Whether a person is buying a car, filing tax reports, renting an apartment or running for political office, the establishment of their net worth is essential. Businesses must calculate net worth each time a financial report is filed. In order to arrive at an accurate estimate of net worth a person must know two basic [...]
Wisconsin residents have a legal option, known as a Chapter 128, that can be used to help reduce their debts. Although referred to as a Chapter 128, it is not really bankruptcy. Rather, it’s more like a forced debt consolidation plan. Is it a good idea, and should Wisconsin residents use it? Better yet, would [...]
While filing for bankruptcy can help you to make a fresh start, you should always keep a copy of the documents associated with your filing. You should also keep documents related to any financial transactions that may arrive once your bankruptcy petition has closed. A recent case involving Countrywide Home Loans Inc. is a good [...]
Creditors will often threaten overdue debtors with all sorts of dire consequences when, in reality, they are limited in the action they can take. The action that is most often threatened is that your account may be sent to the “collections” department for further action. In reality, let them! Federal legislation is actually quite tight [...]
One of the weakest groups in our society at present are the elderly, and one of the prime reasons behind them being weak is their pride. Unfortunately, debt collectors are playing on this pride, often collecting on debts in situations where consumer protection legislation has made their actions illegal. I don’t mean any disrespect to [...]
There are times when an individual who is in serious debt, shouldn’t be filing for bankruptcy. Rather, they should be seeking relief through consumer protection legislation. All too often debtors take what they feel is the easy way out by filing for bankruptcy in these circumstances. Don’t do it. Talk to an attorney first, preferably [...]
For many people, the pressure from creditors can be such that filing for bankruptcy may seem the only option. Before opting for a bankruptcy petition, be sure your creditors are actually acting legally in the pursuit of their debts. Creditors will often engage debt collection agencies and they are only paid when they get results [...]
Consumer protection has received a lot of air time in recent months, especially when it comes to some of the actions by mortgage lenders and their brokers. Consumer protection has many arms, and while most people look at legislation such as the ‘lemon laws’ as being the mainstay, bankruptcy is really the ultimate in consumer [...]
Most debtors are unaware that a statue of limitations exists for debts. A statute of limitations is a set time period after which creditors can no longer collect on a debt – the debt is said to be stale. Each state has its own time period and it can range from three to six years. [...]
Bankruptcy is one tool that debtors who are swamped in debt and who are being harassed constantly by creditors can access for consumer protection. The single act of filing for bankruptcy brings instant relief from harassment while the process of filing can reveal interesting facts. This is one of the main reasons why it is [...]
Many people have the mistaken view that bankruptcy is designed to squeeze as much as possible from debtors and that creditors have all the rights. That view is far from what is day-to-day fact. Most creditors will tell you they have few rights and that thy have to accept what the court decides the debtor has [...]
In the wake of several years of consumer discontent and possible fraudulent activities, consumers have gained more protection with the introduction of the Bureau of Consumer Financial Protection. This new bureau has several functions all centered around protection for consumers. The bureau will focus on overseeing enforcement of consumer-related financial issues and the prosecution of [...]
Foreclosures have been rife in recent years and this has caused many homeowners, or their legal representatives, to closely inspect their situation. As many would know, lending institutions have been in the habit of trading mortgages and often the company forcing the foreclosure is totally unknown to the homeowner. This has also brought to light [...]
One of the leading causes of financial distress is that caused by identity theft. This is a growing problem around the world and we are not immune from here. Fraudsters are finding it easier every day to obtain the personal information required to open bank and credit accounts. In most cases, the person that owns [...]
There is a lot being written about illegal foreclosures at present and there are widespread calls to stall all foreclosures until each and every one can be examined. That could take years to complete and possibly even bring about another minor economic downturn. In most cases, lenders have borrowed money to loan to home buyers [...]
Bankruptcy laws are there to protect everyone – debtors and creditors. There are times when the burden of debt becomes so great that you just cannot meet all the demands being made on you. You may find there are garnishes on your wages and/or bank account, debt collectors knocking on your door at all hours, [...]
