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We’ve all heard comments that bankruptcy is bad and that it can ruin your life. This is merely a false negative stigma that has come about through the years. The truth is everyone deals with financial issues at some point in their lives and not everyone is fortunate enough to get out of it quickly and without some help. Many…
This post will provide details about what actually happens in a foreclosure and steps you can take as the homeowner, following up on a previous post. In the previous post, we discussed the basics of foreclosure, including legal definitions and possible scenarios. If you are a homeowner and you happen to miss a payment, this is considered a breach of the…
It is often said that a modern economy is based on credit. One reason for this belief is the need for individuals and businesses to secure credit to raise enough capital to grow. This growth is done at a much faster pace through borrowing and investment than if the consumer or entrepreneur was required to save up the necessary funds…
Ongoing financial challenges can often lead to outcomes such as filing for bankruptcy, repossession and having to acquire a home equity loan. In the face of unemployment money trouble can continue to grow and may seem overwhelming for any family or individual homeowner. Losing income will naturally add to the possibility of facing foreclosure. Other worries about mortgage payments and…
Chapter 7 bankruptcy is colloquially known as “fresh start” bankruptcy. Unlike its Chapter 13 counterpart — under which the debtor obligates himself or herself to repay at least part of his or her debts under a payment plan — Chapter 7 generally completely eliminates or “discharges” eligible debts. In this way, the debtor is able to start over again with…
Perhaps you have hit some hard times recently, and have fallen behind on your mortgage payments. You might even have had to file a petition for bankruptcy. It has come to the point where your mortgage lender has given you notice that it is beginning foreclosure proceedings. So it is time to move out of your home, right? Not so…
We have posted on our blog about some of the ways that creditors, and even individuals seeking to pose as creditors, have attempted to intimidate or otherwise unfairly communicate with individuals in connection with debt collections. However, there are strict laws in place that dictate what practices are allowed and prohibited in the practice of seeking to collect debt. Ohio…
For most people, contemplating bankruptcy is something that they never thought they would ever end up doing. But an axiom of life is that it is not always fair, and sometimes bad things can happen to good people. A sudden job loss, or a catastrophic illness or injury and consequent hospital bills, do not always telegraph their approach. Once your…
There were a series of television commercials a few years ago that centered on the theme, “Life comes at you fast.” And when it comes to personal finances, this can certainly be true. An unexpected serious injury or illness, or a divorce, or the unexpected loss of employment can quickly capsize one’s ability to stay within a budget or even…
Assuming that you are an individual and are contemplating bankruptcy as an option for debt relief, you may have wondered about the differences between Chapter 7 and Chapter 13 bankruptcies. There are multiple differences between them to carefully consider, assuming that you have already carefully considered bankruptcy in lieu of other options. Some, but not all of the distinctions between…