During a financial crunch, individuals and families have to make tough choices about how to allocate limited resources. During the Great Recession, when decreasing home values made home equity disappear, the choice often shifted to paying unsecured creditors, like credit cards, first. That trend appears to be reversing, with a greater emphasis on keeping up.
For some debtors, Chapter 13 bankruptcy is a better option than Chapter 7 bankruptcy. For some debtors, Chapter 13 bankruptcy is a better option than Chapter 7 bankruptcy. And sometimes Chapter 13 is the only option because a debtor is not eligible for Chapter 7 bankruptcy. It’s important to sort out the issues and decide.
If your business is in the red, take steps to protect your personal assets. If your business is in distress — you owe a lot of money but you can’t pay — your creditors will probably threaten legal action against you personally. How much they can collect will depend on how your business is organized,.
There are very few anniversaries that I remember as vividly as the effective date of the Bankruptcy Reform Act of 2005. October 16, 2012 will mark 7 years since bankruptcy law changed. It was supposed to lead to a drastic reformation of the bankruptcy laws. The 30 days before the law changed is what I.
Avoid or delay foreclosure of your home by seeking bankruptcy protection. If you are facing foreclosure, bankruptcy might be able to help. In many cases, filing Chapter 7 bankruptcy can delay the foreclosure by a number of months. Some people may be able to save their home by filing for Chapter 13 bankruptcy. What Is.
Believe it or not, there are telltale signs that a person is facing a probable bankruptcy filing. In most cases, bankruptcy will provide immediate relief if you find yourself in the following common situations: 1.) Your paycheck or bank accounts are being garnished; 2.) You receive harassing phone calls or letters from people you owe money.
How foreclosure procedures work, in both judicial and nonjudicial foreclosure states. Foreclosure happens when you fall behind on your house payments and your lender uses state procedures to sell your house. Foreclosure works differently in different states. In some states, the lender has to file a lawsuit to foreclose (judicial foreclosure), while in others, it.
Challenge a foreclosure by bringing a defense such as unconscionability or lender mistake. Until recently, successful defenses against foreclosure were relatively rare. But that is changing rapidly — more homeowners are successfully challenging foreclosure actions. This sea change is due, in large part, to the unearthing of more and more evidence that the real estate.
After you file for bankruptcy, the automatic stay offers potent legal protection against bill collectors. When you file for bankruptcy, something called the automatic stay immediately stops any lawsuit filed against you and most actions against your property by a creditor, collection agency, or government entity. Especially if you are at risk of being evicted,.
A short sale may be the answer to your mortgage problems. Here’s what you need to know. Having trouble paying your mortgage? You may have heard that a short sale is the answer to your problems. A short sale is a sale of a property where the proceeds of the sale are less than the.