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Bankruptcy Law
With many people having lost jobs in recent years due to the economic downturn and the growing trend of sending jobs offshore, and with interest rates on credit cards and loans continuing to rise, more and more Americans are filing for bankruptcy. In 2004 there were 1.6 million personal bankruptcies, almost double the number of a decade earlier. So far, the numbers for 2005 indicate a slight decline from last years high, but there are still hundreds of Americans filing for bankruptcy each day.
Money Advice for the Tapped Out
In 2003 the Federal Reserve Board reported that the personal debt of U.S. citizens amounted to about $11.3 trillion, with $1.98 trillion in credit card and car loan debt and $9.3 trillion in mortgage and other debt. In 2004 the collection agency industrys directory listed 658 leading collection agencies. With the tremendous amount of debt that many American families have generated, it is unsurprising that so many of these households fall behind. When this happens creditors often assign the debt to a collection agency, and thats when the phone calls and letters begin. It is important that consumers know they are protected, as well as what those protections are.
Credit Reporting
A persons credit rating can affect his or her way of life in drastic ways. From applications for lines of credit and mortgages to employment, leases, and insurance, a credit rating can have either a negative or positive impact on nearly every important financial event in an individuals life. Anyone who has ever applied for a personal loan or other type of credit line, a job, or insurance has a credit record, which is maintained by a consumer reporting agency.
Latest Bankruptcy News
• Psystar bails on bankruptcy, promises to 'battle Goliath' (Computerworld)
Found on 05 Jul 2009 10:33 GMT
Computerworld - Psystar, the Mac clone maker embroiled in a legal dispute with Apple, asked a federal judge last week to dismiss its bankruptcy case, saying that it had been unable to reach a payment agreement with its law firm.
• Bankruptcy filings increase locally (The Cambrian)
Found on 05 Jul 2009 07:50 GMT
With the economy struggling to find hints of recovery, California?s budget in crisis and job losses mounting, more Central Coast residents, business ownersand now government employees and teachersare finding relief in bankruptcy court. The number of all bankruptcies in the first four months of the year rose nearly 63 percent from the same period last year, according to the most recent ...
• Financial mistakes led to bankruptcy, sale of title rings (Chicago Sun-Times)
Found on 05 Jul 2009 05:30 GMT
Randy Brown can join fellow athletes Joe Louis, Mike Tyson, Evander Holyfield, Bjorn Borg and Johnny Unitas, among others, in testifying that bankruptcy is no fun. Brown, a Chicago native and former Bulls point guard, filed for bankruptcy in January 2008. This past April, when a federal bankruptcy judge was settling Brown's debts, Brown lost his house, cars, credit cards and precious jewels....
• Lear to file for bankruptcy protection (National Post)
Found on 04 Jul 2009 20:45 GMT
Auto seating supplier Lear Corp said on Wednesday it would file for Chapter 11 bankruptcy protection in a reorganization supported by key secured lenders and bondholders and that it had obtained US$500-million in bankruptcy financing.
• Creditors to get more money in updated Vick bankruptcy plan (USA Today)
Found on 03 Jul 2009 21:11 GMT
In the Michael Vick bankruptcy plan rejected in April by a federal judge, he sought to keep two homes and three vehicles. He has cut that to one home and one vehicle in his new plan, which also increases how much of any of future income he must turn over to pay off millions in debts.
Recommended Bankruptcy Links
• Bankruptcy Lawyers & Chapter 13 Attorneys
Found on 03 Jul 2009 01:10 GMT
Bankruptcy can be scary. Try our New Free Evaluation Tool to see if bankruptcy is right for you.
• Bankruptcy - Wikipedia, the free encyclopedia
Found on 30 Jun 2009 06:57 GMT
Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor ...
• The Truth About Bankruptcy
Found on 02 Jul 2009 02:08 GMT
Find out why Dave Ramsey says bankruptcy is not a good way to get out of debt.
