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New York Fed Paper: Seismic Effects of the Bankruptcy Reform

Donald P. Morgan, Benjamin Iverson and Matthew Botsch of the staff of the Federal Reserve Bank of New York have published a paper titled " ... ' credit losses would be even higher at the moment if the old bankruptcy law was still in place. See also ... from credit card and auto lenders to mortgage lenders. The means test under BAR gives credit card [more...]

Date: 2009-01-12 19:22:41

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Credit Card law questionable

There’s no shortage of blame for the mortgage crisis that drove the economy into the ditch ... Act of 2005, households could erase their unsecured debts by filing for Chapter 7 liquidation ... the reform, overindebted households might file bankruptcy and get rid of their credit card debt [more...]

Date: 2009-01-13 10:09:00

The Credit-Wise Consumer

Louise M. Carwell is a senior attorney with Maryland Legal Aid Bureau in Baltimore, where she has practiced consumer law for more than 20 years ... cards to entice them. Sure, using your store credit card might get you an extra 20 percent off ... , specializes in the areas of credit, foreclosure prevention, consumer protection, and bankruptcy [more...]

Date: 2008-11-05 21:06:03

What to do if a retailer goes bankrupt

From the Better Business Bureau As a result of the declining economy, the number of retailers closing their doors has increased substantially, ... Bankruptcy law is specific regarding who will benefit first in the case of a retailer’s liquidation ... . Customers who paid with credit cards, though, may be able to dispute the charge with the credit card [more...]

Date: 2009-01-04 14:12:16

Foreclosures linked to 2005 Bankruptcy Reform law

For those readers not familiar with the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCA"), prior to October of 2005, unsecured debt ( ... of their credit card debt, and that would free up income to pay the mortgage. The new law blocks that escape route and forces better-off household to continue paying credit card debt, which makes [more...]

Date: 2009-01-13 16:03:13

A Loophole for Medical Bankruptcy

In 2005, special interest groups pushed for, and obtained, ... for. But if you buy too much crap with your credit card, you’re on the hook, pal.What will happen bankruptcy laws ... and high debt loads? You connect the dots. I’m beginning to see where this whole “medical credit [more...]

Date: 2009-01-08 14:19:51

Good Credit Report Score

Good Credit Report Score December 20th, 2008 Subscribe To Our Feed Bankruptcy is an option but the laws have changed and it is not always the ... what you are getting yourself into. Credit card debt consolidation companies must be of concern ... there are some ways of credit card debt relief. There are no instantaneous solutions [more...]

Date: 2008-12-20 06:19:18

Going Down the Path of Consumer Debt - Again

At creditslips.org, Bob Lawless raises the most reasonable question I’ve seen so far about Treasury Secretary Henry Paulson’s decision to shift the ... s the question from Lawless, an expert on credit and bankruptcy at the University of Illinois College of Law school: Why? After two decades in which consumers piled debt on their credit cards without [more...]

Date: 2008-11-14 13:52:32

Mortgage bankruptcy reform may speed losses

A change in bankruptcy laws to allow judges to reduce the mortgages of consumers would probably boost filings, accelerating lenders’ losses on home-equity, automobile and credit-card loans, according to Keefe ... harmed may benefit in some ways, the Keefe, Bruyette analysts wrote. Credit-card companies [more...]

Date: 2009-01-13 08:30:01

YOUR TOP TEN CONGRESSIONAL HITS, coming to your neighborhood shortly, is the plan (stolen from Tapped): * S ... mortgages by bankruptcy judges, new regulations for the credit card and financial industry ... interference") and perhaps another go at the Ledbetter law ("removing barriers to fair pay for all workers [more...]

Date: 2009-01-11 20:47:59

So it begins with garnishment law

The first step was to pick a field and then to pick a very specific topic ... research and interpretation, bankruptcy law, multiple state jurisdictions, Federal preemption, debt ... . The field I selected was “credit card debt” contained within the general legal domain. “Credit [more...]

Date: 2009-01-06 19:07:34

U.S. Mortgage Meltdown Linked To 2005 Bankruptcy Law

From Kansas City Star There’s no shortage of blame for the mortgage crisis that drove the economy into the ditch ... by the credit card industry. So say three researchers at the Federal Reserve Bank of New York, who argue that the legislation shifted risk from credit card lenders to mortgage lenders, helping trigger [more...]

Date: 2009-01-14 05:25:41

Mortgage Rights and Wrongs

Congress has said that they want judges to adjust mortgage debt. On the face of it, this makes sense. After all, when people declare bankruptcy they get their credit card, auto loan, and personal debts adjusted. What makes a mortgage any different? Well, one difference is the law. By law [more...]

Date: 2009-01-14 05:01:08

Bankruptcy - Is It the Answer?

Bankruptcy - Is It the Answer? October 11th, 2008 Subscribe To Our Feed If your finances are in a mess, you may have considered bankruptcy ... to pay back a portion of the debt that is owed to creditors. Your credit will be damaged ... laws. They were allowed to file more than once for Chapter 7 so many used it to beat credit card [more...]

Date: 2008-10-11 21:47:58

The first law that should be repealed in the United States is the 2005 Bankruptcy Bill: Will Obama eliminate debt slavery?

Our centralized government representatives would like us to believe that the subprime mortgage crisis was not expected, however, ... American citizen from this scam? In 2005, they created Debt Slavery by passing The Bankruptcy Bill. After years of lobbying, the “dream bill for credit card and financial service companies” finally came [more...]

Date: 2008-11-17 18:10:02

CITI Drops Opposition to Cramdown; May Help Homeowners to Avoid Foreclosure

Citigroup and key Senate members reached an agreement on Thursday that will bring the Helping Families Save Their Homes in Bankruptcy Act one step ... can be reduced by the court including credit card debt and, ironically, mortgage debt on vacation homes ... closer to passage. The proposed law, introduced by Senator Durbin (D-IL) in the Senate and Rep [more...]

Date: 2009-01-11 15:27:40

The Irony of Bankruptcy. The More You Have The Better It Is.

I came across an article by Ann Woolner, “Buy a Beach House for Shelter When Going Bankrupt” that was absolutely spot on ... credit-card debt. You can modify student loans. You can modify debt on a yacht,” points out Levitin ... . “Current law permits modification of any type of debt in bankruptcy except for a single-family [more...]

Date: 2008-10-17 14:54:46

Call Sherman and Peabody; spark up the wayback machine..

An idea I've been noodling and will begin employing immediately. But first, a disclaimer: Up until recently, I was as guilty of this as anyone ... when my parents were raising me) you didn't buy things with credit cards. Maybe a store card, but credit ... on credit there would be a lot less businesses open. I'm OK with that. The quick method usually [more...]

Date: 2009-01-10 13:51:00

Wall Street Breakfast: Must-Know News

Chugging along towards a bailout. After multiple false starts, sources say an auto bailout could be unveiled today that would see General Motors ( ... through their credit arms, GMAC (GKM) and Chrysler Financial. Yes We Can (fix the economy)! President ... potentially lowering General Electric's (GE) AAA credit rating, sending shares down 8.2%. The [more...]

Date: 2008-12-19 12:18:35

Paulson Bank Bailout in ‘Great Stress’ Misses Terms Buffett Won

Henry Paulson’s bank bailouts, done under “great stress” during the worst financial crisis since the Great Depression, failed to win for U.S. taxpayers what Warren Buffett received for his shareholders by investing in Goldman Sachs Group Inc. The Treasury secretary made 174 purchases of banks’ preferred shares that include warrants to buy stock [more...]

Date: 2009-01-11 18:02:45

Credit Cards Dealing With Bankruptcy

by John Steed When a person or organization or institution files for bankruptcy, it is not always because they are unable to pay their creditors ... . The commonest of these are the institutions that offer credit card facilities. The advantage of going ... from giving credit. Most of them may have experts who can assess the ability of any debtor to pay [more...]

Date: 2009-01-14 20:27:17

The Poverty Business

Sorry if this appears to be an older article, and not latest headlines, just thought it was interesting - loki The Poverty Business Inside U.S ... into Byrider, Tsosie drove off, jubilant, in a 1999 Saturn subcompact she bought entirely on credit ... access to credit has put cars, computers, credit cards, and even homes within reach for many [more...]

Date: 2009-01-15 00:45:24

Falling Out Of A Bed That Gets Higher Every Day

The Herald Tribune reports from Florida. “Mark Brivik, a real estate investor who made a living buying, ... off her credit cards and ripped them up.” Still, even without credit card debt, Lesso is struggling ... for Chapter 7 bankruptcy protection. Brivik distinguished himself from other investors during the past [more...]

Date: 2008-11-24 14:34:43

The Silver Lining

“I think we’re undergoing a fundamental shift from living on borrowed money to one where living within your means, ... are added in, about one of every five household dollars is now claimed by bills. The credit card ... households have become dependent on borrowing, the average amount of credit card debt discharged [more...]

Date: 2008-10-13 01:24:35

Gates of Vienna News Feed 1/8/2009

The latest word is that an agreement with Russia has been reached, and the flow through the gas pipeline will resume.Also, look for the storming of the Israeli consulate in Montreal, as well as other Gaza-inspired violence around the world.Thanks to AA, Abu Elvis, Insubria, JD, Tuan Jim, Vlad Tepes, and all the other tipsters who sent these in [more...]

Date: 2009-01-09 04:49:00

Election 2008: Our Wish List for the President-Elect

Barack Obama's historic victory last night ensures that a change in direction is coming to the U.S. Department of Education and hopefully to federal higher education policy. Starting tomorrow, we will take a closer look at Obama's signature higher education proposals. (Got to give him at least a one day honeymoon, right?) [more...]

Date: 2008-11-05 19:25:07

Предсказания Кюнстлера на 2009 - США, Нефть, Геополитика, Путин

Спонсор месяца - #1 RX pharmacy affiliate program!Сайт дня (как попасть) - http://www.business-magazine.ru/There are two realities "out there" now competing for verification among those who think about national affairs and make things happen. The dominant one (let's call it the Status Quo) [more...]

Date: 2009-01-01 07:59:00

More from the Front Lines of the Financial Crisis by Stephen Lendman

Posted by dandelionsalad on November 3, 2008 Dandelion Salad by Stephen Lendman Global Research, November 3, 2008 In its latest economic outlook, Merrill Lynch economists “worry about inflation, or more precisely,” a lack of it. From crashing global equity markets, falling commodity prices, rising unemployment, stagnant wages, [more...]

Date: 2008-11-03 18:11:43

Get Your Credit Report

One of the most important things a person can do to make sure their credit and financial health is in top notch shape is to make sure they stay on ... Ways To Improve Your Credit Rating Credit Card Debt Will Lead To Bankruptcy if not Careful Tips ... top of what's going on with their credit report. If you haven't taken a look at yours [more...]

Date: 2009-01-10 20:22:41

Forecast for 2009

Introduction       There are two realities "out there" now competing for verification among those who think about national affairs and make things happen. The dominant one (let's call it the Status Quo) is that our problems of finance and economy will self-correct and allow the project of a "consumer" economy to resume in "growth" mode [more...]

Date: 2008-12-29 03:33:57

Ask the M-Network: What to do if you’re deep in debt

Last week the M-Network rolled out a new feature:  Ask the M-Network.  This week, we’re going to answer a question about debt from one of my readers ... to know if this is credit card debt or some other debt - there is a big difference. If credit card debt, then you might want to think about going to a consolidation company who can work on your behalf [more...]

Date: 2009-01-14 12:00:07

by Dr. Ellen Hodgson Brown featured writerDandelion SaladEllen’s post Jan 3, 2009webofdebt.com Cartoon in the New Yorker: A gun-toting man with large dark glasses, large hat pulled down, stands in front of a bank teller, who is reading a demand note. It says, “Give me all the money in my account [more...]

Date: 2009-01-03 17:24:55

Dodd Credit Card Bill

I generally like Chris Dodd's instincts on economic issues -- he made a point of opposing the 2004 Bankruptcy Bill at the same time that Senator ... have become the standard operating procedure for many in the credit card industry. As a result, American ... the Credit Card Accountability, Responsibility and Disclosure Act when the Congress reconvenes [more...]

Date: 2009-01-07 19:22:35

Four Quick Ways to Build A Strong Credit Rating

#fullpost{display:inline;} ... of our card accounts. We can make it a goal to pay off our credit card bills in full at the end ... for a time-dependent loan, say a mortgage. The Federal Law entitles us to one FREE annual credit [more...]

Date: 2008-11-18 05:21:00

Is Credit Card Relief Coming?

Credit card defaults are soaring. And banks after having fought credit card reform for years are now in panic mode over losses.Newsday ... of credit card debt to be forgiven, a turnabout from recent years when the banking industry lobbied strenuously to make it harder for consumers to erase their credit card debts in bankruptcy.The new pilot [more...]

Date: 2008-11-02 08:39:00

December 2008 - Net Worth Update and Personal Finance Status

Honestly, I’m starting to regret posting my financial numbers online for all to see ... relationships I feel. Just a few days ago my brother asked me to contribute to his law school tuition fund. He’s currently working full time and juggling evening law school classes. His federal [more...]

Date: 2008-12-20 02:54:38

Are California’s Muni Bonds Golden?

Here is an opportunistic view of California’s fiscal difficulties ... state. The “general obligation” (or full faith and credit) bonds now yield about three times as much ... Bill Lockyer, I had to ask: Is California public debt completely safe? Absolutely, he replied. “ [more...]

Date: 2009-01-14 00:11:54

Welcome…. Bienvenue…Willkommen … London Calling…. I have the pleasure of opening the batting for the series of 2009 Blawg Reviews. I did my first Blawg Review exactly a year ago.  I cannot quite believe that a year has gone by so rapidly and that I am one step closer to my own (free) trip across the River Styx [more...]

Date: 2009-01-04 21:38:19

Transcript: President George W. Bush at American Enterprise Institute, Includes Q&A | December 18, 2008

(Source: White House Press Office) 10:44 A.M. EST MR. DeMUTH: Mr. President, what’s on your mind this morning? THE PRESIDENT: First, thanking you for being the leader that you’ve been, and thanking AEI for generating good thought. People in the public arena need to have support for philosophy — and that’s what you provide, [more...]

Date: 2008-12-18 20:43:07


January 1st, 2009Thomas Paine's Corner Part One: The Plot Thickens(or, Why Am I Not Surprised?) By Vi Ransel 1/1/09 (A Chicago story… A citizen walks into his alderman’s office looking for a job. “Who sent you?” a staffer asks. “Nobody” he replies. Says the staffer, “We don’t want nobody nobody sent.” Who sent Obama? [more...]

Date: 2009-01-01 23:43:00

DrumBeat: December 14, 2008

Global oil supply will peak in 2020, says energy agency Global oil production will peak much earlier than expected amid a collapse in petroleum investment due to the credit crunch, one of the world's foremost experts has revealed. Fatih Birol, chief economist to the International Energy Agency, told the Guardian that conventional crude [more...]

Date: 2008-12-14 14:06:53

Credit Repair After Bankruptcy

by Matt Douglas If you have a bankruptcy on your credit report you probably feel like there is no way to escape a low score ... a new revolving line of credit such as a credit card. This will help you build some positive credit ... of available credit to debt. It may not be the most ethical [more...]

Date: 2009-01-07 23:54:48

Cronytopia: What the World Knows -- and Americans Don't -- About the Bailout

Readers of The Guardian were greeted with this leading story -- front-page, up top -- on Saturday morning: Wall Street banks in $70bn staff payout Pay and bonus deals equivalent to 10% of US government bail-out package Having laid out the thrust of the story very plainly in the headline and sub-head, [more...]

Date: 2008-10-18 17:57:50

U.S. mortgage meltdown linked to 2005 bankruptcy law

This is another piece of legislation that had very little opposition from the Democrats. U.S. mortgage meltdown linked to 2005 bankruptcy law ... was strongly pushed by the credit card industry. So say three researchers at the Federal Reserve Bank of New York, who argue that the legislation shifted risk from credit card lenders to mortgage [more...]

Date: 2009-01-14 20:22:53

U.S. mortgage meltdown linked to 2005 bankruptcy law

Kansas City Star: U.S. mortgage meltdown linked to 2005 bankruptcy law There’s no shortage of blame for the mortgage crisis that drove the economy ... pushed by the credit card industry. So say three researchers at the Federal Reserve Bank of New York, who argue that the legislation shifted risk from credit card lenders to mortgage lenders, helping [more...]

Date: 2009-01-12 13:54:56

Forecast for legal work under Obama

By Maria Kantzavelos When Chicago’s own Barcrack Obama is sworn in this month, making history as the nation’s first African-American president and inheriting an economy in crisis and two wars, lawyers in the city will be among the many observers on the lookout for how the next four years will play out [more...]

Date: 2009-01-13 22:07:32

Posts about Home Sales as of January 14, 2009

It’s Time For Girl Scout Cookies! - lakelandlocal.com 01/14/2009 photo credit: jrayfarm1980 This is a good time of year for cookie lovers … . The pushers will begin their booth sales on Feb. 27. That means you’ll most likely be able to find them … your cookies to the Cookies From Home program [more...]

Date: 2009-01-14 14:24:35

Prevent Identity Theft From Happening to You

What is Identity Theft? It is the theft of your personal information, such as social security number, driver’s license number, credit card and bank account numbers, mother’s maiden name, and more, with the intent to obtain credit and credit cards from banks and retailers, steal money from the victim’s existing accounts, apply for loans, [more...]

Date: 2009-01-15 13:42:35

Be Careful Which Gift Cards You Buy!

Yesterday I wrote about the pros and cons of giving gift cards and gift certificates as gifts ... , and I can certainly understand why. But this holiday season gift card buyers need to be a little more careful ... , many stores are closing select locations, or shutting down for good. Stores close, gift card holders [more...]

Date: 2008-12-05 13:03:51

Credit Repair After Bankruptcy

by Matt Douglas With a bankruptcy mark on your report your score will be lowered considerably. However there is hope, you can remove this mark and by building some positive credit you can create a good score. The truth is that this mark does not have to remain on your credit for 10 years. To remove it we suggest: 1 [more...]

Date: 2009-01-04 12:44:30

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