No One Is Safe From Identity Theft
Identity theft continues to rise and it has become necessary for every consumer to be educated on what to do if their personal information is compromised. With the arrests made throughout the month of May of bank employees, mail carriers, and medical clerks from New York to Florida for participation in identity theft rings it is obvious anyone can find themselves in such a situation. Identity theft experts recommend taking three steps immediately to minimize the damage that can be done to your credit. First, call any one of the nationwide consumer reporting companies and place a “Fraud Alert” on your credit reports. This tells creditors to take extra precautions when your name is used to open new accounts or make changes in accounts you already have. Calling one is sufficient. The other two will be notified by them. Secondly, cancel the accounts that have been accessed or set up fraudulently. And third, report the crime to the Federal Trade Commission at www.ftc.gov/idtheft. Get more details by visiting the consumer protection websites set up by the government and consumer advocacy organizations. It can take anywhere from months to years to clear up your identity once it has been stolen. Taking the correct steps quickly can make the difference.
R.H. Donnelley and subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court for the District of Delaware on Thursday, May 28. Chairman and C.E.O. of R.H. Donnelley sited the “…cataclysmic collapse of the U.S. economy” and resulting collapse of the advertising market as the reason their growth-through-acquisition strategy put them in the position which requires protection from their creditors while they restructure. R.H. Donnelley, publisher of U.S. Yellow Pages, listed total assets of approximately $11 billion and total debts of over $12 billion. The company has been working towards reducing the corporate debt since early 2009 and feels confident the positive cash flow from operations plus the $300 million in cash on hand will be enough to see it through the restructuring period without having to apply for debtor-in-possession (DIP) financing. The Chapter 11 bankruptcy will slash the company’s debt by roughly $6.4 billion.
Consumer Bankruptcy Increasing
Even with the new bankruptcy laws that make it more difficult for individuals and small businesses to file for bankruptcy the numbers are raising nationwide. Chapter 13 bankruptcies give people the option to pay off debts under three to five structured plan. To discharge all debt a Chapter 7 bankruptcy must be petitioned for. Nevada, Michigan, Indiana, Tennessee, Alabama and Georgia have the highest per capital number of filings so far in 2009. Michigan and Nevada have considerably more Chapter 7 filings than Chapter 13 bankruptcies. All states have experienced an increase throughout 2009. Alaska currently has the lowest per capita number of bankruptcy filings but over 85% of them are for a total discharge of debt (Chapter 7) which carries a more negative impact on the economy overall.
Coastal Credit Solutions, Inc. operates a financial market place that matches Consumers and Businesses with debt eliminating and/or alternative financing service providers. If you have over $5,000 personal or business credit card debt or are seeking small business financing, please call us 866-205-8370 for a FREE no obligation consultation.
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