Bankruptcy News

Debt settlement does not solve your debt problems.  Many creditors will not agree to debt settlement.  They will file a lawsuit if your debts are not being paid.  There are many debts that cannot be solved or eliminated in debt settlement.  Court judgments for money...

Question:  I filed Chapter 7 bankruptcy last March 2004.  When can I file bankruptcy again? Answer:     You can file again a Chapter 7 case by March 2012 in order to obtain a discharge.  A Chapter 7 discharge may be granted after 8 years of filing...

If you are near your retirement age, you must act now or else you will find yourself miserable during your "golden years" or retirement period.  Bankruptcy is a great financial planning tool for those who are within seven years from retirement.  You must prepare a...

There are situations when after being discharged in a Chapter 7 bankruptcy, a debtor is facing foreclosure.  In this instance, it is possible to file a Chapter 13 bankruptcy case so that the debtor can propose a payment plan for the mortgage.  A person is...

If you received Form 1099c from your lender because of foreclosure, short sale, loan modification or debt settlement, the general rule is it is a reportable income.  There are however few exceptions that may apply.  The exceptions are Home Affordable Loan Modification Program reduction of...

If you are already 60 to 120 days late in payments bankruptcy will not significantly damage your credit score because you are already low end of the curve.  Credit score is a record of all your credit transactions and is determined by many factors such...

Most banks and creditors file an action in court to recover money whenever the debtor failed to pay on time.  When you are saddled with debts, there will be many creditors filing lawsuit.  The purpose of the lawsuit is to recover whatever money the debtor...

If your house is to be foreclosed and there is a pending Trustee Sale date, a very powerful way to stop it is by filing bankruptcy.  You need to file it before the Trustee Sale date if you want to keep your house. Question:    What is...

Many people are afraid of filing bankruptcy because they have substantial money in their 401(K) that they do not want to be taken by the Trustee.  They should not be fearful because based on Federal law the entire amount in a person’s 401(K) is exempt...

If you are near your retirement age, you must act now or else you will find yourself miserable during your "golden years" or retirement period.  Bankruptcy is a great financial planning tool for those who are within seven years from retirement.  You must prepare a...

The most common question of homeowners if they have a residence that is underwater is “Should I pay my second mortgage?”  To illustrate, assume that Juan and Maria bought a house in 2006 worth $500,000 with a financing of 80/20 or a first loan of...

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