Tag: debt

Urban Institute Studies: Debt in America and Delinquent Debt in America

Debt in America Abstract:

Debt can be constructive, allowing people to build equity in homes or finance education, but it can also burden families into the future. Total debt is driven by mortgage debt; both are highly concentrated in high-cost housing markets, mostly along the coasts. Among Americans with a credit file, average total debt was $53,850 in 2013, but was substantially higher for people with a mortgage ($209,768) than people without a mortgage ($11,592). Non-mortgage debt, in contrast, is more spatially dispersed. It ranges from a high of $14,532 in the East South Central division to a low of $17,883 in New England.… Read More

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Bankr. M.D.N.C.: Schafer v. Hilliard (In re Royal Tours)- Avoidance of Payments if Not for A Debt

Summary:

Lee and Patsy Hilliard were married in 1975 and both served as officers of Royal Tours. Following their separation in 2008, the couple entered into a Separation Agreement whereby Patsy Hilliard resigned her position with Royal Tours and accepted a cash payment from Royal Tours in lieu of an Equitable Distribution consisting of 108 monthly payments of $3,500.

The Chapter 7 Trustee alleged that the twelve payments made prior to the bankruptcy filing were preferences pursuant to 11 U.S.C. § 547. A trustee may avoid any transfer of an interest of the debtor in property:
(1) to or for the benefit of a creditor;
(2) for or on account of an antecedent debt owed by the debtor before such transfer was made;
(3) made while the debtor was insolvent;
(4) made –
(A) on or within 90 days before the date of the filing of the petition; or
(B) between ninety days and one year before the date of the filing of the petition, if such creditor at the time of such transfer was an insider; and
(5) that enables such creditor to receive more than such creditor would receive if –
(A) the case were a case under chapter 7 of this title;
(B) the transfer had not been made; and
(C) such creditor received payment of such debt to the extent provided by the provisions of this title.… Read More

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Book Review: Graeber, David- Debt: The First 5,000 Years

Summary:

Arguing that debt pre-dates actual money as the basis of human economic life, this book views the last 5,000 years of lending and monetary policy through the lense of  anthropology, assessing concepts from ancient debt slavery to the current mortgage crisis like practices and traditions from foreign cultures.  The author, an outspoken anarchist, who is also one of the central thinkers behind the Occupy Wall Street movement, uses detailed historical and sociological evidence to show that despite the assumptions of Adam Smith and the explicit statements of nearly every economics text book, human society did not evolve from a barter based economy to using coins, because such barter based economies have never existed in any real sense.  … Read More

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