At times most of us have spent money on things we do not need, and have been victims of impulse buying. Once the thrill is gone all that we are left with is our buyers remorse. Now the American Psychological Association is giving recognition to a disorder known as oniomania.

It is [...]

Following up on latest Delphi post… The United Auto Workers announced today that their members had authorized a strike against struggling Delphi. Of the members who voted, 95% were in favor of a strike. The vote results were not a huge surprise, but there is no set strike date as of yet.

Negotiations with Delphi continue, [...]

The Connecticut Bar Associationand the National Association of Consumer Bankruptcy Attorneys filed a lawsuit in U.S. District Court in Hartford, CT challenging the Bankruptcy Abuse Prevention and Consumer Protection Act (”BAPCPA”). The lawsuit argues that the BAPCPA illegally hampers the attorney-client relationship and hinders the ability of attorneys to represent their clients.

The lawsuit states [...]

Interest rates have steadily crept up this past year forcing many homeowners to default on their mortgage payments. The Federal Reserve has raised interest rates sixteen times since June of 2004.
Many homeowners have financed their homes with adjustable-rate mortgages, and interest-only mortgages and are now finding themselves in trouble.

“Homeowners who negotiated ARM’s in 2004 [...]

Delphi continues its tightrope walk between cutting its labor costs and angering its unionized employees to the point of a strike - a move that would likely doom the company to Chapter 7 and could even send General Motors into bankruptcy itself. The court is now in the midst of a hearing on Delphi’s request [...]

A credit counseling agency has agreed to settle charges with the Federal Trade Commission for deceptively marketing themselves as a not-for-profit enterprise to distressed financial consumers. The agency failed to provide the personalized credit counseling and debt management plans that the agency touted.

Customers who responded to the advertisements were told “that [...]

High-performance computer manufacturer Silicon Graphics, Inc., today filed for bankruptcy in the Southern District of New York, Case No. 06-10977. Among the various co-debtor companies is supercomputer icon Cray Research, which SGI acquired several years ago. SGI has requested additional time to prepare its schedules and statement of financial affairs, so there are not a [...]

A recent letter sent to members of the Roman Catholic Church in Western Oregon states that the Archdiocesan Pastoral Center will need to make 1 million dollars in cuts due to the bankruptcy of Archdiocese of Portland.

Interestingly, there is a dispute over the source of funding for settlements of abuse cases. It [...]

Famous rap artist Marion Knight, Jr., Suge Knight to some, reported in his chapter 11 schedules and statement of affairs that he only had 11 dollars in his checking account and about 137.4 million in debt, including 12 million in tax liens by the IRS. However all is not lost, the founder of Death [...]

A judge in the Bankruptcy Court for the Eastern District of New York has been asked to rule on a unique issue. In what is believed to be the first case of its kind, the Court has been asked to decide whether an entertainer who filed for bankruptcy protection can be forced to give [...]