Celebrities seem to exist in a world apart from our own. Their lives appear glamorous and luxurious, but such glamour and luxury can come at a cost. Ultimately, celebrities are people, and they can encounter debt just like the rest of us.
"Lethal Weapon" star Gary Busey is living proof that even celebrities are susceptible to poor financial planning. In early February, Busey filed for Chapter 7 bankruptcy stating that his debts greatly exceed his assets.
New York City saw fewer foreclosures in January, but the good news comes with some ominous warnings.
Slightly more than 600 homes were forced into foreclosure last month in New York City. That is a whopping 53 percent decrease compared to the number of foreclosures in January 2011. However, with the $25 billion settlement between 49 states and five of the nations largest mortgage lenders, banks now have a clear set of guidelines and they could begin ramping up the number of foreclosure filings.
Continue reading Year starts with fewer foreclosures in NYC, but surge could be coming
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Millions of Americans continue to face financial difficulties. Although there have been some bright signs in the economy, student-loan debt is on the rise, and some believe it could weaken the U.S. economy.
The National Association of Consumer Bankruptcy Attorneys is a group that represents consumers and their attorneys. The group completed a survey of close to 900 bankruptcy attorneys from across the country. Of those 900, about half reported that more people filing for personal bankruptcy are doing so because of student-loan debt.
The housing crisis has taken a toll on millions of families in New York and elsewhere in the United States. More than anything, many homeowners who are in over their heads with mortgage payments they can't afford just want a fresh start.
Luckily, the federal government announced that programs aimed at providing aid to distressed homeowners will be expanded and continued through 2013. President Obama said last week that "responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief."
Continue reading White House announces commitment to struggling homeowners
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With the poor economy, many people in New York are experiencing financial difficulties, but it appears that even the rich and famous are struggling. Recently, a well-known sports agent filed for Chapter 7 bankruptcy after accumulating millions of dollars in debt.
Sports agent Leigh Steinberg has lived a life most people would only dream of. He has worked with some of the top players in the National Football League, landing them million dollar deals. He was even the inspiration for Tom Cruise's character in "Jerry Maquire."
Continue reading Well-known sports agent files for Chapter 7 bankruptcy protection
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It is difficult when families in New York or elsewhere are faced with an injury or illness that forces a loved one to be hospitalized. In some cases, the family member may need surgery or extensive treatments. In addition to the medical emergency, families may also be faced with mounting medical debt. That is the case for one family who tragically lost their daughter and wife to a skiing accident earlier this month.
Sarah Burke was a four-time X Games champion skier. The 29-year-old skier loved the sport, and is credited with introducing women's superpipe skiing to the X Games.
It's been more than four years since the recession began. While many Americans changed their spending habits in the wake of the financial crisis, it appears that many people are reverting back to their old ways.
At the beginning of 2011, Americans paid down more than $32 billion of credit card debt. However, at the end of the year, Americans appeared to have increased credit card debt by about $64 billion.
Anyone who has ever struggled with their finances knows just how frustrating and frightening it can be. In recent years, more and more people have experienced personal debt due to the sluggish economy. In some cases, people live in fear of losing their home, and will do anything to stop home foreclosure. Recent news suggests there is some relief in sight, but experts are cautioning people not to celebrate just yet.
The numbers are out, and last year's foreclosure filings were down 34 percent from 2010. In total, there were 1.9 million foreclosure filings, the fewest filings since the recession began in 2007. Despite the good news, some predict that there could be more foreclosure filings in 2012 because of delayed action by banks.
Continue reading Fewer foreclosures in 2011, but it may not be time to celebrate
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Debt elimination continues to be a common problem in New York and elsewhere. Families with heavy credit card debt or those that are having difficulty paying their mortgages often search for help. Unemployment left one couple struggling to pay their mortgage. Although it appeared that all hope was lost, a loan modification gave the couple a second chance.
The woman in this case purchased her home in 1975 for a mere $17,500. However, the woman and her husband had accumulated debt by borrowing against the house to make repairs and updates. She also borrowed money to support herself during a period of unemployment.
Many New York residents have found themselves in dire financial straits as of late due to the weak economy and sour job market. Indeed, whether they are unemployed or the victim of a medical malady, many are struggling through no fault of their own to meet their financial obligations. Recently, some protestors have decided to take matters into their own hands.
Beginning last month, a number of people affiliated with the Occupy Wall Street protest started to occupy foreclosed homes. One such home in East New York had been foreclosed upon three years ago and is currently owned by Citibank. The protestors moved into the home and have sought to make it livable again.
Continue reading Protestors looking for fresh start occupy foreclosed home
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