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Student Loans: The Next Credit Bubble

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Due to the whittling away of consumer protections over the past 40 years, student loans remain a large part of our national debt bubble that does not have an immediate release valve.  According to CollegeScholarships.org, outstanding student loan debt currently stands at $829 billion nationally.  Most of the time student loans cannot be discharged in […]

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Property Tax Bills Finally Catching Up With Housing Crisis

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Arizona property-tax bills are in the mail and they finally are reflecting the decline in housing prices across the state.  Many wonder why it took so long for assessments to catch up with the market.  According to an article in the Arizona Republic, there is a two year lag.  The current property-tax bills are just […]

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Bankruptcy & Housing News Round Up

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Bankruptcy Filings Fell 8% in August According to the American Bankruptcy Institute, consumer bankruptcy filings fell 8% in August to 127,028 total filings.  This was in contrast to the month of July, which saw filings increase 9% from June. Month-to-month variations are expected.  Over the course of this year, filings are up from 2009 year-to-date […]

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Can a State Declare Bankruptcy?

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I ran across an interesting article today over at Slate.com, the title of which asks whether California could declare bankruptcy. On a daily basis I try to explain to people that a bankruptcy discharge is really just a permanent injunction issued by a federal court preventing a creditor from suing you on an unpaid debt.  […]

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Medical Bankruptcy Fairness Act of 2009

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I have a received a few questions recently related to a bill in Congress that would make it easier for some individuals to file for bankruptcy.  The bill, S. 1624: Medical Bankruptcy Fairness Act of 2009, would make it easier for those individuals experiencing financial distress due to medical issues to file for bankruptcy protection. […]

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62% of Bankruptcies Are Medically Induced

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Everyone, insured, uninsured, or under-insured should read the front page story from yesterday’s Arizona Republic entitled “Buried in Bills.”  An online version of the article is available here. The article addresses points that I have blogged about before; namely that 1/3 of Americans have medical debt, and that in 2007, about 62% of all bankruptcies […]

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Desperate Lawyers

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An interesting comment popped up to one of my previous posts.  It reads: Loan Modification advisors help you navigate through this complicated industry and its converse regulations. Watch out for unethical companies advertising to provide Loss Mitigation, Loan Modification and stop foreclosure services. Home owners should only use companies that offer 100% Guarantees or use […]

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The Healthcare Debate and Bankruptcy

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Most people can recognize that we have a health care crisis in this country.  As an attorney with my own practice, I have to go out into the private market to purchase my health insurance.  And one might think that a successful attorney would have no problem buying adequate insurance.  That is simply not the […]

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Lenders Avoid Redoing Loans, Boston Fed Concludes

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The Federal Reserve Bank of Boston released a study July 6, 2009, which suggests that the Obama administration’s $75 billion dollar plan aimed at incenting lenders to rewrite delinquent loans is not likely to work.  An excellent discussion of the Boston Fed report appears in today’s Boston Globe (link to article).  According to one author […]

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Michael Jackson and Bankruptcy

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Of all the news circulating this week in the aftermath of Michael Jackson’s untimely death, an article in the Wall Street Journal today caught my eye.  The article discussed briefly the 1999 bankruptcy of Jackson’s parents, who had amassed an estimated $24 million dollars in debt and were forced into a Chapter 7.  This is just a […]

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