As the global economy retracts, many Americans are struggling to manage the mounds of household debt accumulated earlier in the decade, during a flourishing expansion when it didn’t seem quite so imposing.  Those struggling with debt are the perfect target for a new growth industry — companies that claim they can magically “eliminate” or “reduce” [...]

Today, television station WTAE-TV in Pittsburgh, Pennsylvania published an interesting online article about economic resolutions for 2009.  They are as follows:
Resolution number one might be to start saving now. With all of the uncertainty in the job market, it makes sense to save six months’ worth of salary in case you’re laid off.
Second — put [...]

With many bankruptcy clients, the timing of their bankruptcy filing is of little or no concern.  However, there are definitely filing situations where the expression “timing is everything” should be heeded.
Over the next several articles I will address ten situations where I would normally recommend that a client wait to file bankruptcy.
If a client is anticipating [...]

What does the term Adverse Action mean?
The Fair Debt Collection Practices Act (FDCA)  and the Equal Credit Opportunity Act  (ECOA) use the same definition for Adverse Action.
Adverse Action includes any of the following:

The refusal to grant credit in substantially the amount or on substantially the terms requested;
Termination of credit or an unfavorable change in the [...]

In a recent article found on the Credit Law Network, ”Credit Card Limit Cut Based On Where He Shopped“, Jonathan Ginsberg, an Atlanta Consumer Lawyer discusses the case of Kevin D. Johnson, a resident of Atlanta, Georgia.
American Express cut Mr. Johnson’s credit limit citing “the poor repayment history” of other American Express customers who shopped at stores where [...]

The “Means Test” was one of the most dramatic changes in the BAPCPA legislation in 2005.  It was supposed to bring clarity to how to determine whether above income debtors can file Chapter 7, or how much they had to pay into a Chapter 13 plan.  It didn’t.
“Current monthly income” is supposed to be figured [...]

The biggest problem that every bankruptcy client has is organization.  Financial problems have a way of causing chaos.  Which bill do you pay first?  Which collection agency do you satisfy next?  How in the world do you collect all those documents necessary to file bankruptcy?
In fact, the issue of disorganization is one that typically has [...]

A recent New Jersey case, In re Hussain, 2008 WL 5102458 (Bky.D.N.J. Dec. 5, 2008), held that a bankruptcy debtor’s legal malpractice claim against his former bankruptcy attorney was property of the estate, to be administered by the bankruptcy trustee for the benefit of creditors.
The bankruptcy court observed that the legal malpractice claim involved the [...]

One of the most intimidating aspects of bankruptcy, and one that keeps many people from filing, is the fear of what happens after you file.  
The following are some of the many positive outcomes that result from filing for bankruptcy:

The phone will stop ringing from collection calls and creditors will stop harassing you. Creditors, who continue to call, [...]

Given the current credit market, it may be more difficult to get an income tax refund anticipation loan…and that is not such a bad thing.  See Income Tax Refund Anticipation Loans–Is the Benefit Worth the Cost.   Check out this video regarding Income Tax Refund Anticipation Loans by Mark Huffman of consumeraffairs.com.
In summary, when it [...]