What Should You Do With Your Stimulus Money?
Submitted by the Bond & Botes Law Offices - Wednesday, January 6, 2021
Well—Finally 2020 is hind sight!! And hind sight is 2020! (or so they say) But 2020 has another “visual” meaning—Someone with 20/20 vision has “perfect” eye sight—clear vision. Both of these phrases can be a positive force as we move ahead into the new year—2021.
Alabama Foreclosures are Rising
Submitted by the Bond & Botes Law Offices - Tuesday, December 29, 2020
Foreclosures around the country jumped during October, with Alabama foreclosures near the top of the nation.
In the third quarter of 2020 (July through September), The Federal Reserve Bank of New York reported that there were about 16,000 new foreclosures, or about 5,333 per month–the lowest number since the New York Fed started assembling its quarterly Household Debt and Credit report in 1999. But, Attom Data Solutions is reporting a significant turn in the fourth quarter.
What Does “Success” Mean in Bankruptcy?
Submitted by the Bond & Botes Law Offices - Thursday, December 17, 2020
You may have seen statistics about the number of bankruptcy cases that are “successfully completed” and wondered what that means. When you see that type of data, it generally refers to a specific outcome in the bankruptcy court.
Bankruptcy and Covid-19: Why are Filings Down?
Submitted by the Bond & Botes Law Offices - Monday, December 7, 2020
Typically, an economic crisis in the U.S. is accompanied by an increase in bankruptcy filings. During the Great Recession, the upward trend of bankruptcy filings tracked closely with the increase in unemployment. Based on historical trends, a new paper suggests, we should have seen an increase of about 200,000 consumer bankruptcy filings nationwide during the second quarter of 2020.
Debt Management: How to Prioritize Debt in a Crunch
Submitted by the Bond & Botes Law Offices - Wednesday, November 25, 2020
Most of us face financial crunches from time, and 2020 has been one long crunch for many people. Being short of money and having to pick and choose which bills to pay is always tough. Unfortunately, creditors and debt collectors make it much harder when they pour on the pressure. Your best defense against being bullied or manipulated into routing your money in the wrong direction is preparation.
Are We Facing a Wave of Auto Repossessions?
Submitted by the Bond & Botes Law Offices - Friday, November 20, 2020
Back in January and early February, some financial experts were predicting that subprime auto loans--vehicle loans to people with lower credit scores who were considered higher risk--might be the next housing bubble. Between 2009 and 2019, U.S. automobile loan debt increased by 75%, to more than $1.25 trillion. In early 2020, about seven million auto loans were 90 days past due.
Millennials, Gen Z Hit Hard Financially
Submitted by the Bond & Botes Law Offices - Monday, November 16, 2020
Everyone knows that seniors are being hit hard by the pandemic. The risks of serious illness and death are more significant for those over 65, and isolation can be especially hard on the elderly. That element is compounded by strict safety precautions in nursing homes and other residential facilities populated by older Americans. In addition, there’s an obvious tendency for older populations to be less connected through technology.
Will You Depend on Social Security for Retirement?
Submitted by the Bond & Botes Law Offices - Monday, November 9, 2020
If your retirement savings aren’t what you’d hoped--or you don’t have any at all--you’re not alone. By many different measures, Americans are lacking when it comes to retirement planning.
Financial Struggles in Alabama per Capita are near the Highest in the Nation
Submitted by the Bond & Botes Law Offices - Monday, November 2, 2020
Financial Struggles are a serious issue in Alabama. In 2019, Alabama had the highest per capita bankruptcy filing rate in the country. At 5.62 filings per 1,000 people, Alabama more than doubled the national average. Neighboring Tennessee and Mississippi were also among the top five states. 2019 was no exception--Alabama has held the top slot for per capita filings for several years. And, the state has so far continued to hold the lead in 2020. 2020 rates have dropped across the country due to the disruption of the pandemic, but Alabama remains far above the national average.
Millions of Credit Card Accounts Closed and Credit Lines Reduced
Submitted by the Bond & Botes Law Offices - Monday, October 26, 2020
If you’ve recently received a notice that one of your credit card accounts has been closed by the issuer, or that your credit limit has been cut, your first instinct may be to wonder what you did wrong. Usually, accounts are limited or closed when the credit accounts are significantly past due, or when the cardholder’s credit history has taken a negative turn.
Currently, we are not living in usual times.