Bankruptcy News

If your home is in danger of being foreclosed you must have a plan of action to keep your home.  Below are the suggested pointers that will help you keep your home. 1.         If you have two loans on your house and it is underwater, the...

Most personal properties are exempt from being taken by the creditors if you file bankruptcy.  This includes retirement accounts and social security income. Question:       How much property can I keep if I file bankruptcy? Answer:           If you are filing Chapter 13 bankruptcy, you keep everything...

Your employment will not be affected if you file bankruptcy. One of the factors that keep professionals and employees from seriously considering bankruptcy is the fear of how it may impact their employment.  It is very important to know that the Bankruptcy laws and the...

A lot of times people ask whether debt consolidation is better than bankruptcy. You should be aware that most of the time debt consolidation is not the best for your situation.  While the idea of paying the debt consolidation company once a month to take...

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...

The first thing you will know if you are being sued is the receipt of a summons from the court with a notice stating that you are being sued and that you have to respond to the complaint for money owed within 30 days from...

Income taxes may be discharged in bankruptcy if certain requirements are met.  Most people mistakenly believe that taxes are never dischargeable in a bankruptcy. This myth is absolutely wrong! Although there are certain criteria that must be met, bankruptcy relief is often the best way...

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...

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 a few years from retirement.  You must prepare...

If your home is in danger of being foreclosed you must have a plan of action to keep your home.  Below are the suggested pointers that will help you keep your home. If you have two loans on your house and it is underwater, the second...

A person will not go to jail or be arrested for filing bankruptcy.  The Bankruptcy law is intended to allow people who have so many debts to have a fresh start by eliminating unsecured debts.  However, many people have a common belief that filing bankruptcy...

Most personal properties are exempt from being taken by the creditors if you file bankruptcy.  This includes retirement accounts and social security income. Question:       How much property can I keep if I file bankruptcy? Answer:           If you are filing Chapter 13 bankruptcy, you keep everything...

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