With news of health care rulings and the debate over extension of tax cuts, it may be unsurprising that there’s been less reporting in the media about a recent report from the Congressional Oversight Panel on HAMP (Home Affordable Modification Program), the Obama administration’s program designed to help Americans avoid foreclosure.

But, as CreditSlips.org reports, recent foreclosure modification numbers are out – and they aren’t too rosy. Here’s a summary.

• Twenty-one percent of HAMP modifications re-default in their first year: This number is shocking for a few reasons. First, because it means that people who qualify for and get their banks to agree to a mortgage modification are, in many cases, still unable to stay current on their loans. Second, b

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According to R3`s quarterly personal debt tracker, more than 4 million (an estimated 4,258,737) people fear they`ll be made redundant.

The insolvency trade body found that those aged between 25 and 34 are the most worried about their job, with 16% `expressing a concern`.

Since the third quarter of the year, the number of individuals `experiencing each sign of financial distress`, has increased – with a 60% rise in the number of people falling behind with some of their bills and payments.

Over one in four people admit to saving less than usual – 3% higher than in Q3 2010. More than three million people have taken on debt during the last quarter.

Steven Law, R3 President, said: “These figures make grim reading. The number of people who have admitted to struggling has rocketed over the last three months, but this is just the tip of the iceberg. Read more…

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If you have bad credit and need a loan your options are very limited. Most of the larger banks and financial institutions will not even consider your application or loan you money simply because of your less than perfect credit. So who do you turn to in times of financial hardships? If you need a loan and have bad credit you are going to have to look in other not so good places where interest rates are high and terms are not so good.

Here is a roundup of the best real bad credit loan deals in 2010

1. Home equity line of credit
2. Cash advances on credit cards
3. Payday loans
4. Personal loans
5. Secured loans
6. Retirement accounts advances
7. Liquidate stock options
8. Insurance policy advances
9. Small business loans
10. Government loan programs such as FHA loans

Finding Best Bad Credit Loan Deals

In today’s bad economic climate, it is very difficult to find bad credit loans lenders who are willing to take such a huge risk by lending money to people with bad credit. Y

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This personal bankruptcy story was posted on the internet in March of 2008 as a comment in a discussion on bankruptcy: “No doubt you feel weak and humiliated. You are ashamed of having come to this point and ashamed of the relief you now feel. If you have done your best and tried your hardest to repay your debts there is not much more you can do. I have been discharged for a little over a year now but still face at least another 3 years of not being able to get any kind of credit until I can clear my name from that dreaded list. Mine was – partially – a result of a small business failing because a big business squeezed us out of the marketplace. I sometimes still feel a little bitter since I discovered that the directors of that large company had previously declared bankruptcy for squillions and somehow managed to keep their homes and their holidays and set up a new business and did it all again. I lost everything. Mostly I’m okay now. I have

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An experienced bankruptcy attorney told me about a creative planning technique to save and reorganize a financially stressed small business by using Chapter 13 bankruptcy. Remember, Chapter 13 is for individual only. Businesses use the more expensive and complicated Chapter 11 reorganization. The attorney’s plan is a bit complicated for laymen readers, so here is a very condensed version.

Assume you own a small business in an S corporation or limited liability company. The business has significant assets but even greater liabilities. The business cash flow is “negative” on a monthly basis. You have to pump more money in the business to keep it afloat in hope the government’s economic recovery plan takes effect in time to turn your market positive. A bankruptcy attorney suggest you reorganize your debts in Chapter 11, but states his Chapter 11 retainer fee would be at least $25,000.00. If you had $25,000 available the business would be healthy. You are

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How much is my car worth? This a question asked by most bankruptcy debtor’s who plan to file Chapter 7 and own a car free and clear of any liens. Florida law exempts only $1,000 of car equity in most cases, and cars’ liquidity makes them a prime target of Chapter 7 trustees who seek to recover non-exempt assets for creditors.

My own clients have suggested many methods they intend to use to value their own non-exempt cars. Example valuation standards are: written appraisals from their personal used car “guy”; an average of the car’s wholesale and retail values; the bid they get at Carmax, the Blue Book etc. This past Tuesday I was at a creditors meeting and I asked a bankruptcy trustee how she, and other trustees she speaks with, determine the value of debtor’s automobiles. She said that most trustees she has spoken with use the “trade-in” or in the yellow NADA book. That’s the book the banks use for car lending. She said that som

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