Bankruptcy Information

Even the most trusting among us understand that people who are trying to sell us something may not be completely honest. But it still seems like for every scam uncovered and prosecuted, several more are hatched and sprung on unsuspecting consumers.

Still, understanding why we tend to buy into scams may help us avoid them in the future. Here are a few ideas about what happens to allow bad deals to go through (and how we can prevent ourselves from being duped).

Limited Math Skills

In one study conducted by the U.S. Department of Labor, researchers reportedly found that fewer than half (about 42 percent) of Americans questioned were able to add two prices together and calculate a 10 percent tip.

And if we aren’t doing well on smaller problems like this, chances are we aren’t scoring too high on the more complicated math required to figure out a mortgage or a car loan. So how can you prevent getting duped by a savvy number cruncher?

• Do your homework. No, you don’t have to crack open an algebra text, but before putting yourself in a high-stress purchasing situation (like signing a car loan), take time at home to figure out what you can afford (in total, not per month). If yo

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Newsweek.com published an article this week that takes a fascinating look at the economics of layoffs—and shows them to be ineffective at saving money in the long term.

Here’s a look at some of the findings the article reports.

• Layoffs don’t increase stock prices. One myth the article addresses is that laying off employees can benefit a company by improving stock prices—but studies have apparently shown this to be a false notion. In fact, a study conducted in the 1990s reportedly found that the larger and more permanent a layoff was, the more negatively stocks were impacted.
• Layoffs don’t improve individual companies’ profitability. Another study cited in the article noted that companies that increased productivity were equally likely to have expanded or contracted their operations. This sugges

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Tags: Layoffs, Layoffs Don’t

The rate of borrowers behind on their loan payments on loans that are insured by the Federal Housing Authority rose by over a third last year, according to the Washington Post.

This figure could mean that there is more trouble ahead for the government agency. As more home go into foreclosure, the FHA must increase payouts on claims to housing lenders.

It has been known for some time that the default rate has been climbing, but recent numbers indicate that they are getting worse. This worsening comes despite signs of improvement in the housing market. According to the Washington Post, “those loans are now maturing into their worst years because failures most often occur two to three years after a mortgage is made.”

The Washington Post report also states that, through December of last year, 9.1 percent of those with FHA-backed loans had missed at least three payments. This figure rose from 6.5 percent at the same time in 2008.

These heightened rates could present serious challenges to the Federal Housing Authority’s cash in reserve. Typic

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Tags: Loan, Loan Default

They know how to negotiate to save you from foreclosure by letting you file bankruptcy under the chapters defined and one which suits you to provide relief for the better. It is with reference to the bankruptcy attorneys to deal with things in the best articulated manner. Getting into trouble by not able to meet debt obligations can be troublesome for almost every business venture, whether it is a small business establishment or a million dollar corporation and it can also happen to individual households. In such a scenario, filing bankruptcy can be the savior but doing it without expert guidance may lead to disaster.

In conditions, when during bankruptcy the debtor pays back to the creditors and this procedure which is voluntary and involuntary as prescribed by the National Bankruptcy Act is well understood by the bankruptcy attorneys. Under the guidance of a bankruptcy attorney, the debtor can take a sigh of relief as the assets are well set in order and the files for bankruptcy are taken care to its maxim. Read full post…

Tags: Bankruptcy, Bankruptcy Attorneys

You cannot pick and choose which debts to list in your bankruptcy petition. You must list all of your debts, including credit cards and debts you owe to friends and family members.

Intentionally leaving a debt off your bankruptcy petition is against the law. When you sign a bankruptcy petition, you are certifying under penalty of perjury that all of your assets and debts are listed. During the meeting of the creditors, you will also be asked under oath if all of your debts have been listed on the petition.

Even though you have to list a particular debt, there is nothing in the law that prevents you from voluntarily repaying the debt after it has been discharged. In fact, with secured debts, such as mortgages and car loans, you can choose to reaffirm the debt in order to keep the property.

Tags: Bankruptcy Petition, Petition