Bankruptcy Blog Archives

Tim Fort, the likeable young nerd who calls himself the Kinetic King, recently stole the hearts of America on America’s Got Talent. On the show, he often cried out in glee with “Wahooooo!”. His outbursts of joy usually followed a successful display of kinetic energy as Popsicle after Popsicle exploded on the stage, often raising [...]

In the game of Monopoly, the rules are set up so the bank can never go broke. According to the game instructions, “The Bank collects all taxes, fines, loans and interest, and the price of all properties which it sells and auctions. The Bank never “goes broke.” If the Bank runs out of money, the [...]

Although Americans live in a country that theoretically does not practice debtor’s prisons, other countries around the world do not share the same notions of individual’s rights. The New York Times highlighted a story on the United Arab Emirates recently whcih stated that approximately 85% of the population and 99% of the private work force in [...]

The National Association of Consumer Bankruptcy Attorneys (NACBA) is currently proposing a new plan for the pay down of principal on upside down homes in jeopardy of foreclosure. The Federal Government and other entities involved these mortgage arrangements should pay close attention to the plan offering because it might have a profound effect on the [...]

A payday loan, also called a paycheck advance, is a small short-term loan that is intended to cover a borrower’s expenses until his or her next payday. Depending on you state, some payday loans are restricted by the amount of interest they can charge and others are illegal altogether. With current pressure mounting from Washington, [...]

Stacy Partyka, a 37 year old single woman from Atlanta recently shared her extreme debt story on a CNNMoney website. This is the story that was posted on the site as of August of 2011: “I have student loans in default and I’ve tried to make amends, but the company will not put an agreement [...]

Many of you may remember the story of Chicken Little, the fable of the little chick who had an acorn fall on his head and unwittingly thought the sky was falling. Chicken Little, thinking the world was coming to an end, ran around screaming “the sky is falling, the sky is falling!” According to a [...]

After the Bankruptcy Abuse Prevention and Consumer Protection Act was passed in 2005, many rumors started circulating that bankruptcy relief was no longer available. That myth is completely untrue. Almost all of the relief formerly available through bankruptcy survives in today’s bankruptcy code. The relief is somewhat more involved and a little more expensive, but [...]

According to an online news article posted on an internet Real Estate site, “Bank of America (BofA) and the Department of Housing and Urban Development (HUD) have reached an agreement on the 57,000 delinquent, government-issued mortgages serviced by the bank. In exchange for not being held liable for failure to offer foreclosure alternatives in the [...]

According to the Fitch Ratings, credit card defaults in July registered the second largest monthly decline since the passage of the Bankruptcy Reform Act in 2005 and are now back in line with historical averages. The same company has historically reported that 37 percent of credit card users in the United States defaulted on their credit [...]