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Housing Market Problem Lingers (The Frederick News-Post)
Twenty-seven foreclosures are listed today in The Frederick News-Post. It's not the highest number -- one day this spring had 30 -- but it reveals that problems continue to simmer in the housing market.
Everyone Is Entitled To A Stake In The Nation's Soil And Bricks (Money Observer)
Housing is dangerous politics. It may sound simple: just cool the overheated market, build more and give first-timers an affordable start. Who isn't in favour of that? But below the surface lurk a host of wicked issues. The interests of homeowners are often in direct conflict with would-be owners.
RE: Amp'd Mobile Files For Bankruptcy Protection (Geek.com)
Youâ€™ve got to hate it when rapid growth forces you to file bankruptcy. At least that is the statement from Ampâ€™d Mobile regarding the reason the company filed for Chapter 11 bankruptcy protection last week.
New Zealand Dollar May Drop On Housing, Standard Chartered Says (Bloomberg.com)
July 23 (Bloomberg) -- New Zealand's dollar, the best performing currency against the yen in the past year, may slide from a 21-year high as the nation's property market cools, according to Standard Chartered Bank.
Regulator Snares Record Number Of Bankruptcy Fraud Cases (Australian Broadcasting Corporation)
Australia's personal bankruptcy regulator says a record number of offenders have been prosecuted under the Bankruptcy Act in the past financial year.
Foreclosures: A Real Boom For Investors (Benton Evening News)
(ARA) - The climate is ripe for an increase in the number of American homes going into foreclosure. Interest rates are on the rise, mortgage payments are continuing to increase and home values are staying stagnant in some places and falling in others.
Bankruptcy Law A New Headache For Business (BizJournals)
A new law requires Hawaii businesses to give their employees 60 days notice if they plan to declare bankruptcy.
State Senate Set To Pass Mortgage Fraud Measure (Boston Globe)
THE REGION The Massachusetts Senate is expected today to pass legislation aimed at preventing foreclosures and mortgage fraud. The bill encompasses several proposals made earlier by legislators and Governor Deval L. Patrick including: Making mortgage fraud a felony; establishing procedures to avoid deceptive mortgage loan advertising; adding requirements for lenders and borrowers, including ...
Property Hot In Three Capitals (The Australian)
MELBOURNE and Canberra were the standout performers in a mixed bag of capital city housing results for the June quarter.
Foreclosures Flood California Housing Market (NPR)
California now accounts for six of the nation's top 10 metro areas with the most foreclosures per household. As the state's once-sizzling housing markets freeze over, homeowners with adjustable-rate, subprime mortgages struggle to keep their finances afloat.
Mortgage Fraud: State Senate Proposes Protection (Berkshire Eagle)
BOSTON â€” Massachusetts would offer extra protection for homeowners close to losing their houses under legislation endorsed yesterday by Senate leaders, in the latest move to help people after a sharp rise in foreclosures in the state.

Bankruptcy The Last Financial Resort

Ted Belfour

Bankruptcy - the word itself is enough to send shivers down your financial spine. But in a world where perfection is all, and the visual expression of that perfection comes in the amount of possessions we can amass, bankruptcy is becoming an option for more and more of us. With an estimated one and a half bankruptcy cases taking place in 2005 alone, it seems that we are head for the courts in our droves in some attempt to get our finances back on track. But if you are struggling financially, how can you tell whether bankruptcy is the right choice for you?

So many of us are feeling the pressure to keep up in this modern world by enjoying all the luxuries our paycheck can afford. The problem is that for many of us, we can't afford this way of life at all, and buy now thinking that we'll worry about the cost later. Financial responsibility, it seems, doesn't come easy to us, so much so that we are choosing what should be a last resort all too easily. But beware - bankruptcy might offer the financially troubled a clean slate, but it doesn't mean there's not a price to pay.

There are a number of different types of bankruptcy, which involve either the liquidation of your assets or participating in a repayment scheme. While it is true that a portion of your debts will be written off, you will be held accountable for certain debts, which will be included in your repayment plan. Bankruptcy does allow a certain amount of flexibility in the way that this is done, but it should not be thought of as a get-out-of-jail-free card that comes without consequences.

Bankruptcy also has implications for your credit future. The fact of your bankruptcy is likely to be listed in your credit reports for ten years, during which time you may find acquiring credit to be quite difficult. Renting apartments or leasing other items may become more difficult to those with a bankruptcy behind them. On the other hand, because you are now prohibited from declaring bankruptcy for some years, some creditors may be more keen to take you on, as you have no way of escaping your debt. This can help recreate the cycle of debt that led you to declare bankruptcy in the first place.

Bankruptcy can be a useful tool in regaining financial control, but it is not a decision to be undertaken lightly. Weigh all your other options before you proceed, and avail of financial counselling if you can to help you to be more careful next time around.

Dave is the owner of http://www.types-of-bankruptcy.info and http://www.bankruptcy-alternative.info websites providing information on bankruptcy.