Monthly Archives: October 2009

New Jersey household median income levels rising soon

Image via Wikipedia

The picture over there on the right? Those are test tubes. I couldn’t resist – you’ll get it in a minute. Read on.
On November 1, 2009, the Census Bureau median family income for a one-person household in New Jersey goes up from $57,120 to $60,026. What does this mean […]

Inadequate protection from debt collection law

Image via Wikipedia

On October 21, the Government Accountability Office (GAO) released a new report on debt collection abuses and the current state of legal consumer protections against those abuses.
The GAO found that current legal protections for consumers facing abuses by the debt collection industry fall short of actually protecting those consumers. Problems such as […]

Is relief on the way for ‘medical debtors’?

Image via Wikipedia

This week, the Senate Judiciary Administrative Oversight and The Courts Subcommittee held a hearing on the Medical Bankruptcy Fairness Act of 2009 (S. 1624), which is a new bill geared toward making it easier for people with medical debt to file for bankruptcy, by removing some of the current burdens from those debtors.
The […]

Repaying a debt before bankruptcy? Better think twice

Image by quaziefoto via Flickr

Can you repay a debt to a friend or a creditor before you file for bankruptcy? Yes, you can, but it’s not necessarily a good idea because that repayment may be what bankruptcy law calls a “preference” or a “preferential transfer.”
After you file for bankruptcy, preferential transfers may be taken […]