How Bankruptcy Affects Foreclosure If you are a homeowner and you fail to make your mortgage payments on time for an extended period, you are in danger of your mortgage being foreclosed and you losing your home. Foreclosure is primarily the means by which a mortgage holder, usually the bank, starts the process to take control of the real estate for which he has given you the loan.The majority of consumers can't afford to buy their homes...more
Tax Debts And Bankruptcy - Seeking The Help Of An IRS Enrolled Agent We all know that dealing with the IRS can cause stress. This is especially true for matters related to a tax debt and bankruptcy, and why it may be a good idea to seek the counsel of an IRS enrolled agent. When you are faced with a tax debt, there are possibilities of discharging it through a bankruptcy filing. However, not all tax debts can be discharged. Under current...more
Bankruptcy Isn't Always the Solution In the rough economy we face today, it seems that more and more people are having financial problems. With all the unemployment we see, many people are facing foreclosures and severe credit issues. Along with these credit problems, there are more debt relief ads showing up each day as well. But do the people behind the ads really have your best interest in mind?Usually the ads you see for credit help are from attorneys who want to help you file for bankruptcy. These lawyers usually make a good deal of money from bankruptcy filings so of course they will encourage you to file. However, is bankruptcy your only option? Unfortunately the attorneys will have you believe that there is no other way out. By filing you will ‘start fresh' and be able to breathe easy again. But is that really true? In fact people with a bankruptcy will have that fact follow them on their credit report for the next seven years. Many times it will haunt you even longer as potential employers or credit companies look into your past. Often, credit applications will ask if you have ever filed for bankruptcy. Even if it has been over seven years you will need...more
Common Misconceptions about Bankruptcy There had been a spike now in the number of people who are filing for bankruptcy. This is probably spurred on by the economic crisis and the large number of families that had been affected by it. In fact, you yourself may even be considering filing for one because of some combination of circumstances...more
Bankruptcy Considerations During Divorce Certain debts are dischargeable and others are not. The following divorce related debts are not dis chargeable in a bankruptcy filing:Taxes (federal, state, real estate, etc)Child supportAlimony (aka Spousal Support or Maintenance) Debts arising from a marital settlement agreement or divorce...more
There are many reasons why people may get overwhelmingly behind on their bills with little hope of catching up. Whether due to a mistake somewhere along the way or circumstances beyond the individual or family's control, sometimes filing for bankruptcy is the best possible choice - but it is not a decision to be taken lightly.When considering this important issue, keep in mind that there are two different types of filings. Chapter 7 is generally for people who don't have assets they need to protect, such as a house, or for those who don't have enough money to pay their current bills. Chapter 13, by contrast, can restructure past due debt to help people keep their house and car. However, it is only appropriate for those who can afford their current bills plus a little extra to get caught up on back payments over time. Only you and your lawyer can decide if either type is right for you, but here are some common reasons for bankruptcy filings.1. Loss of employment. Those who lose their jobs may find it very difficult, if not impossible, to make ends meet. In the current economic climate, it can be challenging to find another job soon enough to keep all the bills caught up. ...more
6 Tis: How do you find a Bankruptcy Listings There are several ways you can get out of bankruptcy listings, and get basic information about the case, including the production of documents, data, and court a list of all creditors who have filed...more
Filing Bankruptcy – Thing To Consider Before Bankruptcy Wouldn't it be nice if there were a dollar amount or period of time that told us it was time to file bankruptcy? Unfortunately there is not. The right time for you to file bankruptcy is...more
Bankruptcy Vs. Debt Settlement - How Will Each 1 Impact My Credit score Score When you're crushed while using weight of debt and are desperate to obtain rid of it, then the first thing that comes for your thoughts is to have the financial debt...more
How Can You Locate Bankruptcy Help Easily? Are you trying to locate bankruptcy help, but are not having any luck finding the help that you need? Then you have to be aware of the best ways you can use to allow you to easily find the help that...more
Top Reasons To Pursue Debt Settlement Rather Than Bankruptcy If you are mired in credit card debt, you have three options. The first is to completely pay off your debts by somehow obtaining a boost in your income. This is unlikely. The second...more
Should I File Bankruptcy Or Is Debt Settlement A Better Alternative? When personal debt reaches the kind of level where you just cannot see how you could ever be debt free again, many people think that bankruptcy is their only option. While...more