There is something about me..
1.2million Turn To Payday Loans...
Archive for the ‘Bankruptcy Help Articles’ Category
Mortgage Foreclosures & Delinquencies
In light of some mixed news about housing and foreclosure for the second quarter of this year, the outlook isn’t too rosy for the short-term future of the nation’s real estate market, a recent New York Times article notes.
Here’s a look at some of the numbers released recently by the Mortgage Bankers Association and various government organizations and what they might mean for the housing market:
- According to the MBA, the number of homes currently in some stage of foreclosure fell in the second quarter of 2010, marking the first such decline since 2006.
- Sources note that foreclosures on subprime loans may have already peaked and are likely now dropping off; however, it seems that prime loans are now in danger of default, partly because of continued high unemployment.
- Mortgages that are 90 days past due (considered to be in “serious default”) accounted for 9.11 percent of all loans in the second quarter, a drop from 9.54 percent in the first quarter of this year.
- Sources note that existing home sales in July 2010 were 26 percent lower than they were in July 2009.
- Sales of new homes, it seems, were down 32 percent in July 2010, compared to a year earlier, apparently making the month the slowest on record (with stats going back to 1963).
- As many as seven million households were behind on mortgage payments in July, according to sources (down from the high of eight million, reached about eight months ago).
- Numbers suggest that banks and lenders are starting to clear the foreclosure logjam: in July, 279,685 foreclosures were started, an increase from 225,700 in June.
Clearly, these numbers don’t exactly point at recovery in the housing market—and some analysts have reportedly predicted that as many as four million American families could lose their homes to foreclosure before the crisis eases.
And such a high rate of foreclosures could have a seriously detrimental effect on the overall economy:
- Less money, less spending: Consumers who are struggling to make mortgage payments are likely to spend less in other areas, meaning that consumer-supported economic growth may be weak.
- More foreclosures, more houses: As banks start foreclosing on homes, more vacant properties will flood an already saturated market.
- More houses, lower prices: This inundation of homes will mean that supply is far higher than demand, and could lead to further drops in housing prices.
- Lower prices, more underwater mortgages: As home values continue to decrease, more borrowers will likely find that they owe more on their homes than those properties are currently worth.
There is no clear end in sight for this cycle of foreclosure.
Additional Resources
Home Insecurity
Hoosier Park Has Plan to Emerge From Bankruptcy in Indiana
Back in March of this year, the Chapter 11 bankruptcy of Hoosier Park in Anderson was the featured story in my Bankruptcy in Indiana article. I explained that, even though I’ve provided Indiana bankruptcy help to many small businesses, I use news stories about bigger companies to illustrate how the new bankruptcy laws in Indiana work. In addition, with one of the four Zuckerberg bankruptcy law offices located in Anderson, I was especially interested in the bankruptcy of the Anderson-based company.
Centaur, LLC, the parent company of Hoosier Park casino and horsetrack, filed Chapter 11 bankruptcy, planning to reorganize the company and start over financially.
Debt Conolidation Lawyer Helps When Unemployment and Disability Deal a Double Whammy
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
How To Choose The Right Bankruptcy Lawyer
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
Debt after Death: What Happens when a Debtor Dies
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
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…
Indiana Bankruptcy Lawyer Stays Updated on GM
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!
The Automatic Stay In Bankruptcy
The instant bankruptcy is filed, for either Chapter 7 or Chapter 13, a protective umbrella called the automatic stay is triggered which protects the debtor and the debtor’s property against the continuance of any action by any creditor. For example, the automatic stay would protect and STOP a pending foreclosure. Additionally, when filing a Chapter 13 bankruptcy, that injunction extends to anyone else who is obligated to repay your debts.
However, the automatic stay is not absolute in that a creditor may restart collection proceedings by asking the court for permission.
Further, there are limits on how long the automatic stay lasts. For exa
Back to School Doesn’t Have to Break the Bank
Each year, retailers and shoppers alike anticipate back to school sales with the intense focus of a professional athlete. This focus is a result of the high stakes of the event, as reports show the average family of four spends almost $600 getting their children prepared for school.
Even worse, the weakened state of the American economy has heightened the anxiety with which consumers approach late summer shopping. Fortunately, there are ways ensure that you don’t have to break the bank while shopping for school necessities.
To help frustrated consumers, the Sacramento Bee recently provided some wise strategies to carefully budget your school shopping.
Take Your Time
Don’t feel pressured to buy every single item your child needs before the first day of school. There may be some supplies you can buy later at a reduced price, as stores look to unload their excess inventory. Ask your child’s teacher which supplies can be purchased at a later date.
In addition, you don’t need to buy all your child’s clothes before school starts. According