On behalf of Hassan, Hassan & Tuchman, P.A. posted in Chapter 13 on Thursday, May 17, 2012
According to a recent report, American consumers are almost completely powerless to correct their credit reports, even if these reports contain damaging mistakes or errors far beyond the consumers' control. Baltimore residents who are seeking debt relief will be interested in the analysis of nearly 30,000 consumer complaints filed with the Federal Trade Commission and state attorneys general. Many filings allege violations of the federal Fair Credit Reporting Act.
Numerous instances of inaccurate, and sometimes dead wrong, consumer financial information were reported. In fact, almost 200 complaints dealt with people who were wrongfully listed as deceased according to their credit reports, effectively hampering those individuals' ability to get credit of any kind.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Debt Relief on Wednesday, May 9, 2012
Many homeowners in Baltimore are struggling with debt, and for a lot of people, home mortgages are the main problem. In these cases, the distressed homeowners are vulnerable to falling behind on their monthly mortgage payments. Meanwhile, debt continues to grow.
Politicians at the national level are currently debating over various methods to repair the mortgage crisis. Homeowners struggling with insurmountable mortgage debt in Maryland may consider personal bankruptcy as an option to find much needed debt relief.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Personal Bankruptcy on Friday, May 4, 2012
The insurmountable student loan debt with which many Maryland residents are saddled has been a hot topic recently in the news. Other posts on this blog have discussed new developments regarding students who are in need of debt relief.
In 2005, Congress altered federal bankruptcy laws to make student loans very difficult to discharge in bankruptcy proceedings. However, the most recent legislative developments and proposals regarding debt relief may offer hope for students facing heavy loan debt.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Personal Bankruptcy on Tuesday, April 24, 2012
For many Baltimore residents who are unable to pay off their debts, bankruptcy could be an important step on the path to a financial fresh start. In fact, during this tax season, many Americans who are confronted with heavy debt are spending their tax returns on personal bankruptcy filings.
According to a study by the National Bureau of Economic Research, it is estimated that more than 200,000 households across the nation will use their tax refunds to file for bankruptcy this year. Last year, the average tax refund was $2,913, which would likely cover the cost of filing for most people looking for debt relief.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Chapter 13 on Friday, April 20, 2012
Many people in the Baltimore area have been affected by the current mortgage crisis. Individuals and families who purchased homes are unable to successfully make their mortgage payments, and many of those mortgages are now "underwater." There are approximately 11 million U.S. homeowners throughout the nation who are currently unable to pay off their mortgages, though recent developments involving two of the nation's leaders in the mortgage industry could offer some much needed debt relief.
Maryland residents may welcome the news of a recent White House proposal involving Fannie Mae and Freddie Mac. The new proposal from the Obama administration is being discussed regarding the possible value of mortgage write-downs by the government-controlled mortgage industry giants. The proposal would offer financial incentives to the two companies while forgiving some of the debts owed by homeowners with underwater mortgages.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Chapter 7 on Wednesday, April 11, 2012
Football is a much-revered sport in Maryland, and many people in the Baltimore area dream not only of success on the gridiron, but of the bank accounts that professional players fill with lavish paychecks. However, careers in football are finite, and just like so many Maryland residents who have been hit hard by the recession, former athletes are finding themselves behind on bills and in need of financial help.
Such is the case for outspoken former NFL player Warren Sapp, who recently filed for personal bankruptcy. Sapp, who is currently an NFL commentator and recent contestant of the popular TV series "Dancing with the Stars," is seeking Chapter 7 bankruptcy protection. According to reports, Sapp owes creditors just under $7 million, while also owing for alimony and child support. The former athlete is currently said to have $6.45 million in assets while bringing in around $118,000 a year in income.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Credit Card Debt on Friday, April 6, 2012
Credit card debt remains a huge issue for many Americans. In a recent news article, an accountant from Maryland discussed the implications of paying off income taxes using a credit card. The accountant strongly suggests paying by other means to avoid unexpected costs.
Consumers would do well to give very close attention to the fine print in their credit card agreements. In the case of taxes, credit card companies may tack on extra charges the minute the plastic gets swiped, adding even more to your credit card debt. In fact, there could be a 3 to 4 percent charge right off the bat.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Debt Relief on Thursday, March 29, 2012
The economic recovery is beginning to pick up, but that does not mean all of the problems faced by consumers are in the rearview mirror. For one thing, debt remains a huge issue for people in the Baltimore area and throughout the country. Although many of the largest and best-known market indices are showing a gradual recovery from the extreme losses seen at the nation's financial low, a lot of Americans still have a long way to go to achieve real debt relief.
In an attempt to help ailing consumers who are struggling with piles and piles of debt, numerous media outlets are offering advice to consumers on how to make and conserve money. For example, financial news network CNBC recently released its annual "Investor Spring Cleaning" special report. The report offers an array of information on how to improve your financial life and move forward beyond tough economic times.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Chapter 7 on Tuesday, March 20, 2012
There has been a lot in the news lately about the rising cost of higher education and the increasing burden it puts on young people after they graduate. In recent posts, we have discussed the trend among students to seek out debt relief options in order to manage the overwhelming debt incurred for education.
In Maryland and throughout the country, the cost of school has skyrocketed over the last few decades, and with three months until the interest rate on federally subsidized student loans doubles, young people are more eager than ever to seek out debt relief. With these issues in mind, readers in Baltimore may be interested to know that eight million students nationwide are currently utilizing federally subsidized loans, and those loans may see a doubled interest rate if lawmakers don't intervene.
On behalf of Hassan, Hassan & Tuchman, P.A. posted in Credit Card Debt on Wednesday, March 14, 2012
During the recent recession, Maryland consumers, like consumers throughout the United States, began to use credit cards less and bank accounts more. This trend, however, may be coming to an end. The news received mixed reviews from economists who are split as to whether increased credit card use is a positive sign for the U.S. economy.
According to a recent report issued by the Federal Reserve, consumer borrowing is once again at pre-recession levels. The report indicates that American consumer borrowing reached $2.5 trillion in 2011, and according to forecasts, consumer borrowing will likely increase an additional $10.45 billion in the Fed's upcoming report.
