Bankruptcy Blog Archives

There is an old saying I grew up with in West Texas, “You can’t get blood out of a turnip.” My parents said this when money was tight. It was their way of dealing with the stress of paying the bills and telling us not to worry about things we could not control. My family [...]

Your DTI, or debt-to-income ratio, is the percentage of a consumer’s monthly gross income that goes to paying debts. DTI can cover not only consumer debt, but it can include certain taxes, fees, and insurance premiums. There are two main kinds of DTI: The front-end ratio indicates the percentage of income that goes toward housing [...]

Mortgage lenders facing stiff reprimands, possibly penalties & fines April 14, 2011 By Mike Hinshaw Anyone who’s considering or who has filed for bankruptcy protection needs to be aware of the latest news in the ongoing probe of the biggest U.S, mortgage lending banks. This is especially relevant for those who have been driven to [...]

In the USA, bankruptcy protection is designed to keep folks productive April 12, 2011 By Mike Hinshaw When Russia embraces the concept of bankruptcy protection for people at the end of their financial rope, even the most die-hard critics of debt-relief should take notice. Yes, it’s true: even in the 21st century, there still exists [...]

From politicians to businessmen, bankruptees display wide variety of circumstances March 30, 2011 By Mike Hinshaw Sometimes high-profile bankruptcies are celebrities such as movie stars, sports figures or high-roller business types. Sometimes, though, they’re politicians. For instance, just last month we learned of Rep. Ruben Hinojosa’s (D-TX) filing, apparently driven by being unable to repay [...]

Continued from: “Lobbying for ‘reform,’ was credit-card industry fighting its own excesses?“ March 16, 2011 By Mike Hinshaw Last time we looked at possible correlation between rising bankruptcy rates and increased use of consumer credit, beginning with the introduction of the modern credit card in the late 1940s, its evolution into a general-purpose credit instrument [...]

This personal bankruptcy story was posted on the internet in February of 2011 as comments in a bankruptcy discussion: “I have just lost my job. I was there for 10 years. I have lots of purchases on my credit card from August-December. I have never missed payments on any credit cards. I cannot afford the [...]

This personal bankruptcy story was posted on the internet in recently as a comment in a discussion on bankruptcy: “…My husband was a foreman in construction and made a lot of money. Then 9-11 happened and due to economic slowing, he got laid off and has been unable to find a steady job since…Now he [...]

Two of the largest contributing factors for going bankrupt in this economy are foreclosures and credit card debt. With our economy going south, it should not be a surprise to homeowners that the value of their homes are plummeting in many areas of the country. Being upside down on your house is probably the rule [...]

Image via Wikipedia According to the National Bankruptcy Research Center and the American Bankruptcy Institute, personal bankruptcies were up to 1.53 million, a 9 % increase from 2009. This is the highest level since the 2005 laws were passed that were suppose to make it harder to file for bankruptcy. The financial crisis during this [...]