When you’re already facing financial hardship, the last thing you want to receive is a foreclosure notice. A lender initiates the foreclosure process when a debtor consistently fails to make their mortgage payments. During the foreclosure process, the lender regains ownership of the property and sells it in order to settle the debt. Depending on your circumstances, there may be…Read More
Chapter 13 is an excellent bankruptcy option if you have a regular source of income. By following a 3-5-year repayment plan, you can catch up on overdue payments and partially or completely pay off your debts. Chapter 13 also allows you to retain secured assets, including your home and business. You are eligible for Chapter 13 bankruptcy if: You are…Read More
Chapter 7 is an excellent bankruptcy option for debtors with terrible credit. Once you complete Chapter 7, your financial slate is wiped clean and you can start restoring your credit immediately! While your bankruptcy will be listed on your credit report for 10 years, you can still improve your credit score by making positive financial choices. Track Your Credit Score…Read More
There is often a lot of stigma attached to the mere idea of bankruptcy that is rarely rooted in what it actually means to go bankrupt. As such, many who are deep in debt might try to avoid it even when it is their best chance at rebuilding a better and healthier financial future. That said, bankruptcy is not the…Read More
Being in debt is a frustrating experience on its own, but when you throw in the constant harassment of creditors, it can make a bad situation even worse. In many cases, people quietly put up with creditor harassment and assume they are helpless against it. The fact is that there are some things you can do to reduce the calls…Read More
Depending on your business situation, you’ll have one of two options: either be forced to liquidate your business or have the chance to continue running it. Many different factors, such as whether you’re the sole proprietor or if your business is losing money, play a role in what will ultimately happen. When Will You Be Forced To Liquidate Your Business?…Read More
Many people worry about losing all of their possessions when they file for bankruptcy, but that’s rarely the case. Exemption laws may allow you to keep your home, automobile and other assets, all depending on the state you live in. If you are able to keep something like your car through a bankruptcy, does that mean you should? Below we…Read More
Typically, when you’re looking to discharge the majority, if not all of your debt, you look towards Chapter 7 bankruptcy. Unlike Chapter 13, in which you can set up a repayment plan, Chapter 7 allows you to wipe out your debt. Before filing for bankruptcy, it’s important to know what kinds of debt can be discharged. Debts that can be…Read More
Exploring the possibility of filing for bankruptcy can be a path filled with worry and hesitation, especially when it comes to the aspect of credit. Will your credit score be ruined forever? Does it mean you won’t be able to get a loan? How will it affect your future? How Bankruptcy Will Affect Your Score There is no sugarcoating the…Read More
A common misconception is that the only reason to file for bankruptcy is if you’re behind on your payments. This is simply not the case. Although you may be current on your payments now, anticipated circumstances such as divorce, job loss or medical expenses may render you unable to make payments in the future. Instead of it being a last…Read More
