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October 2016 Archives

Can income affect a person's eligibility to file for Chapter 7?

Many people who file for Chapter 7 view it as a way to get out of debt and put an end to the financial challenges they have been experiencing for quite some time. Although it is a common option that many turn to when their debt gets out of control, there are certain eligibility requirements that they must meet in order to file. Of these many requirements, your income is one of the most important.

Actions to take when you receive a missed mortgage payment letter

Owning a home is not something that all people are able to keep up with. In addition to paying utility bills and maintaining the home on both the interior and exterior, you will have to make monthly mortgage payments. Depending on their financial situation, these payments are a drop in the bucket for some, but for those struggling financially, these payments may be too much for them to handle. As a result, they will miss payments and start to receive letters from their lender.

Things creditors are not allowed to do when contacting debtors

It is hard enough when you can't make ends meet and pay your bills, but when creditors are calling every day, it can cause even more stress. As a debtor, you owe your creditor money, which is why they will call and try to get you to pay what you owe. Although these people have the right to call you, there are some things they simply are not allowed to do when they wish to make contact.

Consider what property is non-exempt when filing for Chapter 7

People have a variety of bills that they are required to pay on a monthly basis. Paying these bills may be easy for some, but there are many people who have found themselves falling behind and struggling to make the payments in a timely manner. Should they fail to do so, they could find themselves drowning in debt, and looking for a way out. Chapter 7 may offer them a way out, and it is something many people choose, but they will want to consider what property is non-exempt before they file.

How the Wells Fargo scandal impacts potential mortgage borrowers

Concerned Wells Fargo customers ask whether the bank or credit accounts opened without their permission will hurt their credit rating. More specifically, some are concerned whether these fraudulent accounts will prevent them from buying a home.

Why is losing credit cards not a con of Chapter 7?

People who are in debt may struggle with finding a solution to their money problems. While some people are able to get out of debt on their own, others may have to file Chapter 7 or Chapter 13 bankruptcy. Of course, filing Chapter 7 will give them the debt relief they need, but many people may not be 100 percent sure about filing because of some of the cons associated with it.

Situations where a person is not eligible for Chapter 13

Those who are looking for debt relief have the option to take advantage of filing for bankruptcy. Depending on the situation, some will file for Chapter 7, but others will choose to file for Chapter 13. Should you be someone who is considering Chapter 13, you will want to ensure you are eligible to do so before taking the time out of your schedule to start the process.

How forbearance can help you avoid foreclosure

When people are on the verge of losing their home, they may feel as though there is not much they can do to save it. Despite how helpless a person may feel in this particular situation, they do have options as to how they can avoid foreclosure. Bankruptcy, which is a common solution to this problem may help, but some people may opt to try something else before they file for bankruptcy.

Why is a second home not exempt in bankruptcy filings?

There are a lot of tough decisions that people have to make in life, and choosing to file for bankruptcy may be one. Although some who have found themselves facing financial challenges jump at the opportunity to file bankruptcy because of what it can do for them, others may find themselves questioning it benefits. This is mostly because depending on what type of property they have, such as a second home, it could be considered non-exempt and ultimately, be taken away.

Answer your phone when creditors call

There are many people who live in the United States that have debt. Whether it is from student loans, credit cards or something else, it is a debt that must be repaid. For those who can pay this money back with no problem, debt is not something they may worry about. But it is those who have limited funds who find it difficult to pay off their debt and stop creditors from calling on a daily basis.

Your student loans may be dischargeable

When a person decides to file for Chapter 7 bankruptcy, there are several ways they benefit. The most important of these is that they get out of debt, but they also tend to feel a bit of relief from the stress they have been experiencing as a result of the amount of money they owe. In many cases, they can rid themselves of credit card debt and other debt.

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