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Banks and building societies were writing off almost £40m per day in family debts in the second quarter of the year, according to new figures.

A report from the Bank of England found that lenders wrote off as much as £3.5bn of debt between April and June, equivalent to £38.5million per day, the largest amount on record for a single quarter.

Credit card debts accounted for the largest proportion of that figure, with lenders writing-off £2.1bn of debt that they do not expect to see repaid. £1.2bn of the figure was attributed to overdrafts, personal loans and hire purchases whilst just £184m were written-off mortgage debts.

“In a recession, it is inevitable there will be write-offs as a result of people`s financial circumstances changing,” said a spokesman for the British Bankers` Association.

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As a longtime bankruptcy attorney and debt consolidation lawyer in Indiana, I’m keenly aware of the tie-in between bankruptcy and jobs.  Every one of the Anderson, Indianapolis, Bloomington, and Columbus bankruptcy lawyers who work in the Mark Zuckerberg bankruptcy law offices is seeing people who need help because they lost jobs.  Income from jobs – or lack of it –  is high on the list of discussion topics when we’re talking to clients about filing bankruptcy in Indiana, that’s for sure.

Last week, though, a statistic was released by the Equal Employment Opportunities Commission that showed me that, for some people, losing a job can be even more tragic than for others.  According to USA Today, “More people with disabilities filed charges of discrimination against their employers last year than at any time in the 20-year history of the Americans With Disabilities Act.”

Nicholas LaRocca of the National Multiple Sclerosis Society thinks people with disabilities may be seen as less productive, and, in a recession, are more likely to be let go. That

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When facing the decision whether or not to file for bankruptcy you want to make sure you have an experienced attorney who will handle your case the way you want.  The following is a list of key issues you need to address and ask about when you are searching for abankruptcy attorney:

Have you asked around?

The number one rule in choosing a lawyer is to ask others who have filed bankruptcy how their attorney treated them.  Some attorneys run a “mill” practice that focus on getting as many people in and out of their office doors as possible.  These attorneys charge typically charge lower fees but also give the least amount of service.  By asking friends and family, you can avoid falling into a “mill”.  Find an experienced attorney who will take the time to sit down and answer your questions.  Remember, no matter how much an attorney may be well-regarded, unless he or she is experienced in BANKRUPTCY law issues you don’t need them.

Does the attorney have the right experience?

Any attorney you consider using for your bankruptcy must have BANKRUPTCY experience. You don’t want t

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According to research, `the bank of Mum and Dad` is now calling in its debts – as parents ask for larger amounts of money back from their children, The Telegraph reports.

The findings revealed that one in 10 grown-up children either gave or lent, on average, 8,250 to their parents last year. This figure is 1,750 higher than it was in 2008.

More than one third of parents admitted to using the money they received from their children to repay their own debts, while a similar amount used the money to cover their everyday expenses.

A spokesperson for Debt Advisers Direct commented: “We would advise anyone struggling to afford their day-to-day living costs and/or their debt repayments after the recession to seek professional debt advice.

“Borrowing money from family members may provide a temporary solution to the problem, but it is unlikely to solve it unless they start managing their finances more effectively.”

What happens to your debt after you die is not a topic that’s likely to come up on its own at the dinner table, but it’s a good idea to talk about this matter anyway. It’s important for you and your loved ones to know when you’re responsible for each other’s debts post-mortem—and when you’re not.

A recent post from WalletPop.com offers an outline of what to expect after the death of a family member who owed money. Here’s a summary.

• Can debt be inherited? In most cases, debt does not automatically pass from one family member to the next, according to sources. That means that, if you receive a letter from a creditor demanding payment on a loved one’s debt after his demise, it’s a good idea to do some research before paying.
• Debt in community property states: One of the exceptions to the above rule has to do with state law. If you live in a community property state (find out here), you can inherit debt from a dead spouse (but not from a sibling or parent).
• The link between debt & inheritance: Another exception involves the relationship between a person’s debts and her legacy. If, for example, a pa

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Back almost three years ago, one of the good bankruptcy attorneys in the Indiana Zuckerberg bankruptcy law office made a remark that I quoted in Bankruptcy in Indiana. That remark is truer today than ever: “No one can work in this field of bankruptcy law,” she said, “without thinking every day, ‘There, but for the grace of God, go I.’”

In fact, as a debt consolidation lawyer offering bankruptcy services in Indiana for more than twenty years, one of my missions is to help Indiana bankruptcy clients focus on the future rather than on their own past failures.  Two of the top 15 myths about bankruptcy in Indiana have to do with failure:

• Filing bankruptcy means you’re a bad person
   
• Only deadbeats file bankruptcy

You can imagine, then, how fascinated I was, as a longtime bankruptcy lawyer in Indiana, by the notion that failure may actually be an important, even an indispensable, ingredient in success!

That’s exactly the concept presented by local author Robby Slaughter in his new book Failure: the Secret to Success. We Read more…

A think tank has warned that interest rates could rise to as much as 8% if inflation continues to exceed the Bank of England’s 2% target.

Andrew Lilico, chief economist at the Policy Exchange, said the Bank of England may be forced to dramatically hike the base rate due to rapidly rising inflation.

Dr Lilico thinks the UK is likely to suffer from a double dip recession, followed by a boom, driven by huge monetary growth, leading to the strongest economic growth since the 1980s.

“Once the economy gets growing sustainably, there will be a huge expansion in the money supply, which will lead to inflation,” he said in a research note.

The Bank of England has pumped £200 billion into the economy through quantitative easing.

But Dr Lilico warned that this policy had quadrupled the money base, and he claimed that once the economy starts growing again, lending will expand and there will be “too much money chasing too few goods”. This

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A bankruptcy attorney in Indiana – actually anybody in Indiana – has to care about the future of GM.  And actually, as a debt consolidation lawyer offering bankruptcy services in Indiana, I’ve been sharing news about the GM bankruptcy with my clients and Bankruptcy in Indiana readers from the beginning.

A few weeks ago, I wrote these words: “Tracking Indiana employment statistics is like riding an emotional roller coaster.”  Well, as I was telling some colleagues who are bankruptcy lawyers in Columbus, the GM saga has been like a roller coaster and then some, and the drama continues…..

The reason the fate of the GM stamping plant is such an item of interest for all the Anderson, Bloomington, Indianapolis and Columbus bankruptcy lawyers who work in the Zuckerberg bankruptcy law offices can be summed up in one word – jobs!