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July 2012 Archives

African Americans hit hard by foreclosures

Foreclosures affect people from all ethnic backgrounds, but minority buyers suffered more financial turmoil than other groups. According to new information, the subprime mortgage crisis has disproportionately affected African American homebuyers, of which there are many in Washington, D.C., potentially wiping out previous economic gains and leaving that population at a long-term disadvantage.

Paying off your credit cards before bankruptcy

People who are going through personal bankruptcy often ask their financial advisers whether they should attempt to pay off their credit cards before filing. For example, if an individual had small balances on just a few cards, they wonder whether it would be beneficial to pay off those debts before formally declaring bankruptcy.

Bankruptcy teaches long-lasting lessons

Even years after bankruptcy proceedings, the effects of overspending can be felt acutely in a filer's financial life. Sometimes, people fail to remedy their financial practices, which can lead to continued troubles. Still, personal bankruptcy can be a helpful teacher, according to those who have already been down that path.

'Housewives' star bankruptcy drags on

The first of the "Real Housewives" reality television stars to seek bankruptcy protection, Teresa Giudice, recently discussed the effect her Chapter 7 bankruptcy has had during an episode of the show. The woman and her husband had filed joint bankruptcy requests, which stipulated that each person's assets be considered separately.

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