Personal bankruptcies are rising, up 28% from 2007. Over 22,000 Americans file for bankruptcy every week, according to the American Bankruptcy Institute which predicts this number will continue to climb as the nation plunges deeper and deeper into a recession. Those numbers are being pushed upward by a record number of two million people [...]

As the eroding economy squeezes credit crunched consumers, credit card lenders are pulling back the amount of credit offered, even to the most creditworthy. With over $21 billion in bad credit card loans in the first half of 2008, credit card lenders are laying off thousands of workers as the industry is predicted to [...]

U.S. News has an informative article about how medical expenses are sending fully insured Americans into a financial tailspin.
U.S. News says: " Since 1999, Keith and Deborah Krinsky of Magalia, Calif., have seen their health insurance deductible soar from $1,000 to $10,000. And their health-care costs have put them in a financial [...]

According to a story by the Star Telegram Dallas-Fort Worth’s job losses grow as Texas Health Resources lays off 49 healthcare workers throughout Texas. Texas Health Resources, which operates 13 hospitals and employs more than 18,000 people, says the layoffs were caused by a drop in the number of people seeking medical care because of [...]

Many legal residents hoping to secure a green card or citizenship face many financial difficulties, but are apprehensive about filing for bankruptcy because they fear it may hurt their immigration process. The good news is that there is no immigration law, statute, or regulation that states that if you file for bankruptcy you cannot become [...]

If you’re filing for Chapter 7 or Chapter 13 bankruptcy, the law does allow the transfer of small customary gifts to family members within one year before filing for bankruptcy. A small customary gift is usually defined as a gift with a value of less than $200. For example, giving your mother a $300,000 [...]

The number of the religious and community groups pushing lenders to renegotiate troubled loans so homeowners can avoid foreclosure is growing. PICO National Network, based in Oakland, California, says it is working with hundreds of families in California facing foreclosure and plans to help as many as a million homeowners avoid foreclosure nationwide.
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If you’re in Chapter 13 bankruptcy you can still sell your home but you must first get approval from the bankruptcy court before you close on the property. The bankruptcy court must approve the terms of the sale and your attorney must notify all of your creditors before the property is sold. You attorney [...]

As job losses increase in the Dallas-Fort Worth area many people are living paycheck to paycheck and feeling forced to take out payday loans just to make it to the end of the month. But many of those people find that they are not able to repay the payday loans even once they receive their [...]

During the 3 to 5 years a debtor is in Chapter 13 bankruptcy, he/she cannot acquire new debt (credit cards, bank loans etc.) without the permission of the bankruptcy trustee. While in Chapter 13 bankruptcy the debtor is put on a credit diet so to speak to insure that he/she does not recreate the [...]

The Bankruptcy Abuse Prevention and Consumer Act of 2005 guarantees that unpaid child support and alimony debt has priority over any other creditors, including taxes owed and cannot be discharged in bankruptcy. The person owed, child support or alimony payments must file a “proof of claim” with the bankruptcy court to receive payment. [...]

The 2005 bankruptcy law made non-support obligations from a divorce dischargeable in a Chapter 7 bankruptcy only if the discharge would not harm the spouse who is owed the obligation. However, Chapter 13 bankruptcy makes some debts from property settlements in divorce proceedings dischargeable under the law. Remember, only some property settlements, not support [...]

After filing for Chapter 13 bankruptcy remaining current with your mortgage payment is a requirement of your Chapter 13 confirmation order.  But as we all know, so much can happen over the 3 - 5 years of Chapter 13 bankruptcy. What if your income decreases drastically? What if you lose your job or become [...]

According to Money.com in December 2008, Bank of America will begin implementing the most aggressive foreclosure prevention effort ever created by any U.S. bank. To help save as many as 400,000 troubled borrowers from foreclosure, Bank of America will cut monthly housing payments to no more than 34% of gross income. There are no prepayment [...]

According to an article on CNN Money over 851,000 homes have been foreclosed on by lenders since August 2007. Another 265,968 borrowers received foreclosure filings in September and although that’s a 12% drop from the record high in August, it is a 21% increase in foreclosure filings since September 2007. That’s bad news for [...]

If you’re going through a divorce and you intend to file for bankruptcy afterwards, you may be required to disclose your intentions to your spouse. A recent case found a debtor’s divorce related debts such as alimony non-dischargeable because he failed to disclose his intention to file for bankruptcy. The case, filed in [...]

So many Americans facing mounting debts never consider bankruptcy because they’re under the often false assumption that they make too much money. But the reality is that thousands of Dallas-Fort Worth consumers file for bankruptcy every year even with incomes over $100,000.
To find out if you qualify under Chapter 7 bankruptcy you need [...]

When filing for either Chapter 7 or Chapter 13 bankruptcy there are few things that you can expect from your creditor.

The creditor will stop all collection actions against you. This means that when you file for bankruptcy the creditor will not call, send you letters or try to seize your bank accounts [...]

According to Mercury News a Yuba City doctor Arjinderpal Sekhon was indicted on seven counts related of bankruptcy fraud this month. His wife, Daljit Sekhon, also faces five counts bankruptcy fraud.
Prosecutors accuse the 59-year-old doctor and politician of transferring more than $1.5 million in property and income to his wife in an [...]

In both Chapter 7 and Chapter 13 bankruptcy, the debtor is not allowed to give any creditor preference over another. But what often happens is that before filing for bankruptcy a debtor will repay family and friends while not paying anything to unsecured creditors. This is unwise because if a bankruptcy case is filed [...]

According to The Dallas Morning News social security benefits will increase by 5.8% for 50 million Americans in 2009, the largest increase since 1982. What that means is that the average American retiree will receive an additional $63 in their monthly social security check.
But many retirees won’t feel the benefits of the [...]

When people think about filing for Chapter 13 bankruptcy they often only think about their debts with companies such as credit cards and mortgage lenders. But filing for Chapter 13 bankruptcy requires that you list all debts including those personal loans you took out with friends and family. Failing to list all of your [...]

The two presidential candidates Senator John McCain and Senator Barack Obama both agree that the current foreclosure crisis demands an immediate fix; but they disagree on exactly what is the right plan of action to stem the tide of foreclosures.
McCain proposes that homeowners facing rapidly declining house values and possible foreclosure could [...]

Many middle-class families worry about increased inflation, student loan costs and the credit squeeze as they plan for their children’s college education. But Texas state officials hope their new prepaid tuition plan, Texas Tuition Promise Fund, will help families get a head start on saving for college.
The prepaid plan will cover only [...]

The Texas tax code allows residents who own real estate property to take out a loan from third party lenders to pay their past due property taxes. Many may think this is an easy way to avoid the penalties associated with delinquent taxes such as liens against the property; but property tax loans come [...]

If you’re considering bankruptcy; but are expecting or receiving monetary awards due to a personal injury case make sure your Dallas-Fort Worth bankruptcy attorney is aware of your rights under the new bankruptcy laws.
There are provisions in the bankruptcy law that will prevent creditors from seizing up to $20,200 in proceeds that you receive [...]

In the state of Texas your vehicle can be repossessed without notice; but repossession agents cannot "breach the peace" while conducting the repossession.  What this means is that under Texas law while the repossessing the vehicle, the repossession agent cannot:

forcibly remove you from your vehicle
stop you on the street or [...]

Since the new bankruptcy laws went into effect in 2005 consumers filing for Chapter 7 or Chapter 13 bankruptcy are required to go through a government-approved credit counseling program within six months before they file for bankruptcy protection. Credit counseling can take place in person, over the phone, or online. The credit counseling session will [...]

Last week Wall Street suffered devastating losses as the Dow plunged nearly 2,400 points reeling from massive disruptions including the bankruptcy of several major investment firms. But Wall Street rebounded on Monday from last week’s devastating losses after major governments around the world announced various plans to shore up the global banking system, including [...]

In a Chapter 7 bankruptcy most credit card debt will be forgiven; but there are occasions when a judge will require a debtor to repay the lender, yes even in Chapter 7 bankruptcy. The most common way a lender is able to force a debtor filing for Chapter 7 bankruptcy to repay credit card [...]

According to the Dallas Morning News Wall Street’s bad luck seems to have infected the car sales and loan industry in Dallas-Fort Worth area. Sales continue to slide, dropping as much as 35% in several car dealerships in the Dallas-Fort-Worth community. With the availability of car loans becoming more limited, many dealerships are finding [...]

There are thousands of self-employed individuals in the Dallas-Fort Worth area facing financial difficulty; but many of them are under the false assumption that because they are self-employed they don’t qualify under the new Chapter 7 and Chapter 13 bankruptcy laws. Being self-employed does not disqualify you from filing Chapter 7 or Chapter 13 bankruptcy; [...]

As North Texas builders aggressively sell as many of the homes on the ground as they can existing-home sales rose 2 percent in September from a year ago. At the same time, builders have battled slower sales by reducing the number of new homes they put on the market, bringing the supply closer in [...]

Pet food shop owner Mark Poveromo was ordered by a Connecticut bankruptcy judge to repay money collected in a judgment against construction company owner Mark R. Koch.
In 2006, Poveromo hired Mark R. Koch to construct a building for his pet food business for $80,000. Poveromo paid $39,500 up front, but Koch never [...]

Create A Budget - Watch what you spend and create limits on how much you spend.
Be Frugal - Shop at discount stores, use coupons and cut out unnecessary expenses such as Cable TV or a gym membership you never use.
Pay Off Your Debt - Create a schedule to pay off [...]

The current economic crisis is slowly whittling away at Americans’ retirement plans which have lost as much as $2 trillion in the past 15 months – about 20 percent of their value according Peter Orszag, the head of the Congressional Budget Office. Within the past year, o ne in five workers 45 years old [...]

The recent Bail Out bill passed by Congress has failed to address the root of our current economic crisis — the drowning homeowner. Six million people are expected to default on their mortgages in 2008 and 2009. They’re not alone, as housing values plummet, millions of people who have never missed a mortgage payment [...]

U.S. District Judge Thomas Porteous, a Louisiana jurist, is charged with filing for bankruptcy under a false name along with other misdeeds. Judge Porteous faces impeachment for filing a personal bankruptcy petition for himself and his wife under a false name in 2001, filing false statements under oath during the bankruptcy proceedings and giving [...]

1. Write Off Property Sale Losses
If you experienced a foreclosure, deed-in-lieu of sale, mortgage-loan modification or a short sale and had debt forgiven, you need to know that the Mortgage Forgiveness Debt Relief Act of 2007 will treat any forgiven debt as taxable income. But in an effort to aid people during [...]

Buried deep within the novel length Bail Out bill passed last week, is a provision known as the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008 requiring employers to equally cover mental health costs in their health coverage plans. The provision states that financial requirements and treatment limitations [...]

Congress approved The Emergency Economic Stabilization Act last week and it was quickly signed by President Bush on Friday. Although the bill contains language requiring the Treasury Department to develop a plan to "mitigate" foreclosures and requires federal agencies to encourage mortgage companies to modify the loans of borrowers in danger of foreclosure or [...]

Today Countrywide Financial agreed to modify home loans in Texas and 10 other states as part of the largest predatory lending lawsuit settlement in history.
Countrywide will:

provide $8.4 billion in direct loan relief
waive late fees totaling $79 million
waive prepayment penalties of $56 million
suspend foreclosures on [...]

Thousands of Texans are scammed out of their hard earned money every year. Most of us believe that we can spot a scam a mile away; but even the most cautious of us can get taken. That’s why anyone interested in learning about how to protect themselves from scammers should attend this year’s Scam [...]

Under a plan approved on Thursday, nearly 1100 Dallas School District employees will find themselves jobless by the end of this month. Over 500 teachers, including those teaching core subject such as math, science, social studies and English/language arts are included in the massive layoff. In addition, 500 administrative employees, including teacher aides, hall [...]

Most banking customers are unwittingly enrolled in their bank’s overdraft loan program which costs on average about $34 per overdraft occurrence. What this means is that if you mistakenly overdraft your checking account while purchasing coffee for $3 you will be charged $3 plus a $34 fee by the bank to cover the transaction. [...]

Texans take out millions of dollars in car title loans each year. But what may seem like an easy and logical short term solution for money troubles, often turns out to be a long-term disaster for financial health.
How Car Title Loans Work
A car title loan is usually a 30 day [...]

Although there are definitely benefits to cash-out mortgage refinancing there are some risks that homeowners should know.

Inaccurate Appraisals - When taking out a cash-out mortgage refinance there is a risk that your home appraisal may be higher than its true value. If you enter into a cash-out refinance loan based on an [...]

Many Americans rely on credit cards not just for emergencies or miscellaneous expenses; but as a tool for everyday survival. This reliance on high interest credit is sinking many households deep into debt where any small emergency could topple their financial house. In a desperate attempt to stop the financial loss caused by high [...]

Facing the prospect of losing a home to foreclosure can put the best of us under extreme stress and pressure, causing us to grasp at any straw to save our biggest investment. That’s why with the rise in foreclosures, one of the fastest growing scams in Texas targeting distressed homeowners is the "foreclosure rescue" [...]

Fannie Mae and Freddie Mac buy billions of dollars worth of mortgages and have their own rules and regulations; but they both refuse to buy any loans containing binding mandatory arbitration clauses. Freddie Mac stopped purchasing loans with mandatory arbitration clauses August 2004 and Fannie Mae followed their example on October 31, 2004.
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Many homeowners don’t realize it, but often their loan agreements include binding mandatory arbitration clauses. These clauses require that any dispute a homeowner may have with a lender be settled through arbitration and prevents the homeowner from taking any claims to court.
What This Means For You
If you’re a homeowner who [...]

Peer-to-peer lending, allows individuals looking for credit to bypass traditional lending institutions and create listings online detailing how much money they need to borrow, the purpose of the loan and how much interest they are willing to pay. Also known as person-to-person lending, this source of credit is becoming increasingly common as more people [...]

How many of us have been through wanting to take out a loan; but just were unable to translate the legalese to simple layman’s English? What eventually happens? We sign away on the dotted line without truly understanding what we are agreeing to. Well help is here for Texans. The Office of Consumer Credit [...]

According to the U.S. Department of Housing and Urban Development, the number of reverse mortgage loans is projected to exceed a record 110,000 this year. Nationally lenders originated 76,351 government-insured reverse loans in 2007, according to the National Reverse Mortgage Lenders Association. But that’s just a small portion of the market. The National Council [...]