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Personal bankruptcies surge 9% |
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Nov 05, 2009 - 5:43 AM - by dspii
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November 4, 2009
The number of Americans filing personal bankruptcies surged 9% in October and were on target for the highest annual total in four years, according to a report issued Wednesday.
The American Bankruptcy Institute, an industry research firm that relies on data from the National Bankruptcy Research Center, said 135,914 consumers filed for bankruptcy last month. Almost a third of the bankruptcies were filed under Chapter 13, in which consumers are put on a... [Read More]
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1 Reply | 139 Views
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House votes to speed up credit card reform |
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Nov 04, 2009 - 2:47 PM - by shabam
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November 4, 2009
The House passed a bill Wednesday to move up the effective date for credit card reforms to Dec. 1, from February and August 2010.
In May, President Obama signed into law a credit card reform act to crack down on the way issuers raise fees and interest rates. The reforms were scheduled to roll out in three parts over 12 months.
"Just in time for the holidays, Congress can lock in a ban on interest rate hikes on existing balances,... [Read More]
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2 Replies | 114 Views
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Sponsor |
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Mar 14, 2009 - 6:34 AM - by laz
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0 Replies | 213 Views
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U.S. Supreme Court to Decide How Chapter 13 payments are to be Calculated |
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Nov 02, 2009 - 1:58 PM - by HHM
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November 2, 2009
The U.S. Supreme Court Makes a Rare Foray Into Bankruptcy Law.
The U.S. Supreme Court has agreed to hear the case of In Re Lanning (opens PDF) to decide this limited question: “Whether, in calculating the debtor’s “projected disposable income” during the plan period, the bankruptcy court may consider evidence suggesting that the debtor’s income or expenses during that period are likely to be different from her... [Read More]
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17 Replies | 566 Views
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 CIT Files for Bankruptcy |
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Nov 01, 2009 - 2:16 PM - by StartingOver08
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Nov 1, 2009
Three months ago, the CIT Group barely averted what it considered to be a ruinous bankruptcy filing that would likely have put the 101-year-old lender out of business.
On Sunday afternoon, the company filed for Chapter 11 — but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the end of the year, under the control of its debtholders. (Read the filing after the jump.)
The filing, made in... [Read More]
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10 Replies | 240 Views
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Got Perfect Credit? You Could Be Charged For It! |
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Oct 27, 2009 - 4:59 AM - by BobMango
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Bank Of America, Citigroup First To Try Out Idea, Which Will Undoubtedly Alienate Many Who Follow The Rules
Oct 27, 2009 6:09 am US/Eastern
Loraine Mullen-Kress carries a Bank of America credit card and religiously pays off her balance.
"Flawless credit," she boasted.
Yet now, her good credit habits could cost her. Earlier this month Bank of America started notifying customers like Mullen-Kress that they will be charged a new annual... [Read More]
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13 Replies | 503 Views
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 FDIC on Too Big to Fail: BK and Antitrust Law |
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Oct 24, 2009 - 3:07 PM - by StartingOver08
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Statement of Michael Krimminger, Special Advisor for Policy, Federal Deposit Insurance Corporation on Too Big to Fail: The Role of Bankruptcy and Antitrust Law in Financial Regulation Reform before the Committee on the Judiciary; Subcommittee on Commercial and Administrative Law; U.S. House of Representatives; 2141 Rayburn House Office Building
October 22, 2009
Chairman Cohen, Ranking Member Franks and members of the Subcommittee, I appreciate the... [Read More]
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2 Replies | 162 Views
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Medical Debt Bankruptcy Exception Being Considered |
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Oct 22, 2009 - 4:24 AM - by keepmine
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Posted on Wednesday (October 21, 2009) at 6:00 pm to Bankruptcy Legislation Bankruptcy Means Test
At various times this year, Congressional committees have pondered the idea of making it easier for consumers who are overwhelmed with medical debt to file for bankruptcy.
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I previously discussed this in: Special Bankruptcy Protection on the Way for Consumers with High Medical Debts and Congress Considers Amending Bankruptcy Code to Make it Easier for Consumers to... [Read More]
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23 Replies | 576 Views
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Ca. Homestead Exemptions to Increase |
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Oct 22, 2009 - 4:17 AM - by keepmine
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October 20, 2009
Governor Schwarzenegger signed into law new legislation that raises the amounts that can be claimed as a homestead in California. The law, Assembly Bill 1046 is one of several new pieces of California legislation aimed at protecting homeowners.Previously, the equity in your home was exempt from execution or in a bankruptcy filing up to $50,000 for an individual; $75,000 for a married couple (or head of household) and $150,000 for a disabled person or someone 65... [Read More]
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0 Replies | 137 Views
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BA Default Rate |
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Oct 16, 2009 - 12:04 PM - by treehugger1
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October 16, 2009
Bank of America Corp posted a $1 billion quarterly loss on Friday as consumer credit woes eclipsed investment banking earnings, underlining why the bank remains on a government respirator.
The nation's largest bank received two taxpayer bailouts totaling $45 billion after acquiring broker Merrill Lynch & Co and mortgage lender Countrywide Financial Corp at the height of the financial crisis last year. It says it wants to start repaying the... [Read More]
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18 Replies | 610 Views
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C1 Default Rates |
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Oct 15, 2009 - 11:19 AM - by treehugger1
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October 15, 2009 2 hours ago
NEW YORK — Rising credit-card defaults are weighing on shares of Capital One Financial Corp.
The McLean, Va., company said in a regulatory filing with the Securities and Exchange Commission that its annual net charge-off rate rose to 9.77 percent last month from 9.32 percent in August.
That's the percentage of U.S. loans Capital One thinks won't be repaid.
Meanwhile, the rate for loans at least 30... [Read More]
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15 Replies | 511 Views
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» BKForum Disclaimer |
Our site provides information about bankruptcy law, credit, foreclosures and so on. This information is designed to help users safely cope with their own legal needs.
Legal information is not the same as legal advice.
No advice given on our forums can be considered legal advice. We recommend you consult a lawyer if you want professional assurance that information given to you by other forum members, and your interpretation of it, is appropriate to your particular situation. Everything is strictly informational.
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