On October 17, 2005, a new bankruptcy law went into effect. The purpose of the bankruptcy was to restore some fairness into the bankruptcy law in terms of who could qualify. Congress had become convinced that many people were taking advantage of the system under the old law in order to get out of paying [...]
Most people try to secure foreclosure loans with other equity that comes directly from the asset in trouble: their home. You can do this by getting a second mortgage on the home and thus accessing some of the equity in the home to help pay off any missing payments and fees. This can be a [...]
Finding foreclosure help is important in preventing foreclosure. If you find yourself in financial constraints and unable to pay your mortgage, there are programs and professional that are able to help. A valuable resource is the HUD web site. Hus (The US Department of Housing and Urban Development) is a great place to start looking [...]
In many cases, it is possible to avoid bankruptcy with some major financial planning and whole new attitude towards your standard of living. In other words, you can avoid bankruptcy if you make plans to do so and then stick with those plans. There are plenty of reasons why you would want to take this [...]
You can think of a chapter 7 bankruptcy as a fresh start with a life not overburdened with unmanageable debt. The chapter 7 was designed just for the individual debtor and is used to discharge certain eligible debts. When the court discharges the debt it means you no longer have any responsibility for the liability. [...]
Bankruptcy laws are very clear about when you can and cannot file bankruptcy. Because of so much misuse of the bankruptcy proceedings in the past, the laws were revised in 2007. In effect the new law made it more difficult to file a chapter 7 than in the past, but once qualified, you no longer [...]
If you’re worried about losing your house to foreclosure, its important that you quickly get your finances in order. Not only might you need to refinance or consolidate but you might have to adjust your assets in order to save your house. Tips to reduce your debt and increase your financial ability to pay your [...]
