Young adults have been hit plenty hard by the recession. A recent study by Western Union Survey reveals that almost one in five members of Generation Y have lost their job.

The numbers paint a tough picture for a segment of the population still early in their working lives:

• 17 percent lost their primary jobs during the recession
• 56 percent were looking for new jobs
• 37 percent were looking for a second job to supplement their income
• 8 percent declared chapter bankruptcy.

Looking at the numbers, UPI declares this generation the one hit hardest by the recession.

Generation Y encompasses anyone born between 1979 and 1999.

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Filing for Chapter 7 or 13 bankruptcy has gotten more expensive since changes in the nation’s bankruptcy laws took effect in 2005. A new study found that people who file bankruptcy face a 55 percent increase in costs since bankruptcy reform.

Bankruptcy Fees for Attorney and Other Services

The study–published in the American Bankruptcy Institute Law Review–was done by Lois R. Lupica, a New York bankruptcy attorney, and Thomson & Knight LLP, and examined data from consumer bankruptcy cases in six states. The costs to consumers was for fees and expenses related to an attorney, the trustee, filing, credit counseling and debtor education, and other professional fees. The m

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Oregon Man Pleads Guilty to Bankruptcy Fraud, Hiding Gold

An Oregon man will face a possible five years in jail and a $250,000 fine after pleading guilty to two counts of bankruptcy fraud, according to the Columbian.

Donovan Lindhorst of Gresham, Oregon, was forced to file involuntary bankruptcy in 2007 after he didn’t make the necessary payments to the roofers union of which he was a member.

As a part of filing for the involuntary bankruptcy, Lindhorst hid numerous of assets, including cash, a vintage truck, gold, silver and other coins.

Officials found almost $200,000 in cash, as well as gold bullion and other valuables in a safe in Lindhorst’s house when they undertook during an inspection. The

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As the economy slowly recovers from the recession, Americans are hesitant to approach credit card issuers with open arms. While the Credit CARD Act is aimed toward providing consumers with more protection and transparency, it has yet to inspire consumer trust in the companies that previously caused debt and credit score damage for consumers.

NerdWallet.com, a credit card consumer advocate site, has developed a new program to mend the fences between Americans and credit card issuers. The New York Times reports that the site is offering consumers a filter through which to search for an appropriate credit card.

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According to research, `the bank of Mum and Dad` is now calling in its debts – as parents ask for larger amounts of money back from their children, The Telegraph reports.

The findings revealed that one in 10 grown-up children either gave or lent, on average, 8,250 to their parents last year. This figure is 1,750 higher than it was in 2008.

More than one third of parents admitted to using the money they received from their children to repay their own debts, while a similar amount used the money to cover their everyday expenses. Read all post…

Debt settlement is like any type of debt management, there are pros and cons. A lot of consumers find that the pros far outweigh the cons and proceed with debt settlement. While debt settlement is not for everyone, it does work quite well for those that proceed. Despite its many successes, you should be aware of the pros and the cons before you decide that debt settlement is the right option for you.

The Pros of Debt Settlement

1. Debt settlement often allows for debt to be repaid within three years. 2. You’ll be able to build your credit back up in less time than you might have thought. 3. Y

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This week’s news brings interesting implications for consumer finances. First we learned that existing home prices have slumped to record lows, which has the media buzzing about the “new role” of owning a home. The new role is that our homes no longer function as limitless ATM machines. No more buying electronics, recreational vehicles, jewelry, and designer wardrobes with home equity loans and lines of credit. Under these circumstances, it appears that consumers would again turn to credit cards for the instant gratification of discretionary purchases. No way. Ameri

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