Are You Smarter Than. . .?

For those of us (this blogger included) who are mathematically challenged, consider this simple equation: 0.8 – 0.4 = Debt.  In September 2011, consumer spending rose 0.8% while personal income climbed 0.4%.  How will American families bridge the gap between the two figures?  We will borrow the money.  And, with personal income growth expected to [...]

By |2017-05-19T23:37:51-05:00November 10th, 2012|General|Comments Off on Are You Smarter Than. . .?

From Whence Does My Help Come?

In a bygone era, the federal government enacted Medicare, Medicaid, Social Security, the Federal Housing Administration, and other programs designed to give ordinary Americans financial assistance.  Even today, some people (most notably President Obama) still share that vision. But, the first phase involved in helping someone is often sympathy with that person’s situation.  During the [...]

By |2017-05-19T23:37:52-05:00October 28th, 2012|General|Comments Off on From Whence Does My Help Come?

Addicted to Debt

For those of us who may have been living in a cave, here is the latest financial news: the United States government has a debt problem.  In fact, one prominent bond manager says that the United States is addicted to debt.  “The U.S., in fact, is a serial offender, an addict whose habit extends beyond [...]

By |2017-02-13T06:08:10-06:00October 6th, 2012|General|Comments Off on Addicted to Debt

Addition and Subtraction

Bank of America recently announced that it would be forgiving the second mortgages of some 150,000 “pre-qualified” homeowners.  Of course, this is fantastic news if you are one of the bank’s hand-picked distressed borrowers.  But what if you were not lucky enough to be selected by the bank’s bean-counters?  Or what if you are one [...]

By |2012-10-02T12:57:05-05:00October 2nd, 2012|General|Comments Off on Addition and Subtraction

Big Brother is Watching…

…but not necessarily watching out for you.  For macroeconomic reasons that this blogger frankly has problems understanding, the government wants higher prices on items like food and energy.  And with wage growth expected to be moderate or unchanged, it doesn’t take a genius to see how American families will make up this difference.  We will [...]

By |2017-05-19T23:37:53-05:00September 17th, 2012|General|Comments Off on Big Brother is Watching…

Bankruptcy Changes

When selecting a bankruptcy attorney, it’s very important to ask about the lawyer’s “exit plan”.  In other words, what will you do for me after I file my voluntary petition? There are a number of perfectly competent bankruptcy lawyers whose eyes will glaze over the moment you begin discussing “cram downs” and “strip offs”.  You [...]

By |2017-05-19T23:37:54-05:00September 2nd, 2012|General|Comments Off on Bankruptcy Changes

Failing to Plan and Planning to Fail

From the world of sports comes an object lesson in financial planning.  You may or may not remember the 2004 Athens Olympics.  Greece spent around $15 billion USD staging these Games.  Now, many of those once-shining venues are in serious disrepair.  Eight years later, Greece’s financial crisis has reached epic proportions and led to the [...]

By |2012-08-22T15:03:10-05:00August 28th, 2012|General|Comments Off on Failing to Plan and Planning to Fail

Prior Bankruptcy Filing?

Although they say that lightning never strikes twice in the same place, it isn’t unusual for multiple financial setbacks to occur to the same family.  If you have filed bankruptcy before, and find yourself in need of bankruptcy protection again, what are your options? The answer, according to the Bankruptcy Code, is almost completely dependent [...]

By |2012-07-25T09:37:50-05:00July 25th, 2012|General|Comments Off on Prior Bankruptcy Filing?

Keeping Up With The Times

Ah, les bons vieux temps ou nous etions si malheureux! Ten years ago about 4% of residential mortgages in the USA were more than 30 days delinquent.  Now, that rate has more than doubled.  Obviously, the Great Recession and the mortgage crisis have affected delinquency figures.  But, in addition, our mindset has changed. Generations of [...]

By |2017-05-19T23:37:58-05:00May 20th, 2012|General|Comments Off on Keeping Up With The Times

Chapter 13 Refinance

Most of us have taken a lot of tests in our lives.  For those homeowners who are trying to get a loan modification, the biggest test you will take is the Net Present Value (NPV) test.  Simply put, the NPV test determines whether the moneylender will make more money if a loan is modified or [...]

By |2012-05-07T14:00:15-05:00May 17th, 2012|General|Comments Off on Chapter 13 Refinance

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