Reuters is reporting that a leading credit card industry analyst believes that major credit card lenders plan to reduce lines of credit by over $2 trillion over the next 18 months. Consumer liquidity will decline by approximately 45% says Meredith Whitney a banking analyst for Oppenheimer & Company.
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A question we get frequently at our offices in Tampa and in Orlando has to do with the potential impact of a bankruptcy petition on a debtor's immigration status. Miami based immigration lawyer Michael Shane answers this question in a concise and well written article entitled "Effect of Bankruptcy on Naturalization Eligibility," which is published on the Lawyers.com web site.
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The Tampa Bay Business Journal reports that Florida Attorney General's Economic Crimes Division has launched an investigation or filed charges against 10 companies offering Floridians credit counseling, credit repair, credit card rate reduction services, and other debt relief services. This action by the Attorney General arose from more than 1400 complaints regarding debt relief companies who promised services that were not delivered.
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Filed under Preparing for bankruptcy, Scams and Fraud by
Are you required to include all debts when you file for bankruptcy? Our office recently received the following question by email:
I would like to know if I can file a Chapter 13 on my home loan. I am overdue 2 months. I do not want to include credit card debt.
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With the economy in a recession, job layoffs common and prices for necessities rising, it is no surprise that bankruptcy filings across the country are at an all time high. Not surprisingly, our firm frequently receives calls from prospective clients who need to file bankruptcy but who are flat broke.
More on Do I Really Need to Hire a Lawyer to Prepare my Bankruptcy Case?
Filed under Chapter 13, Chapter 7, Preparing for bankruptcy by