While not everyone’s credit application will be accepted, everyone has the right to know why. As required by the Equal Credit Opportunity Act, creditors must tell people why their credit request was denied.The reasons for denying credit to someone can vary. For...
Bankruptcy Filing
The means test for Chapter 7 bankruptcy
Given the high number of people filing for Chapter 7, the Bush administration passed the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. The act required people filing for Chapter 7 to pass the “means test.”The means test measures whether a debtor can...
2nd Quarter Bankruptcies Up
Bankruptcies for the second quarter of the year rose from the same period of last year and from the first quarter of this year. In total, there were 381,073 bankruptcy filings by both consumers and businesses throughout the nation.The second quarter filings were a 15%...
Consumer Bankruptcies Up Throughout Nation
July showed a large spike in consumer bankruptcy filings all across the nation. The 126,434 filings came out to a 34.3% increase from July 2008 and an 8.7% increase from June 2009.The American Bankruptcy Institute reported the spike recently, saying that the month...