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May 1, 2008
Today, in the United States, states have created usury laws in order to set a maximum legal interest rate limit. Because Congress has chosen not to regulate interest rates on a national level, individual states have made the decision to to protect their consumers. Unfortunately, the usury cap is still at a very questionable rate and in the last twenty or so years it has only risen. In the state of Michigan, the usury rate is currently 25%. Which begs the question, why have interest rates been allowed to soar to such outrageous amounts?
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January 28, 2008
As it stands now, Chapter 13 bankruptcy is the most effective tool in saving your home from foreclosure. It allows you to get caught up, while freeing you from other debt you may have. However, there is a call to allow bankruptcy judges to help even more. Jack Kemp, the former secretary of Housing and Development, recently wrote an opinion for the Los Angeles Times. In it, he outlines changes that could make Chapter 13 bankruptcy more helpful to homeowner ’s and the economy in general.
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Filing for Bankruptcy in
Michigan or Illinois |
Filing for bankruptcy in Michigan or Illinois or anywhere else in the United States for that matter, requires one to realize that they are really involved in a big game of Monopoly. If you don’t believe this let me tell you that the game goes on whether you think it is occurring or not.
When you are playing a game, you know it. If you don’t think that your mortgage company is in on the game you are wrong. They penalize you when you are not timely and they even chastise you by having someone call to ask where the payment is.
"How do I know I am winning or losing?"
The answer is very basic. Just check your credit score. The reality is that most people are taking this whole event so personally that they are unable to see the game being played in front of them and that is what the biggest player in the game the credit card companies want you to do. If you understood how important debt is to your credit score you might appreciate this more fully. The debt to equity ratio is one of the key components of a credit score. By reducing your debt you actually increase your score. The easiest way to reduce it is to file bankruptcy and not only limit your debt but eliminate it all together. You might file bankruptcy if you were in Detroit or Chicago or anywhere else you are in the United States.
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