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August 2012 Archives

Pew research says middle class has shrunk in the last decade

A new study says that middle class Americans saw a significant drop in income in the last decade. The Pew Research Center says that the median household income for the typical three-person middle class American household dropped nearly $3,500 in the first decade of the 21st century. The calculations in the study were adjusted for inflation.

Some judges on East Coast say flaws exist in credit card debt lawsuits

The idea of "robo-signing" made news during the heyday of the foreclosure scandal. Now, some judges on the East Coast who hear cases involving credit card debt are raising concerns that flaws are showing up in cases--one judge reportedly told the New York Times that an employee of at least one creditor provided generic testimony about the creditors records that amounted to what the judge characterized as "robo-testimony."

What happens in chapter 13 when finances change for the worse?

This blog has discussed many issues surrounding chapter 13 bankruptcy protection. Generally, a chapter 13 bankruptcy case involves a payment plan that people with an income can use to reorganize debt. At the conclusion of the chapter 13 bankruptcy, any outstanding unsecured debt that may remain is generally discharged.

Senators ask CFPB to regulate medical debt and credit reporting

Three United States Senators, including Ohio Senator Sherrod Brown urged the Consumer Financial Protection Bureau to look into medical debt collection and reporting practices. The Senators sent a letter to CFPB Director Richard Cordray earlier this month asking the federal agency to address issues in medical debt collection practices and how medical debt issues are scored on consumer credit reports.

Same-sex couple files for joint chapter 13 bankruptcy

A same-sex couple recently filed a joint bankruptcy petition in Ohio's southern neighboring state. The two were married in New York this past may. But they live in Kentucky, where same-sex marriages are not recognized. The couple filed a joint chapter 13 bankruptcy petition and filed a proposed chapter 13 bankruptcy plan, which reportedly has been confirmed in the bankruptcy proceeding.

Olympic champion Gabby Giffords' mother in chapter 13 bankruptcy

While Gabby Douglas was competing on the world stage at the 2012 London Olympics, news broke that her mother had filed for bankruptcy protection earlier this year to find debt relief. Sources say that Douglas' mother is not the only parent of an Olympian to fall into financial distress. The day before news broke of the chapter 13 bankruptcy case filed by Douglas' mother, news broke that Ryan Lochte's parents are facing foreclosure on the family home.

Employees allegedly steal vintage car during foreclosure process

An East Coast man had been storing his vintage muscle car in the garage at his late mother's home. In March, he went to the garage to take his 1973 Dodge Charger for a ride, but the car was gone. The home was in foreclosure at the time, but the Charger did not disappear for financial reasons. No repo man came to take the car-but a company working for the bank that held the home mortgage may have been involved, according to news reports.

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