Archive for June, 2010

Parents Pilfer Progeny Persona

Warning to children of all ages: you do not need to have your computer hacked to have your identity stolen. Your parents are doing it from the comfort of their own living rooms. In an article by Michelle Singletary in www.washingtonpost.com, “Some parents are stealing their kids’ identity Read more…

Another Sign It’s Time to Take Your Financial Life into Your Own Hands

Late last week the federal government failed to approve an extension of unemployment benefits leaving Americans to finish their current tier and then cutting them loose.  This is devastating news to hundreds of thousands of families.  If you are one of those families, how should you respond? Keep in mind that you are your family’s […]

Where Do Opportunists Buy Land When Foreclosure is Down?

In April 2009, 342,000 homes received a notice of default.  Thankfully for homeowners, those horrific numbers have subsided.  They’ve found relief through tax credit and emergency bankruptcy protection that helped them keep their homes without a shred of fear that they could become homeless. Foreclosure numbers have Read more…

Straight From the Good Professor; Bankruptcy Filings Should be 15 Times Higher

“A much higher fraction of U.S. households would benefit financially from bankruptcy than actually file.  While the current bankruptcy rate is about 1% of households each year, I calculate that at least 15% of households would benefit financially from filing…[emphasis added]” This quote is the first sentence of Professor Michelle J. White’s paper, Why Don’t More Households […]

Why Debt Settlement is the Worst Choice You’ll Ever Make

Bad choices, we’ve all made them.  If you think you’re immune, take a short memory walk through your dating life, and then join the rest of us.  Most of our bad choices are born out of fear, haste or a misplaced sense of adventure – which is the only logical explanation for why bungee jumping […]

GM Adjusts Bankruptcy, Is Dealt a Massive Recall Blow

As a part of its bankruptcy plan, GM arranged to shed thousands of their dealerships.  However, the decision wasn’t entirely up to the auto giant or the Federal Bankruptcy Judge—it was up to the appeal of the dealerships themselves.  GM had described having a total of 4,100 Read more…

Bankruptcy Filings Rise and Fall Simultaneously

The total amount of bankruptcy filings rose 18% from this time last year.  Specifically, the first financial quarter of 2010 is 18% higher than the first financial quarter of 2009.  The good news overall?  The total number of bankruptcy filing are down 6% from last month.  Month-to-month fluctuations of Read more…

Ponzi Scheme Victims Storm the Castle in Bankruptcy Auction

Normally, bidding on someone’s possessions at a bankruptcy auction is just a way to get a bargain car or jewelry.  Occasionally it can be a kind of peculiar, bittersweet favor to the person in debt.  Friends of the debtor might attend and Read more…

Real Housewife of New Jersey Files for Bankruptcy

Teresa Giudice was beyond obsessed with creating her dream home in Season One of the Real Housewives of New Jersey. No matter the price tag on the marble floors, gilded accents and columns, she would fling hundred dollar bills at renovators in order to have them.  Not only did Read more…

Bankruptcy: A Financial Do-Over

I sit across from a lot of people that never expected to be in my office discussing financial hardship.  The great majority of my clients enjoyed gold star credit and stellar earning power not very long ago.  The downward slide of the economy has affected every segment of society.  Crippling credit card debt, upside down […]