The Elderly And Rising Bankruptcy

With the down turning economy and subsequent credit crunch a surprising trend has emerged. Bankruptcy claims filed by the elderly has seen a staggering climb. This is a trend that would have been unheard of just a decade ago but with the rising cost of medical bills and prescription medicines along with inflation and falling home prices, the elderly are having a harder time then ever making ends meet.

According to the AARP between the early 1990s and 2007 those over 65 years of age filing for bankruptcy rose over 150 percent. What is even more surprising is the 433% rise of seniors between 75 and 84 who needed to file. [Read more]

Bankruptcy: Is It A Reasonable Solution For Debt Woes

Do you think you are running out of options because your debt load is getting too heavy to carry? If the thought of bankruptcy has come to mind, please reconsider making this move. A situation in which there is deep debt is something many people are trying to overcome, but sometimes it has to get worse before it gets better. Filing bankruptcy may not make it better because it can have very adverse effects on your ability to acquire financial assistance when you need it. [Read more]

Are There Really Benefits To Bankruptcy?

Bankruptcy is often the last recourse for debtors. Bankruptcy has been around since Genghis Khan and thankfully the punishment for debtors are no longer as harsh. When you declare bankruptcy you are stating that you are unable to pay off your debts. This act alone does not free you from all of your financial obligations to those institutes that you owe, but it does have several benefits that are advantageous. [Read more]

Three Ways to Eliminate Debt

Debt is all over America. More people than ever before are struggling to eliminate this stigma from their lives. There are several ways to get out of debt, but most of them are going to cause your credit score to drop like a lead weight. There is a way to get out of debt and not damage your credit score quite so much, but it can take some time. [Read more]

American Bankruptcy Outlook

Bankruptcy is often the last recourse for consumers who find themselves buried over their head in debt. With the high use of credit cards, foreclosures, and the possibility of a recession cases of bankruptcy among individuals have seen a sharp rise. [Read more]

Bankruptcies Increase By 38% Last Year

The U.S Courts Administrative Office has announced that, during 2007, the number of bankruptcies filed by both businesses and consumers in the US have went up by 38% to a grand total of 850,912, making for some of the highest numbers in recent years.

Furthermore, a collection of legal gurus have stated that they believe an even higher percentage of bankruptcies should be expected for 2008 on account of the subprime mortgage crisis that is leaving homeowners no choice but to accept foreclosure. [Read more]

Businesses Face Bankruptcy

Many economists are claiming that the credit crunch is slowing and the housing market improving but the number of bankruptcies is not reflecting these claims. Bankruptcies can be filed by individual or businesses as a way to protect them against any further debt, repossession, and foreclosure. While not preferable for many individuals, businesses are known to file for bankruptcy in an effort to restructure and reorganize.

Filing for Chapter 11 bankruptcy is a way of staying in business while reorganizing its debt obligations. The business will then pay the creditors back over a determined period of time. Even though the company is still in business share holders are still negatively impacted.

Business bankruptcies are just another symptom of the credit crunch caused by the mortgage crisis. Often times the businesses that file of bankruptcy in times of financial difficulties are the ones depending upon the disposal income of its consumers. Tropicana Entertainment has joined a number of companies who have filed for Chapter 11 bankruptcy in the past few months since their customers do not have the cash to spend at the casinos which Tropicana Entertainment owns.

Small businesses were the first to file bankruptcy caused by the current economic crisis followed by the larger institutions. While it is possible to recover from a Chapter 11 bankruptcy many of the mom and pop establishments have to shut down due to the action. With the introduction of the stimulus package checks many financial experts are expecting a surge in consumer buying which may save many businesses facing the possibility of bankruptcy.

Others are more skeptical, however, citing high gas and food prices where they believe many of the checks will go towards.

The fact is that the number of bankruptcies have risen 37% for both businesses and individuals as the economy continues to falter. Bankruptcies for businesses and other commercial ventures rose 56% from a year earlier illustrating the continuing problem.

Recent additions:

• Is Debt Settlement A Solution for You?
• Using Bankruptcy As A Debt Solver - Is It The Right Move?
• What’s The Better Choice To Deal With Debt: Consolidation Or Negotiation
• How You Can Negotiate Lower Debt Payments
• How Much Debt Do You Really Have?

Using Bankruptcy As A Debt Solver - Is It The Right Move?

Often, it seems like your bad debt situation continues to get worse no matter what you try. You may feel like you’ve run out of options and that declaring bankruptcy is the only choice that you can make. If you feel this way, you need to wait and really think about what the consequences will be. Filing bankruptcy can produce some costly effects, both on your credit and your ability to obtain financial assistance later on. [Read more]

Senate Democrats Seek Change in Bankruptcy Law

Democrats in the U.S. Senate are lobbying for legislation designed to prevent home foreclosures from escalating.

The plan is part of legislation called the Foreclosure Prevention Act.  Under the proposal, judges could rewrite the terms of mortgage loans during bankruptcy hearings. [Read more]