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Cosmetic Surgery with No Money Down
This article details the financial woes of medical procedures and the new payment plans that are catching on in many practices. Credit options are helping the uninsured pay for costly surgeries but the interest rates and late fees can make the buy now, pay later choice more of a burden.
"No End in Sight" to American Financial Turmoil?
While current financial turmoil in the United States has been detailed far and wide, a recent editorial in the New York Times called for an end to political posturing on these issues critical to our economy and provided several enlightening suggestions on how lawmakers can begin to make fixes.
Consumer Credit Explodes in June, Further Proving Consumer Claims Unfounded
Despite what a recent Javelin Strategy & Research online survey suggested about consumer credit use being down in the midst of the nation's current economic struggles, recently-released Federal Reserve numbers for the month of June reveal quite the opposite about consumer credit.
"Checkbook Loans": A Wolf in Sheep's Clothing
We've detailed the dangers of payday loans in the past, and here's some important consumer information on payday loans in disguise, what some in Illinois have taken to calling "checkbook loans."
Credit Cardholders Bill of Rights Passes Committee
Maloney's "Credit Cardholders' Bill of Rights Act of 2008" would require credit card companies to give clients a 45-day notice of any rate increase, and would also eliminate double-cycle billing (when credit card companies charge interest on a previous balance rather than the paid balance).]]>
Bush Okays Housing Foreclosure Rescue Plan
The bill has a two-pronged approach: it provides guarantees and backing for Fannie Mae and Freddie Mac, two of the nation's largest mortgage security companies (which account for nearly half of the 12 trillion dollar housing industry), and it also provides relief for homeowners facing loss of homes to foreclosure by allowing them to replace their troubled loans with more stable government-backed loans.]]>
Countrywide Settles Claims of Improper Collections from Bankruptcy Filers
The settlement recipient was a Chapter 13 bankruptcy trustee named Ronda J. Winnecour, who sought the loan histories for 293 bankruptcy cases in which she suspected violations of the U.S. bankruptcy code by Countrywide. Specifically, she alleged that Countrywide "lost" or "misplaced" payment checks made by debtors in foreclosure purposefully, in an attempt to skirt protections offered by the U.S. bankruptcy code.
Despite denials by the company that the errors made were "systematic," Countrywide will pay Winnecour $325,000 in the settlement.]]>
Illinois Senator Durbin Proposes Cap on Consumer Credit Interest Rate
Currently, the cap for such loans on military personnel and their families is at 36%--the bill would simply apply this cap to all consumers. While it is not certain that Durbin will be able to drum up support for this legislation--a Durbin proposal to allow judges to rework the terms of mortgage loans in bankruptcy proceedings failed recently--his latest offering shows that some lawmakers are beginning to take the economic downturn seriously and find ways to make life easier for consumers during this time.]]>
Obama Highlights Bankruptcy Reform as Part of Economic Agenda
Specifically, he proposed providing special provisions for military families and seniors facing bankruptcy. Military families would gain the advantage of a "fast-track bankruptcy practice" under these proposals, with easier paperwork and documentation and a greater bankruptcy exemption for their homes. Similarly, seniors would receive a larger homestead exemption.]]>
Nevada Senator Calls for Renewable Energy in Housing Bill
Nevada Senator John Ensign (R) has raised a fuss that may be delaying the housing bill being considered in the Senate currently. The bill is Congress' most comprehensive and ambitious response to the housing crisis, offering the chance for nearly 400,000 homeowners to trade mortgages with skyrocketing interest rates for fixed-rate packages with government-backed loans.
Five Steps to Debt Elimination
If you're ready to put your debt behind you, take a look at Total Bankruptcy's latest pages on eliminating debt, which outline basic steps anyone can take to pay off debt and establish financial security.
June 20th Total Bankruptcy Updates
This week in Total Bankruptcy: what to look for before signing a credit card agreement, how bankruptcy is affected by the legalization of same-sex marriage, new reviews of debtor education courses -- and much more!
This Week from Total Bankruptcy
Check out Total Bankruptcy's latest updates on mass layoffs and data breaches, as well as our tips for avoiding medical identity theft.
Tennessee Leads the Country in Bankruptcy
A new report by the Federal Deposit Insurance Corp. indicated that the number of people in Tennessee who filed bankruptcy during the first quarter of 2008 was more than twice the national average. More people in Tennessee are filing bankruptcy than in any other state in the country although the number of people filing bankruptcy is up more than 25 percent nationwide.
Detroit Foreclosures Become Farmland
The strategies for dealing with a foreclosure on an individual basis are often little understood; yet, an even less understood phenomenon is how neighborhoods deal with a rash of foreclosures. Of course, abandoned homes that are untended start to reflect poorly on a neighborhood if enough of them accumulate. A glut of foreclosed homes can even begin to lower property values in a neighborhood.
According to an NPR report, a group in Detroit called Urban Farming is taking a new approach to abandoned properties by tilling and planting the unused land, turning the spaces into urban gardens for food products. The group has worked with Wayne County to recycle, in effect, 20 plots in a pilot program that could expand if all goes as expected.
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bankruptcy chapter 7 guide |
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Bankruptcy_chapter_7
Bankruptcy Chapter 7 Often Open Doors To More Debt
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For individuals with a ton of unsecured debt and very few assets it is usually advised they seek financial relief under Chapter 7. Under this proceeding all debts are eliminated at the time of discharge and the person begins over with a clear financial record. Although the will remain on their credit report for many years following discharge of the debts, even person who have filed Chapter 7 can be eligible for taking out loans and credit cards.
In order to file for Chapter 7 a person must first take a means test to determine if they have the means with which to pay of their debt through a Chapter 13 filing. If they have sufficient income to make payments calculated on their disposable income after paying normal living expenses, they may be required to enter a Chapter 13 agreement with the court and make monthly payments to the court trustee until al outstanding bills have been satisfied.
If the person seeking to file Chapter 7 is unemployed or lacks sufficient income to pay their typical living expenses, they may be eligible for petition the court to discharge their debts. Once this petition is granted and the debts have been removed, they are free to begin accumulating debt all over again.
New Laws Take Side Of Grieved Lenders
Under the old laws, the individual could determine the direction of the their and many creditors were complaining
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that individuals were accumulating debt over a seven year period and filing for Chapter 7 essentially eliminating all the debt they had accumulated. Most of this debt was unsecured in the form of credit card debt or medical expenses. Additionally, despite steps taken by the court to detect fraud in income and asset reporting, many were able to skirt these areas and maintain control of their assets.
Many of the Chapter 7 rules remain in place such as any sudden income received within six months of filing Chapter 7 has to be turned over to the court for dispersal to the creditors. Another issue that was resolved in proceedings was no longer permitting student loans to be discharged through the court unless certain criteria is met.
Many private lenders pushed for this exclusion in Chapter 7 as many students were taking out large loans to pay for their college education and prior to beginning a high-paying job based on their education would file for Chapter 7, essentially allowing them to receive a free education.
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