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bankruptcy
New Jersey recently passed Florida as the state with the highest number of home mortgages at-risk for foreclosure. Although there are more mortgages in the Sunshine State that are delinquent overall, 11.7 percent of these loans are “seriously delinquent,” compared to 11.8 percent in New Jersey. New York is third with 9.1 percent. All three...
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Household debt rose $241 billion in the third quarter of 2013. Analysts at the New York Fed say the 2.1 percent increase was the largest jump since 2007. The debt was primarily mortgage debt and new car loans, which is seen as a sign that consumers are gaining confidence in an improving economy. However, student-loan...
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Sustained high unemployment has permanently changed our economy, and the middle class must change to keep up. This situation is not entirely new; for example, unemployment peaked at 10.8% in 1982. But then, the jobless could count on unemployment benefits and other government benefits to tide them over. The unemployment rate quickly went back down...
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Student loans are very difficult, but not impossible, to discharge in bankruptcy. Prior to the 2005 bankruptcy reforms, student loans were segregated into two classes: private loans and federally-guaranteed loans. Private loans, mostly loans obtained to attend a private technical school or career-training school, were generally dischargeable in a Chapter 7 bankruptcy at any time....
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In late 2013, a car-charger maker with a large government contract filed for bankruptcy. Phoenix-based Ecotality, Inc. sought Chapter 11 protection in the United States Bankruptcy Court for the District of Arizona, listing assets of $50 million and debts of $500 million, including a large contract with the Department of Energy. In court papers, Ecotality...
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Florida has more long-term unemployed workers than almost any other state in the country. A recent report gave more identity to the long-term unemployed, or those who have been jobless for more than 26 weeks. In Florida, Alaska, California, Illinois, North Carolina, New York, Connecticut and Rhode Island, between 46% and 60% of the jobless...
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Assume that you and your neighbor disagree over the ownership of a house, and you file a lawsuit to quiet title. Before the case is heard, the house burns down. What happens at the court date? Most courts have refused to enter a decision in this situation, explaining that the point is now moot because...
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Bankruptcy does not have to mean the end of the game. When you and your friends played “Monopoly,” declaring bankruptcy meant financial failure so intense that recovery was difficult or impossible. Some moneylenders and debt-buyers like to perpetuate that idea in the real world, to keep honest American families form declaring bankruptcy to eliminate debt...
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Americans are back to borrowing at a near-record pace. The government recently announced that consumer debt rose 1.1 percent to $11.28 trillion in the third quarter of 2013, the highest such increase since the first quarter of 2008 and close to the all-time record high, set just before the housing collapse in the third quarter...
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An increasing number of cities are turning to the power of eminent domain to reduce the number of residential home foreclosures. Cities in New Jersey, New York, Minnesota and California are exploring the possibility of “friendly condemnations” in which the city buys the mortgage of an underwater homeowner. If the investor refuses to sell, the...
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