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Sinbad Files Chapter 7 Bankruptcy. Will Keep F-150 Pickup Truck.

Sinbad

The comedian Sinbad recently filed for Chapter 7 bankruptcy protection. Hey, it happens to even the famous among us. Money troubles are not limited to the infamous. They happen to many of all walks of life. According to documents received, Sinbad (David Adkins) has liabilities of $10,991,715 and assets of $131,126. While there may be some areas of his life ... Read More »

    Up Next: How to Increase Your Income

    garage sale

    This is a guest post from Philip Taylor, founder and editor-in-chief of PT Money: Personal Finance. Learning about and applying the rules for living a frugal lifestyle are common principles in the area of personal finance. Controlling your budget and spending less can certainly help you avoid the cycle of debt. And that’s a great thing! But there’s a point ... Read More »

      Get Out of Debt Guy Support Group First Virtual Meeting

      Google Hangout

      We made it through the first virtual debt support group meeting on Google Hangout. As expected, attendance was light, but the technology test went fine and the concept show a lot of promise for future meetings. Michael Bovee and I spent quite a bit of time talking about debt and religion, Jesus, spirituality, tithing, student loan debt, using bankruptcy to ... Read More »

        Mass Joinder Leader Mitchell Stein Found Guilty and Behind Bars for Years

        mans hands behind bars in jail or prison

        A tipster just let me know that Mitchell Stein, the California attorney who was leading the charge selling consumers access to lawsuits to sue their lenders in a mass joinder action, was taken into custody today in court when he was found guilty on 14 counts in Florida today. Here is what the tipster said, “Mitchell J. Stein (Spire Law ... Read More »

          FTC Catches Bogus Tech Support Scam and Then Finds a Debt Relief Company

          fist

          The Federal Trade Commission announced a settlement over a bogus tech support service and accidentally found a debt relief company that was violating the Telemarketing Sales Rules in the process. Mikael Marczak, doing business as Virtual PC Solutions, and Sanjay Agarwalla were among the subjects of a series of six complaints filed by the FTC last September as part of ... Read More »

            3 Car Buying Financial Potholes to Avoid

            buying car

            Buying a car is a very expensive proposition. Besides buying a home – buying a car or truck is typically the second largest asset people purchase. And those car payments can really add up to a budget buster if you are not careful. There is no need to wind up paying more than you have to. When going to buy ... Read More »

              Get a Free Friends and Family Health Kit

              free

              Okay, I admit this might not be the best freebie in the world but apparently the government wants to spend money sending out publications and information to help people deal with medical issues. What can I say, besides it’s a freebie and it looks like it’s for the ladies. The pitch to order these publications says “Now, you can help ... Read More »

                Best Debt Consolidation Loans

                Happy people celebrating with money raining

                Finding a legitimate debt consolidation loan program can be frustrating, depressing and darn near impossible. We’ve all seen the advertisements promising loans for people with bad credit or loans with no credit check. In my experience those companies are often high priced, that is if you actually get a debt consolidation loan and not get ripped off. Many Debt Consolidation ... Read More »

                  You Have Not Failed if You File Bankruptcy

                  What I most want you to do when facing bankruptcy is to stop assuming or reacting emotionally and start thinking logically.

                  A frequent and quiet chorus says people who file bankruptcy have failed in some way, but let’s set the record straight on that myth. It’s not true. Bankruptcy is the law of the land in many countries. It allows people otherwise tightly gripped by unmanageable debt to find a way to break free of an otherwise impossible situation. Bankruptcy is ... Read More »

                    IRS Form 982 is Your Friend if You Got a 1099-C

                    IRS Form 982

                    Just because you got a 1099-C form from forgiven debt is not a reason to immediately panic and think you are automatically going to owe a lot of taxes on the forgiven debt. In the debt world a point of contention for me is the chronic misinformation about forgiven debt from debt settlement or a debt determined to be uncollectible. ... Read More »

                      Taxes May Be Due on Mortgage Settlement Checks. Slap!

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                      Double Whammy: Mortgage Settlement Payments Will Be Taxed (via Credit.com) If you are one of the more than 1.8 million people who have received a check from the Independent Foreclosure Review (IFR) settlement — or if you have one coming — don’t spend it all in one place. These payments are considered taxable income for state and federal income tax ... Read More »

                        The Role Credit Counseling Plays in Debt Relief

                        Decision time

                        The following is a guest post. And while I personally might not agree with some of the points of view, I think it is important for people to hear from different sides. Given what I think is going to be an exploding retirement crisis I am now more convinced that for those near or over 50 with little to no ... Read More »

                          The Big Profits Behind Student Loan Interest Rates

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                          The Big Profits Behind Student Loan Interest Rates (via Credit.com) If insanity is defined as repeatedly doing the same thing and expecting a different result, the student loan interest rate throwdown that’s about to be reprised in Washington, D.C., warrants an intervention. You may recall that at this time in 2012, Congress was in a lather over the subsidized student… ... Read More »

                            Are No-Cost Mortgages Always the Best Deal?

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                            Are No-Cost Mortgages Always the Best Deal? (via Credit.com) A program made popular in the height of the subprime lending environment was the no-cost mortgage. No-cost mortgages have gotten quite a bit of exposure lately, as consumers seek to better understand loan terms, interest rates and how to qualify for mortgages in an ever-tightening credit market. And…   Read More »

                              Soldiers Wounded by Debt, Not Bullets

                              Military Flag

                              by Paul Kiel, ProPublica, and Mitchell Hartman, Marketplace, May 15, 2013, 5:50 a.m.by Paul Kiel and Krista Kjellman Schmidt, ProPublica, May 15 This story was co-produced with Marketplace. Listen to their coverage. Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge ... Read More »

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