Recently the 8th Circuit Federal Bankruptcy Appellate Panel upheld a Minnesota bankruptcy court’s discharge of $300,000 in student loans, even though the debtor’s husband was paying for a newly installed screened-in deck and had just purchased a luxury Chevrolet Suburban. In this case, In re Walker, 2010 WL 1407769 (8th Cir. BAP April 9, 2010),… Continue Reading
Five Tips to Avoid Problems Under the New Credit Card Laws
tips to avoid the predatory practices of the credit card companies under the new laws… Continue Reading
Wisconsin Bankruptcy Filers Gain Protections
Wisconsin residents gained extra protections on Tuesday, when Governor Doyle signed SB 259. The bill increased exemptions for homes, household goods, cars, and bank accounts. In other words, bankruptcy filers can protect more of their assets. The article below describes the changes. Governor signs bill allowing higher property exemptions levels in Wisconsin By Cale Battles,… Continue Reading
Free Credit Reports – The Only Source
This is a great spoof produced by the Federal Trade Commission to let people know the only way to get a free credit report is at annualcreditreport.com… Continue Reading
Credit Report Myths
This information is from FreeCreditReport.com. You know the people advertising a free service that costs money. With today’s tightened lending requirements, credit is harder to come by. So 750 is the new 720 — when it comes to an above-average credit score, that is. Whether you’re thinking of refinancing your mortgage, purchasing a new home,… Continue Reading
Wisconsin Looks to Increase Exemption Limits
Four bills are currently pending in the Wisconsin Legislature that would provide a long-overdue inflation correction to various property exemptions in Wisconsin. Exempt property is property that individuals can keep from execution (seizure) by judgment creditors or a bankruptcy trustee. Debtors are not allowed to exempt property from mortgages, voluntary security interests or statutory or… Continue Reading
Bill Introduced to End Employment Discrimination Based on Credit History
Last week Senator Lena Taylor introduced a bill to prohibit employment discrimination based on credit history. The Act will amend Wisconsin State Statute Section 111.31 to add credit history to the list of protections. Here is the text of the bill: http://www.legis.state.wi.us/2009/data/SB-275.pdf… Continue Reading
Bankruptcy Filings at Highest Levels in Five Years
Last month, 126,434 Americans filed for bankruptcy — the highest monthly total since landmark changes enacted five years ago — and the number could hit 1.4 million by the end of the year, Bloomberg writes. The increases march in lock step with unemployment, home foreclosures and tighter credit. The data come from the American Bankruptcy… Continue Reading
Plastic Safety Net – The Truth Behind Credit Card Debt
As the recession continues to squeeze financially vulnerable American households, they are turning to credit cards to make ends meet, according to “The Plastic Safety Net: How Households are Coping in a Fragile Economy,” a new report published today by Demos, a national research and policy center. This is Demos’ second national survey examining credit… Continue Reading
“Swipe Fee” Consumer Protections Sought
In the current market, swipe fees are set in secret and hidden from consumers’ view, but passed along in what critics have dubbed a “shadow tax.” These fees average about 2% in the U.S., the highest in the industrialized world. The Credit Card Fair Fee Act would provide limited antitrust immunity to groups of merchants… Continue Reading