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June 2013 Archives

Medical costs lead to high bankruptcy numbers

As medical costs continue to rise in Washington, D.C., and elsewhere, an increasing number of Americans are facing personal bankruptcy because of their health problems. Newly released statistics show that some 1.7 million Americans filed for bankruptcy because of their pressing medical bills. In fact, health costs are now the single largest contributor to such serious financial woes, outpacing mortgages, credit card balances and a variety of other debts.

You may still owe after foreclosure

The Great Recession caused serious upheaval in the housing market. With scores of Washington, D.C., residents losing their homes to foreclosure, confusion about the process abounded. Now, more Americans are facing lawsuits and other court actions associated with their foreclosure cases, even years after they have vacated their homes.

How helpful are high school finance classes?

As Americans attempt to recover from the Great Recession and its accompanying flood of personal bankruptcy claims, more borrowers are considering how to prevent a similar economic downturn in the future. A key component of national financial responsibility is personal financial responsibility, according to most experts. A large group of advocates is now pushing for increased financial education in high school, a move that could grow a generation of fiscally responsible adults.

CNET billionaire files for bankruptcy

The former owner of a billion-dollar dot-com venture has found himself in financial straits that are forcing him to declare Chapter 7 bankruptcy. Halsey Minor, a native of Charlottesville and graduate of the University of Virginia, is claiming a whopping $100 million in liabilities with just $50 million worth of assets, according to news reports. Minor sold his company, CNET, to CBS Corp. in 2008 for $1.7 billion.

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