Are you having problems paying a monthly mortgage payment? Are you living in fear of default? Here are some of the warning signs that your mortgage is a time bomb waiting to go off. The first is the size of your mortgage payment. If your payment is more than third of your monthly take-home pay, [...]
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If you’re filing bankruptcy, then chances are you may may have taken out a payday loan recently, according to a “Do Payday Loans Cause Bankruptcy?” by Paige Marta Skiba of Vanderbilt Law School and Jeremy Tobacman from the University of Pennsylvania. In theory, I have no problem with the concept of payday loans. It’s nice [...]
Congress is considering changes to the Bankruptcy Code that would allow the same judicial modification of home mortgages that is currently allowed for vacation homes, business property, and other assets. Letting families keep their homes by reducing principal and interest to market value would let tens of thousands of homeowners resume making their mortgage payments, [...]
In a January 9, 2008 press release, the American Bankers Association’s chief lobbyist came out strongly against proposed changes to the Bankruptcy Code that would let judges lower principal and interest rates on residential mortgages–what is called a “strip-off” or “cramdown”. Floyd E. Stoner said that, “Such proposals would bring additional risk and uncertainty to [...]
Payday loans are horrible. Interest rates as high as 1,500% per year (that’s One Thousand Five Hundred percent per year, and yes, we’ve seen them this high). Wage withholding. Repayment terms that lock you into an endless cycle of borrow and pay that you can never get out of. Abusive collection practices. So why do [...]
According to the Bible, it it moral to file for bankruptcy? Recent studies have shown that the average American family is only three weeks away from personal bankruptcy. So it is time to revisit what the Bible teaches us about debt. The Bible makes it clear that people are generally expected to pay their just [...]
