Latest on the Bankruptcy Blog

The IRS is the most rigid lender you have. Unlike ‘optional debt,’ everyone must pay their dues to the IRS, and the IRS takes tax debt and delinquency very seriously. And they should—hundreds of millions of people dutifully pay their taxes every year. Still, hard times can befall anyone, and an Offer in Compromise is  … Read more

When considering filing for bankruptcy, many married couples are stumped by the choice to file together or separately.  The best choice varies by couple and can be influenced by factors such as how much community debt is involved, whether the property is held jointly and how much of the debt was accumulated by a single  … Read more

Debt settlement is not a uniform process like bankruptcy. Instead, every lender will have different practices regarding delinquency and settlement. Lenders will not show enthusiasm to settle for so much as a penny less in most cases. Here are a few things you should know when trying to settle large, outstanding debt. Lenders’ internal rules  … Read more

If you are one of many Americans struggling to make ends meet and keep your house out of foreclosure, you may have considered a mortgage loan modification. Although these can be great tools to reduce your monthly payment while getting caught up on your debts, not all modifications are the same. Something Is Wrong When  … Read more

A forbearance agreement might be thought of as a short-term loan modification. When you anticipate being unable to make your mortgage payments for a short period of time (6 months or less, on average) the bank may defer your payments. Those missed payments and interest will be tacked onto the principal of the loan until  … Read more

Many east-coast Americans spent their weekends evacuating their homes before Hurricane Irene arrived. Businesses big and small began boarding up windows and closing operations down early last week, in attempt to save themselves from financial disaster. The Hurricane ripped through 10 states, bringing high winds, tornadoes and floods; leaving an estimated $10 billion in damage.  … Read more

Bankruptcy is a final option when settling old debts. It should only be employed after every other option has been exhausted—including credit card negotiations. Bankruptcy can remain on your credit report for ten full years. This means you may have to wait years before most lenders will consider you for a new line of credit.  … Read more

The short answer: it depends. The problem comes from the fact that “debt forgiveness” is often not well defined, which can leave room for companies to offer different types of services under its name. If you are drowning in debt, planning to negotiate with creditors or considered filing for bankruptcy, there are a few things  … Read more

The short sale process is a headache, and as we regularly implore, you must have your house in perfect order or potential buyers will head for the hills. If a short sale isn’t an option, a deed-in-lieu is often superior to foreclosure. In a deed-in-lieu foreclosure, the lender agrees to release the borrower of his  … Read more

There have been big advances in products for our homes and cars that fit the “green” lifestyle.  Recycled roof materials and solar panels have been making their way to the front of the roofing industry.  With the money saving benefits of solar panels, many homeowners have jumped on board with installing these environmentally friendly products.  … Read more