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September 2016 Archives

Rising condo foreclosures caused by more than just financial setbacks

The Washington Post recently reported on the rising number of condominium foreclosures due in part to the most recent economic recession, but also due to poor management of condominium communities. Low condo prices - often due to foreclosures - attract buyers, particularly in Florida where condos are especially popular.

What are common reasons to file for Chapter 13 bankruptcy?

When people have a lot of bills that they need to pay every month, it is very easy for things to get out of control. Although they may have thought they would have been able to cover all of these payments without running into any issues, many people have found themselves stressed out and panicked because their debt has done nothing but grow and become overwhelming. Fortunately, their specific type of financial troubles may mean they qualify for bankruptcy.

How to determine if a lender has violated the Fair Lending Act

There have been many people around the United States who have found themselves in the midst of a financial disaster. During this time, money is tight, debt is piling up and they are at risk of losing their property. Should anyone be experiencing difficulty paying their mortgage and be facing foreclosure, there are actually several options as to how they can keep from losing their home, including proving that their lender has violated the Fair Lending Act.

What should I tell creditors when they call me?

People who have found themselves in debt have many things to be stressed about. In addition to feeling overwhelmed because they owe thousands of dollars that they can't pay back, they may also be frustrated and annoyed with creditors calling every day. While many people simply ignore the calls and don't let it bother them, many find that being harassed on a daily basis is just too much and would love nothing more than to put a stop to the calls.

Consider the benefits of filing bankruptcy

Anyone who has experienced issues with money knows how stressful it can be. You may feel like you don't make enough or struggle with paying all of your bills. Those who have managed to land on their feet and avoided seeking legal help were lucky, but there are many people around the U.S. who have had no other choice but to file bankruptcy. Although this option has been very helpful to the many who have found themselves in a financial disaster, there are still many questions people may have about this debt relief option that has caused them to second guess if it is the best option for them.

Signs you may need to file for bankruptcy

Debt is more than money owed. For some people it becomes a downward spiral that consumes your life, your health, and your loved ones while you work extra hard. Sometimes you can't fix the problem on your own. Declaring bankruptcy can mean a clean start, but it's a bold life choice and it's hard to know when it's the right time to file.

Can creating a budget help me avoid filing bankruptcy?

There are thousands of people in the United States who have found themselves unable to pay their bills. As the days, weeks and months pass, instead of watching their debt decrease, they have watched it build until they finally decide that it's time to address the issue. Chapter 13 bankruptcy is one way to get out of debt, but something as simple as creating a budget can help avoid bankruptcy, and should be considered.

Property that is not exempt from Chapter 7 bankruptcy

People who are having difficulties paying their bills and addressing their debt often file for bankruptcy. It is not always easy for people to decide to file bankruptcy. Yes, it will get them out of debt and eventually keep them from having to pay thousands of dollars to creditors, but people are often concerned about what they may have to give up or how filing will damage their credit score. Thanks to bankruptcy laws, people don't have to worry about losing all of their property, but because some things are not exempt, it doesn't mean they get to keep everything they own.

Four options when you cannot make your Chapter 13 plan payments

The car engine breaks and you have no way to get to work. Panic sets in because you finally got a second chance by filing for Chapter 13 bankruptcy and now you cannot make your payments. Car accidents and lost jobs happen but you do not need to panic because there are solutions. If you are unable to make your Chapter 13 plan payments then consider these four options.

Can I continually file a Chapter 13 to get stays from creditors?

There are pros and cons to consider when filing for bankruptcy. One of the greatest immediate pros is almost unarguably the benefit of having a stay put on the collection actions of your creditors. That means no more harassing calls beginning before your morning coffee and ending after you have put the kids to bed. No more letters. And if all goes according to plan, no judgments against you. And finally, a fresh start with a lower, more feasible payment plan.

The process of Chapter 7

The first step in filing for Chapter 7 bankruptcy is to confirm that you qualify for the form of bankruptcy many people prefer. The means test essentially considers your income against how many people are in your household, as well as questions about your debts and the assets you currently own. The federal government provides this form and you can find versions of it online.

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