Court Ruling Requires Credit Bureaus To Wipe Away Bills Incurred Before Bankruptcy

In the following new article in the Wall Street Journal, Jane J. Kim describes the recent court ruling in California requiring  credit bureaus to remove debts incurred before the filing of a chapter 7 bankruptcy. Up to the present time, debtors have had to rely on creditors to remove the debts after a bankruptcy filing. Hopefully, Bankruptcy Courts in both Oregon and Washington will quickly follow suit. So that the burden of credit report cleanup can be placed firmly on the credit bureaus

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Posted in After Bankruptcy, Bankruptcy in the News  |  By: Thomas McAvity

Bankruptcy Law Reform’s Legacy

The following article by John Greenya provides a frightening overview of the greed and incompetence which produced the enactment of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 on the eve of its three year anniversary.

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Posted in Bankruptcy in the News  |  By: Thomas McAvity

Bankruptcy and Senior Citizens

The article below details the relationship between age and its accompanying financial problems confronting seniors. The rise in bankruptcy filings is obviously expected to increase exponentially in the coming years.

The Florida Times-Union

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Posted in Bankruptcy in the News  |  By: Thomas McAvity

Desperate debtors are ripe targets

chicagotribune.com

Desperate debtors are ripe targets

Promises to wipe credit slate clean often prove empty

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Posted in Bankruptcy in the News  |  By: Thomas McAvity

Digging Deeper into Debt

 July 20, 2008
New York Times
By GRETCHEN MORGENSON

The collection agencies call at least 20 times a day. For a little quiet, Diane McLeod stashes her phone in the dishwasher.

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Posted in Bankruptcy in the News  |  By: Thomas McAvity

Pay Days Loans in Oregon

 Oregon’s payday lenders all but gone
Quick cash - Consumer advocates claim a victory but fear residents will turn to such lenders on the Web
Sunday, July 06, 2008

BILL GRAVES
The Oregonian Staff
Oregon’s payday lending industry shrank dramatically in the year since the state cracked down on the short-term lenders’ soaring interest rates.

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Posted in Bankruptcy in the News  |  By: Thomas McAvity

Busy Times for Bankruptcy Lawyers

Busy times for bankruptcy lawyers By Katie RyanInside Tucson Business  Much like the proverbial elephant in the room, bankruptcy is something that is thought about, but seldom discussed. According to U.S. Bankruptcy Court statistics, the number of bankruptcy filings rose by nearly 40 percent from 2006 to 2007. While many local businesses are feeling the toll of the sluggish economy, business is booming for bankruptcy lawyers.

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Posted in Bankruptcy in the News  |  By: Thomas McAvity

Obama Proposes Bankruptcy Law Changes

By AARON GOULD SHEININAtlanta Journal-ConstitutionPublished on: 07/08/08 Barack Obama moved Tuesday to paint the 2008 presidential election in stark terms of rich vs. poor, and fat cats vs. struggling families. 

In a 15-minute speech before 2,700 screaming supporters at McEachern High School in Powder Springs, Obama unveiled a pair of new proposals aimed at easing bankruptcy laws for military families and for seniors.

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Posted in Bankruptcy in the News  |  By: Thomas McAvity

Obama and Bankruptcy Reform

In Powder Springs, Ga., today, Democratic presidential candidate Barack Obama will propose “changing bankruptcy laws to ‘fast-track’ the process for military families, help seniors keep their homes, and protect people recovering from natural disasters,” the Associated Press writes.  Obama campaign spokesman Bill Burton has sent reporters this summary of what his boss will be suggesting:  • Reform bankruptcy laws to protect families facing a medical crisis. Half of all personal bankruptcies today are caused in part by medical expenses. That will change when Obama is president. If you can demonstrate that you went bankrupt because of medical expenses, you’ll be able to relieve that debt and get back on your feet.   • Support older Americans facing financial hardship. Obama will help our seniors who fall into bankruptcy keep more of the value of their homes by increasing the homestead exemption to the median value of a home in their state.   • Help victims of natural disasters recover financially. Obama will help families who are recovering from a natural disaster by streamlining the bankruptcy process for them and enacting a temporary moratorium so that these families don’t have to worry about collectors at a time when they’re just trying to rebuild their lives.   • Protect military service members and their families. If you’re protecting America, America should be protecting you from unfair bankruptcy laws. That’s why Obama will create a “fast-track” bankruptcy process for military families, simplifying the steps and offering greater safeguards.   • Enact a comprehensive consumer protection agenda. In November, Obama proposed a plan to help families who are mired in debt, including greater transparency in credit card lending and a Credit Card Bill of Rights that will protect consumers at a time when more and more are depending on credit cards to cope with rising prices.  

Posted in Bankruptcy in the News  |  By: Thomas McAvity