Consumer Debt, Bankruptcy
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Consumer Debt, Bankruptcy
Advice and news for consumers on credit reporting, litigation (lawsuits), bankruptcy, foreclosure - the fun stuff.
Curated by Shawn White
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Payday Loans’ Debt Spiral to Be Curtailed

Payday Loans’ Debt Spiral to Be Curtailed | Consumer Debt, Bankruptcy | Scoop.it
Protections are coming from a consumer agency that likens the lending to “getting into a taxi just to ride across town and finding yourself stuck in a ruinously expensive cross-country journey.”
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Late payments put a quarter of small firms at risk of insolvency

Late payments put a quarter of small firms at risk of insolvency | Consumer Debt, Bankruptcy | Scoop.it

The scourge of late payments continues to drive vulnerable small businesses to
the brink of bankruptcy

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VIDEO: Bankruptcy explained in about 2 minutes.

The basics of Chapter 7 and Chapter 13 bankruptcy explained.
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Nextdoor

Nextdoor | Consumer Debt, Bankruptcy | Scoop.it
Consumer reviews of online businesses and websites
Shawn White's insight:

 I was recently invited by someone I really dislike to join Nextdoor. I did some research and found this link. SiteJabber is very cool, but Nextdoor, not so much. Nextdoor must have worked really hard to get a 13% approval rating. It isn't easy to be that disliked. I feel bad for the people who trusted Nextdoor. Imagine working for years building a great site and then having the company yank the site away and give it to someone who just joined, whom you hate. The CEO, Nirav Tolia, being a criminal is just icing on the cake.

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DEALING WITH ZOMBIE DEBT IN BANKRUPTCY: ANOTHER ROAD UNDER RULE 9011

DEALING WITH ZOMBIE DEBT IN BANKRUPTCY: ANOTHER ROAD UNDER RULE 9011 | Consumer Debt, Bankruptcy | Scoop.it
Indiana Bankruptcy Court deals with stale dated claims with Rule 9011
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Dumping Your Chapter 7 Case Midstream, or Switching to a Chapter 13 One - Wasson and Thornhill

You can usually change from an ongoing straight Chapter 7 case into a Chapter 13 payment plan. But getting out of bankruptcy altogether is generally not allowed.
Shawn White's insight:

This is great advice.

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Economic Snapshot: Existing home sales reach eight-year high

Economic Snapshot: Existing home sales reach eight-year high | Consumer Debt, Bankruptcy | Scoop.it
It's hard not to be optimistic about the housing market this week, as we take a look at pre-recession levels of existing home sales and double-digit year-over-year growth for housing starts.
Shawn White's insight:

We have learned nothing. How can these prices keep sky rocketing when salaries remain stagnant?

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The Rich

From F. Scott Fitzgerald: 

Shawn White's insight:

“Let me tell you about the very rich. They are different from you and me. They possess and enjoy early, and it does something to them, makes them soft where we are hard, and cynical where we are trustful, in a way that, unless you were born rich, it is very difficult to understand. They think, deep in their hearts, that they are better than we are because we had to discover the compensations and refuges of life for ourselves. Even when they enter deep into our world or sink below us, they still think that they are better than we  are. They are different. ”  -  F. Scott Fitzgerald.

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Why bankruptcy should be your last resort

Why bankruptcy should be your last resort | Consumer Debt, Bankruptcy | Scoop.it
Filing for bankruptcy protection is not a quick fix to your financial difficulties. There are serious financial consequences that often last 10 years or more.
Shawn White's insight:

This article does not tell the entire story. Yes bankruptcy trashes your credit but so do charge offs and late pays. In fact charge offs will stay on your credit for seven years and no amount of good accounts will offset that where as most creditors will overlook a bankruptcy after 2-3 years. Bankruptcy may be overused but 95% of the "debt negotiation" industry is a scam that will take thousands from you and end with you getting sued anyway. No amount of good financial advice will erase existing debt. Only bankruptcy can do that. Before making a life altering decision speak with a bankruptcy attorney.

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There's a Right Way to Do Credit Cards for Millennials, and We're Not Doing It

There's a Right Way to Do Credit Cards for Millennials, and We're Not Doing It | Consumer Debt, Bankruptcy | Scoop.it
Thanks to the 2009 CARD Act and scares from the Great Recession, fewer young consumers are using credit when they should be, or growing a credit score the right way.
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Tips On How You Can Decide On Filing Personal Bankruptcy

Tips On How You Can Decide On Filing Personal Bankruptcy - http://t.co/TOvgAqZ1d7
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Too bad wages aren't rising as fast as home prices

Too bad wages aren't rising as fast as home prices | Consumer Debt, Bankruptcy | Scoop.it
Real estate prices have outpaced wage growth -- sometimes by extraordinary amounts -- in three-quarters of the country
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Credit card chip technology not more secure than magnetic stripes: FBI

Credit card chip technology not more secure than magnetic stripes: FBI | Consumer Debt, Bankruptcy | Scoop.it

It’s the latest weapon to combat identity theft in the U.S., but chip card technology won’t do much to stop billions of dollars worth of credit fraud over the next few years, the FBI said.

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Millions of Russians affected by bankruptcy law

Millions of Russians affected by bankruptcy law | Consumer Debt, Bankruptcy | Scoop.it
Millions of indebted Russians will gain the right to file for bankruptcy for the first time ever on Thursday.
Shawn White's insight:
Hurray for capitalism.
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Tower Records Documentary 'All Things Must Pass' Exclusive Clip: 'We Were the Local Record Store' | Billboard

Tower Records Documentary 'All Things Must Pass' Exclusive Clip: 'We Were the Local Record Store' | Billboard | Consumer Debt, Bankruptcy | Scoop.it
When a record store is iconic enough to still have name recognition among millennials, it can only be Tower Records. Yet the bigger they are, the harder they fall.
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Most Students Think Debit Cards Build Credit (They're Wrong) - Credit.com News (blog)

Most Students Think Debit Cards Build Credit (They're Wrong) - Credit.com News (blog) | Consumer Debt, Bankruptcy | Scoop.it
One of the biggest differences between credit cards and debit cards is that debit cards don't help you build credit, and a lot of people don't know that.
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USPTO pays patent examiner for 730 hours fraudulently not worked - IPWatchdog.com | Patents & Patent Law

USPTO pays patent examiner for 730 hours fraudulently not worked - IPWatchdog.com | Patents & Patent Law | Consumer Debt, Bankruptcy | Scoop.it
According to the IG report, a patent examiner called only 'Examiner A' committed at least 730 hours of time and attendance abuse, resulting in the payment of approximately $25,500 for hours not worked in FY 2014 alone.
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Hillary's $350 Billion Plan to Make College Affordable Will Drive Up Tuition and Debt | The Stream

Hillary's $350 Billion Plan to Make College Affordable Will Drive Up Tuition and Debt | The Stream | Consumer Debt, Bankruptcy | Scoop.it
Hillary Clinton's proposal is a vote-buying effort that will add one more entitlement to an economy that can't afford it.
Shawn White's insight:

I disagree that affordable college is an entitlement i.e. welfare. It is an investment in America future. College graduates earn on average a million dollars more over the course of a lifetime then non-college graduates. That means they wil pay $300,000 nore in income tax which easily repays the government for any education subsidy. Also, the student gets to graduate debt free.  So instead of being miserable and bogged down in debt, and needing public assistance when he cant find a job, he can devote himself to starting a business, charity, or travel - making him/her a better happier person and citizen. This benefits everyone. Other countries already do this.

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Is College Still Worth It?

Is College Still Worth It? | Consumer Debt, Bankruptcy | Scoop.it
For most people, common wisdom says that a college degree is practically a requirement for a good career. But with rising tuition costs and an entire generation of graduates burdened by crushing debt, the ROI on college is shrinking.
Shawn White's insight:
A must read for high school kids.
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Q&A: FICO executive on credit scoring and how it's changing - HeraldCourier.com - Bristol Herald Courier (press release) (blog)

Q&A: FICO executive on credit scoring and how it's changing - HeraldCourier.com - Bristol Herald Courier (press release) (blog) | Consumer Debt, Bankruptcy | Scoop.it
It's an important bit of information that determines a lot about your financial life. But if you wanted to be in the loop, it came with a price tag.
Shawn White's insight:

"Q: If there's no credit history, what information will you use to build their score? A: Wireless or landline or cable bills".


Great, so now they ruin the credit of people who haven't even borrowed any money.

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Yes, We Can Make Developers Build Housing for the Poor

Yes, We Can Make Developers Build Housing for the Poor | Consumer Debt, Bankruptcy | Scoop.it
The California Supreme Court today ruled that cities have the right to make developers build a portion of their projects for low- and moderate-income folks. In Los Angeles, where the per capital annual income is a measly $27,749, that's most of you. The bad news is that the ruling only...
Shawn White's insight:

So we can make them build houses for the poor. How do we make them sell these houses to the poor? If the developers build low income housing who is going to make sure the house is actually bought by a poor family rather than a rich family that is friendly with the builders?

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Using Cash Back Credit Cards for Your Business

Using Cash Back Credit Cards for Your Business | Consumer Debt, Bankruptcy | Scoop.it
Given the vast numbers of credit cards available today, selecting the right one for your business can be very confusing. However, if you are one of those highly organized people who make payments on time – even ahead of time – you can ignore the marketing hype of traditional cards and consider applying for a cash back card.
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Why I Ditched My Credit Cards for Cash

Why I Ditched My Credit Cards for Cash | Consumer Debt, Bankruptcy | Scoop.it
Corporate greed and power has overtaken our political system. Recent Supreme Court rulings chose to empower rich donors over voters....
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U.S. judge to allow RadioShack to sell 1,740 stores

March 31 (Reuters) - A U.S. bankruptcy judge on Tuesday saidhe will approve a plan by RadioShack Corp to sell1,740 of its stores to the Standard General hedge fund, whichplans to operate most of them
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