… of 3.4 percent for the month of August.

Stores suffering from declining sales include:

Target Corp. – minus 2.9 percent

Limited Brands Inc – minus 5.9 percent

Macy’s Inc. – minus a whooping 8.1 percent

The continued drop in retail sales is a bad sign that more job losses are on the horizon and that consumers are clamping down on their expenses in anticipation of job losses.  Many retailers may not make it through this recession if those sales numbers don’t improve …

Tags: Bankruptcy Bankruptcy protection Macy Target Corporation United States

… the Texas Silver-Haired Legislature urged that decisive action be taken against criminals who target senior citizens for foreclosure scams, credit card scams, identify theft and other types of financial abuse.

The article said:

“It is a fairly widespread problem, which is being made worse by the increasing number of seniors and the tight economy,” said Carlos Higgins, a representative of the group who lobbied for the new law. “As folks get older, too often they are less able …

Permalink: /lawsuits/texas-legislators-crack-down-on-criminals-who-target-seniors/

… considering bankruptcy are concerned about protecting their personal assets. If a business is a corporation, some debtors assume that creditors cannot pursue them personally for debts owed by the corporation. The truth is that creditors may have the power to pursue the debtor’s personal assets under certain circumstances. The most important question a business owner should ask him/herself?

Did you personally guarantee the corporate debt? Although the corporation and its owner(s) are …

Permalink: /dallas_bankruptcy_laws/my-corporation-is-drowning-in-debt-can-creditors-come-after-me/

According to an article at CNN, Taylor, Bean & Whitaker Mortgage Corp. has filed for Chapter 11 bankruptcy protection, after suffering from crippling events that have prevented it from continuing business.

The article said:

“The death spiral began after the Federal Housing Administration suspended Taylor Bean’s authority to issue FHA-insured loans. That was immediately …

Permalink: /dallas_bankruptcy/taylor-bean-mortgage-corporation-files-chapter-11-bankruptcy/

… to use high interest subprime credit cards with high annual fees.

Credit card companies will target debtors who don’t pay off their balance every month because they are the most profitable.  And those debtors who have a habit of paying off their credit card balance may find that some companies will decrease their credit line or even close their account as they did in 2009.

… and begin rebuilding their company’s financial health.

Chapter 11 bankruptcy allows the debtor corporation to negotiate with creditors and significantly slash their debt obligations.  Many good companies have overextended themselves during the boom.  Maybe they took out loans for expansion only to be hit with a recession and reduced consumer spending.  Bankruptcy allows them to compensate for this misstep by reducing their debt load sometimes as much as 50 percent or more.

Most …

… what he owes or works out a settlement….

Bankruptcy fraud allegations include:

Using a corporation to hide his assets.

Transferring assets to his girlfriend Christi Rowan

Paying Rowan’s living expenses and that of her daughter during his bankruptcy.

Falsifying a lease to obtain a homestead exemption.

Seaver alleged that Hecker paid $159,000 in Rowan’s credit card charges, including $30,000 for a dog and $11,000 for her vacations. He says that in the …

… among the 15 companies being probed and whether any have committed fraud.

“Many of these target loans didn’t last but a short time before defaulting,” Donohue said. “We will conduct an investigation, if appropriate, to determine who is responsible and will recommend that appropriate action be taken against individuals and corporations.”

The FHA does not make loans, but rather offers insurance against default. Borrowers are willing to pay for the insurance because FHA …

… chance financially. In Chapter 7 bankruptcy a debtor, whether they are an individual or a corporation can discharge all of their debts with no further obligation to their creditors.  With this fresh start, they can immediately rebuild their credit and save for the future. Many countries, such as India, have no system that will adequately forgive a person’s debt, leading some who are overwhelmed with debt to even consider suicide. A sad state of affairs …

According to an article in the Dallas Morning News , Nokia Siemens Networks announced that it will implement 100 job losses in the Dallas area.  The company employs 900 Dallas residents and 64,000 workers worldwide. The job losses are a part of Nokia’s global reorganization designed to save more than $700 million by the end of 2011.

The article said:

“The company said it expects to …

… which are terminated in Chapter 7 bankruptcy are insured by the Pension Benefit Guaranty Corporation; but 401k plans are not insured.

If your employer files Chapter 11 bankruptcy, the retirement plans will most likely be affected by their restructuring efforts. Both retirees and employees usually retain counsel to represent their interests during the bankruptcy.

How To Protect Yourself

Find out if your pension plan has been terminated.

Find out …

… As the foreclosure crisis worsens, many homeowners facing foreclosure are finding themselves the target of sensationalists, whiners and finger-pointers. The foreclosure crisis, some say, is the result of irresponsible, greedy homeowners who have taken on more than they could handle and now they’re experiencing the consequences of their extravagance.  But is that really true?

The foreclosure victim who has flipped a thousand houses or played the real estate “casino” is few and far …