Housing Down 17% in December 2009, Largest Monthly Drop in 40 Years
What Happens When the Bank Threatens Foreclosure While Your House Is On the Market?
What was once the housing bubble has long since popped. Unfortunately, it continues to leave a viscous film for homeowners.The month of December was a startling example, as it was the sharpest monthly decline in home sales in 40 years. Albeit, winter is a down-season for home-buying. Still, Congress had hoped that pinning an extra 9 months on the $8,000 tax credit offer for first-time homebuyers (expires August 30th 2010) would improve the number.
Such a record-breaking swift decline is alarming, but the numbers aren’t hopeless. In its most swollen state, during the era of short-lived “bubble” prosperity, sales were 25% higher than present. Right after the bubble’s alarming deflation a year ago, sales were 20% lower than where they are now—a huge improvement over a single year.
Those
Milwaukee Foreclosures Rise Due to Recent Job Losses
Milwaukee officials say that recent job losses have contributed to a recent rise in foreclosures in the city. The increase in unemployed citizens, coupled with the loss of unemployment benefits for many out-of-work individuals can be linked to the rising foreclosure rates. City officials say that the foreclosure crisis affecting the city can have a serious effect on it’s financial outlook. Milwaukee has received federal money to help with homebuyer assistance and other programs to help boost the economy and slow down the increasing foreclosure rate.
You have to name it to claim it!
I just filed a case where we listed a potential FDCPA claim in my client’s bankruptcy schedules. She had been harassed by a debt collection agent who had left an inappropriate voicemail on my client’s answering machine. It was heard by people who were beyond the scope of FDCPA communication and it was not only rude, it was downright obnoxious!
So when we prepared her bankruptcy to get rid of the debt, we also included the potential claim for the FDCPA as one of her assets. Even better, we exempted the asset out so the trustee couldn’t seize the case.
Bankruptcy law requires that you include all of you assets and all of your liabilities. Assets can also include potential cases you may have against other people such as FDCPA claims, Personal Injury Claims, or even small claims judgments. All of these are assets in your estate because the possibility exists that they could be converted into money for distribution to creditors.
Now, here is the reason you need to claim the potential asset. If yo
Are Credit Card Companies Evil?
Douglas Hoyes, Bankruptcy Trustee
There’s a loaded question for you: Are credit card companies evil? Judging by the comments I’ve heard from many different people in my bankruptcy office over the last few weeks, the answer from many Canadians would be “yes” Why are people making these comments? A few years ago everyone loved their credit card. Today, as credit card interest rates go up, and as we owe more on our credit cards, our love affair with credit cards may be turning sour. Canadians are gradually realizing that it’s not a credit card (credit is a good thing, like giving someone “credit” for a job well done); it’s actually a debt card; the more you spend, the more debt you have, and debt is generally not considered to be good.
I’ve heard the same story from many people: They are good customers, they always pay their minimum balance, and they just got a notice from their credit card company that their interest rate is increasing. The typical story
What Is the Rule With Homes and Bankruptcy?
There are generally two:
First, if you wish to keep your home, you’re going to have to be able to pay the mortgage. Bankruptcy can eliminate unsecured debt such as credit cards, but requires that secured debts be paid after filing if the debtor wishes to keep the colatteral (car, home, boat etc.) In some cases, when a homeowner is already underwater on their first mortgage, a second or third mortgage can be modified or stripped.
Second, assuming you can afford your mortgage, you can keep your home through the bankruptcy process if your home equity can be protected by an available exemption. What does this mean? As a matter of public policy, every state has enacted laws that specify how much property an individual in that state can protect from their creditors. These laws are called exemptions. For example, let’s say the homestead exemption in state A is $50,000. Jeff is considering filing for bankruptcy in state A, but is concerned about losing his home. Jeff