Birmingham, Alabama to file for bankruptcy relief?
Although, there were issues already in place prior to the recession, this potential bankruptcy filing will be the largest governmental filing in our history. The implications and impact of the filing will be quite severe and create a ripple effect on the regional economy. For our fellow fans in Birmingham, buckle up! because this ride [...]
Purchase money security interest includes negative equity
A PMSI, or purchase money security interest, is an interest acquired by a creditor when they extend credit to enable the borrower to acquire particular collateral. Thus, the lender obtains a security interest in the collateral as a condition for their extension of credit. This PMSI is memorialized by a writing. A common example of [...]
Gambling debt can be discharbable
It has become increasingly more frequent that a client of mine has gambling debt on their list of debts owed. Although, this is a debt that must be dealt with separately, it is nonetheless most often a dischargeable debt. The factors that I find most often relevant in advising my client is who the debt [...]
Consumers are 27% more likely to default on their debt. Why?
A very indicative statistic of the times, developed by TransUnion, shows that we as a nation are now 27.6% more like to fall delinquent of 90 days or more on our consumer credit compared to a decade ago. This statistic is measured over a database of 27 million anonymous consumer records by TransUnion. I believe [...]