How good is the Federal Government’s credit rating? This is a question of great concern right now because President Obama and his incoming administration have indicated that they are open to the possibility of another stimulus package. In other words, they are looking to borrow another $800 plus billion dollars to help stimulate the economy. Additionally, we will [...]
January 2009
Business owners who are thinking about filing for personal bankruptcy may think about closing down their business before doing so – either by sale or merely by shutting the doors altogether. It’s important to always keep one thing in mind when you’re in financial difficulty, and that is this simple rule: In the months leading [...]
CNN has just uploaded a foreclosure map, showing the percentage of mortgages in default across the United States. Move the mouse over your state to see the pecentage. It also shows your state’s unemployment rate and budget deficit. Check out the map at http://money.cnn.com/news/storysupplement/economy/gapmap/index.htm.
Since tax season is on hand, the media is full of ads touting tax refund or “refund anticipation” loans. “Get your money NOW!” “In today’s economic climate, can you afford to wait for your tax refund?” Well, the easy answer is, especially in today’s economic climate you should not get a tax refund loan. Why [...]
Think debt collectors can’t stoop any lower? How about threatening to have the state take away your kids if you don’t cover your payday loans? Lisa Madigan, Illinois’ Attorney General, has filed suit against a Florida-based debt collector, United Processing, Inc. and its president. The AG is alleging they not only falsely claimed to be [...]
Very generally, a fraudulent conveyance is a transfer of money or property from a debtor to someone or something else when either (1) the debtor intends to defraud creditors or (2) the debtor received less than a reasonably equivalent value in exchange for the transfer and made it while insolvent. So, for example, the proverbial: [...]
