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Before bankruptcy: beating a warrant in debt

by Robert Weed on July 29, 2010

Bill, not his real name, is filing bankruptcy with me in October.  (He needs a couple more months to finish everything to get his bankruptcy approved.)

In the meantime, he received a .  Midland Credit Management, a big debt buyer, was suing him on a old Chase card.  He didn’t want to get a judgment and a garnishment while we were waiting for the right time to file the bankruptcy.

Bill knew, from my website, that he had to go to court on his return date, and tell the judge he wanted a trial.  He had an easy basis for saying he wanted a trial.  ”I never heard of Midland Credit Management.  I don’t kno

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Tags: Debt

A qualified mortgage broker is a facilitator and go between who has particular expertise and helps bankers and lenders find each other and communicate. A mortgage broker helps the potential home buyer get the best mortgage loan possible. The broker gets a commission for helping people realize their dream of home ownership.

Mortgage Broker Needed More and More

From the 1980s under 25 percent of home buyers had the assistance of a qualified mortgage broker. Today over 65 percent of homes financed did so with the help of a mortgage broker. This is probably because things have gotten more complicated loan wise and the amount of banks, lenders and types of loans have skyrocketed and the choices home buyers must make are overwhelming. People these days just need mortgage brokers.

What Do Mortgage Brokers Do

Mortgage brokers seek out banks, credit unions, and financial institutions, and mortgage companies finding the best loans for his or her clients.

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Tags: Broker, Mortgage Broker, Qualified Mortgage, Qualified Mortgage Broker

The Department of Labor’s latest report on the unemployment situation in the U.S. shows little change from a week earlier, indicating that significant recovery in the jobs market has not yet taken hold. Here’s a look at some of the latest numbers (for the week ending July 17, published at the end of last week):

• Seasonally adjusted initial unemployment claims increased 37,000 from the previous week, to 464,000, bringing the four-week floating average up 1,250 to 456,000.
• The advance seasonally adjusted insured unemployment rate was 3.5 percent, down slightly from the previous week’s 3.7 percent.
• The seasonally adjusted insured unemployment number was 4,487,000 for the week ending July 10, down from the previous week’s 4,710,000.

Week to week, the changes often aren’t very significant and don’t always reflect larger trends; however, last week’s numbers provide a somewhat hopeful picture when compared with figures gathered a year ago:

• Initial unemployment claims under state programs (unadjusted) totaled 498,022 for the week ending July 17; in 2009, the same week saw 585,575 claims.
• The number of people claiming insured unemployment benefits in state programs came to 4,581,351 in the most recent week, which marked a 186,572 person increase from the week prior, but was down from 6,256,960 during the same period in 2009.

These data, like many of the job loss information collected this year, show that recovery in the jobs market continues to be slow and inconsistent. While the nat

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Tags: Latest, Latest Unemployment

I enjoy writing about honest bankruptcy debtors because their true stories belie the perception that all people filing bankruptcy conceal or undervalue their assets. (not denying that some bankruptcy debtors lie on their petitions)

A guy calls me from Tampa complaining that his bankruptcy attorney “told him to lie to the Department of Justice.” He had told his attorney that he had about $5,000 of cash in his home safe, and the man stated, his prospective bankruptcy attorney told him not to list the cash on his bankruptcy schedules. The man asked me how he could find a completely honest bankruptcy attorney.

I don’t know what this attorney actually said to this man. There  is a lot of cash in peoples’ safes and mattresses throughout the U.S. which is not reported to the IRS, the courts, or any other government agency. Maybe the attorney alluded to the obvious and the man thought the attorney was telling him not to list the cash; or maybe the attorney specifically told the man not to write down or report his cash in his bankruptcy- who knows what happened?

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Tags: Bankruptcy Debtor, Debtor, Honest Bankruptcy, Honest Bankruptcy Debtor

A new study from the Federal Reserve Bank of Boston has confirmed the theory that credit card rewards hurt the poor while subsidizing the rich.

The report, “Who Gains and Who Loses From Credit Card Payments? Theory and Calibrations” that was released Monday, the people who do not use credit cards are subsidizing the people who do use credit cards due to the across-the-board price increases that are used to cover the additional costs of accepting the cards.

Also, it was found that the use of credit cards and rewards programs was directly correlated with income, the higher income people use credit cards and rewards programs while the lower income people do not.

After taking into consideration the rewards paid out to the credit card customers, the lowest income households ended up paying $23.00 per year while the highest income households, defined as those making $150000.00 per year or more, received a subsidy of $756.00 every year.

And the rich get richer……

Read more at The New York Times.

Tags: Back Rich, Rich