… Committee are proposing legislation that would create a special bankruptcy process for failed financial institutions.

Members are discussing a two-stage process that would create a preferential option for bankruptcy followed by a regulator-managed resolution if bankruptcy fails, the person said. The source requested anonymity because the draft is in flux and has not been made public.

Dodd’s proposal would give the Federal Deposit Insurance Corp the authority to dismantle large …

Tags: Bankruptcy Chris Dodd Failed Financial Institutions fdic

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… before filing bankruptcy; but many forget or don’t realize that they must also take a personal financial management course within 45 days after filing bankruptcy.  Whether you’re filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, all debtors are required to take this course.  If a debtor fails to take the personal financial management course after filing bankruptcy their bankruptcy case could be closed.

If you forget to take your personal financial management course after …

Comment by Jim Ince: The financial management course is not a …

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If you’re in financial hot water, it may be too late to do anything but consult an experienced Fort Worth bankruptcy attorney to help bail you out.

If you’re in financial hot water, it may be too late to do anything but consult an experienced Fort Worth bankruptcy attorney to help bail you out.  However, even then, the following steps will definitely go a long way toward improving your financial (and …

Tags: Credit card Finance Financial crisis fort worth Health insurance Insurance

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… a retirement account or a child’s college fund. It is important to emphasize that all exemption planning must be done without any intention to “hinder, delay or defraud” creditors.

Often, debtors unknowingly “giveaway” too much of their assets to creditors without protecting the financial stability of their family. Failing to save for retirement, pay healthcare or maintain a home for your family because you are trying to repay debt is not something that the bankruptcy court …

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… damaging behavior that could lands millions of Americans into foreclosure and on the path of financial destruction.

… a small slice of those consumers are paying down credit cards to the detriment of their mortgage loan. The number of consumers delinquent on their mortgages but current on their credit cards rose to 6.6% in the third quarter of 2009 from 4.3% in the first quarter of 2008, according to a TransUnion study of 27 million anonymous consumer records pulled randomly from …

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… pay $1350 for a $600 loan.

It’s this type of indebtedness that can push a debtor deeper into financial problems.   You may be able to discharge car title loans in bankruptcy ; but please speak with you bankruptcy attorney about the details of your case.  Before you take out a car title loan please consider that losing your car to a car title lender could leave you without a way to get to work and eventually without a job.  And even if you are somehow able to repay the lender, that …

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… means to finance their business ventures; however this trend could land some start-ups in financial straits.

A recent survey by the National Small Business Association found that a third of firms can’t get adequate financing. Many small-business owners are just treading water. “The situation has become acute,” said Jerry White, executive director of Southern Methodist University’s Caruth Institute for Entrepreneurship. “I see quite a few people who are just getting by. It …

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… is reported for 10 years and Chapter 13 bankruptcy is reported for 7 years.

Assess your financial situation. What are your debts, expenses and income?  Write everything down. Be honest and accurate.  Who do you owe and how long will it take you to repay those debts at your current income?  If you find that you do not earn enough money to repay your debts within a reasonable amount of time, you may want to consider your bankruptcy options. Remember, …

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Assess you current financial situation. When assessing your financial situation it’s important to find out exactly where you stand TODAY. Are you currently unemployed? Do you have enough money for you debts and everyday expenses?  Are you facing foreclosure ? Have you recently filed bankruptcy?  Are you currently making payments on a Chapter 13 bankruptcy plan? What other …

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… modification amendment to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!!

H.R. 4173 being offered by Reps. Conyers, Turner, Lofgren, Marshall and others  will help financially distressed families avoid foreclosure. This amendment will empower bankruptcy judges to modify mortgages on primary residences, and help families desperately in need of assistance avoid foreclosure.

This one small change will help …

Tags: Bankruptcy Community Action Financial services foreclosure Mortgage United States House Committee on Rules

… people hear the term “credit report” and assume the information in the report is limited to financial data.  Credit reports are actually part of a larger category called “Consumer Reports.”  Consumer reports include “information by a consumer reporting agency relating to the credit worthiness, credit standing, credit capacity, debts, character, general reputation, personal characteristics, or mode of living of a consumer that is used or expected to be used or collected, wholly …

Tags: Business Financial Planning Financial services Texas Attorney General

… though this is not the best news for consumers, there are actions that you can take now to start planning for retirement.  In an article by MarketWatch, they suggest the first step is recognizing that you will need a mass savings and start preparing, the earlier the better.  The next step is to “reduce dramatically your standard of living, save aggressively, consider working longer, and try to stay as healthy as possible for as long as possible.”  These are generally good …

Comment by Jacob Decker: … to manage your financial situation? I had a client …