Tampa Bankruptcy Law Blog

For too many people, it's become a habit to get into a vehicle and drive while dog tired. Because we all know that dozing off behind the wheel can be deadly, many grab a cup of coffee, drive with the window open, or play loud music, all in an effort to stay awake.

A 2005 National Sleep Foundation poll found that 60 percent of adult drivers admitted to driving drowsy over the past year. That equates to approximately 168 million Americans driving drowsy every year, and about a third of them admitted to actually having fallen asleep at the wheel. Thirteen percent said it happens once a month! Those most at risk for driving drowsy include men, teens, young adults and individuals who work non-traditional shifts.

It has been estimated by the National Traffic and Safety Administration that sleepiness contributes to 100,000 car accidents annually. Sadly, these accidents account for over 1,500 deaths, 71,000 reports of injury and monetary losses upward of $12.5 million.

When going through a divorce, some couples find that it desirable for one spouse to keep the family home. After all, the kids are comfortable living there and staying would save the expenses and hassles of moving. For other couples, however, it is too much of a financial burden for one partner to keep the house. Fortunately, there are options and tips for both types of couples.

If One Spouse Wants to Keep the House

If one spouse would like to keep the home, the first thing to do is to make sure that he or she can afford it. Some spouses may be able to get a loan based on their individual income and assets. If there is enough equity in the home, the spouse can use it as collateral for the loan to buy out the other spouse.

If the house still has a mortgage, spouses who decide to stay in the house should refinance the loan in his or her own name and take the other spouse's name off the loan. This way, the spouse moving out is freed from the loan's obligations.

Real monetary assistance is in store for many homeowners in financial trouble, according to a Feb. 9 U.S. Department of Justice press release.

A coalition of federal and state law enforcement and regulatory agencies (including 49 of the state attorneys general) has reached a gigantic settlement with the five largest mortgage servicers in the U.S. - Ally Financial Inc. (formerly GMAC), Bank of America Corporation, Citigroup Inc., JP Morgan Chase & Co. and Wells Fargo & Company - for "mortgage loan servicing and foreclosure abuses."

The $25 billion settlement grows out of the work of President Barack Obama's federal-state-local Financial Fraud Enforcement Task Force that was formed to "investigate and prosecute significant financial crimes."