Archive for 'Bankruptcy News'

Medical Bankruptcies are Here to Stay

Don’t expect the Affordable Care Act to solve the medical bankruptcy problem in this country. Unpaid medical bills are the number one cause of bankruptcy filings.

The Affordable Care Act (Obamacare) may give many more people access to health care, but research shows that many people are filing for bankruptcy with high medical costs even when they have health insurance.  Copays and deductables can add up.

A serious medical condition can rack up nearly $10,000 in copays and deductables in a year.  ...

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Same-Sex Married Couples May File Bankruptcy Jointly

Same-sex married couples should be eligible to file for bankruptcy jointly.  Bankruptcy courts should provide the same federal protections as opposite-sex married couples even if they live in states that do not recognize same-sex marriage.  This according to an article from Streetwise Media.

In a speech to the Human Rights Campaign, an LGBT civil rights group Attorney General Eric Holder said the Justice Department will grant “lawful same-sex marriages full and equal recognition, to the greatest extent possible under the ...

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Credit Card Debt: High But Falling

Daily Finance reports that American consumers currently owe $856.5 billion on their credit cards, but consumer credit card debt in the U.S. has been edging down in recent years after peaking in July 2008 at $1 trillion. As of July 2013, the average indebted household in the U.S. carries credit card debt of $15,325, although that figure is somewhat skewed by a small number of extraordinarily debt-stricken families and couples.  Credit card debt has been falling since the height ...

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Kodak to Emerge from Bankruptcy

The New York Times reports the Eastman Kodak Company received court approval on Tuesday for its plan to emerge from bankruptcy as a much smaller digital imaging company.

Kodak plans to emerge from bankruptcy as early as Sept. 3, its lawyer, Andrew Dietderich, said at a hearing in bankruptcy court.

Kodak’s bankruptcy capped a protracted plunge for the company, which was founded in 1880 by George Eastman, the inventor of the hand-held camera and ...

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What Can a Creditor Repossess?

Certain items can be repossessed by the creditor if you default on a loan.  If repossession is allowed, then a creditor does not have to get a court judgment in order to repossess the property.

Your home – the loan on the home is secured by the property it was purchased with.  If payments are missed then foreclosure may result.  You will be evicted and the property sold to recover the value of the outstanding loan.

Your car – Almost all loans, ...

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Personal Property in You Vehicle When Repossessed

A creditor cannot keep or sell any of the personal property found in your vehicle regardless of the method used to repossess the automobile.  In most states the creditor needs to tell you what items were found in the vehicle and how to get them back.  The creditor may also be required to prevent the items from being removed or stolen from the vehicle.  If items are missing from your vehicle, then you may want to speak to an attorney ...

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Personal Bankruptcies Set to Drop for Third Straight Year

The Wall Street Journal’s Market Watch site reports U.S. Personal Bankruptcies Set to Drop for Third Straight Year. Personal bankruptcy filings totaled 532,290 at the end of first-half 2013, 13.7% lower than a year earlier (616,911). For this year, Fitch Ratings is projecting a 13%-15% drop in personal bankruptcy filings for 2013 from full-year 2012 levels. Furthermore, ‘personal bankruptcies may dip below the one million threshold for just the third time in nearly 20 years.

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Credit Counseling

There many reputable credit counseling organizations.  They can advise you on how to manage your money as well as debts.  They typically offer free educational material and workshops.  They have counselors that are trained in budgeting, money management, and consumer credit.

Most trustworthy counselors work with non-profit s and offer counseling through local offices, on the phone, or even online.  Many of the most reputable organizations are with universities, military groups, credit unions, and housing authorities.

Watch for “non-profit” groups that charge ...

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Avoiding Default and Foreclosure

If you are behind on your payments you may consider the following options to avoid foreclosure.

Reinstatement:  Paying the loan provider the entire past-due amount, plus any late fees or penalties, by a date you both agree to. This option may be best for a temporary problem paying your mortgage.

Repayment plan: You are given a set amount of time to repay the amount due.  This is done by adding a portion of the past due amount to a regular payment.  This ...

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Talking With Your Creditor

It is always easier to keep repossession from occurring than to dispute it after in happens.  If you realize that you will be late paying contact your creditor.  Many times the credit company will work with you if they believe you will be able to make payment soon.  You may be able to delay payment or revise your payment date.  If you make changes to the actual contract, be sure to get it in writing.

However, your finance company may not ...

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Credit Repair

Many companies promise to clean up the credit reports of people with poor credit history.  They charge a fee for their service, but anything they can do you can do for yourself at no cost.  You have the right to make corrections in your file, but any negative information that is accurate cannot be removed.  Credit can only be improved by repaying debts on time.  Many states do not allow these credit repair companies to charge fees until the services ...

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Electronic Disabling Devices

Some finance companies my require you to install an electronic device in your vehicle.  This would prevent your car from starting if your payments are not made on time.  Depending on state law, this device may be considered the same as repossession if activated.

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Olympians Face Financial Hardship

American Olympians are just weeks away from representing the US in London.  Many will return home — medals won or lost — to face great financial challenges.

Unlike athletes in many other countries, American Olympians receive no direct support from the federal government.

And the U.S. Olympic Committee, with a $170 million annual operating budget spread across all sports, offers health insurance and stipends to only a limited number of competitors.

Athletes, without government support, are instead forced to cobble together an income ...

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New Hope for Jobs

All eyes are on jobs this week, as economists brace for Friday’s June jobs report from the government.

Economists surveyed by CNNMoney expect the monthly report to show the economy added 95,000 jobs in June.

That would be an improvement over the 69,000 jobs added in May, but is still pretty weak and unlikely to make the unemployment rate budge from its current 8.2%.

So far this year, the Labor Department’s reports have shown hiring peaked in the winter and then slowed ...

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Turn Saving Into a Habit

Regular savings is one of the surest ways to increase your net worth.

Stick to a budget for just a month. A Canadian study found that people who stuck to a budget had higher net worth than those who didn’t have one or had one they didn’t follow.

Know you can’t commit to a lifetime of constraint? Focus on your biggest spending problem area and tracking it for just a single month. Then set an attainable goal for the following month — ...

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Good Debt vs. Bad Debt

It’s almost impossible to live debt-free; most of us can’t pay cash for our homes or our children’s college educations. But too many of us let debt get out of hand.

Ideally, experts say, your total monthly long-term debt payments, including your mortgage and credit cards, should not exceed 36 percent of your gross monthly income. That’s one metric mortgage bankers consider when assessing the creditworthiness of a potential borrower.

It’s far too easy to spend more than you can afford, especially ...

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The Loan Modification Runaround

Information About The Loan Modification Process

At Machi & Associates our goal is to keep you in your home and avoid foreclosure. Our team will provide you with a unique, and professional plan that you and your mortgage lenders can consider.

We understand that you only have a short period of time to overcome the real possibility of losing your property through a foreclosure. Our experienced attorneys and real estate brokers will work to immediately stop your foreclosure. We have the ...

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Good Bye Unemployment Benefits

More than 200,000 Americans will lose their unemployment checks this week.

Of these folks, nearly half live in California.  The other states affected are Texas, Florida, Colorado, Connecticut, Pennsylvania, Florida, and Illinois.

The federal program provided an addition 20 weeks of benefits after the state benefits had ended.  More on this story at

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Bankrupt Hostess Warns Workers of Layoffs

Hostess Brands based in Irving, has given notice to several states, including Texas, that lay offs may be coming if the Chapter 11 restructuring is not successful.

Hostess is not looking to implement layoffs unless negotiations with unions do not result in consensual agreement.  Additional information available at the Star Telegram.

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Gas Prices: Down and Headed Lower

U.S. drivers are getting some relief at the pump in time for the beginning of summer.

Typically May is the time of year gas prices hit their high mark.  This year the average price for a gallon of unleaded has already been declining for the past month.   The biggest decrease in price occurred this past week with prices down 6 cents.

New technology has increased production and that is helping drive the price down.  The West Coast prices have not yet fallen ...

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