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The Latest Foreclosure and Mortgage News

2011 March 24 by

According to Consumer Bankruptcy News, nearly 3 million properties in the U.S. received foreclosure papers during 2010. This is a 2 percent increase from 2009 and a 23 percent increase from 2008.”Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity – triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 – which we estimate may be as high as a quarter million – will likely be re-started and add to the numbers in early 2011.”Source: Consumer Bankruptcy News, February 24, 2011 Continue reading »

Did you know – Colonel Sanders of KFC was broke?

2011 March 24 by

Here is a little bankruptcy humor to make you smile:Pete and Gladys were looking at a new living room suite in the furniture store. Pete says to the salesman, “We really like it, but I don’t think we can afford it.”The salesman says, “You just make a small down payment, then you don’t make another payment for six months.”Gladys wheels around with her hands on her hips and says, “Who told you about us?” Did you know – Colonel Sanders of KFC was broke?Harland David Sanders, who died in 1980 at the age of 90, is the famous Colonel Sanders, founder of Kentucky Fried Chicken. Most of us are familiar with his top-secret recipe, but not the fact that he was broke at age 65 and facing bankruptcy. Continue reading »

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Bankruptcy Myth #11: Filing for Bankruptcy Will Hurt Your Credit

2011 March 17 by

That’s not true. Think about it. By the time you come to a bankruptcy attorney, your credit is already either messed up or maxed out. And if it’s already messed up or maxed out, how can bankruptcy hurt it? The big surprise for my clients is when I tell them that filing bankruptcy can actually help them re-build their credit. Continue reading »

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Bankruptcy Myth #9: Only Deadbeats File for Bankruptcy

2011 March 17 by

Not true. Most of the people who file bankruptcy are good, honest, hard-working people…just like you and me…who file as a last resort…after months or years struggling to pay the bills that were left over from some life-changing experience, such as a divorce, the loss of a job, a failed business venture, a serious illness, or some family emergency…or because they honestly and mistakenly fell into debt at a young age before they knew better… before they knew anything about budgeting or how to manage money.

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Tips on Getting a New Car After Bankruptcy

2011 March 16 by

One of the hardest purchases to make after filing for bankruptcy can be a car. But sometimes you simply need reliable wheels — whether it’s to replace a vehicle in need of expensive repairs or to use as transportation to and from a new job. And buying a car and making payments on time can be an excellent way to improve your credit. Continue reading »

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Is Bankruptcy a Taxable Event?

2011 March 15 by

Bankruptcy is not a taxable event, per IRS Publication 908. The protection you receive from creditors after filing bankruptcy applies to the IRS as well. So the amount of discharged debt cannot be considered part of your income, which would normally be taxable.The IRS states “Generally, when a debt owed to another person or entity is canceled, the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income.”

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Denver Family Fun on a Budget

2011 March 11 by

If your family is on the lookout for ways to stay entertained without spending a bundle, you’ll appreciate these ideas:Groupon — a daily coupon with big savings on movies, restaurants, sporting events, outdoor activities, shopping, and more. Sign up for daily email coupons.LivingSocial Denver Family Edition — family-friendly deals at local zoos, museums, aquariums, art classes, and more. Sign up to receive emails with great coupons. Continue reading »

The Lighter Side of Money Problems

2011 March 8 by

Although it may not seem possible to laugh about having financial problems, it might be a healthy release and a good coping skill. It never hurts to laugh at yourself – it helps you get through it, improves your blood flow, releases endorphins, and reduces stress. For a funny take on financial troubles , check out the movie Fun with Dick and Jane. Continue reading »

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Tired of Getting Credit Card Offers?

2011 March 4 by

It can be difficult to resist the temptation of the credit card offers that land in your mailbox every week. If you’d like to stop receiving these offers, check out OptOutPrescreen.com, the web site that accepts and processes consumer requests to opt-out of credit and insurance offers for five years or permanently (your choice). Continue reading »