According to an article in the Star-Telegram, Consumer protection agencies nationwide have experienced a rapid increase in the number of foreclosure “rescue” scams targeting senior citizens.

The article said:

“The report says that home foreclosure scams, which often target the elderly, were the most serious complaints last year. They were so bad, said Pastor Herrera Jr., the director of the Los Angeles County Department of Consumer …

Permalink: /foreclosures/consumer-protection-agencies-report-rise-in-foreclosure-scams-targeting-elderly/

The Wall Street Reform and Consumer Protection Act (H.B.  4173) is under consideration by Congress.  One of the most important aspects of this proposed legislation is the changes to bankruptcy law that will allow bankruptcy judges to modify toxic mortgages.  A similar proposal was defeated in the Senate earlier this year; but we’re hoping that this time legislators will give American homeowners a fighting chance to …

Tags: Bankruptcy foreclosure Law Mortgage modification The Wall Street Reform and Consumer Protection Act United States

Down tourism industry causes privately owned Las Vegas Monorail to file for bankruptcy protection.

 

The recent down economy has had a huge impact on Las Vegas, and as a result, Las Vegas Monorail filed for Chapter 11 bankruptcy protection on January 13 th.  The monorail is a very popular transportation system that connects several hotels and resorts to each other and the Las Vegas convention center.  The system generates enough revenue to pay its operating costs, …

Tags: Bankruptcy protection Chapter 11 Bankruptcy Debt down economy

… reached 10 percent and the reluctance of banks to extend or even keep open many existing lines of consumer credit.

In September, borrowing for revolving credit, including credit cards, fell at an annual rate of 13.3 percent, a record 12th consecutive decline. Borrowing for non-revolving loans, including auto loans, fell at an annual rate of 3.7 percent after a slight increase in August. The August gain reflected the surge in car sales as consumers rushed to take advantage of the …

Permalink: /economy/economists-fear-consumer-saving-is-derailing-u-s-recovery/

… proposal, spearheaded by Illinois Democratic Rep. Melissa Bean, isn’t sitting well with consumer advocates who say banks shouldn’t be allowed to skirt state regulations if the restrictions don’t suit them.”

Under the plan created by President Obama and Congressman Barney Frank, lenders would face credit card, mortgage and savings account regulations by both state and federal regulators. If the new proposal is passed, banks would only need to abide by the federal rules set …

Tags: Banking Services Consumer Protections Credit card

… News, Simmons Co., the maker of Beautyrest mattresses plans to file for Chapter 11 bankruptcy protection in a move to place new owners in charge of the bedding unit and significantly lower the company’s debt load.

The article said:

“The plan, which will not affect the company’s operations, is expected to reduce its total debt from about $1 billion to $450 million.”

The Chapter 11 bankruptcy plan which must be approved by the bankruptcy court includes debtor in possession …

Permalink: /bankruptcy/mattress-maker-simmons-files-for-chapter-11-bankruptcy-protection/

… Even if you have guilty feelings, you do not have to be treated like a criminal.  You are still a consumer with consumer rights.  Know them and understand what those rights are.

Debt collectors are prohibited by state and federal statutes from using tactics that harass, annoy or alarm you or your family.  Some examples include:

Repeatedly calling you on the phone.

Threatening physical violence towards you or your family.

Using profane language or cussing at your children when …

Tags: Consumer protection Debt Collectors Federal Trade Commission Know Your Rights

… closed their doors since 2008 and it’s expected that many more will need to seek bankruptcy protection as creditors become nervous about outstanding loans.

Consumer spending accounts for up to 70 percent of our economy.  When consumers suffer job losses and are unwilling or unable to spend it creates a cycle of corporate bankruptcy and job losses that can have long-lasting effects on the economy’s growth. These effects include permanent job losses, foreclosures and general …

Tags: Bankruptcy Bankruptcy protection Macy Target Corporation United States

… in a way that protects you from further harassment by your creditors.

You will not get this same protection from a credit counselor.

In the March 27, 2009 edition of NPR’s Marketplace, Sally Herships reported on a woman who wanted to buy a home but needed her credit repaired.  In August a man referred to her by her real estate agent said he could have her FICO score up 200 points by December.

Herships said, “You know where this is going right? December rolls around and Beverly’s …

Permalink: /bankruptcy/bankruptcy-protection-for-you-2/

… Four companies that operate nearly 50 Golden Corrals in multiple states filed for bankruptcy protection in Fort Worth last week.

Gillermo Perales owns several companies, including the four filing for bankruptcy.  A judgment against one of the other companies, which has since gone out of business, is what is forcing the four to go into bankruptcy.

A former teenage employee of a Euless Burger King, owned by Mr. Perales, was awarded a nearly million dollar judgment.  The substantial …

Permalink: /dfw_metro_bankruptcy/golden-corrals-parent-company-is-filing-for-chapter-11-protection/

According to an article in Bloomberg, consumer bankruptcies are on the rise and show no sign or decreasing. Experts predict that consumer bankruptcies will hit a high of 1.4 million by December 31st as more people face job losses and find it difficult to refinance debt. Last month along 126,000 consumers filed bankruptcy, a 34 percent increase from July 2008. And in the first six months of 2009, 675,351 consumers filed …

Permalink: /chapter_7_bankruptcy/consumer-bankruptcy-on-the-rise/

… recently passed an ordinance intended to give the municipality the authority to seek bankruptcy protection. If successful in filing bankruptcy, Georgetown won’t be alone; already there have been 3 municipal bankruptcies in the first quarter of 2009 and 4 municipal bankruptcies in 2008. Municipal bankruptcies hit an all time high in 2005 when a total of 11 cities filed for bankruptcy protection; but despite that there have only been 33 municipal bankruptcies in the past five years. …

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