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Americans continue to see a rise in foreclosures as the mortgage bubble shows signals that it is about to pop. However, many families feel stuck because they do not want to uproot their children and they cannot afford their current residence. With over 250,00 new families entering foreclosures every three months, it begs the question of how potential foreclosures affect…
Most Americans doubt when bankruptcy is the right option for them, and a strong majority of those same Americans aren’t sure if they qualify for bankruptcy. Luckily, there is a way to determine eligibility for chapter 7 participants: the bankruptcy means test. Since 2005, most individuals have to complete the means test, which is an evaluation that takes into account…
Most business owners rely greatly on their commercial property to host company operations, sell their goods and socialize with their clientele. The property could be the face of the business, similar to the largest corporations like McDonald’s and Target. However, there is a huge fear of losing that property during a bankruptcy filing. No one wants to risk losing their…
Bankruptcy is confusing and even frightening to many people. If you don’t understand how bankruptcy works, you might overlook both benefits and risks associated with filing. One of the most important decisions regarding bankruptcy that you will make, other than realizing you need bankruptcy protection, is determining what form of it bankruptcy to file. Most individuals who file for bankruptcy…
While most people don’t think about tax season around the holidays, it’s critical to think ahead and start thinking about how your decisions may influence your financial future, including the 2021 tax season. For most people dealing with financial woes, the last thing they want to think about is sharing their income with the government, but the Internal Revenue Service…
People who find themselves considering bankruptcy due to financial hardship often worry about the long-term implications of bankruptcy. Misinformation abounds on this topic, and many people are quick to claim that filing bankruptcy means losing your home. While it is true that Chapter 7 bankruptcy proceedings may sometimes require the liquidation or sale of assets to repay creditors before a…
Countless Americans live their lives on the edge of financial peril. One significant life event can spell disaster. Facing divorce, job loss, home repairs or medical emergencies can negatively impact household finances for years to come. Many hardworking individuals consider filing for bankruptcy as an admission of failure – a financial worst-case scenario. Too many people continue to fight to…
Most of us feel it’s a moral obligation to pay what we owe – as long as we are able to do so. However, when people reach the point of considering whether to file for bankruptcy, they are usually overwhelmed by debt. Many people will try to chip away at the balance even when there’s little chance they can repay…
Abandoning your home to escape your mortgage debt—what’s known as a “zombie” foreclosure—can be an ineffective strategy. When some people are behind on their mortgage and facing foreclosure, they think that abandoning their home to the lender is their only option. By abandoning their home, they assume that it will be later sold in the foreclosure sale, relieving them of…
Filing for bankruptcy isn’t a pleasant experience for anyone, but it’s also not the end of the world. The majority of people who face overwhelming debt get into financial trouble through no fault of their own, and massive medical bills are a common reason. Creditors and other so-called financial experts warn filing Chapter 7 or Chapter 13 can cause extra…