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Wednesday, September 2nd, 2009

Finally, Good Economic News… 20,917 People Saved from Unemployment Line

Drum roll, please .... Planned announced layoffs fell 21% in August!

While U.S. employers announced 97,373 job cuts in July, that number dropped to 76,456 in August.

That's 20,917 people who were saved from losing their jobs!

While That's Awesome News...

...we also need to keep in mind that the total amount of job cuts climbed to 1.07 million from January through August, which is a 60% increase from the same time last year.

<But we choose to take this nugget of positive news as a sign of things hopefully moving in the right direction.>

Lost Your Job?

Times are tough for people who are working -- it's even harder for those who have lost their jobs.

If you've been laid off and can't keep up with the bills, filing bankruptcy may be an option for you.

Chapter 7 bankruptcy was designed to eliminated unsecured debt, such as credit cards and medical and utility bills.

Chapter 13 bankruptcy was designed to stop foreclosure and give people an interest-free repayment plan so they can resolve their debt.

If any of those options sound appealing to you, it could help to talk with one of our sponsoring bankruptcy lawyers (for free and with no obligation!).

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Posted in Bankruptcy and the Economy | 7 Comments »

Monday, October 27th, 2008

Filing Bankruptcy Updates for October 27, 2008

Be in-the-know and check out the latest in bankruptcy news:

Mass Layoffs Cause Unemployment Rate to Spike Economists predict that more mass layoffs could soon push the unemployment rate to 7 percent. How could this affect you?

2008 Presidential Election: A Look at the Foreclosure Crisis As election day nears, Total Bankruptcy breaks down the candidate’s stances on financial issues that matter to you.

Poor Economy Spawns Violence We’ve all heard about how the economy is tied to violence.

So, what’s going on in the country today? Read about how in many cities, mental health hotlines are flooded with calls, domestic shelters are overflowing and counseling services are in high demand.

Economic Tidal Wave: Cities React to Dropping Property Values The financial crisis is hitting a lot of us hard. Total Bankruptcy examines how cities are reacting to the U.S.’s financial quandaries.

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Posted in Bankruptcy News and Events | 2 Comments »

Wednesday, June 18th, 2008

Bankruptcy News: What Happened this Week?

The economy's still struggling and more companies were forced to lay off employees in the past week.

Check out the most recent events, reported in Total Bankruptcy's latest Mass Layoffs update.

Worried about identity theft?

Find out what companies reported data breaches this week to know whether or not your personal information is at risk!

And speaking of identity theft, did you know you could be targeted through your medical records?

Turns out, medical identity theft is a growing threat to Americans. Total Bankruptcy has the facts you need to protect yourself.

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Posted in Bankruptcy News and Events | No Comments »

Wednesday, June 6th, 2007

Subprime Mortgage Crash Hurts More than Just Borrowers

While controversy rages about whether the subprime mortgage foreclosure crisis sweeping the country is the result of unethical practices in the mortgage industry or poor judgment on the part of borrowers, one clear reality can't be ignored:  a lot of people are getting hurt by the mortgage foreclosure crisis who never took out a high-rate, adjustable loan in their lives.

Those people include home sellers, investors who are taking losses on properties as homes sit unsold for months due to the glut in the market, and economies impacted by the virtual collapse of the subprime mortgage industry.

In April, GE's WMC Mortgage unit laid off 771 employees--half of it's remaining staff.  WMC's staff had already been cut by 460 employees in March.

These layoffs are just one recent example of the drastic cuts in the mortgage industry over the past year.  In May, subprime mortgage lender New Century Financial Corp. announced the elimination of 2,000 positions.  The company had already announced 3,200 terminations when it filed for bankruptcy protection two months earlier.

Other recent notable mortgage industry layoffs include a loss of approximately 3,000 jobs from ACC Capitol Holdings and the elimination of an undisclosed number of the 2,400 positions at Freemont Investment & Loan.

Each of these layoffs not only impacts hundreds or thousands of families, but raises local unemployment rates, aggravating economic difficulties for entire areas.

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Posted in Mortgage Foreclosure | No Comments »