Hard economic times are not limited to American families right now – many states, too, are finding themselves in precarious financial situations. California is notorious for its budget shortfalls, and, according to nbc.com, Illinois has joined the ranks of the nearly bankrupt.
Perhaps unsurprisingly, the problems plaguing state governments aren’t that different from the ones that [...]

After the U.S. government used hundreds of billions of taxpayer dollars to bail out various financial firms that failed because of poor investment decisions in 2007, outcry has come from legislators and citizens alike.
Now, according to Reuters, the Senate is considering a bill that would change the way financial firms are regulated when in economic [...]

Creditors in Chapter 13 bankruptcy cases would need to verify their claims to debts in order to be included in a repayment plan under new local rules currently under consideration in the U.S. Bankruptcy Court in the Eastern District of Wisconsin.
The requirement of secured creditors would provide more transparency for debtors whose loans may have [...]

The House of Representatives passed a sweeping financial reform bill Friday, but failed to approve an amendment that would have allowed bankruptcy judges to renegotiate mortgages of homeowners filing Chapter 13 bankruptcy.
Mortgages in Bankruptcy
Under current bankruptcy law, some filers can prevent or postpone mortgage foreclosure by filing for Chapter 13 bankruptcy. Here’s what Chapter 13 [...]

A new set of median income levels take effect for consumers filing personal bankruptcy on or after November 1. The median income is used as part of the means test in chapter 7 bankruptcy.
Consumers may be able to file under the previous set of median incomes if the new levels could prevent them from filing [...]