In today’s economic climate, an increasing number of people are discovering their incomes are no longer enough to pay for their debt and essential expenses. Hundreds of companies are outsourcing work and laying off workers every week.. not to mention “encouraging” workers to resign from their jobs so that employers can avoid paying unemployment benefits. [...]
July 2009
Stephen Baldwin file Chapter 11 Bankruptcy yesterday. He is just another celebrity who has been brought back to reality. Although I have yet to see the Petition and Schedules that were filed in the Bankruptcy Court, news reports state that the actor is millions of dollars in debt. His website does not make a mention [...]
The 2005 amendments to the bankruptcy code created a new “Means Test.” The main purpose of this test is to a) determine if an individual is eligible to file a Chapter 7 bankruptcy and b) to determine the disposable income of a Chapter 13 debtor who is above the median income. In order to determine [...]
Yes, Michigan’s new foreclosure law has a number of provisions helpful to homeowners. Even if you cannot afford to pay, the new law gives you an extra 90 days to stay in your home, simply by requesting a meeting with the mortgage holder or servicer. You should go to the Michigan State Housing Development Authority, [...]
Mortgage refinances in Florida are all the rage, but where are the banks who just recorded record earnings. Â The Home Affordability Refinance Program known as HARP has been a dismal failure in Florida, especially Southwest Florida. Â In cities like Cape Coral, Fort Myers and Lehigh Acres foreclosures have run rampant and continue to do so. [...]
Renewed attempts at debt collection following bankruptcy discharge are a serious problem. Aggressive collection agencies buy up old debt for pennies on the dollar, counting on being able to collect some proportion of the debt. It appears that student loan creditors are now pursing debts previously thought to have been discharged. Educational Credit Management Corporation [...]
