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June 2014 Archives

Understanding personal bankruptcy

Residents in the Washington, D.C., area who are feeling overwhelmed by outstanding bills may benefit from learning more about how the benefits and consequences of claiming bankruptcy. Understanding the difference between Chapter 7 and Chapter 13 bankruptcy has been instrumental in successfully solving many people's debt problems. Chapter 13 is sometimes referred to as a 'wage earner's plan", while Chapter 7 bankruptcy is more akin to a liquidation.

Supreme Court rules creditors can reach inherited IRA

Washington, D.C., residents who are seeking to discharge debt in bankruptcy may be interested in a decision that has come down from the Supreme Court. The ruling concerns whether or not inherited retirement funds can be protected from creditors in bankruptcy proceedings.

Debt collectors filing lawsuits to collect

Residents of Washington, D.C., who have experience with debt collectors may be interested in a tactic that some are reportedly employing to make collections. According to consumer advocates, many agencies have taken to filing lawsuits against people who owe, and their strategy works best when people who are sued don't show up for court to defend themselves.

Foreclosures dropping, but market recovery slow

While foreclosures are dropping in Washington, D.C., and across the nation, the numbers are still more than twice as high as they were before the economic crisis started in 2008. From 2000 to 2006, the number of foreclosures averaged around 21,000 a month. In April 2014, CoreLogic, a firm that records housing information, reported 46,000 foreclosures. The company considers a foreclosure for this purpose to be a residence that is actually repossessed by the lien holder.

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