Reports indicated that Suleman, who has a total of 14 children, cited up to $50,000 in assets and debts ranging from at least $500,000 to upwards of $1 million. Her debtors include Verizon Wireless, Southern California Edison, the Department of Motor Vehicles, DirecTV, the water department of the city of La Habra, her father, a gardener, Sylvan Learning Center and a private school, to name a few.
In recent developments, it appears as if the fresh financial start offered by bankruptcy may no longer be an option for Suleman as the bankruptcy court threw out her case just yesterday.
]]> According to sources, Suleman's original bankruptcy petition failed to include at least a dozen mandatory financial statements/documents. The bankruptcy court subsequently gave her until this past Monday to rectify this situation. However, after the deadline passed without submission of the necessary documentation, her case was dismissed.It remains unclear as to why these documents were never submitted.
The dismissal of the bankruptcy case is significant because it results in the automatic stay being lifted, meaning her creditors are free to reinitiate contact and seek payment on debts owed. In addition, the previously postponed foreclosure sale of her home may now proceed.
For those unfamiliar with Chapter 7 bankruptcy, it is essentially a process whereby a bankruptcy trustee will collect and liquidate some of the person's assets. The income earned through the sale of these assets will then be applied to the person's unsecured debts and any remaining balance will be discharged.
Stay tuned for further developments on this interesting story from our Phoenix bankruptcy blog ...
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Sources:
The Orange County Register, "'Octomom' bankruptcy thrown out of court," Lou Ponsi and Doug Irving, May 15, 2012
The Orange County Register, "'Octomom,' mom of 14, files for Chapter 7 bankruptcy," Lou Ponsi and Doug Irving, April 30, 2012
]]>According to The Arizona Republic, there were approximately 1,999 bankruptcy filings in the Phoenix-area during April 2012 as compared with 2,748 bankruptcy filings in April 2011, a 27 percent decline. In addition, bankruptcy filings for April 2012 were four percent lower than for March 2012.
Regarding the entire state, there were approximately 25 percent fewer bankruptcy filings in Arizona during April 2012 as compared with April 2011, and 3 percent fewer bankruptcy filings in April 2012 as compared with March 2012.
(Chapter 7 filings were found to comprise 87 percent of April's bankruptcy filings here in the Phoenix metro area.)
]]> Experts believe that the primary reasons for the relatively steady decline in bankruptcies across Arizona -- filings have declined for 15 straight months on a year-over-year basis -- are an improving economy, lower unemployment rate, greater extension of loans by lenders and a continued focus on cutting costs."Families and business continue to cut costs to improve their financial stability," said Samuel J. Gerdano, executive director of the American Bankruptcy Institute. "As consumers and business remain committed to bolstering their balance sheets, bankruptcy filing rates will continue to decrease."
For those who may not know the difference between Chapter 7 and Chapter 13, we offer the following brief explanation
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
Stay tuned for further developments from our Phoenix bankruptcy blog ...
The following post is for informational purposes only and is not to be construed as legal advice.
Source:
The Arizona Republic, "Phoenix-area bankruptcy filings decline in April," Russ Wiles, May 7, 2012
]]>According to reports, Suleman, who has a total of 14 children, cited up to $50,000 in assets and nearly $1 million in debts in her bankruptcy petition.
In recent developments, it now appears that Suleman, 36, may also be having housing issues, as an auction of her four-bedroom, three-bathroom house in La Habra was scheduled to take place this past Monday.
Fortunately for her, the foreclosure company requested to postpone the auction for two weeks, giving Suleman and her children a brief reprieve.
]]> Interestingly, Suleman entered into a rather unusual arrangement with the original owner of the home, Amer H.Specifically, the two entered into an arrangement known as an all-inclusive trust deed, whereby Suleman -- the holder of the deed -- would make monthly payments to Amer H., who in turn would make the mortgage payments.
However, Suleman fell behind on her payments by 11 months and, therefore, Amer H., missed mortgage payments and the house entered into foreclosure proceedings.
Amer H. -- who is listed as being owed over $30,000 in Suleman's bankruptcy filing -- appears embittered over the current state of affairs and blames Suleman for harming his credit.
"They do not deserve it, these people," he said in reference only to Suleman and her father. "I helped them as much as I could. I feel sorry for the kids, but Nadya doesn't deserve [the house]."
The foreclosure sale is scheduled to take place on May 21 at Orange City Hall. It was previously postponed for undisclosed reasons.
Stay tuned for further developments on this interesting story from our Phoenix bankruptcy blog ...
If you would like to learn more about stopping foreclosure and/or Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Sources:
The Orange County Register, "'Octomom' house sale delayed again," Michael Mello, May 7, 2012
The Orange County Register, "'Octomom,' mom of 14, files for Chapter 7 bankruptcy," Lou Ponsi and Doug Irving, April 30, 2012
]]>Unfortunately, there are still unscrupulous business entities/law firms looking to take advantage of those people seeking some type of financial assistance in this improving climate. For instance, those with problematic credit seeking to purchase homes, those looking for help with fighting the effects of foreclosure and those looking for loan modification services are often favored targets.
Specifically, these unscrupulous business entities/law firms -- which can vary in the size and sophistication of their operations -- will often ask these people for large upfront fees only to offer little or nothing in return.
"It's a terrible situation. The people in society who can least afford to lose money are the ones [criminals] go after," said Arizona Attorney General Tom Horne. "The real issue is the upfront fee. There are questions of paying fees at all. But it is flatly illegal to charge a fee to modify a mortgage."
]]> Interestingly, Attorney General Horne indicated that complaints to his office about upfront fees have risen since February, when the state received $1.6 billion as part of the $25 billion settlement reached between the 50 states and five major mortgage lenders over allegations that they relied upon faulty procedures to foreclosure upon thousands of homes.Here, unscrupulous business entities/law firms eager to cash in on the settlement may contact homeowners and promise them services (loan modification, foreclosure assistance, etc.) in exchange for upfront fees.
However, the Arizona Attorney General's Office is warning consumers that only those with loans with one of the five mortgage lenders (Bank of America, Citigroup, Ally Financial (formerly GMAC), JPMorgan Chase and Wells Fargo) are eligible for settlement relief, and that representatives from these institutions will be contacting eligible homeowners about assistance over the next few months.
In general, Attorney General Horne advises consumers not to provide any type of upfront fees, investigate the company making the offer before entering into any type of agreement and to contact his office with any questions -- particularly if the offer/upfront fee is connected to mortgage relief.
Stay tuned for further developments from our Phoenix bankruptcy blog ...
If you are facing foreclosure, you should strongly consider contacting an experienced bankruptcy attorney to learn more about your rights and your options under Chapter 13 bankruptcy.
This post is for informational purposes only and is not to be construed as legal advice.
Source:
The Arizona Republic, "Upfront fee for loan aid is a red flag," Robert Anglen, May 5, 2012
]]>According to reports, Suleman, who has a total of 14 children, cited up to $50,000 in assets and nearly $1 million in debts. Her debtors include Verizon Wireless, Southern California Edison, the Department of Motor Vehicles, DirecTV, the water department of the city of La Habra, her father, a gardener, and a private school, to name a few.
"I have had to make some very difficult decisions this year, and filing Chapter 7 was one of them," said Suleman through a released statement. "But I have to do what is best for my children, and I need a fresh start."
]]> For those unfamiliar with Chapter 7 bankruptcy, it is essentially a process whereby a bankruptcy trustee will collect and liquidate some of the person's assets. The income earned through the sale of these assets will then be applied to the person's unsecured debts and any remaining balance will be discharged.Unfortunately, it also appears that Suleman, 36, may be having housing issues, as she is listed as owing over $30,000 to Amer H., the man who previously owned the four-bedroom, three-bathroom house in which she currently resides.
Evidently, the two entered an arrangement known as an all-inclusive trust deed, whereby Suleman -- the holder of the deed -- would make monthly payments to Amer H., who in turn would make the mortgage payments.
However, Suleman fell behind on her payments by 11 months and, therefore, Amer H., missed mortgage payments and the house entered into foreclosure proceedings.
Stay tuned for further developments on this interesting story from our Phoenix bankruptcy blog ...
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Source:
The Orange County Register, "'Octomom,' mom of 14, files for Chapter 7 bankruptcy," Lou Ponsi and Doug Irving, April 30, 2012
]]>Specifically, the company -- whose Betsey Johnson stores can be found in shopping malls throughout the United States, including nearby Scottsdale -- filed for Chapter 11 bankruptcy, citing $4.1 million in debt and "severe liquidity problems." The company's largest creditors include Haskell Jewels, FedEx and American Express.
For the uninitiated, Chapter 11 bankruptcy is a form of bankruptcy in which a business proposes a reorganization plan that outlines how it plans to keep its operations running smoothly and pay off creditors over the course of time.
In documents filed with the U.S. bankruptcy court, Betsey Johnson LLC sought approval of $2.5 million in Debtor-in-Possession (DIP) financing, which would serve the purpose of keeping the company's operations afloat until a buyer or liquidator is found.
]]> Unfortunately, analysts are predicting that the bankruptcy filing will more than likely result in the closure of most of the brand's 63 stores, save for a few flagship locations in New York City and other key locations. In all, this could result in the loss of 350 to 400 jobs.According to Steve Madden -- who purchased the intellectual rights to the brand back in 2010 -- the company will continue to be supported by his group and all existing orders will be filled. In addition, Madden indicated that even though the stores are closing, Johnson herself -- known for her vision, style and eccentricity in the fashion world -- will continue to design, and sell her brand at the remaining stores and in high-end department stores.
"While this particular licensee may be closing, the Betsey Johnson brand is stronger than ever, with a thriving wholesale business across a range of product categories," said Madden. "As the owners of the Betsey Johnson brand, we at Steve Madden remain firmly committed to Betsey Johnson -- the designer, her vision and our growing wholesale business - which is up over 50 percent so far for 2012."
Stay tuned for more from our Phoenix bankruptcy blog ...
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Sources:
Forbes, "Betsey Johnson LLC has filed for bankruptcy protection," Hannah Elliot, April 26, 2012
The Wall Street Journal, "Betsey Johnson files for Chapter 11," Dana Mattioli and Katy Stech, April 26, 2012
]]>Interestingly, First Focus -- a Washington, D.C.-based advocacy group dedicated to helping families -- recently released a study examining the effect of the foreclosure crisis on children.
The results of the study reveal that many more children have been affected by the foreclosure crisis than we would perhaps like to believe -- approximately one in ten to be exact.
]]> Breaking the numbers down, the researchers determined that roughly 2.3 million children once lived in homes that were lost to foreclosure; 3 million are currently living in homes that are in the foreclosure process or are on the brink of foreclosure due to missed payments; and 3 million children currently live in rental houses on the brink of foreclosure or have lived in rental houses that were lost to foreclosure.(The researchers also determined that 14 percent of children here in Arizona were affected by foreclosure, the third highest rate behind Nevada (19 percent) and Florida (15 percent).)
"Children are often the invisible victims of the foreclosure crisis," said Julia Isaacs, one of the primary authors of the study and a senior fellow at the Urban Institute's Labor, Human Services and Population Center.
According to the researchers, there are several unfortunate consequences of children being evicted from their homes, including the development of health problems, arrested development and decreased academic performance.
Perhaps the most alarming finding of the study is that researchers only examined U.S. Census Bureau data on home mortgage loans from 2004 to 2008. This means that the number of children affected by foreclosure may be even higher than these figures indicate and will likely continue to climb even higher as the glut of foreclosures is processed over the next few years.
If you are facing foreclosure, you should strongly consider contacting an experienced bankruptcy attorney to learn more about your rights and your options under Chapter 13 bankruptcy.
This post is for informational purposes only and is not to be construed as legal advice.
Stay tuned for further developments from our Phoenix bankruptcy blog ...
Source:
CNBC, "Report Estimates 8 Million Children Hurt by Foreclosures," Julie Schmit, April 19, 2011
]]>While this may seem hard to believe, a 2009 Sports Illustrated story estimated that up to 78 percent of NFL players are in financial peril or bankrupt within two years of the end of their playing career, while 60 percent of NBA players are in financial peril or bankrupt within five years of the end of their playing career.
However, the issue certainly isn't confined to football and basketball. Consider this short list of very famous professional athletes who have filed for bankruptcy over the years:
Typically, financial experts point to the following factors:
These same financial experts indicate that many athletes can help ensure financial stability by retaining the services of a team of independent advisors -- insurance expert, certified public accountant, attorney, etc. -- to help manage their finances and by simply making an effort to manage their finances wisely.
Stay tuned for more from our Phoenix bankruptcy blog ...
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Source:
USA Today, "Pro athletes often fumble the financial bill," Russ Wiles, April 22, 2012
]]>Interestingly, another recently published study reveals that an even younger generation of Americans -- college students -- are currently struggling with another form of financial hardship: credit card debt.
According to a study published in the latest edition of the International Journal of Business and Social Science by researchers from five universities, 70 percent of college students in the U.S. have credit cards and over 90 percent of them are carrying monthly credit card debt.
In addition, the study revealed that many college students were lacking an understanding of the basic terms governing their credit cards.
]]> Specifically, the researchers determined the following after surveying 725 college students in 2009:"Our students lacked even basic financial knowledge of a common credit tool that many of our students used every day," concludes the study. "There is no way to describe these results as a success in education of financial literacy."
Hopefully, the results of the study will foster a movement toward improved financial literacy on campuses across the U.S.
What are your thoughts on this study? Do you think it's an accurate representation of most college students?
If you would like to learn more about debt relief or stopping creditor harassment, take the time to speak with an experienced legal professional.
Stay tuned for further developments from our Phoenix bankruptcy blog ...
The following post is for informational purposes only and is not to be construed as legal advice.
Source:
Fox Business, "Survey: Students fail the credit card test," Martin Merzer, April 16, 2012
]]>Compounding this problem further is the fact that the economy is still on less than solid ground, meaning unemployment rates are still high and many young people are taking lesser paying jobs.
While it may seem as if things can't get much worse, recent reports indicate that this crippling student loan debt and current state of the job market are also having a negative impact on the U.S. housing market.
]]> Specifically, financial researchers have determined that while the costs of attending college and universities continues to skyrocket, the average wage of young workers has declined rather significantly.To illustrate:
"The explosion in student debt is a development that calls for a lower homeownership rate," said Pierre Lapointe, a financial strategist.
In other words, these experts believe that young people will have to devote a significant portion of their already limited income to their student loans as opposed to a mortgage. In fact, these high levels of student loan debt may prevent many young people from even qualifying for a mortgage.
It remains to be seen if our economy's gradual recovery will help rectify this unfortunate scenario...
If you would like to learn more about debt relief or stopping creditor harassment, take the time to speak with an experienced legal professional.
Stay tuned for further developments from our Phoenix bankruptcy blog ...
The following post is for informational purposes only and is not to be construed as legal advice.
Source:
Bloomberg, "Explosion in student loan debt drags down housing," David Wilson, April 16, 2012
]]>Specifically, at the April 3 auction for Yavapai Downs, the winner was Gary Miller, the former president of the Arizona Horseman's Benevolent & Protective Association, who made the high bid of $3.25 million.
However, the United States Department of Agriculture (USDA) ultimately rejected this high bid and a subsequent offer by Miller to increase his high bid by $250,000. Instead, agency officials indicated that they would attempt to negotiate with the next highest bidder, Texas horse enthusiast Joe Davis, who originally bid $3 million at the Yavapai Downs auction.
Now, it appears that the USDA's self-imposed deadline of reaching an agreement with Davis -- the afternoon of Thursday, April 12 -- has come and gone with no deal. As a result, the fate of Yavapai Downs is once again up in the air.
]]> At this juncture, it remains unclear whether Davis increased his initial offer during the negotiations with the federal government.While it may seem strange that the USDA can effectively control any sale, the agency apparently has the last word due to the fact that it holds $14.7 million in loans on the Yavapai Downs facilities.
Experts agree that USDA officials will now likely meet with the presiding bankruptcy judge and bankruptcy trustee to determine how to proceed. Some of potential options include foreclosing on the track, continuing negotiations or perhaps having the trustee voluntarily convey the Yavapai Downs facilities to the USDA.
Located in Prescott Valley and owned by Yavapai County Farm & Agriculture Association, Yavapai Downs filed for Chapter 7 liquidation in July 2011, listing $15.4 million in liabilities and $24 million in assets.
These assets consist primarily of the Yavapai Downs facilities, which include 300 acres of land, a grandstand measuring four-stories in height, a mile-long racetrack and stabling facilities for over 1,100 horses.
They also consist of the Prescott Valley Raceway (located adjacent to Yavapai Downs), the Yavapai County Fairgrounds (comprised of eight separate parcels of land 125 acres in total size), and millions of dollars in equipment.
The Arizona Horseman's Benevolent & Protective Association is once again imploring the USDA to accept Miller's offer, arguing that by doing so they will save jobs and prevent Yavapai Downs from deteriorating -- something they say is already occurring as the roof is leaking and the electricity is shut off.
Stay tuned for further developments on this interesting story from our Phoenix bankruptcy blog ...
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Sources:
The Arizona Republic, "Feds reject 2nd deal for Prescott racetrack" April 13, 2012
The Daily Courier "Racetrack files financial documents in bankruptcy case" Aug. 3, 2011
]]>According to the report, the total number of U.S. homes receiving a foreclosure filing -- including auction, default and repossession notices -- during the first quarter was 572,928. This constitutes a decrease of two percent from the previous three months and 16 percent from the same time last year.
RealtyTrac once again identified state investigations, increased judicial oversight and the foreclosure freeze -- originally instituted by the major mortgage lenders following revelations that they may have relied upon faulty procedures and/or deficient information to foreclose upon thousands of homes -- as some of the factors behind the steep decline in foreclosure filings.
However, RealtyTrac also warned that this drop is likely only temporary and that foreclosure rates will likely start to climb well into 2012.
The reason?
]]> The historic $25 billion settlement agreement between the attorneys general of more than 40 states, federal officials and five major mortgage lenders (Wells Fargo, JPMorgan Chase & Co., Bank of America, Ally Financial and Citigroup) essentially cleared the way for foreclosures to resume in earnest so long as certain requirements are met. Consequently, many more foreclosure cases will soon be making their way through the pipeline."The low foreclosure numbers in the first quarter are not an indication that the massive reservoir of distressed properties built up over the past few years has somehow miraculously evaporated," said RealtyTrac CEO Brandon Moore. "The dam may not burst in the next 30 to 45 days, but it will eventually burst, and everyone downstream should be prepared for that to happen."
In addition, the RealtyTrac report found that Arizona had the third highest foreclosure rate in the nation in the first quarter of 2011 with one notice for every 106 homes. Similarly, Arizona was found to have the sixth highest number of foreclosure filings in the nation with 26,956 homes receiving some type of notice.
If you are facing foreclosure, you should strongly consider contacting an experienced bankruptcy attorney to learn more about your rights and your options under Chapter 13 bankruptcy.
This post is for informational purposes only and is not to be construed as legal advice.
Stay tuned for further developments from our Phoenix bankruptcy blog ...
Source:
Bloomberg, "Foreclosure filings decline in U.S. to lowest since 2007," Dan Levy, April 12, 2011
]]>Specifically, the Arizona House of Representatives voted 33-26 to pass House Bill 2664 (HB 2664). The measure, sponsored by Rep. Jeff Dial (R-Chandler), calls for the following:
One vocal opponent of HB 2664 is Rep. Debbie McCune Davis (D-Phoenix) who is arguing that bill would empower -- and embolden -- debt collection agencies in their efforts to unjustly secure past due payments.
"If [HB 2664] passes, a debt buyer would be able to sue a person with little evidence," reads a statement on her website. "The lawsuit could proceed if the company had something as simple as a spreadsheet showing a name and an alleged amount due or a generic credit card agreement -- even if the debt has already been paid or dismissed."
Interestingly, Rep. McCune Davis has also filed a complaint with the Arizona Secretary of State's Office, alleging impropriety in the passage of HB 2664.
Specifically, she is arguing that the state Senate Banking and Insurance Committee -- which originally rejected HB 2664, but later passed it 4-2 after reconsideration -- was unduly influenced by an unregistered lobbyist.
Stay tuned for further developments from our Phoenix bankruptcy blog ...
The following post is for informational purposes only and is not to be construed as legal advice.
If you would like to learn more about debt relief or stopping creditor harassment, take the time to speak with an experienced legal professional.
Source:
Courthouse News, "Credit card companies get kiss from Arizona," Jaime Ross, April 9, 2012
]]>Located in Prescott Valley and owned by Yavapai County Farm & Agriculture Association, Yavapai Downs filed for Chapter 7 liquidation in July 2011, listing $15.4 million in liabilities and $24 million in assets.
These assets consist primarily of the Yavapai Downs facilities, which include 300 acres of land, a grandstand measuring four-stories in height, a mile-long racetrack and stabling facilities for over 1,100 horses.
They also consist of the Prescott Valley Raceway (located adjacent to Yavapai Downs), the Yavapai County Fairgrounds (comprised of eight separate parcels of land 125 acres in total size), and millions of dollars in equipment.
The auction for Yavapai Downs was held last Tuesday and the high bidder was none other than Gary Miller, former president of the Arizona Horseman's Benevolent & Protective Association, with a bid of $3.25 million.
Interestingly enough, the United States Department of Agriculture (USDA) filed records with the bankruptcy court last Friday rejecting Miller's high bid and indicating that it would attempt to negotiate with the next highest bidder.
]]> Specifically, the USDA stated that it will be conducting negotiations through this Thursday afternoon with Joe Davis, a Texas horse enthusiast, who originally bid $3 million at the Yavapai Downs auction.Miller told a local newspaper that he was contacted by USDA officials last week and told that his bid was simply not high enough. He indicated that he offered an additional $250,000, but that this too was rejected.
"I was shocked and saddened," he said. "It is not a good day for racing."
While it may seem strange that the USDA can effectively veto the sale, the agency apparently has the last word of any sale due to fact that it holds $14.7 million in loans on the Yavapai Downs facilities.
According to experts, the decision to delay the sale date all but guarantees that there will be no racing season in Prescott Valley this year.
Specifically, the longer Yavapai Downs sits idle, the greater the likelihood that owners, trainers and jockeys will leave Arizona looking for competition.
"The USDA has its head in the sand if it thinks this thing is going to sell for more," said Tom Metzen, the executive director of Arizona Horseman's Benevolent & Protective Association, of its rejection of Miller's $3.5 million offer.
Stay tuned for further developments on this interesting story from our Phoenix bankruptcy blog ...
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Sources:
The Arizona Republic, "Yavapai Downs $3.25M bankruptcy sale vetoed by feds" April 8, 2012
The Daily Courier "Racetrack files financial documents in bankruptcy case" Aug. 3, 2011
]]>Specifically, an informal study performed by MSN Money and the website CardRatings.com discovered that almost 75 percent of Americans are now either cutting back on the use of their credit card or keeping their spending levels static.
Furthermore, the study revealed that of the more than 25 percent of people who are spending more on their credit cards, over half are only doing so to cover basic needs/living expenses.
]]> Both websites posted the following question from January through March: Are you spending more on your credit cards lately?"The responses of over 10,664 participants broke down as follows:
Why are consumers spending less on their credit cards or, more specifically, less on more enjoyable items?
Experts believe that the recent recession forced many people to closely examine their spending habits and focus more on paying down as much debt as possible to create a safety net, a trend that has since carried over.
In addition, they also point to the phenomenon of "involuntary deleveraging" in which many cardholders -- often with excellent credit scores -- saw their credit limits drop as lenders sought to cut costs and minimize risk.
Stay tuned for more from our Phoenix bankruptcy blog ...
If you would like to learn more about Chapter 7 bankruptcy or Chapter 13 bankruptcy, take the time to speak with an experienced legal or financial professional.
The following post is for informational purposes only and is not to be construed as legal advice.
Source:
Fox Business, "Are we using credit more but enjoying it less?" March 30, 2012
]]>