Budget cuts for Temple University

Temple University has revealed their plan for budget cuts and to freeze nonunion salaries in 2010. The planned five percent cut will result in a savings of approximately $40 million. Additionally, the university has pulled its contract offer for the faculty union and will devise a less costly proposal. As state revenues weaken, more cuts…

Record High Unemployment Numbers

Unemployment rates continue to rise. An estimated 2.6 million jobs were lost in 2008, the most since 1945. A shocking 11.1 million people were unemployed as of December 2008. In December, the unemployment rate was reported to be as high as 7.2 percent, which is up from 6.8 in November. Employers are not only cutting…

Pennsylvania hospitals hurt by the economy

Over the past several months, most have come to realize no industry is immune from the recession we are facing. Local Pennsylvania hospitals can be added to the list of entities suffering from the present financial crisis. The Health System Association of Pennsylvania (HAP) released results of a survey conducted in December of 160 hospitals…

Will bankruptcy affect my credit rating?

Our firm receives this question pretty often. So, we've decided to answer it on our blog. Yes. Filing for bankruptcy will affect your credit rating. Initially, you may see a sharp decline in your FICO score. Once your debt has been discharged, and you begin making on-time payments and wise financial decisions regarding your credit, you…