Individuals facing overwhelming mortgage payments may be able to avoid foreclosure through loan modification. However, convincing a lender to change mortgage terms can be difficult. Many scammers know this and try to profit from homeowners’ desperation by offering a...
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Does receiving disability keep people from filing for bankruptcy?
Bankruptcy, in contrast with the many unpleasant misconceptions surrounding it, is a valuable tool for dealing with debt. Over 400,000 people filed for one in 2021. according to the United States Courts. It may especially help those who suddenly find themselves...
What you should know about mortgage loan modifications
Many people who face bankruptcy also face mortgage foreclosures. Although some bankruptcy options allow you to save your home, you are still responsible for paying your mortgage every month. However, if you still cannot pay your mortgage payment, you may have another...
Reviewing the 341 meeting and the accompanying 521 documents
If you have decided to seek Chapter 7 or 13 bankruptcy protection, you will attend the “341 meeting” soon after filing. You will also have to provide “521 documents” to the bankruptcy trustee. This is a good time to review information from these sections in the United...
How can foreclosure impact your credit score?
Foreclosures occur when you can no longer make mortgage payments on your home. In this case, the bank or lender will begin the process of resuming control of the property and sell it to recoup their losses. In addition to losing your home, foreclosure can affect your...
Statistics on non-business bankruptcies
If you want to file for a non-business (personal) bankruptcy, it is crucial to understand the various options in front of you. For example, you should go over different types of bankruptcy and determine which one suits your circumstances best. For some people, Chapter...
What is the difference between secured and unsecured debts?
If your debts become so burdensome that you know paying them off will not be possible, filing for Chapter 13 bankruptcy may offer you a solution. Under Chapter 13, you will have a three to five-year period to pay some of what you owe. Whether you pay all or some of a...
What happens to your credit score when you file for bankruptcy?
Filing for bankruptcy is a viable option for those overwhelmed by debts and in need of relief. Individuals may opt for Chapter 7 or Chapter 13 bankruptcy depending on personal circumstances, but both options will impact your credit score. While bankruptcy gives you...
Should your business file Chapter 7?
Chapter 7 bankruptcy is one option when you need to declare bankruptcy for your business. You may hear people refer to it as liquidation because that is what happens when you file this chapter. Before you file, it is essential that you understand what filing Chapter 7...
How does Chapter 13 bankruptcy work?
Job loss, a serious illness, divorce or another difficult life situation can force you to take out large amounts of debt. If you feel like there is no way out from the debt you accumulated, you may consider filing Chapter 13 bankruptcy. According to the U.S. Courts,...
