When the economies good many people decide it’s the perfect time to ditch that corporate job and strike out on their own, often opening a business. Unfortunately, when the economy declines and their business fails, those same business owners may be shocked to find that their personal assets are in jeopardy as they struggle to pay their business debt, eventually having to file for bankruptcy.
Debtors who qualify for Chapter 7 bankruptcy may receive a bankruptcy discharge for their qualifying unsecured debts. The court will appoint a bankruptcy trustee to oversee all Chapter 7 bankruptcy cases. The bankruptcy trustee has several duties which they are expected to perform impartially and fairly.
Reuters reports there are more than 51,700 claims to recover more than $40 billion from Bernard Madoff’s Ponzi scheme. The Madoff Victim Fund has been created to compensate victims, but the number of claimants has surprised U.S. officials.
The amount of consumer debts owed by the average United States household is staggering. In fact, it’s estimated that the average credit card debt is currently $15,270 and the average student loan debt is $32,258. This means American consumers owe an estimated$856.9 billion in credit card debt and a little over $1 trillion in student loan debts.
Despite the significant drop in stock index trading on Standard and Poor’s 500 stock on the first day of trading in 2014, financial experts claim that this is not a clear indication of the financial outlook for the new year. In fact, according to a report in the USAToday, there are many hopeful signs that the new year will be a good one. According to Mesirow Financial economist Diane Swonk, “2014 could be the breakout year,” she says. “This is the year when we’re going to find out.”
There’s great news for American homeowners. This week USA Today reports that rising home prices have helped up to 4.2 million U.S. homeowners. Now, as of the third quarter, the number of homeowners who owed more than their house is worth has decreased almost 40%, down from 10.6 million last year to 6.4 million this year, according to CoreLogic. While that’s not great news for the almost 13% of homeowners with homeowner equity in the negative territory, this is great news for millions more, especially those who may be considering selling their homes this year.
Buying for family members and friends may be front and center on your mind for the holidays, but now more than ever, the holiday season is a time to remember all the other people who make your life special. The good news is experts have done the heavy lifting for you. Don’t know what to give your hairdresser, house,cleaner, lawn care man or any other service professional?
As we approach 2014 it’s a good time to take a look back to review the economic forecast for 2013. Some things turned out as expected, others, well, there were a few surprises.
Reuters reports a federal judge has rejected the claim by consumers and travel agents to stop the merger of US Airways and American Airlines. With the judge’s decision there is nothing else standing in the way for the move forward to merge American’s parent AMR Corp and US Airways Group Inc, creating the world’s largest airliner carrier.
The Associated Press reports that fast food workers and labor organizers are expected to walkout of fast food restaurants in over 100 cities across the United States today advocating for high wages. If the walkout goes as planned, fast-food workers and labor organizers expect this walkout to have the highest participation rate to date. The groups hope that their efforts will bring national and international attention on economic disparities in the labor market, and force the federal government to raise the minimum wage.