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The House Rules Committee just minutes ago agreed to allow the bankruptcy 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 …

Comment author: House Rules Committe Agrees to Consider Bankruptcy Modification … Leading just to Me

Comment by House Rules Committe Agrees to Consider Bankruptcy Modification … Leading just to Me: [...] here:  House Rules Committe Agrees to Consider …

Comment author URL: http://leading.justtome.com/house-rules-committe-agrees-to-consider-bankruptcy-modification/

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

Permalink: /breaking-news/house-rules-committe-agrees-to-consider-bankruptcy-modification-amendment-today/

According to an article in Reuters, the U.S. House of Representatives approved legislation last week that would cut major banks and student loan giant Sallie Mae out of a large slice of the $92 billion university student loan business if passed by the Senate.  Under the bill H.R. 3221 –the Student Aid and Fiscal Responsibility Act of 2009, all new student loans would originate with the Direct Student Loan Program as of July 1, 2010. …

Tags: Business Education Loan Sallie Mae Student loan United States House of Representatives

Permalink: /student-loans/big-banks-may-be-locked-out-of-student-loan-subsidies/

… would give bankruptcy courts the power to modify toxic mortgages in bankruptcy is heading to the House of Representatives on Thursday. The bill will allow bankruptcy courts to help homeowners avoid foreclosure by decreasing interest rates on their mortgage, decreasing the principal of the mortgage and/or extending the life of the mortgage to up to 40 years. But the bill (HR 1106) is facing tough opposition from many mortgage industry lobbyists.

“We continue to be opposed to …

Permalink: /bankruptcy/bankruptcy-reform-bill-headed-to-the-house-of-representatives/

According to an article in the Dallas Morning News, the most recent U.S. Census Bureau figures states that Texas leads the nation in the percentage of residents without health insurance.  More than 1 out of every 4 Texans are without health insurance, a total of 6 million residents and Texas leads the nation in the numbers of children who go without health insurance.

The article said:

“…Texas had the nation’s highest percentage of children under 18 without coverage – 17.9 …

Comment by Jacob Decker: … expenses is one of the most substantial reasons many …

Tags: Bankruptcy Health Uninsured in the United States

Permalink: /medical_bills/six-million-uninsured-texans-stand-on-the-brink-of-medical-bankruptcy/

Tareq and Michaele Salahi, the now infamous “White House party crashers” apparently filed Chapter 7 bankruptcy early in 2009 with $335,000 in assets and $965,000 in liabilities after their vineyard company, Oasis Enterprises went downhill. The Salahis reportedly had $81,000 in credit card debt and several lawsuits against them for everything from non-payment on credit card fees to failing to pay their gardener.  Some pundits following …

Tags: 2009 White House gatecrash incident Bankruptcy Michaele Salahi Tareq Salahi

Permalink: /bankruptcy/white-house-party-crashers-filed-bankruptcy/

… resourceful, or whatever you chose, but Tareq and Michaele Salahi somehow outsmarted the White House Secret Service enough to not only get into the White House, but also to get close enough to the president to meet him and shake his hand.  The story is a weird one for sure, and it’s not often that you can mention President Obama, aspiring “The Real Housewives of D.C.” stars, a popular Virginia winery, and bankruptcy in the same story.

The bankruptcy portion of the story is what …

Tags: Bankruptcy Real Housewives State Dinner Tareq and Michaele Salahi The Oasis Winery White House

Permalink: /breaking-news/couple-that-snuck-into-white-house-controls-a-winery-that-filed-for-bankruptcy-in-february/

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Most people have at least passing knowledge of wage garnishment–the process of deducting money from an employee’s monetary compensation (including salary) as a result of a court order.  Fortunately for those who find themselves in the unfortunate position of having their wages garnished, these payments are limited by federal law to 25 percent of the employee’s disposable income.  Unfortunately, those payments will continue until …

Tags: Bankruptcy Chapter 13 Title 11 United States Code Garnishment Internal Revenue Service tax

… who are currently struggling with financial stress are not likely to see the immediate effects of this program.  In the mean time, some bankruptcy courts are looking for alternatives to help consumers and debtors get through the bankruptcy process successfully.

The U.S. Bankruptcy Court for the Southern District of New York is experimenting with a “loss mitigation” program for homeowners and lenders.  The program was initiated by Bankruptcy Judge Ceclia Morris in response to the …

Tags: bankruptcy law Lawyers and Law Firms United States United States bankruptcy court United States District Court for the Southern District of New York

… OR financial background, and yet they have a huge responsibility for your financial future.

Of course you want to “take responsibility” of your debts and pay what you rightfully owe.  That is noble and often the ethical choice.

If you file bankruptcy, you are not absolving yourself of the responsibilities you have to your creditors.  You are simply protecting your assets and your family.  Your relatively minor setback should not cost you the home you have been living in ten …

Tags: Bankruptcy Better Business Bureau Business Credit history Credit score Federal Trade Commission Law United States

According to an article in the Star-Telegram the bill H.R. 1106 which allows modification of toxic mortgages during bankruptcy passed through the House of Representatives last night. This is great news for Dallas- Fort Worth homeowners facing foreclosure. The bankruptcy bill was passed with a vote of 234 to 191 in favor of homeowners facing foreclosure.

The bankruptcy bill included some changes that require homeowners to prove that they actually requested a modification …

Permalink: /breaking-news/bankruptcy-bill-passed-by-house/

This week the House passed an $819 billion stimulus package in the hope that it will help create more jobs and slow the recession gripping the nation according to an article in the Dallas Morning News . Texas legislator Chet Edwards, who helped write the bill urged officials to pass the stimulus package because Texas is at risk of going bankrupt.

The article said:

"It’s important to pass this …

Permalink: /job_loss_unemployment/the-house-passes-819-billion-stimulus-package-but-will-it-create-jobs/

The Labor Department said Thursday that the number of new jobless claims rose to 480,000 last week when many economists were hoping for a decline and a sign that the job losses would be improving soon.

But the rise in weekly claims of 7,000 last week, which had followed an increase of 19,000 the previous week, shows that the improvement has been halting. Analysts believe that claims need to fall to about 425,000 for several weeks to signal …

Tags: Economy Job Loss Unemployment United States