Looking to Consolidate Your Debt? Beware of Debt Consolidation Firms
Since the onslaught of the Great Recession, many Americans find themselves deeply in debt with no hope of paying loans back without changing how their payments work. Many Americans are finding that bankruptcy is a viable option, especially since the stigma against bankruptcy is fading as the Recession continues. Some Americans, however, are choosing to […]
Is a Normal Financial Life Attainable After Bankruptcy? Yes!
During the years before the Recession, many Americans felt there was nowhere to go but up, and upgraded their homes, their vacations and their debt balances. After the Recession occurred, these Americans were hit with lay-offs, home foreclosure and overwhelming debt. Prior to 2008, bankruptcy was seen as an admission of financial failure; now, many […]
Chapter 13: How To Handle Debts When They Become Overwhelming
Chapter 13 of the bankruptcy code allows individuals the opportunity to gain some relief from their debts. Used properly, it can also all a person to develop the financial habits that will prevent debt from growing too large to manage, ever again. The Chapter 13 Plan The centerpiece of a Chapter 13 bankruptcy filing is […]
Avoiding Foreclosure Through Loan Modification
Millions of Americans are struggling to make ends meet. Unemployment and rising fuel prices are putting more and more pressure on people struggling to meet their basic needs. The result is that many people are defaulting on their mortgages and losing their homes to foreclosure. Because lenders also want to avoid foreclosure, they are often […]
Overwhelmed By Debt? Act Today
Oftentimes, if you are in dire financial trouble, creditors would rather reduce interest rates or even forgive a portion of a loan balance rather than see you file for bankruptcy. Debt consolidation involves compiling a number of loans into a single loan, usually in order to secure lower interest rates and payments. Reputable debt consolidation […]
Pre and Post-Petition Escrow Shortages May Hinder Bankruptcy Plans
The terms of many mortgages provide for the establishment of an escrow account, or in other words, an account set up to hold funds collected in advance that have been set aside for a specific purpose. Often, escrow items include obligations such as property taxes and homeowner’s insurance. A portion of monthly mortgage payments will […]
Two Flawed Options for Consumer Debt Relief Offer Little Help
To say that Americans have been hard hit by the global economic crisis is an understatement. Since the downward financial spiral began in 2008, many millions of jobs have been lost, unemployment rates have been some of the highest seen since the Great Depression, bankruptcy filings are at an all-time high and there have been […]
Ransom Case Further Whittles Away at Debtors’ Rights
In Justice Elena Kagan’s first opinion, the United States Supreme Court settled the matter of a Las Vegas resident – Jason Ransom – who had filed a Chapter 13 bankruptcy petition. Mr. Ransom, the debtor, sought Chapter 13 protection after finding himself with more than $82,000 in credit card and other debt. Pursuant to the […]
