ewoods's blog

Three days ago, Yahoo News reported on Americans’ love of their plastic. According to the story, the Federal Reserve reported that consumer credit card balances jumped 13% in November of last year.

With everything we all must worry about these days, it’s easy to avoid thinking about what is on your credit report. You may even wonder if you need to worry about it even if you aren't in the market to borrow money for a car or a home. The answer is yes, you do. Aside from preventing you from obtaining a loan for a big-ticket item, credit report errors can cost you a job or cause you to pay higher interest rates.

According to the International Monetary Fund (IMF), individuals and companies are piling on debt at levels last seen just prior to the financial crisis a few years back. The IMF reports that borrowing in the “non-financial sector” has surpassed the pre-crisis high. The “non-financial sector” is composed of governments, non-financial companies, and households.

Many times, clients come to my office because they are getting piles of letters and constant phone calls from debt collectors. The stress caused by the constant barrage of letters and phone calls can be severe.

Like nearly everybody else, you’ve had a mobile phone for some time now and, for the most part, you love it. You can call, text, tweet, email and otherwise communicate with all the important people in your world.

Recently, my colleague, Mr. Grant McNutt, posted an excellent article discussing bankruptcy exemptions in Alabama. As he noted in his article, a bankruptcy exemption is the value of certain property owned by a debtor in bankruptcy which property cannot be touched by creditors or a bankruptcy trustee.

Often, I consult with prospective and existing clients who are involved in a lawsuit. Normally, their first question is exactly how a bankruptcy case affects a lawsuit. The answer to that question depends on several factors.

Last week, the Jackson Free Press in Jackson, Mississippi reported that Mississippi payday lender, All American Check Cashing, Inc., is in trouble again. This time, it's with the Consumer Financial Protection Bureau (CFPB).

The Bangor (Maine) Daily News recently reported that F. Lee Bailey has filed for bankruptcy in Maine. According to the news story, Mr. Bailey sought bankruptcy relief to resolve an outstanding federal tax debt from a dispute that ended his legal career. Reportedly, Mr. Bailey is a resident of the State of Maine, having moved there in 2010 and that is why he filed his case in that state.