Mortgages are a form of secured debt. In other words, your lender has the contractual right to take your home through foreclosure without having to file a lawsuit and obtain a judgment against you (which is what unsecured creditors must do). Negotiating with mortgage lenders, therefore, is difficult. Foreclosure is a costly procedure, but lenders always have this option if…Read More
Many people experiencing financial hardship have trouble seeing a light at the end of the tunnel. Is it possible to simply wait it out? Will agencies and creditors eventually stop making debt collection calls? To help you understand this situation, our team at Bach Law Offices, Inc. has compiled the following FAQs about time-barred debt. If you still have questions…Read More
Image by Clker-Free-Vector-Images from Pixabay There’s a crude adage about what happens when you assume something--I won’t repeat it. However, I’m going to make an assumption that at one point you’ve signed up for some sort of financing plan. Any time you borrow money, you accrue credit, and most of the data involved is captured in a credit report. A…Read More
If you’re considering bankruptcy, one factor is particularly critical in determining which type of bankruptcy—if any—will solve your financial crisis. This factor is whether the debt you owe is secured or unsecured. Secured debt is anything that is backed by collateral, such as: Mortgages Automobile loans Tax debt (if the IRS has attached a lien to your property) Unsecured debt…Read More
Image by mohamed Hassan from Pixabay The term bankruptcy is filled with negative connotations. To set the record straight, bankruptcy does not mean that you or your business are finished. Is it serious stuff? Yes, but it’s not necessarily financial ruin. Bankruptcy isn’t as bad as it sounds because it gives an individual the opportunity to fix financial errors and…Read More
The first several years of owning a business are tumultuous. According to data from the Small Business Administration, roughly a third of businesses fail in the first two years, and only half of businesses survive the first five. If your company is fighting to stay afloat, deciding on a course of action can be challenging. Do you keep taking on…Read More
Image by Gerd Altmann from Pixabay We are seeing the best being brought out in people from volunteer drives supporting frontline workers to individuals delivering groceries and other goods to their elderly or immunocompromised neighbors. The federal government is rolling out loan programs, and some companies are loosening restrictions on payment terms. Then there are the bad apples, who are…Read More
If you’re considering bankruptcy, one of the most important choices you’ll make is which type to file. While all forms of bankruptcy aim to provide the filer with a fresh start, each has its own limits, potential, benefits, and drawbacks. The chapters you’ll likely consider are: Chapter 7. Commonly called “liquidation bankruptcy,” Chapter 7 requires a bankruptcy trustee to liquidate…Read More
Image by Olga Lionart from Pixabay It’s hard to keep up with the latest on COVID-19 and the deluge of new and changing government assistance programs. We hear the curve is flattening in California but rising in New York. One day there’s billions of dollars available in business loans, and by the end of the week, it’s gone, only to…Read More
The events of the coronavirus have moved so fast that it’s been hard to keep up. The news of the size and scope of COVID-19 has been grim on a public and economic health level. While you are understandably worried and overwhelmed, there are financial relief options available through the Coronavirus Aid, Relief, and Economic Security Act (CARES) that you…Read More
