… Rep. Barney Frank hopes to change those dynamics by promoting a plan that would use some of the interest the government collects from the financial industry bailout to grant unemployed homeowners facing foreclosure low-interest loans to help them keep their home.

How The Program Would Work

The government would use some of the interest they collect from payments on the $700 billion Wall Street bailout to give unemployed homeowners low-interest loans for a period of 12 to 24 …

Tags: Barney Frank Emergency Economic Stabilization Act of 2008 foreclosure Loan Mortgage

According to an article in the Dallas Morning News, hard times could mean more economic abuse for some. Economic abuse is when one person uses money or money difficulties to control or harm another. What it looks like:

Controlling access to a shared bank account by confiscating or “holding hostage” ATM cards and checkbooks.

Maxing out credit cards or accumulating debt in the other person’s name (most likely a spouse) without that person’s knowledge or …

Permalink: /dfw_metro_bankruptcy/reduce-your-risk-of-economic-abuse/

… critical to our long-term health and stability, we really need an approach that will address all of the issues driving this recession.  Currently, there is an unemployment rate of 10.2 percent, a foreclosure crisis that’s out of control and debt crisis that has over a million Americans filing bankruptcy.  It may be prudent for us to provide some type of direct bailout for homeowners facing foreclosure due to a job loss.  Currently, it can be very difficult for unemployed homeowners to …

Permalink: /foreclosures/an-economic-recovery-plan-that-works/

If you’re facing foreclosure, filing an emergency bankruptcy can stop the foreclosure process in its tracks.  Chapter 7 and Chapter 13 bankruptcy protect the debtor’s assets with an automatic stay that forbids creditors from taking any actions against the debtor in order to collect on a debt. Automatic stay stops foreclosures, lawsuits, wage garnishments, bank account seizures and any other creditor actions to collect a debt. …

Permalink: /dallas_bankruptcy/filing-an-emergency-bankruptcy-can-stop-foreclosure-now/

… back on services for senior citizens.  The article stated that “Evening and weekend deliveries of Meals on Wheels will be eliminated and transportation services for seniors will be scaled back as the Collin County Committee on Aging copes with a $1 million budget deficit.”  Lunchtime meals will continue, however services will be provided first to those most in need.  In addition to the elimination of some services, they have also had to start a waiting list for services.  The chairman …

Permalink: /dallas_bankruptcy/economic-crunch-also-affecting-non-profits/

… Fortunately, for those who procrastinate, the bankruptcy code allows a debtor access to an emergency bankruptcy filing process.  An emergency bankruptcy filing allows the debtor and their bankruptcy attorney to file an abridged version of the bankruptcy paperwork.  The bankruptcy paperwork usually surpasses 40 pages, while an emergency bankruptcy filing includes just the first two pages, with the stipulation that the remaining paperwork will be submitted within 15 days after the …

Permalink: /chapter_7_bankruptcy/do-you-need-to-file-an-emergency-bankruptcy/

Critics of President Obama are taking advantage of the rising unemployment rate to question the effectiveness of his recovery plan and economic leadership, and the huge budget deficit is only adding fuel to their fire.  President Obama is working to show that there are concrete benefits to his recovery plan, saying that his administration expects to save or create 600,000 jobs this summer, thanks to the …

Permalink: /job_loss_unemployment/rising-unemployment-casts-doubts-on-president-obamas-economic-recovery-plan/

We’ve discussed previously how medical debt is one of the biggest causes of bankruptcy in the country.  Medical debt is such a huge problem that many Americans are afraid that if they file bankruptcy a hospital or doctor that was included in the bankruptcy may refuse to treat them in an emergency situation.  No hospital can refuse emergency treatment to any patient regardless of their income, credit or bankruptcy status. That is the law.  …

Permalink: /medical_bills/you-cannot-be-denied-emergency-medical-treatment-because-of-bankruptcy/

According to a report released by the Administrative Office of the U.S. Courts a total of 1,074,225 consumer bankruptcy petitions were filed during 2008. That’s a 31 percent increase from the 822,590 bankruptcy cases filed in 2007. Experts expect bankruptcy filings to reach 1.4 million in 2009 because of increased financial pressures, job losses and foreclosures. The bankruptcy filings during 2008 are the most bankruptcy filings since 2005 when …

Permalink: /bankruptcy/2008-bankruptcy-filings-top-1-million/

… could quickly morph into a "catastrophe."

The article said:

"A failure to act, and act now, will turn crisis into a catastrophe and guarantee a longer recession, a less robust recovery, and a more uncertain future," he said. "That’s why I feel such a sense of urgency about the Economic Recovery and Reinvestment Plan."

President Obama is correct in that we are facing a catastrophe. As foreclosures, job losses and bankruptcies rise astronomically …

Permalink: /economy/president-obama-warns-of-economic-catastrophe/

… regarding the national debt and spending, President Obama was criticized for not allocating enough of the $825 billion economic stimulus package for Texas, according to an article in the Dallas Morning News. Texas, which represents 8 percent of the nation’s population according to the latest census bureau figures, will only receive as little as 7 percent of the economic stimulus package.

The article said:

"Fair is fair, and we haven’t been treated fairly," said Rep. …

Permalink: /breaking-news/texan-politicians-fight-over-economic-stimulus-money/

Obama’s proposed economic stimulus recovery plan includes a $500 a year tax cut for most single workers and a $1000 tax break for married couples. But this particular provision is coming under heavy fire from both sides of the Congressional aisle.

According to an article in CNN, Congressman Kent Conrad complained that the tax cut was costly and did little to offer financial relief to the average American …

Permalink: /bankruptcy/obamas-proposed-economic-recovery-plan-may-not-make-it-through-congress/