August 27th, 2009
An amendment to the federal Fair Credit Reporting Act requires each of the major nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months.
To order your free annual report from one or all the national consumer reporting companies, visit AnnualCreditReport.com, or call toll-free 877-322-8228. Do not contact the three nationwide consumer reporting companies individually; they provide free annual credit reports only through AnnualCreditReport.com, 877-322-8228, and Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.
Under federal law, you’re also entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance or employment, and you request your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company that supplied the information about you. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; you’re on welfare; or your report is inaccurate because of fraud.
If you are not eligible for a free report and need to buy a copy of your report, contact:
Equifax: 800-685-1111; www.equifax.com
Experian: 888-EXPERIAN (888-397-3742); www.experian.com
TransUnion: 800-916-8800; www.transunion.com
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Posted in Bankruptcy
August 26th, 2009
Early detection of a potential identity theft can make a big difference. Keep an eye out for any suspicious activity by routinely monitoring:
Your financial statements. Monitor your financial accounts and billing statements regularly, looking closely for charges you did not make.
Your credit reports. Credit reports contain information about you, including what accounts you have and how you pay your bills. The law requires each of the major nationwide consumer reporting agencies to provide you with a free copy of your credit report, at your request, once every 12 months. If an identity thief is opening credit accounts in your name, these accounts are likely to show up on your credit report. To find out, order a copy of your credit reports.
Once you get your reports, review them carefully. Look for inquiries from companies you haven’t contacted, accounts you didn’t open, and debts on your accounts that you can’t explain. Check that information, like your Social Security number, address(es), name or initials, and employers are correct. If you find fraudulent or inaccurate information, get it removed. See Correcting Fraudulent Information in Credit Reports to learn how. Continue to check your credit reports periodically, especially for the first year after you discover the identity theft, to make sure no new fraudulent activity has occurred.
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Posted in Bankruptcy
August 25th, 2009
Stay alert for the signs of identity theft, like:
•debts on your current accounts that you can’t explain.
•inaccurate information on your credit reports, including accounts and personal information, like your Social Security number, address(es), name or initials, and employers.
•not receiving bills or other mail. Follow up with creditors if your bills don’t arrive on time. A missing bill could mean someone has taken over your account and changed your billing address.
•receiving credit cards that you didn’t apply for.
•being offered less favorable credit terms, or being denied credit like a high interest rate, for no apparent reason.
•calls or letters from debt collectors or businesses about merchandise or services you didn’t buy.
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Posted in Bankruptcy
August 24th, 2009
Business Bankruptcies increased 64% over the same period in 2008. This is a total of more than 30,000 businesses filing in the first half of 2009.
Chapter 11 business reorganizations increased by 113% and Chapter 7 business liquidations increased by 57% according to the American Bankruptcy Institute.
Of the 681,217 Americans who filed personal bankruptcy in the first half of 2009, it is unknow how many businesses were among these numbers.
“The increase in filings through the first half of this year is a product of continued financial stresses weighing on both consumers and businesses,” said ABI Executive Director Samuel Gerdano.
For more information: The Nashville Journal
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Posted in Bankruptcy News, General
August 22nd, 2009
The Chicago Tribune reports in an article titled, “If you’ve tried your best, bankruptcy can be a viable, survivable option” that Cate Williams, vice president of financial literacy for Money Management International, predicts a surge in bankruptcy filings through March of next year. Most people in financial trouble will do just about anything to avoid filing bankruptcy. They sometimes wait until long after they are mathematically broke.
Williams says, “We really see people just doing Herculean efforts: living in the basement of mom’s house, selling prized possessions on eBay. People will do absolutely everything.”
You may have already past the time to file bankruptcy. Do you answer any of these questions with a “yes?”
- Do you have a high amount of unsecured debt, including credit cards?
- Are you unable to reduce your total debt most months?
- Is your property going to be foreclosed on?
- Is the repo man looking for your car?
- Are your creditors harassing you?
- Do you owe medical bills?
- Do you have any judgments against you?
- Are you having IRS problems?
The U.S. Courts provide a series of Bankruptcy Videos that explain the process of filing bankruptcy. If you are worried about your financial situation, consider Ted Machi & Associates, P.C.’s FREE On-line Bankruptcy Evaluation.
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Posted in Bankruptcy News, Dallas Bankruptcy Lawyer
August 21st, 2009
JustinceNewsFlash.com is reporting that Michael Jackson’s mother is considering a wrongful death lawsuit. The investigation into the pop star’s death is on-going, but Katherine Jackson is reportedly exploring the idea.
It is widely believed that the death was the result of a heart attack that may be related to a combination of prescription drugs. The pop star will be buried on August 29, which will be his 51st birthday.
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Posted in General
August 17th, 2009
The Reader’s Digest Association Inc., has reached an agreement with its lenders on a restructuring plan that it will most likely complete under a prepackaged bankruptcy filing. This will take place in order to reduce its debt.
The company also did not to make a $27 million interest payment due Monday. It said it would use the 30-day grace period available to continue discussions with its lenders.
If under the restructuring deal, the company’s senior secured lenders will exchange a large portion of the company’s $1.6 billion in debt for stock as reported in the Wall Street Journal.
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Posted in Bankruptcy News
August 15th, 2009
The One and a quarter million personal bankruptcy filings in the past twelve months is a 34 percent increase from the year before. The Washington Post reports the figures released Thursday by the Administrative Office of the U.S. Courts.
This year’s bankruptcies are expected to be the highest since 2005 when bankruptcy reform laws seemed to usher in a great number of bankruptcies. The 126,434 consumers that filed for bankruptcy protection in July is the highest month since 2005.
The economy is at the root of many of the bankruptcies, as well as slow job growth and other debt factors. Credit card companies are raising interest rates and banks are no longer so quick to give home equity loans.
Things can come apart so so quickly. One can lose their job, and then soon lose their house and their car. Bankruptcy is often the best option.
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Posted in Bankruptcy News
August 14th, 2009
Some people in Dallas think you can’t file bankruptcy anymore, but you can. Under Bankruptcy reform, there is a “means” test calculated partly on IRS Collection Standards, which are figures the IRS uses to determine acceptable levels of expenses when calculating what a delinquent taxpayer can afford to pay on a tax repayment plan. Don’t believe you can’t file because of the reform laws recently passed, speak to a Dallas Bankruptcy Lawyer.
Are you avoiding the phone because you know it may be collectors looking for money you don’t have. Filing bankruptcy in Texas can stop the unwanted attention and allow you to feel comfortable in your own home again. One of the advantages to filing bankruptcy is by law the harassing letters and phone calls have to stop.
Our bankruptcy attorneys have extensive knowledge not only of bankruptcy case law but of the bankruptcy courts and bankruptcy trustees in North Texas. As a result, we can give you a good idea of the outcome of your case before you file bankruptcy, and help you decide if bankruptcy is right for you.
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Posted in Dallas Bankruptcy Lawyer
August 14th, 2009
The Dallas Morning News is reporting another possible bankruptcy. The paper says Park Cities Chrysler-Jeep-Dodge has stopped selling new cars. Many Chrysler dealerships are facing similar circumstances in the current economy. The News reports Chrysler Financial is no longer financing dealer loans and is even calling in dealer loans. Since this means dealers must come up with millions, bankruptcy may be inevitable.
Dealers, employees, and their families face tough financial futures when local businesses fail. If their debts pile up, personal bankruptcy may follow.
Individuals facing personal bankruptcy turn to Irving bankruptcy lawyers, Dallas bankrutpcy attorneys, or law firms in Arlington and Fort Worth.
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Posted in Bankruptcy News, Texas Bankruptcy
