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 Preshow #1bankruptReturn to index of stories... |
Drowning in Debt -- A NH couple desperately seeks a Fresh financial start after going Broke. In this Outlook on Money report: The Bankruptcy Boom. That's NOW, on NH Outlook. |
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Hello. I'm Beth Carroll. Welcome to New Hampshire Outlook. The number of Bankruptcies are on the rise. More than 2-million Americans filed for bankruptcy in 2005. It's estimated 1 in 7 families are on the brink of financial collapse-- just one layoff, medical crisis or divorce away from financial disaster. In 2005 -- There were 6,058 bankruptcy filings in NH. Up 32% from the previous year. Close to 30-percent of those filings came in October alone. That's when tough new Bankruptcy laws kicked in -- prompting an unheard of rush on bankruptcy courts. As the October 17-th deadline approached.indebted consumers scrambled to get protection from creditors before filing got more expensive and complicated. Lawyers were swamped everywhere. Concord Attorney Sandy Kuhn says she ended up sleeping at her Dover Office because the workload was so steep. |
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Why are so many people teetering on financial ruin? In this "Outlook on Money" report -- we look at the soaring rate of bankruptcy - the role credit cards play -- and how the new laws have changed the equation. We begin. with the anatomy of a Bankruptcy. TAKE SOT FULL/Outlook on Money |
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Even if Josh & Melissa's Chapter 7 Bankruptcy petition is approved, they still have that 58-thousand dollar debt for school loans hanging over their heads. They have a 30-year payoff plan, that's graduated so they can start with smaller payments and increase the amount over time as their income rises. Josh and Melissa say they plan to include the expense in their monthly budget. |
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According to Harvard Researchers, 40-Percent of American families spend more than they make each year --relying on Credit cards to make ends meet. All it takes is a temporary job loss, divorce or huge medical bill to drive consumers over the edge. Here to talk about Bankruptcy, Credit Cards, and how new federal laws have changed the landscape: Peter Wright, Director of Clinical Programs at the Franklin Pierce Law Center, Kerry York, the Executive Director of Consumer Credit Counseling Services of NH & VT, and Sandy Kuhn, Director of the Bankruptcy Department at Family Legal in Dover. Welcome to all of you. Q KERRY YORK: You're on the front lines. The First stop for many DROWNING in debt. When someone comes into your office -- what's the drill? Q Under new Bankrupcy laws there is MANDATED credit counseling. What does that ENTAIL? Q SANDY: How do you know if Bankruptcy Is the Right Solution to Your Debt Problems? a debt-repayment plan wouldn't work Q PETER: Josh & Melissa Doucette. Didn't own a house -so, they couldn't lose it. The Biggest fear of filers -- will I lose my home? How REAL is that fear? ** What about those buying homes they can't afford -- no interest loans. Foreclosures DOUBLED since 1980. Expect more bankruptcies because of that ??? Q KERRY: What is the ROLE of credit cards in all this? Q PETER: I was struck by this: If you have a $1,000 balance on a credit card with 18 percent interest, and you just pay the minimum balance every month, it'll take you 12 years to pay off this DEBT. HOW costly A MISTAKE is that??? ======== INTRO SOT/ BETH: There's a dirty little secret about Credit Cards called "Universal Default." Even if you make your credit card payments on time, the bank can RAISE your interest rate "automatically" if you're LATE on payments elsewhere -- or, they think you've taken on TOO much debt. Josh and Melissa-- the Dover couple we spoke to-- found that out the hard way: Q Safe to say most card holders are unaware of this. ** Can you negotiate better rates with banks ? |
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====== Q SANDY: Harvard Study: Costly ILLNESSES trigger HALF of ALL personal bankruptcies. It's Not just about those "running up" their credit cards??? **Sandy/ what are you seeing in your office? ** Health protection offers no protection against ending up in bankruptcy court Q KERRY: Avg filer is 41 -- more than half are college educated. Can you give us a sense as to who SEEKS out counseling? Q PETER: Have the new Bankruptcy laws SLASHED the number of Bankruptcies and forced more filers to "deal with" their debt? Q PETER: How have new Bankruptcy laws changed the picture? Q SANDY/PETER: Are you seeing more people that can REPAY their debt. filing for chapter 13 ? ** Has the use of a MEANS test changed anything??? Q SANDY: What do you need from those FILING for bankrutpcy? q PETER: At the Law center you do pro-bono work -- for those unable to PAY the bankrutpcy fees. So, for those who haven't filed because they can't pay the FEE.there is help available??? Q Bankruptcy MARS your credit for 10 years. Can you still get credit?? No safety net. Child care, car payments, college tuition, and house payments NOT optional expenses -- pushing families to the limit. Q Is Average family without a SAFETY net. ============= Q Advice on AVOIDING bankruptcy -- Like your OPINIONS. 1 Get a home equity line of credit before anyone in your family gets sick -- use it as safety net only. SMART??? 2 Make sure family has DISABILITY insurance.if you can no longer work you'll have money coming in. 3 What about signing up for direct-DEBIT payment plans ? GOOD iDEA?? 4 Maintain a realistic monthly BUDGET to keep track of your finances. ** stick to ONE credit card if you can. My thanks to: KERRY YORK, PETER WRIGHT,AND SANDY KUHN |
| Meilissa SOT Return to index of stories... |
There's a dirty little secret about credit cards called "Universal Default." Even if you make your credit card payments on time, the bank can RAISE your interest rate "automatically" if you're LATE on payments elsewhere -- or, they think you've taken on TOO much debt. Josh and Melissa-- the Dover couple we spoke to-- found that out the hard way: Safe to say most card holders are unaware of this. Can you negotiate better rates with banks? |
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For more information on bankruptcy and links to our other "Outlook on Money" stories Log on to our website at nhptv.org/outlook. You can also find all of our New Hampshire Outlook programs online on-demand. |
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That concludes this edition of New Hampshire Outlook. Thanks for watching. I'm Beth Carroll. I'll see you next time. |
| key: Consumer Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 7/12/06 HOST: Beth Carroll Length: 2:00 minutes Drowning in Debt -- A NH couple desperately seeks a Fresh financial start after going Broke, in this Outlook on Money report: The Bankruptcy Boom. That's now on NH Outlook. Hello. I'm Beth Carroll. Welcome to New Hampshire Outlook. The number of Bankruptcies are on the rise. More than 2-million Americans filed for bankruptcy in 2005. It's estimated 1 in 7 families are on the brink of financial collapse-- just one layoff, medical crisis or divorce away from financial disaster. In 2005, there were 6,058 bankruptcy filings in NH. Up 32% from the previous year. Close to 30-percent of those filings came in October alone. That's when tough new Bankruptcy laws kicked in prompting an unheard of rush on bankruptcy courts. As the October 17-th deadline approached indebted consumers scrambled to get protection from creditors before filing got more expensive and complicated. Lawyers were swamped everywhere. Concord Attorney Sandy Kuhn says she ended up sleeping at her Dover Office because the workload was so steep. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Sandy Kuhn\Dir. of Bankruptcy Dept.\Family Legal |
| key: Crime / Legal Issues / Law Enforcement Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 7/12/06 HOST: Beth Carroll Length: 2:00 minutes Drowning in Debt -- A NH couple desperately seeks a Fresh financial start after going Broke, in this Outlook on Money report: The Bankruptcy Boom. That's now on NH Outlook. Hello. I'm Beth Carroll. Welcome to New Hampshire Outlook. The number of Bankruptcies are on the rise. More than 2-million Americans filed for bankruptcy in 2005. It's estimated 1 in 7 families are on the brink of financial collapse-- just one layoff, medical crisis or divorce away from financial disaster. In 2005, there were 6,058 bankruptcy filings in NH. Up 32% from the previous year. Close to 30-percent of those filings came in October alone. That's when tough new Bankruptcy laws kicked in prompting an unheard of rush on bankruptcy courts. As the October 17-th deadline approached indebted consumers scrambled to get protection from creditors before filing got more expensive and complicated. Lawyers were swamped everywhere. Concord Attorney Sandy Kuhn says she ended up sleeping at her Dover Office because the workload was so steep. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Sandy Kuhn\Dir. of Bankruptcy Dept.\Family Legal |
| key: Consumer Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 7/12/06 HOST: Beth Carroll Length: 8:50 minutes Drowning in Debt -- A NH couple desperately seeks a fresh financial start after going Broke, in this Outlook on Money report: The Bankruptcy Boom. That's now on NH Outlook. Across the country bankruptcy courts saw 20-thousand filers a day. Why are so many people teetering on financial ruin? In this "Outlook on Money" report we look at the soaring rate of bankruptcy, the role credit cards play, and how the new laws have changed the equation. We begin with the anatomy of a Bankruptcy. Even if Josh & Melissa's Chapter 7 Bankruptcy petition is approved, they still have that 58-thousand dollar debt for school loans hanging over their heads. They have a 30-year payoff plan, that's graduated so they can start with smaller payments and increase the amount over time as their income rises. Josh and Melissa say they plan to include the expense in their monthly budget. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Josh Doucette \Dover, Melissa Doucette\Dover, Sandy Kuhn\Dir. of Bankruptcy Dept.\Family Legal |
| key: Consumer Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 7/12/06 HOST: Beth Carroll Length: 15:30 minutes Drowning in Debt -- A NH couple desperately seeks a Fresh financial start after going Broke, in this Outlook on Money report: The Bankruptcy Boom. That's now on NH Outlook. According to Harvard Researchers, 40-Percent of American families spend more than they make each year --relying on Credit cards to make ends meet. All it takes is a temporary job loss, divorce or huge medical bill to drive consumers over the edge. Here to talk about Bankruptcy, Credit Cards, and how new federal laws have changed the landscape: Peter Wright, Director of Clinical Programs at the Franklin Pierce Law Center, Kerry York, the Executive Director of Consumer Credit Counseling Services of NH & VT, and Sandy Kuhn, Director of the Bankruptcy Department at Family Legal in Dover. Welcome to all of you. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Kerry York\Executive Director\Consumer Credit Counseling Service of NH-VT, Peter Wright\Dir., Clinical Programs\Franklin Pierce Law Center, Sandy Kuhn\Dir. of Bankruptcy Dept.\Family Legal |
| key: Crime/ Legal Issues / Law Enforcement Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 7/12/06 HOST: Beth Carroll Length: 15:30 minutes Drowning in Debt -- A NH couple desperately seeks a Fresh financial start after going Broke, in this Outlook on Money report: The Bankruptcy Boom. That's now on NH Outlook. According to Harvard Researchers, 40-Percent of American families spend more than they make each year --relying on Credit cards to make ends meet. All it takes is a temporary job loss, divorce or huge medical bill to drive consumers over the edge. Here to talk about Bankruptcy, Credit Cards, and how new federal laws have changed the landscape: Peter Wright, Director of Clinical Programs at the Franklin Pierce Law Center, Kerry York, the Executive Director of Consumer Credit Counseling Services of NH & VT, and Sandy Kuhn, Director of the Bankruptcy Department at Family Legal in Dover. Welcome to all of you. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Kerry York\Executive Director\Consumer Credit Counseling Service of NH-VT, Peter Wright\Dir., Clinical Programs\Franklin Pierce Law Center, Sandy Kuhn\Dir. of Bankruptcy Dept.\Family Legal |
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