Credit Card Offers Begin to Crowd Mailboxes Again

Posted on May 14, 2010
As the economy begins to sputter back to life, various indicators are offering encouraging recovery signs. And, according to this article from msnbc.com, the first quarter of 2010 had one more such indicator: an uptick in the number of credit card offers sent to American households through the mail...

Proposed Law Would Place Restrictions on Debt Settlement Companies

Posted on May 12, 2010
Two senators have proposed new regulations that may drastically change the way debt settlement companies do business. The amendments are part of a larger financial reform bill currently being discussed and were jointly proposed by Senator Charles Schumer of New York and Claire McCaskill of Missouri, the Associated Pres reports...

More Protection for Bankruptcy Filers: Labor Department Updates Enforcement

Posted on May 08, 2010
The New York Times reported this week that the U.S. Department of Labor has announced plans to better enforce corporate compliance with worker safety, wage and employment equality laws. There is some hope that this move will provide extra protection to workers filing bankruptcy...

Helpful Hints for Tough Employment Times

Posted on May 07, 2010
The U.S. Labor Department released its latest unemployment numbers for the month of April, and the news is mixed. The U.S. job market added 290,000 jobs in April, more than predicted and the fourth straight month of job growth. However, the unemployment rate crept up to 9...

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Financial Preparation: Kids and Advertising

Posted on May 03, 2010
The FTC announced this week that it has launched a program to help America?s ?tweens? understand how advertising works so they can become critical thinkers and wiser consumers as they begin earning disposable income and saving for the future. From a financial literacy standpoint, this move could pay big dividends down the road: Teaching kids to [...

Visa Cuts One Sneaky Credit Card Trick

Posted on May 01, 2010
In a recent press release, Visa announced that it will stop an online practice apparently dubbed a form of ?aggressive? abuse by members of Congress. This is good news for online shoppers. Here are the details. Data passing: Several credit card issuers have introduced what?s called a "data pass" feature to customers during online purchases...

Looking for Work? More Companies Looking to Hire, Survey Says

Posted on April 27, 2010
As the weather warms up around the country, a new survey shows the job market may be starting to thaw. A survey by the National Association for Business Economics released yesterday revealed the most optimistic job outlook in several years. Business leaders said they expect to lay off fewer employees and hire more new workers in the [...

Proposed Bill Would Change Role of Student Loans in Bankruptcy

Posted on April 26, 2010
Student loans have become infamous for rarely being discharged in bankruptcy. However, before 2005, only government-backed student loans were protected?private student loans could be forgiven in bankruptcy. The Chicago Defender reported that several U...

Bankruptcy Filers Fight Morality Stigma

Posted on April 24, 2010
Despite the vast body of research that indicates otherwise, many Americans still think of filing for bankruptcy as a sign of personal or moral weakness, rather than a needed safety net for people who truly cannot afford their bills. An article from the Minneapolis Star-Tribune does an excellent job of addressing this common misconception about [...

On Earth Day, Go Green to Save Green

Posted on April 22, 2010
In honor of Earth Day, the Fair Trade Commission (FTC) has posted on its web site a variety of suggestions for improving your home's energy efficiency (and potentially decreasing the amount of money you pay for utilities). Here's a summary of some of those suggestions?visit the site for more! In the Kitchen Move your refrigerator away from the [...

This Week in the Economy

Posted on April 17, 2010
The week of the nation?s tax filing deadline saw some important financial news. Here?s a summary of what happened and what it might mean for you. Recession?s End Unclear The Business Cycle Dating Committee of the National Bureau of Economic Research, the group responsible for determining official start and end dates for recessions based on analysis of [...

SEC Proposes Tighter Regulation of Asset-Backed Securities

Posted on April 15, 2010
The Securities and Exchange Commission (SEC) announced that it has proposed new rules to govern the field of bonds backed by consumer loans, perhaps best known in its incarnation of mortgage-backed securities sold during the subprime housing boom. Background: What They Are, How They Work So, what might this mean for borrowers and investors? Here?s a little [...

April is Financial Literacy Month

Posted on April 13, 2010
For the last decade or so, the United States has recognized April as the country's financial literacy month, as part of ongoing efforts to increase financial awareness and knowledge about the basics of handling money and credit among all Americans. In honor of this, here are some great online resources that might help you progress on [...

Bankruptcy Filings at Post-2005 High

Posted on April 11, 2010
Bankruptcy filings among American individuals and businesses rose to record levels in March of this year, according to a report by Reuters. Here?s a look at the numbers and what they mean for bankruptcy in the U.S. 158,141 bankruptcy petitions were filed in the U...

Life and Credit after Bankruptcy

Posted on April 09, 2010
One of the most enduring myths about filing for bankruptcy is that it "ruins your credit" for ten years. While many myths about bankruptcy are misleading, this is one that needs to be debunked, once and for all. A recent article from the New York Daily News examines the question of exactly what happens to a [...

Bankruptcy Judge Identifies Triggers for Filers

Posted on April 08, 2010
What leads people to file bankruptcy? A recent article from the Idaho State Journal offers an interesting peek into the mind of a U.S. bankruptcy judge and a refreshing reminder about the causes of bankruptcy. Why Americans File for Bankruptcy U.S. Bankruptcy Court Judge Jim Pappas explained how bankruptcy protection is one of pillars of the U...

Convenience Checks: A Convenient Disaster

Posted on April 07, 2010
You may have noticed something called "convenience checks" in your credit card bills or other mail from your cardholder. When you get these, be very careful about what you decide to do with them. These checks do not work like regular credit card transactions?in fact, they can end up costing you much more than you intended [...

New Mortgage Help Announced

Posted on April 05, 2010
Americans struggling against underwater mortgages and those who have lost their jobs may have new government-sponsored ways to stay in their homes and keep up with mortgage payments. Here?s an outline of two new programs, and what they may mean for you: Help With Underwater Mortgages If you owe more on a mortgage than the home?s current [...

Debt Settlement Fraud and How to Avoid It

Posted on April 02, 2010
The era of easy credit has left more Americans than ever struggling with overwhelming debt and few options for escaping. Rather than filing for bankruptcy, many consumers seek credit counseling or visit a debt settlement firm. But, according to the Washington Post, more and more people are finding that unscrupulous firms are cheating them out of their [...

Bankruptcy Demographics: Who?s Filing Bankruptcy?

Posted on March 29, 2010
The recession has affected us all, but who's been hit the hardest? Last year there were nearly 1.5 million bankruptcy filings--learn about the people behind those numbers. Check out our latest You Tube video and please share it with your friends.

Community Group ACORN Nearing Bankruptcy?

Posted on March 27, 2010
The Washington Post reported recently that the community organization ACORN (Association of Community Organizers for Reform Now) may be on the verge of filing for bankruptcy. The group has, since its founding in 1970, devoted itself to helping low-income Americans find housing and to bringing voters from under-represented groups to the polls...

Obama Sees Bankruptcy Drop in Health Reform Victory

Posted on March 25, 2010
This weekend, the U.S. House of Representatives passed a healthcare bill that could lead to substantial changes in the nation?s healthcare system. In an email to supporters sent Sunday evening (via Organizing for America), President Obama noted that the new regulations could prevent "families and businesses from plunging into bankruptcy...

Healthcare Bill Facts: How The Bill Affects the Uninsured AND the Insured

Posted on March 25, 2010
The healthcare bill is now signed into law; but what does it mean for you? We sifted through the press and propaganda to uncover how the new healthcare bill may affect you. How the Healthcare Bill Will Affect? The Uninsured $5 billion immediately goes to provide temporary coverage to the uninsured living with preexisting conditions...

Financial Keys to 2010

Posted on March 20, 2010
With credit scores, student loans, mortgages, credit card debt, car loans, bank accounts, retirement funds and everything else you have to worry about to keep up with your finances, it?s no wonder if you feel overwhelmed from time to time. Luckily, the General Services Administration?s Office of Citizen Services publishes a Consumer Handbook for American citizens [...

Financial News This Week: More Consumer Protection

Posted on March 19, 2010
The FTC has recently settled several cases relevant to consumer protection and financial stability. Here?s a summary of those cases and how they may impact you. LifeLock Pays $12 Million, Stops Deceptive Claims Not long ago, LifeLock ran a campaign offering comprehensive protection against identity theft for consumers...

Debt Collectors Behaving Badly (And How to Make Them Stop)

Posted on March 18, 2010
Debt collectors in certain areas of the country have begun contacting debtors in more and more harassing ways, according to a recent article from WNEP in Pennsylvania. This situation is troublesome not only because it can cause fear and embarrassment for debt collectors? victims, but also because such techniques are illegal...

Extended Stay Hopes to Pull Itself out of Bankruptcy

Posted on March 16, 2010
The hotel chain Extended Stay has been in the news lately, as its senior lenders and several financial firms attempt to pull it out of bankruptcy later in the year. A $450 million injection of money into the company will, backers hope, be a sufficient component of a proposed plan to exit bankruptcy protection, the [...

Supreme Court: Bankruptcy Law Doesn?t Violate Lawyers? Rights

Posted on March 12, 2010
A case decided by the Supreme Court this week settles a question of attorneys' free speech rights raised by a Minnesota law firm concerned about restriction in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), according to the Washington Post...

LifeLock Fined for Inappropriate Identity Theft Protection Claims

Posted on March 11, 2010
A company that made bold promises about its ability to protect against identity theft has settled with the Federal Trade Commission after the validity of its claims was questioned. LifeLock is a company that protects customers' identities from theft, and alerts customers about identity theft security breaches, according to the company web site...

FTC: Identity Theft Top Complaint in 2009; Potential Data Breach

Posted on March 07, 2010
The Federal Trade Commission recently issued its annual report on consumer complaints filed in the last 12 months (summary available here, for the complete report, see below). Identity theft was by far the largest complaint category, concerning 21 percent of all complaints filed...

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