… 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 filing …

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

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… was annoyed because it was basically saying, ‘We made a bad deal, so we’re going to take more money from you,’ ” said Frisch, 29, a Paramus-based attorney who said he always pays his credit card bill on time and maintains a good credit score.”

And hiking up minimum monthly payments aren’t the only tricks in the credit card industry’s proverbial hat; many credit card lenders are already raising interest rates and fees before the new law becomes effective. They are also …

Comment by Jacob Decker: … keep owing them money. Do you ever wonder what life …

Tags: Credit card Debt Money Management Personal Finance

… creditors. For example, if a debtor repaid a relative while not paying on their other debts, that money may need to be returned to the bankruptcy estate.

The debtor made purchases, payments or transfers of assets while he/she was insolvent.

The transfer of assets (including cash and property) was made during the 90 day period prior to filing bankruptcy. This 90 day period usually refers to “outsiders” such as a business or contractor.  If the transfer was made to an “insider” …

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… unusual. Will we see more renters impacted by Chapter 11 bankruptcy filings of distant owners and management companies? Probably.  The credit crisis is exposing the fragile network of owners in the commercial real estate industry.  And that fragile network is at risk of crumbling in the face of contracting credit and declining occupancy rates.  And although renters have some protections from immediate evictions in the case of a foreclosure, sale or bankruptcy liquidation, they still are …

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… the first half of this recession, many taxpayers and homeowner advocates doubted that the aid money would “trickle down” to ordinary Americans or even be repaid. CIT Group, which filed for Chapter 11 bankruptcy just a few months ago has become the first bank to materialize critics’ fears. The 101 year old commercial bank received a $2.3 billion taxpayer bailout; but its Chapter 11 bankruptcy wiped out its obligation to repay that money. And many analysts closely watching …

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… on their credit card payments, most credit card companies block the debtor from access additional money on that credit card. They also report the late payment to the credit bureaus which can create a domino effect that makes it more difficult for the debtor to get on their feet.  Here are three tips on protecting your finances even when you’re facing financial difficulties:

Once you realize that you are unable to make payments on your mortgage, credit card or even utility …

Tags: Bankruptcy Money Management Personal Finance

The bankruptcy law says that if a debtor inherits money from someone who dies within 180 days of the date the debtor filed bankruptcy, that money becomes part of the bankruptcy estate even if you received a Chapter 7 bankruptcy discharge. What that means is that if you filed bankruptcy September 30, 2009 and a relative/friend died December 30, 2009, and you inherited money from them, you would need to report that money to the bankruptcy court …

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… another bank.  Please be on the look out for changes because they could affect how much money you pay to lenders in the long-run.

Changes in interest rates.  Sometimes, when a credit card is taken over by another bank, interest rates may change, most likely they increase.  It’s important to pay close attention to changes in ownership of your credit card for this very reason. If your credit card has changed issuers, give them a call and see if your interest …

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… protection on Friday.  The beleaguered car company is now full of hope and ambitions to make money and build cars people will line up to buy.  Of course, whether that dream will become reality still remains to be seen.

GM DOES have several positives in its favor now.  Once the world’s largest and most powerful automaker, the new and improved GM emerges from bankruptcy leaner and clear of massive debt and burdensome contracts that would have driven it completely under without …

… will begin to receive secured credit card applications.  Secured credit cards require you to have money deposited with the credit card company.  Your deposit will equal the size of your credit card limit.  Be sure to use at least one of these cards, and make sure to pay off your balance every month.  These cards offer you a great opportunity to rebuild your credit, but make sure to read the fine print, because some of the offers will be tremendously better than others.

Another way to …

Tags: Bankruptcy Credit card Interest rate Money Management Personal Finance

… , new rules governing electricity companies will take affect December 1st that may save consumers money.  In the past some consumers many of who were already struggling financially, facing foreclosure or considering bankruptcy, were often slammed with high electricity bills when their fixed-rate electricity contract expired.  Or, consumers could find themselves trapped with excruciatingly expensive electricity bills when attempting to switch to  a cheaper provider.

The article said: …

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… , many consumers, who are also facing financially tough times, are finding themselves losing money on prepaid purchases, gift cards or even wondering about the validity of a warranty.  Here are a few tips on how consumers can protect themselves when businesses file bankruptcy :

Avoid pre-paying for products/services sold by companies nearing bankruptcy.  Sometimes a consumer who pre-pays for products/services sold by a bankrupt company may find that they are unable to recoup their …

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