Your 401k is meant for your retirement. Don’t ever treat it like an emergency fund. One of the most frequent mistakes I noticed people make is that they will borrow money against their 401K to pay off credit card debts or medical debts. Within a...
If you are struggling with debt and considering divorce, it is important to explore your debt relief options before taking any legal divorce action. When it comes to bankruptcy and divorce, timing is everything Question: How Does Bankruptcy Affect a Divorce? Answer: Family law and bankruptcy...
Many people believe bankruptcy as a last resort to save an unsuccessful financial aspect of life. However, financial problems necessitating bankruptcy are not the result of poor decisions. Sometimes people are not financially prepared for a major life change such as unemployment, divorce or illness....
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...
An emergency bankruptcy filing generally refers to any bankruptcy that needs to be filed in 5 days or less from the time that you first consult with your bankruptcy attorney. Question: Why do we need emergency filing in bankruptcy?An emergency bankruptcy filing generally refers to any...
In a published article in Smart Money, Debt Settlement: A costly escape, it enumerates the dangers of debt settlement or debt consolidation. After verifying the information published from other sources and corroborating the information with my personal experience I summarized the various findings as follows: Many...
Life after bankruptcy is like a cancer patient who just recovered and advised by her doctor that she can move on with her life. She will have a new life and a fresh start. Bankruptcy is a solution to financial problems and a way to...
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...
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...
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 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...