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Fair housing organizations have filed complaints against U.S. Bank and Wells Fargo alleging discriminatory practices in the marketing and maintenance of foreclosed homes. These complaints were the result of a study that found that foreclosed properties in predominantly white neighborhoods were better maintained and marketed than those in minority neighborhoods. More specifically, foreclosed homes in …

As tax day looms, many wonder the financial impact that taxes will have upon them. It is estimated that Americans will spend an average of 29% of their yearly income paying federal, state, and local taxes this year. This staggering number is more than the average American family spends on food, clothing, and housing expenses …

Ordinarily, receiving a check, in the mail is not associated with filing for bankruptcy. However, a new study out of the University of Chicago, Columbia University, and Washington University in St. Louis has found that there was a seven percent increase in bankruptcy filings after the IRS issued tax refunds. Furthermore, this increase was only …

Bank of America was recently sanctioned (fined) $15,000 for violating the post-discharge injunction. After a debtor receives his or her discharge in bankruptcy, an injunction is issued against any creditor contacting that debtor on any matter relating to the debt that was discharged in the bankruptcy. This gives legal effect to the extinguishment of the …

Discover, the sixth largest credit card company, has reported that consumers appear to be using credit more prudently. The company reports that in the first three months of the fiscal year, consumers have not only increased their credit card usage, they have taken greater steps to manage their debts. While credit card usage was up …

Realty Trac, Inc. has released data that shows that sales of foreclosure properties fell 20% in the third quarter of last year. According to Bloomberg News, legal scrutiny of foreclosure practices has contributed to less lender deals. These properties sold for an average of $165,322 in the third quarter, representing a 34% discount compared to …

In a surprising move, many banks are now paying customers to engage in short sales. Traditionally banks have fought short sales. However, in an effort to get troubled mortgages off of their books, they are now paying $35,000 or more for customers to sell their homes for less than they owe. Banks have realized that …

40 states have agreed to a multi-billion dollar settlement with five of the nation’s largest mortgage-servicing banks as partial compensation for wrongful foreclosure practices. The practices included robo-signing, where foreclosure documents were signed without even cursory review, as well as improper maintenance of mortgage ownership records. The settlements will be divided in the following way: …

In Chapter 13 bankruptcy there is something known as a “hardship discharge.” Basically, if your circumstances merit it, you can be given a discharge in your Chapter 13 case without actually completing your Chapter 13 plan. However, it is very difficult to obtain one of these “hardship discharges.” The requirements are as follows: 1. Your …

There has been much talk of the widening income gap between the poor and the middle class. One of the major reasons for this is that minimum wage remains at the same rate it was at in 2009 – $7.25 per hour. In contrast, prices have risen since that time. As a result, the floor …

Well Fargo has a bad habit of freezing a bank account upon learning that the accountholder has filed for bankruptcy protection. The explanation given is that it preserves the money in the account for the trustee to administer. Accountholders are often surprised and annoyed that they cannot access the money they were planning on using …

The IRS considers certain frequent flyer miles to be a taxable form of income. This tax will not affect all miles earned, only those considered to be a prize or award. Miles that were earned as a “rebate” are not taxable. So it basically comes down to how you got the miles. Currently, miles given …

A class action lawsuit has been filed against JPMorgan claiming that the bank fraudulently misrepresented its interest in thousands on bankruptcy cases by providing false title transfer documents. The lawsuit goes as far as to say the bank engaged in the use of Photoshop to doctor documents showing that it was in the chain of …

Donald Trump and bankruptcy have been associated with each other several times over the years. People are often confused that a man considered to be rich and successful would file for bankruptcy. To be clear, Donald Trump has never filed a personal bankruptcy, only his corporation(s) has. Further, he has used the bankruptcy system to …

Most banks are loan servicers, not loan holders. This means they often do not take any loss on a defaulted loan. Rather, they make their money when they service a loan, or do work relating to it. Bank servicers generally have three options: refinancing, foreclosing or modifying. Under a refinance agreement, servicers recover all costs. …

When discussing your assets with your bankruptcy attorney, one of the easiest to overlook is your tax refund. Taxes are often viewed as money that the government is giving back to you, but in reality, it was always yours, and thus is an asset that needs to be disclosed and protected. Failure to disclose and …

Sometimes unpaid surcharges on traffic citations can result in a loss of driving privileges. Without the ability to lawfully drive your car, life can become difficult and inconvenient very quickly. Luckily, bankruptcy might be able to help. Although government fines and surcharges are generally not dischargeable when the government still holds the claim, government agencies …

The New York Mets have announced that they have hired the assistance of a firm that specializes in so-called “turnarounds” as well as Chapter 11 bankruptcies. This does not mean that bankruptcy is certain, but it does appear to be a realistic possibility. What can you, as a consumer, learn from the actions of this …

Gift cards have been becoming more and more popular gifts. Not only can you find them at the establishments and websites of the companies offering these cards, but you can also find gift cards from the likes of Best Buy or Starbucks at your local grocery store or on Amazon.com. Obviously, it’s now easier than …

The Consumer Financial Protection Bureau (CFPB) is a newly-minted agency designed to look out for the interests of consumers, mainly in the area of mortgage lending. It was created as part of the Dodd-Frank Bill to prevent the kind of lending abuses that contributed to the bursting of the housing bubble. The CFPB is still …