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February 2011 Archives

Former NFL star filed bankruptcy before committing suicide

There used to be a stigma about bankruptcy, but that stigma is long-since gone. In today's economy, people from every walk of life have filed for bankruptcy to get relief from overwhelming debt. Now it has been announced that even former football stars have turned to bankruptcy.

Bookstore mega chain Borders files for chapter 11 bankruptcy

Today, Borders Group Inc. filed for chapter 11 bankruptcy. The filing comes after months of failed maneuvers aimed at avoiding bankruptcy. The group, which operates Borders and Waldenbooks bookstores, finally announced that it does not have the necessary capital to meet its financial obligations.

Homeowners more behind on payments before foreclosure

It can take a long time for the foreclosure process to move from the time a lender issues a foreclosure notice to the time the homeowner is evicted. But the time between the homeowner's first missed payment and that eviction is even longer. Last year, homeowners across the country were an average of 507 days behind on payments by the time foreclosures were completed. That is more than 100 days longer that the average in 2009.

Florida consumers carry 3rd highest debt in country

Over the past few months, we have heard a lot about Americans tightening their financial belts and using extra income to pay down debts. And for some, the post-holiday period is about paying off those Christmas bills. However, new numbers released by Equifax show that many consumers, especially those in Florida, are still carrying high credit card balances.

Credit card company tries to collect on old debts

For people struggling with debt, receiving letters demanding payment is a frequent occurrence. But for individuals who believed their debt was "charged-off," receiving such a letter can be a shock, especially if the creditor is now demanding payment of many years of interest.

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