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HALF EARN LESS THAN $26,364

HALF EARN LESS THAN $26,364 According to Associated Press, as reported by the Dallas Morning News on October 23, 2011), fifty percent of the U.S. workers earned less than $26,364 last year, reflecting a growing income gap between the nation’s rich and poor. There were fewer jobs, and overall pay was trending down except for Read More

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ACCORDING TO THE TREASURY THE U.S. WILL HIT ITS DEBT LIMIT IN APRIL/MAY 2011

ACCORDING TO THE TREASURY THE U.S. WILL HIT ITS DEBT LIMIT IN APRIL/MAY 2011 According to the Teasury, the United States will hit a $14.3 trillion statutory limit on its debt slightly later than previously estimated.  The Treasury unveiled a still-hefty debt auction schedule. the Treasury officials said that the limit would now be hit between Read More

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HAMP IS NOT HAVING THE EXPECTED EFFECT ON THE FORECLOURE CRISIS

HAMP IS NOT HAVING THE EXPECTED EFFECT ON THE FORECLOURE CRISIS The Home Affordable Modification Program (HAMP) is not having the expected effect on the forecloure crisis.  Some have estimated that by 2012 as many as 13 million home mortgages will go through complete foreclosure process.  It has been predicted by the Congressional Oversight Panel that less Read More

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MORTGAGE LENDING ESTIMATED TO DROP BELOW $1 TRILLION IN 2011

MORTGAGE LENDING ESTIMATED TO DROP BELOW $1 TRILLION IN 2011 Bloomberg News reported that the Mortgage Bankers Association had announced that home lending in the U.S. will fall below $1 trillion in 2011, the lowest level since 1996. It is estimated that originations will drop to $996 billion next year, as opposed to the projected total of $1.4 Read More

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BANKRUPTCY AND THE HOME AFFORDABLE MODIFICATION PROGRAM (HAMP)

BANKRUPTCY AND THE HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) If you are experiencing difficulty in paying your monthly mortgage payment do not lose hope.  There are several options available out there which you may be able to utilize.  The best known program may be The Home Affordable Modification Program (HAMP). HAMP is a federal program designed to Read More

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CAN I FILE BANKRUPTCY ON BUSINESS DEBT?

CAN I FILE BANKRUPTCY ON BUSINESS DEBT? I have a small business and run it as a sole proprietorship. I have debt for the business. Can I file bankruptcy on the business debt and not for myself? No. A sole-proprietorship essentially means that you are the business. You file taxes as a self-employed individual but Read More

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CAN I FILE BANKRUPTCY ON TAX DEBT?

CAN I FILE BANKRUPTCY ON TAX DEBT? I owe money to the IRS for self-employment taxes for several years. I heard that under the new bankruptcy laws, I cannot file bankruptcy on tax debt. Is that true? No, that is not true. There is still a variety of relief available for tax debt under the Read More

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DIFFERENCE BETWEEN A BUSINESS BANKRUPTCY AND A CONSUMER BANKRUPTCY

DIFFERENCE BETWEEN A BUSINESS BANKRUPTCY AND A CONSUMER BANKRUPTCY What is the difference between a business bankruptcy and a consumer bankruptcy? A business bankruptcy can be filed by a legal entity, such as a corporation, but a business bankruptcy can also be filed by an individual who has primarily “business debt”. Entities or individuals filing Read More

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WHAT HAPPENS TO MY BUSINESS IF I FILE BANKRUPTCY?

WHAT HAPPENS TO MY BUSINESS IF I FILE BANKRUPTCY? I own a business that I think needs to file bankruptcy. What is the difference between a Chapter 7 and a Chapter 11? Businesses that are corporations, partnerships or limited liability companies may file Chapter 7 or 11 in bankruptcy. Chapter 7 is a liquidation bankruptcy. Read More

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CREDIT CARD DEFAULTS REACH A RECORD HIGH

CREDIT CARD DEFAULTS REACH A RECORD HIGH Credit card loans considered uncollectible and delinquent have reached record levels.   Debts considered uncollectible and written off have reached an 8.6% annual rate in March, up from 5.3% from a year earlier.   Delinquent loans hit 6.0%.    American Express charge-off rate rose to 8.5% and Capital One Financial’s to 8.4% rate.  Rising defaults may Read More

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