When the means test was enacted as part of the BAPCPA in October 2005, it made requirements for filing bankruptcy a bit tougher. For those who are in serious financial trouble, however, the means test is usually a formality, since the vast majority of people who need to file bankruptcy are able.
But for those who […]
While blame for the credit crisis in America is being shuffled around to the feet of almost anyone involved in the industry—from government to bank to cardholder—the ultimate truth is that a problem so pervasive can’t be attributed to a single link in the credit chain. Lack of government regulation in the industry could […]
The numbers are in and they’re not looking good for the state of the American economy. First-quarter statistics on bankruptcy filings, foreclosure starts and unemployment figures suggest that the United States is continuing its slide toward a serious recession.
According to an article in the Los Angeles Times, 90,000 bankruptcy cases were filed in March. That […]
By: Gerri L. Elder
Ben Bernanke, the current Chairman of the Board of Governors of the United States Federal Reserve, has been dancing around the “r” word for quite some time now. Other economists have been avoiding the word “recession” as well, but it has been on everyone’s minds and causing a lot of […]
Since the downturn of the housing market, the United States economy has been floundering – foreclosures and bankruptcy filings are on the rise, the stock market is fluctuating wildly and credit card debt is creeping upward. But those are by no means the only problems faced by American consumers.
Apparently, the tightening of credit from traditional […]
You’ve seen ads for debt settlement or debt relief, and their promises sound intriguing. But as with any great offer, you need to approach their claims with skepticism. As the old saying goes, if something seems to good to be true, it probably is.
And debt settlement is no exception. A recent post […]
In a recent study published by Harvard Law School, Angela K. Littwin examined the use of various credit sources among low-income individuals. Her goal was to figure out whether or not restrictions on credit card lending would affect low-income borrowers’ access to other credit sources. Her findings reveal some interesting patterns.
Why Credit Cards are Important
Since […]
Illegal collection of discharged debt is becoming so common that some debt purchasers actually focus on buying up post-bankruptcy debt—debt that is no longer legally owed. Learn how to protect yourself and the fresh start offered by Chapter 7 bankruptcy.
Jason Caffey’s reported bankruptcy filing shows that financial crisis can strike anyone, anywhere…though Caffey’s reported child support debt to seven different women would be enough to complicate anyone’s finances!
Financial “experts” talk about avoiding credit as a means of protecting your finances, but statistics show us that the vast majority of people facing bankruptcy have been knocked down by something catastrophic and unexpected, like serious injury or illness, job loss, divorce or a death in the family.