Latest on the Bankruptcy Blog

The only thing certain during periods of pronounced economic uncertainty is that bean counters and lawyers at banks are hawkishly protecting their own interests. If you have a home loan and intend on pursuing a mortgage loan modification, you should know the letter of the law in your state. Here is another outstanding bank practice  … Read more

As consumer debt rises, many people are considering all options to find relief from their debts. There has been much publicity over, what is being called, the “Obama Credit Card Debt Relief Program”.  The problem with this program is, simply, that it does not exist. The Obama Credit Card Debt Relief Program is not a  … Read more

You will need to eventually hire a professional arbitrator, such as a tax lawyer, to submit an accurate and acceptable Offer in Compromise to the IRS. However, there are some simple and essential things you can begin to do if an Offer in Compromise is a viable option for settling your debt to the IRS.  … Read more

A popular trend among established homeowners is taking out a reverse mortgage loan on the equity built on their home. The funds can be used to renovate the home, pay bills or used for miscellaneous expenses. Since the homeowner is borrowing against their own equity, many lenders have been fairly lenient in lending. After the  … Read more

Unpaid taxes can really add up quickly for unsuspecting families. Tax debt can leave many families in turmoil when they are already financially strapped. In fact, tax debt is a big contributor to bankruptcy filings. The most important thing to know about tax debt is that it must be repaid. The IRS does not take  … Read more

The home foreclosure and short sale market today is bloated. It is unequivocally a buyers’ market and will certainly continue to be for a few more years. For those selling, they make be asking for nothing short of a miracle to get them out of a house that has become too much of a financial  … Read more

If you are already in over your head in credit card debt, you probably don’t have many nice things to say to your creditors. However, if you are just beginning to consider credit card negotiations as an option, the bargaining table may not be as bleak as you think. Many people, over time, find themselves  … Read more

Fact: The main reason people end up in bankruptcy is due to unavoidable debt and unforeseen financial hardships. Many people assume that those who enter bankruptcy are poor money managers that simply spent more than they could afford to repay.  Although there are plenty of people who fit this description, the majority of people that  … Read more

The IRS Offer in Compromise is the last stop if you simply cannot pay back years of unpaid back taxes. If you aren’t already aware, the OIC negotiation allows for the delinquent taxpayer to pay back a portion of what they owe in back taxes. The IRS will accept a portion of the owed taxes  … Read more

As the housing market stumbled, many homeowners got in over their heads in mortgage payments. Missed payments and pressures from a tough job market forced many hardworking homeowners into foreclosure. As a result, there has been an increase in the number of foreclosure scams and fraudulent mortgage modification programs popping up around the country. For  … Read more