According to an article in the Star-Telegram, Senator Christopher Dodd, introduced legislation that would require banks to inform their customers when they overdraw their accounts via e-mail, text message, or postal mail and warn them if an ATM or teller transaction will put them into the red. In addition, the legislation would limit the number [...]
Ranch style home in North Salinas, California With the housing market in constant flux, many people are trying to take advantage of "Short Sales" to get into the home of their dreams. A "short sale" is where the bank or lender agrees to allow a house to be sold for the less than the balance [...]
What Credit Card Debt to Income Ratio Should You File Bankruptcy? Most debtors hear the phrase "debt to income ratio" and they aren't sure what it means exactly. In a nutshell, a debtor's debt to income ratio is the percentage of debt they have in ratio to their income. This debt to income ratio is [...]
If you fear that you are falling behind, canceling credit cards before your creditor does sometimes makes sense. In her book, Bounce Back From Bankruptcy, Paula Langguth Ryan warns of the consequences of letting your credit card company cancel your credit cards before you do. The reason you want to cancel first is simple. It [...]
Protecting Your Bank Account When You File Bankruptcy When a debtor files bankruptcy he/she needs to consider the effect it may have on his/her bank accounts. Usually when a debtor files bankruptcy, his/her bank accounts are not negatively impacted unless of course there are overdraft fees, bounced checks etc. that need to be paid. But [...]
In March over 121, 000 Americans filed for bankruptcy, that's 41 percent increase from 2008. When you're drowning in debt and see no way out bankruptcy is most likely the best option. But there are few housekeeping items to consider before you file bankruptcy so that you are in the best position to protect your [...]
The Texas bankruptcy case of Arnold, Joel C.; In re, demonstrates the importance of keeping meticulous records of child support payments. After filing for bankruptcy relief, a debtor objected to a proof of claim of $6,793 filed by the Texas Attorney General for 13 months of unpaid child support. The bankruptcy debtor claimed that he [...]
It's tough times in this economy, especially for the small business owner. Job losses , bankruptcies and the collapsing credit markets are having a ripple effect on small businesses and entrepreneurs. Many small businesses are finding it difficult to get credit, find clients and collect on outstanding invoices. All of these variables combined are creating [...]
Did you know that Dallas-Fort Worth has an old car replacement program that gives $3,000 vouchers to residents who turn in an old car and purchase a new one? Cars need to be at least 10 years old and the voucher must be used to purchase a new car. That's right, they want Dallas residents [...]
Required Money Management Classes After Bankruptcy Personal Financial Management Course The 2005 bankruptcy law requires that debtors filing for bankruptcy take two mandatory classes designed to educate them about personal finance. The first class is a credit counseling course which must be completed before filing for either Chapter 7 or Chapter 13 bankruptcy and the [...]