All About Credit Score

A mixed bag of news is coming down the pipeline as Americans struggle to meet the demands of a sluggish, yet potentially recovering economy. With the Labor Department pointing out unemployment ticked up to 9.1 percent in May of 2011 and with Zillow Inc. pointing out about 28 percent of the homeowners are still underwater on their mortgage loans, you might think there isnt any way to paint a rosy picture about the current state of affairs. If you thought that, you would be wrong.

Amazingly, a government report showed last Thursday that housing starts in the United States rose more than expected and permits for future construction touched a five-month high in May. Economists, though, are warning any recovery will be hampered by a glut of pre-owned homes.

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Tags: Mixed Bag, News

One question that many potential bankruptcy filers have is how the bankruptcy court handles inherited money and money that bankruptcy filers expect to receive in the months after their filing. The answer depends on a few variables. Here’s a look at some of them.

• The 180-day rule. One of the most important rules about bankruptcy and inheritance is that funds inherited within 180 days (or about six months) of the filing of a bankruptcy petition are generally considered to be part of the bankruptcy estate. This means that the bankruptcy court has the right to use those funds to repay creditors, pay court fees or do anything else it deems appropriate.
• Date of death. In the case of money inherited from a deceased person’s estate, the date of death will be taken into consideration. If

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Tags: Bankruptcy, Inherited Money

Listing all creditors is important, even if you intend to keep your home, automobile or other item secured with a loan.  If it is a home or auto, as long as you keep up with your payments, you can keep the property.  You may also have to continue to make payments on other items if the item is secured by a “purchase money security interest” in that property.  These are typically debts from Best Buy, Dell, and most jewelry stores. 

With a credit card, there is a good chance the credit card company will not let you keep your card.  If you have a zero balance and they are not listed in your bankruptcy because of this zero balance, they may still cancel your card.

All credit card companies get a list of people who have gone through bankruptcy.  Then the credit card company may cancel your credit cards.  If you are a co-signer or authorized user, going bankrupt will take you off the account.  This means that the balance will fall onto the main or other person on the credit card.

 For additional information visit Chicago Bankruptcy.

Tags: Important, Important When

ABC news released a news article in early June dealing with the top 10 localities for giving pink slips to their employees. Loss of employment or being underemployed are the two leading causes for filing bankruptcies. Being underemployed is when you are working at another job for less than what you have historically earned. Well, good news! Employers passing out pink slips are dropping.

According to a Bureau of Labor Statistics report released at the end of May, the number of mass layoffs (ie. the pink slip given to 50 or more employees at a company), was down by 26 percent in the first quarter in 2011 compared to the first quarter of 2010. This marked the sixth straight quarter where there has been a decline in layoffs.

The good news is slightly tainted with the realization layoffs have been occurring at historically high numbers until the descent.

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Tags: Pink Slips, Slips

Affiliated entities Linden Ponds, Inc. and Hingham Campus, LLC voluntarily filed for chapter 11 protection earlier today in Dallas.  The companies, which are related to Senior Living Retirement Communities LLC (formerly known as Erickson Retirement Communities, LLC), operate Linden Ponds which is a 108-acre continuing care retirement community located inHingham, Massachusetts (approximately 20 miles outside of Boston).  As of March, the community had (a) 988 completed independent living units, 5 of which are units utilized for guest rooms and services, 869 of which are occupied units, resulting in an 87.9% occupancy rate of independent living units; and (b) 132 skilled nursing beds, of which 90 are occupied by residents, resulting in a 68% occupancy rate.  However

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Tags: 11 Protection, Chapter 11, Chapter 11 Protection, Protection