If you decide to file bankruptcy, you must first calculate your “current monthly income.” Current monthly income (“CMI”) is a highly artificial number that can have big implications on whether you are allowed a Chapter 7 discharge or how much you must pay to your creditors in Chapter 13. Calculating CMI also requires your attorney [...]
July 2009
For many years consumer advocates have claimed that the arbitration provided in credit card disputes was not fair to the consumer. It seemed that the arbitrators always just rubber stamped the claims made by the credit card companies. Two weeks ago, Minnesota Attorney General Lori Swanson filed a complaint against one of the biggest Arbitration companies, [...]
States, cities, towns and villages all over the country are in financial distress. Some, like the village of Johnson City in Broome County, New York are considering merging into the surrounding town of Union. Others are not paying their payrolls on time, or drastically cutting back on essential services. At least one town in Indiana is [...]
Don’t Ever Buy Thoughtlessly or you will have DEBT. If you review your spending patterns you will see that you did not think twice about many of your purchases. As a result you ask yourself down the road, why did I purchase ***? In the past I have written about changing your mind set before [...]
In the last several months, with interest rates at historic lows, and bailout cash funding some new loans, it has become possible to get a traditional re-finance approved, usually to take advantage of lower rates. It may not be possible to refinance if you have no equity (or negative equity) in your home, but if [...]
If you listen to the radio or watch late night TV, you will hear ad after ad for “debt settlement” companies. They are selling services that will consolidate debt and avoid the necessity of bankruptcy. I have previously written a blog post on this blog expressing my concern about the debt settlement industry. In response [...]
