17 Nov 2010

bankruptcy statistics for october, 2010

National Bankruptcy Research Center October 2010 Bankruptcy Filings Report The raw numbers suggest that bankruptcy filings in October rose slightly from the previous month (to 132,000 from 130,000). But that trivial increase suggests a substantial break in the upward trend of bankruptcy filings we have observed since passage of the bankruptcy reform statute in 2005. […]

02 Nov 2010

Chapter 7 Median Income Effective Today

New Median Family Income Numbers For Bankruptcy Effective November 1, 2010 The new median family income numbers used for determining whether a debtor can file a Chapter 7 bankruptcy went into effect today, November 1, 2010. The numbers are provided by the U.S. Census Bureau. The means test was one of the major changes that […]

14 Oct 2010

Credit Counseling – Not So Bad After All

New Study Suggests Credit Counseling is Beneficial for Bankruptcy Filers We’ve all heard clients complain about the pre-filing credit counseling requirement and ask why they have to jump through this hoop when they know they’re going to end up filing for bankruptcy anyway.  In many cases, we may be inclined to agree:  a client facing foreclosure […]

14 Oct 2010

Medical Bills Leading Cause of Bankruptcy

  A report set to be published in the American Journal of Medicine in August, but already online, shows that more than 60 percent of personal bankruptcies filed in 2007 could be attributed to medical bills. The study also says that over 75 percent of those who filed for bankruptcy because of medical bills had […]

14 Oct 2010

Mortgage Scam Alert

The Baltimore Homeownership Preservation Coalition is launching a campaign to warn struggling borrowers that some of the people promising to help them avoid foreclosure will only hasten it. The nonprofit, which will be joined by elected officials at an event today, doesn’t want homeowners to be scammed. It’s telling residents not to pay foreclosure-prevention firms […]

14 Oct 2010

Foreclosures in Maryland

Revelations that attorneys at two Maryland firms had other people sign their names to foreclosure documents brought a rebuke Wednesday from the O’Malley administration, which called the practice a “potential example of further mishandling and mistreatment of Maryland homeowners.” Also on Wednesday, several borrowers’ lawyers said they have filed a class-action suit against one of […]

03 Oct 2010

Things Not To Do When Considering Bankruptcy

At the Maryland Bankruptcy Center, our lawyers are always trying to educate ourselves so that we can pass on important information to our Chapter 7 and Chapter 13 client’s.  I saw this article on a great consumer bankruptcy website and I thought I would pass it on.  Check it out.  And if you have any […]

03 Oct 2010

life after bankruptcy – 7 tips

Over 1 million people file for personal bankruptcy each year. Unanticipated medical bills are a leading cause of personal bankruptcy. Other factors include job loss, divorce and high mortgage debt, and of course credit card over spending. Even though bankruptcy will remain on your credit record for up to 10 years, you can still bounce […]

03 Oct 2010

Bank of America Stops Foreclosed

Bank of America has forclosed upon themselves!  Due to a large problem they have had in reviewing foreclosure documents, they have temporarily stopped foreclosing on homes.  Read below: Bank of America is delaying foreclosures in 23 states — including Indiana — because of possible problems with paperwork, the third major servicer to take such action […]