… 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

Permalink: /bankruptcy/special-bankruptcy-process-for-failed-financial-institutions/

… 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

… 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 …

Permalink: /bankruptcy/you-must-take-a-personal-financial-management-course-after-bankruptcy/

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

Permalink: /chapter_7_bankruptcy/fort-worth-attorney-tips-on-avoiding-financial-trouble/

… 76 percent increase from 2008.

The article said:

As the recession cuts demand for goods and services, companies that don’t shed workers outright must squeeze savings from the work force that remains. They typically do so by cutting hours.

These workers who have been “saved” from facing an outright job loss are in many ways worse off than fully unemployed workers. Unemployed workers have access to welfare and unemployment benefits while part-time workers must make do with what …

Permalink: /breaking-news/more-workers-face-financial-hardship-because-of-part-time-work/

… Not just that, but taking out payday loans with their astronomical interest rates can create a new financial disasters for those already teetering on the edge. These loan services require that you write a post-dated check for repayment. What if you don’t get paid on time and your checking account is short? Now you have a bounced check, bank fees, fees from the payday lender in addition to the money you owe, plus interest. If you find yourself repeatedly needing payday loans to make ends …

Permalink: /pay_day_loans/payday-loans-dont-equal-financial-sense/

… in federal laws passed in 2006 and 2008, according to the Centers for Medicare and Medicaid Services.

Now Congress is considering more than $100 billion in additional cuts to Medicare Advantage that Zirkelbach said will result in even higher premiums and reduced benefits for more than 10 million seniors in the program.

Regardless of funding decisions which will impact the Medicare program, senior citizens will need healthcare coverage.  And without adequate coverage many senior …

Tags: financial distress Healthcare Medicare Senior Citizens

… 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 …

Permalink: /filing_bankruptcy/how-the-%e2%80%9cnew-payment-hierarchy%e2%80%9d-can-be-a-path-to-financial-destruction/

… 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 …

Permalink: /loans-mortgages/how-car-title-loans-can-wreck-your-financial-health/

… 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 …

Permalink: /credit_bankruptcy/be-cautious-when-using-alternative-financing-it-could-land-you-in-financial-trouble/

… 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, …

Permalink: /economy/seven-things-you-can-do-now-to-ring-in-a-good-financial-new-year/

… cannot escape.  The poorest and least educated Americans do not understand the complex financial and legal language used in credit card agreements and become vulnerable to credit cards with high interest rates and expensive fees.  There are credit cards specifically designed to prey on these very vulnerable Americans. An interest rate and fee cap would put those vultures out of business.

Many credit card companies “bait and switch” debtors who have …

Tags: Credit Credit Card Act Financial services Interest rate