Brother Can You Spare $331 Million?
We would have accepted either C-I-T or A-D-V-A-N-T-A as a correct answer
As reported all over the Web, including this story by CNN, credit card overlord and perennial heavy-handed creditor Advanta filed for Chapter 11 bankruptcy protection a few days ago – just one week after CIT Group, a top secured lender to small business, did the same. Both lenders experienced (ha!) a sharp rise in defaults. Welcome to the world of the consumer. Personally I hope that their creditors show them no mercy. If the Bankruptcy System is to work then it must be an equal handicap for large and small. If Advanta or CIT are reconstituted through Chapter 11 I can only hope that this time the intention is to help small business and business owners – not to hound them to death as both creditors are famous for.
Categories: Middle class · article · assets · bailout · bankruptcy · business · business filings · ch 11 · consumer · credit · credit cards · current-events · disposable · income · individual · liability · means test · median income · secured
Tagged: CIT, Advanta, Visa, Small Business, Irony
October 21, 2009 · 1 Comment
Q: I’m being sued by collection agency regarding my ex husbands debt. Should I retain an Attorney?
A: The short answer would be ‘No’ if the debt really belonged exclusively to your ex. In all likelihood however, the credit card in question must have included your name as an authorized signatory or co-debtor. In any event, you should take such a lawsuit seriously – under no circumstances should you ignore any suit in which you are named as a defendant (whether correctly or incorrectly).
Have a question? E-mail us at mhedayat@mha-law.com.
Categories: Q&A · consumer · credit · credit cards · debt · divorce
Can’t say too many good things about this diagram; honest, to the point, great use of Web 2.0 techniques to tell a complex story.
America's Love Affair with Credit
Categories: FDCPA · article · bailout · bank · bankruptcy · bubble · ch 13 · ch 7 · consumer · credit · credit cards · credit counseling · creditor · crisis · current affairs · current-events · data · debt · disposable · economy · fair credit reporting act
Tagged: credit cards
O'Bama - the fix is in
From CNN.com
Obama foreclosure fix open for business The Obama administration’s foreclosure prevention program is open for business. The multipronged fix calls for companies to help struggling borrowers by modifying loans so monthly payments are no more than 31% of monthly gross income. Under the program, homeowners who haven’t missed a payment can refinance into lower-cost loans even if they have little or no equity. The $75 billion plan will provide incentives to borrowers and loan servicers and investors to spur mortgage modifications. The government will also subsidize interest rate reductions to get borrowers to affordable monthly payments. “This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans,” said Housing Secretary Shaun Donovan. Borrowers can now contact their servicers to see whether they are eligible for assistance. Federal officials will promote the program at homeownership events nationwide.
Categories: CA · bubble · ch 13 · chapter 7 · consumer · cramdown · credit · creditor · crisis · current-events · data · debt · depreciation · discharge · foreclosure · fraud · income · individual · investments · legislation · mortgage · property · real property · research · sale · short sale
