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Bankruptcy: The Power of the Clean Slate

It doesn’t take many clicks online to find writing and advice on how to shape up your finances, even First30Days has a great financial advice section found here. There are...

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Dave Ramsey

Dave Ramsey

Host of "The Dave Ramsey Show" on Fox Business Channel and...

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Scott Bilker

Author and creator of DebtSmart.com

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Liz Pulliam Weston

MSN Money columnist and author

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The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!

Extreme Makeover: Foreclosure Edition

Extreme Makeover: Foreclosure Edition

The "Extreme Makeover" team and more than 1,800 volunteers showed up to destroy one family’s old home and replace it with a mansion, something the town and those volunteering felt this family deserved more than anything. Within six days, the Harper family had a new home—estimated to be worth $450,000—and a nice little sum to take care of maintenance expenses and put their kids through school.

But now, three years later, the house is on the auctioning block. The Harpers took out a $450,000 loan against the house for a new construction business that failed. Ultimately, ABC believes that financial matters are personal and they advise each family to talk to a financial planner before making decisions, but they don’t get involved. The house was a gift, they say.

Still, some of the volunteers are unhappy about the Harper’s decisions. They spent time and effort – some of them even pitching in money—to make a better life for the Harpers. They feel it was squandered away.

Is the Harpers debt and poor financial management anyone's business but their own? It seems that they did what they thought was right—using their home equity to start a business that could have helped them avoid further debt—but that it just didn't turn out well. Yes, the neighbors worked hard to present this gift, but does it justify their judgment? [Yahoo! TV]

Posted: 7/30/08