Lawyer in Michigan

  As many as 8 million children in the U.S. may be directly affected by foreclosure, according to startling new data reported in   USA Today . Since the foreclosure fiasco began in 2007, an estimated 2.3 million kids have lost their homes to a bank. An additional 3 million children face the same fate because their parents are either already in the foreclosure process or are at risk of foreclosure due to missed payments. As our Tennessee Bankruptcy Lawyers Blog reported earlier this month, a new flood of foreclosures is expected to wash over the market later this year. While moving is never easy on kids, foreclosure in particular can have devastating effects because it impacts kids physically, mentally, and emotionally. As data by the advocacy group First Focus illustrates, children who change schools as a result of a move can see their reading and math scores fall by as much as if they had missed a full month of classes. Kids who move frequently are also 50 percent more likely to drop

  In the past, Americans have tended to put their tax refunds toward family vacations, new cell phones, and other fun indulgences. This year, however, many cash-strapped consumers are spending their checks from Uncle Sam on something a little less frivolous - but potentially more rewarding in the long-run. More than 200,000 Americans hope to apply their refunds toward a bankruptcy filing, according to the National Bureau of Economic Research. Personal bankruptcy filings typically rise around the time when refunds get mailed out, but the surge should be even more pronounced in 2012, reports The Tennessean. While Tennessee bankruptcy usually pays for itself many times over by helping consumers reduce all-consuming debts, it has become significantly more expensive since 2005, when U.S. bankruptcy laws were made more complex in order to prevent bankruptcy abuse. As a result, many of the people who stand to benefit most from bankruptcy - such as families at high risk of foreclosure and swam

  It looks like the days of a homeowner staying in a house for months - or years - after ceasing mortgage payments are coming to a close. Now that a $26 billion settlement with five major mortgage lenders has been approved, banks are ready to get back to the business of repossessing homes, according to a report by CNN Money. Millions of foreclosures had previously been on hold while banks revised their repossession policies following the 2010 robo-signing scandal, in which lenders are accused of allowing employees to sign off on numerous foreclosures without proper documentation. As a result, a large number of delinquent homeowners were permitted to stay in their houses long after they'd made their last payments. The average foreclosure timeline in the U.S. stretched to over a year - and as long as 861 days in Florida and 1,000-plus days in New York. Not any longer. In states where court scrutiny is required for banks to repossess properties,  foreclosures  are already on the rise.

  The good news is that the economy is showing signs of life. The bad news is that the recession has left many of us with so much debt that we won't be able to take advantage of the economic improvement. As The Tennessean reports, home construction, factory output, and employment - all important economic indicators - are on the rise. Meanwhile, consumer borrowing and spending are picking up. Yet one in five families in the U.S. owes more on credit cards, doctor's bills, and other forms of unsecured debt than we have in our savings, according to USA Today. During the recession, many folks were forced to dip into savings and rely on credit card spending to make ends meet.  https://askcompetentlawyer.com/business-torts/   Now we're left with the burden of large and expensive debts - and no cash cushion to serve as a safety net. Since our credit card bills are so high, many of us have no choice but to continue relying on plastic for everyday payments. When you're spending b

  With debt, as with so many other struggles, the first step to finding a solution is identifying what is causing the problem. Tennessee bankruptcy attorneys often observe that - despite the different homes, jobs, and lives of the millions of Americans currently balancing large debt burdens - the root reasons for debt come down to just a handful of scenarios. Bankrate.com recently highlighted the top causes of debt - some within our control, some not. Money Management Often debt accumulates as a result of consumer behaviors. It should come as no surprise that many of us grow up with some degree of financial illiteracy. Schools today don't teach money management. Most of us were raised watching our parents pull out a credit card to make purchases. By the time we're in college, creditors are lining up to give us our first taste of plastic. The result is a lost generation of wayward spenders. It all comes down to simple math: spend more than you earn, and you end up with debt. Per

  If your family's finances are still reeling from the recession, you're not alone. According to new data from the Federal Reserve, median household net worth fell almost 40 percent between 2007 and 2010. At its lowest point, median wealth dropped to 1992 levels. Middle-class families lost the most financial momentum. While the wealth of the richest Americans is often held in bonds and other investments, the wealth of middle-income households is largely tied up in their homes. When real estate values plummeted, so did net worth.  https://askcompetentlawyer.com/money-laundering/   As we mentioned on the   Tennessee Bankruptcy Lawyers Blog   in May, 1 out of 3 homeowners owes more on their house than it's currently worth. In 2007, the American family's median wealth - in other words, the point at which exactly half of all families are worth more and half are worth less - dropped from $126,400 to $77,300. In contrast, the median wealth of the wealthiest 10 percent of Ameri