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Bankruptcy

The Bankruptcy Blog

Educates consumers on bankruptcy laws.
By Total Bankruptcy.

Post Frequency: 5.8/day

Last Entry: March 28, 2011 at 12:14:25

College Scholarships Just for Bankruptcy Filers in California

Posted on July 23, 2009
Finally, some real help for the financially distressed in California. Suite Solutions is offering $30,000 in college scholarships to the children of parents who filed for bankruptcy in California. That’s some serious cash for higher ed for some families that could seriously use it...

Ben Stein and Not-So-Free Credit Scores

Posted on July 22, 2009
The blogosphere has been all over Ben Stein, a financial guru, spokesperson and New York Times columnist, over his involvement with what appears to be a slightly shady “credit-score” site, FreeScore.com. In advertisements, Stein shills for the group which claim to offer you a free credit score...

Facing foreclosure, couple turns to snake for help

Posted on July 21, 2009
The Knoxville News Sentinel has a story that starts off in all-too-familiar territory these days. Things were going swimmingly for the Herrons until wife Patricia lost her job earlier this year. With that income gone, the Herrons began falling behind on payments...

Faces of Foreclosure: First Person Accounts

Posted on July 21, 2009
Los Angeles may be home to movie stars, but it’s also one of the areas hit hardest by the economic downturn. With home foreclosures in Los Angeles still on the rise this year, the Los Angeles Times provides five first-hand accounts from people facing foreclosure...

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Bankruptcy Legislation May Be Back on Table

Posted on July 20, 2009
We’ve written many times about Illinois Senator Dick Durbin’s efforts to keep more people in their homes with his bankruptcy reform legislation. The “Helping Families Save Their Homes in Bankruptcy Act of 2009” would allow bankruptcy judges to restructure home mortgages to prevent foreclosure and keep more people in their homes...

FTC Cracks Down on Scammers Targeting Job Seekers

Posted on July 19, 2009
The high unemployment rate and therefore high volume of online job seekers has led to scams tailored to the conditions of the current recession. Scammers are apparently preying on struggling and out-of-work Americans in two major ways: Identity theft scams: Some scammers pose as employers and post fake job opportunities on employment websites or hack into legitimate [...

The Face of Foreclosure

Posted on July 18, 2009
In Florida, the state Association of Realtors hopes to bring about change in public policy regarding foreclosures by giving a human face to the concept, highlighting the individuals who have lost the homes that are now back on the market at depressed prices...

Bankruptcy Could Protect Jammie Thomas from RIAA Damages

Posted on July 17, 2009
In a strange twist to an already surprising case, a recent change to bankruptcy law could shelter Jammie Thomas-Rasset from the $1.92 million in damages she has been ordered to pay the Recording Industry Association of America, according to a CNET article...

High Fashion Bankruptcy

Posted on July 16, 2009
With bankruptcy filings on the rise across the country, you might say that filing bankruptcy is in fashion. But fashion in bankruptcy? Well, that’s happening, too. Over at the Washington Post’s Bankruptcy Beat, Jacqueline Palank looks at the bankruptcy troubles of high-end designers around the world...

Top 10 Celebrities Who Filed Bankruptcy ~ Includes a President & a Playmate?

Posted on July 15, 2009
Bet you’d be surprised at some of the famous folks who sought bankruptcy protection–check it out: Abe Lincoln, the 16th President of the United States sought asset protection in bankruptcy when he declared in 1833. It took him 17 years to pay off friends who had given him money to start his business...

The $60 Million Lie? Former MLB Star Lenny Dykstra Filing Bankruptcy

Posted on July 14, 2009
Former New York Mets and Philadelphia Phillies slugger Lenny Dykstra has filed for Chapter 11 bankruptcy protection in federal court, according to Jim Salisbury of the Philadelphia Inquirer. When filing bankruptcy in California, Dykstra, who is 46, claimed less than $50,000 in assets and between $10 million and $50 million in debts...

Getting Real: How Bad is the Economy? Great Depression Number Two? Experts Give Honest Answers

Posted on July 13, 2009
A tally of financial experts and bloggers were given a chance to pronounce their opinions of where the country stands in this economic strife. The experts include: a popular blogger dedicated to giving readers the deals not otherwise known by the general public a Washington D...

Chicago Cubs Consider Bankruptcy

Posted on July 13, 2009
This report just came across, via the Chicago Tribune: The Chicago Cubs are considering filing bankruptcy. The Cubs are currently in the process of being sold by their owner, the Tribune Company, who filed for bankruptcy earlier this year. If the Cubs do file, they will be the first baseball team in forty years to do [...

Hard Times for High Tech: Silicon Valley Bankruptcy Rising

Posted on July 11, 2009
At the showrooms of the Silicon Valley Auto Group, circumstances have forced a few operating changes. The cars in the showroom are the same, luxury brands of all types surrounding the centerpiece?a red Bugatti costing $1.6 million, but they aren?t selling...

Credit Card News: The Fine Print & What You Need to Know

Posted on July 09, 2009
Most of us have signed a long contract riddled with fine print ? whether for a credit card, a cell phone, a car lease or something else. And, unfortunately, many of us still aren?t reading every item included in these contracts. Between irritatingly small type, difficult legal language and time shortages, that?s no major surprise...

What Happens If a Country Goes Bankrupt?

Posted on July 08, 2009
A recent United Nations financial summit has highlighted a ?missing link? in the international financial system according to Supachai Panitchpakdi, the U.N. Secretary General of the United Nations Conference on Trade and Development. Panitchpakdi is worried about the effect a bankrupt country might have on the global economy, according to Edith M...

City of Chicago to Hire Debt Collection Agencies

Posted on July 08, 2009
Well, the city of Chicago really knows how to kick somebody when they’re down. The City of Chicago is looking into hiring some debt collection agencies - some of them with checkered pasts - to collect outstanding debts owed to the city. This includes unpaid utility bills and parking tickets...

Choosing a Lender to Rebuild Credit

Posted on July 07, 2009
If you?re trying to build or rebuild your credit after bankruptcy, you probably know that using credit responsibly is your primary goal. Here?s how to set yourself up for success in borrowing. Choose Affordable Payments: Before signing loan papers or credit card agreements, you?ll need to do a four-part math problem: Check your budget...

Financial Stress Up Across Country

Posted on July 06, 2009
The Associated Press’ monthly economic analysis is out for May of this year and it confirms what many of you are feeling everyday: People are stressed out about their finances. According to the survey, the most stressed states are California, Michigan and South Carolina...

Foreclosures Sinking to Prime Mortgages ~ When Will It End?

Posted on July 06, 2009
In what many consider an inevitable shift in the foreclosure crisis, prime, fixed-rate mortgages made up the largest portion of new foreclosures, according to a report issued by the Mortgage Bankers Association. This was the first time for such numbers since the subprime lending boom began...

Protecting Yourself & Your Money Online

Posted on July 05, 2009
Since the Internet?s explosion into our lives, we?ve been introduced to amazing new ways of interacting with each other, doing business and connecting with the world. Unfortunately, the Internet has also introduced a variety of new crimes and consumer vulnerabilities...

Financial Literacy Fund on the Horizon?

Posted on July 04, 2009
One potentially positive side effect of the real estate market?s crash and subsequent (ongoing) economic recession was a call to arms for promoting financial literacy among American children and adults. Many of the ?exotic? mortgage products and predatory lending strategies that allowed Americans of all income levels to overextend themselves on credit could only succeed in [...

Important Recession Lessons from Big Companies

Posted on July 03, 2009
We?re all looking for ways to cut spending, increase our savings and generally adjust to life in a time when credit is tight and jobs are scarce. Here?s a look at some of the changes major corporations are making and what we little guys can learn from them...

Student Loan Relief Begins for Some in July

Posted on July 02, 2009
If you?re among the hundreds of thousands of recent college graduates with significant student debt hanging over your now degree-laden head, good news: A new program called Income-Based Repayment may help you tame the debt monster. What is Income-Based Repayment (IBR)? IBR is a program introduced by the government in 2007; however, its full effects don?t start [...

Financial Problems Haunt Former Pro Athletes, Too

Posted on July 01, 2009
USA Today has the nicely titled “Tough Losses” piece on former athletes that were also savvy business investors, but have nonetheless struggled in the recent economy. You’re probably familiar with the tales of atheletes wasting their millions on lavish extravagances...

Devastating Effects of Medical Debt

Posted on July 01, 2009
DrSteveB over on Daily Kos has a sobering look at that dramatic ways in which uncontrollable medical bills can change a life. DrSteve gives us the tale of a man in Texas who was living his dream - married, owned his own company, had health insurance - until a car accident radically altered his life and [...

Michael Couldn?t Beat It ~ The King of Pop?s Deflated Finances

Posted on June 30, 2009
Jackson died this week while organizing a highly anticipated 50-night venue of shows at London’s ?02 Arena. It?s been a long-awaited return for Michael Jackson, as this would be his first concert in 8 years. Jackson’s Curtain Call: The Comeback Concert that Will Never Be Whether the concert series was Jackson?s intent on returning to the music which [...

Got Credit? Is Your Credit Card Limit Going to be Cut?

Posted on June 29, 2009
Many credit card companies are cutting credit limits for many borrowers, according to a recent BusinessWeek.com article. For many Americans, access to credit could decrease even more at a time when credit is already notoriously tight. The reason? They’re reacting to increased unemployment rates and card defaults...

Michael Jackson, Neverland Ranch and Foreclosure

Posted on June 27, 2009
When ambulances were called to Michael Jackson’s home last Thursday, they went to the Beverly Hills mansion he had been renting. Jackson’s most famous residence, the lavish, one-of-a-kind, amusement park-like Neverland Ranch, hadn’t been his home for many years...

Michael Jackson Lived Like a King, Died Nose-Deep in Debt

Posted on June 26, 2009
Michael Jackson?s death has shocked the world. If we were too young to remember him belting out top hits as a round-faced child, we probably have vivid memories of him monster-dancing on MTV or dangling his kid over a Berlin balcony. And as the globe starts to process his death, we take a look at the entertainer?s [...

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