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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 year’s 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 industry’s 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 that’s 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 person’s 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 individual’s 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
• Kim Rothstein owes $1 million, bankruptcy lawyers claim in lawsuit (Sun-Senti...
Found on 10 Mar 2010 23:02 GMT
Bankruptcy lawyers claim she owes the money to creditors of her husband?s defunct law firm Kim Rothstein blew through nearly $900,000 on her American Express credit card since 2006, and received another $200,000 in salary and reimbursements for political contributions, according to a claw-back lawsuit filed against her Wednesday.
• Ex-MP fined RM10,000 for bankruptcy offence (The Star)
Found on 10 Mar 2010 22:50 GMT
KOTA KINABALU: Former Labuan MP Datuk Suhaili Abdul Rahman was fined RM10,000 after admitting to a bankruptcy offence committed some 14 years ago.
• Canwest Noteholders Abusing Bankruptcy Process, Goldman Says (Bloomberg)
Found on 10 Mar 2010 21:04 GMT
March 10 (Bloomberg) - Canwest Global Communications Corp. noteholders have gained control of the Canadian media company?s bankruptcy process and are abusing it for their own benefit, Goldman Sachs Group Inc.
• Settlement in bankruptcy case (Otago Daily Times)
Found on 10 Mar 2010 15:14 GMT
Bankruptcy proceedings brought against his former business partner, Rodney Humphries, by Maniototo farmer Ewan Carr over claims of a $238,000 debt were settled on confidential terms in the High Court at Dunedin this week.
• Tax-News.com: India And Bangladesh Revisit FTA Talks
Found on 10 Mar 2010 04:15 GMT
Tax-News.com: Bangladesh’s Prime Minister Hasina Wazed, has said that stalled talks towards a free trade agreement with India will be revisited this month.
Recommended Bankruptcy Links
• Bankruptcy - Wikipedia, the free encyclopedia
Found on 09 Mar 2010 04:33 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 ...
• Bankruptcy Lawyers & Chapter 13 Attorneys
Found on 07 Mar 2010 17:57 GMT
Personal Bankruptcy Information. Learn about Chapter 7 and Chapter 13 Bankruptcy Laws and Find a Local Bankruptcy Lawyer with our Free Bankruptcy Evaluation Tool
• U.S. Courts | Bankruptcy
Found on 08 Mar 2010 11:08 GMT
United States Bankruptcy Courts: Each of the 94 federal judicial districts handles bankruptcy matters, and in almost all districts, bankruptcy cases are filed in the bankruptcy ...
