Latest on the Bankruptcy Blog

Depending on who you ask, the answer to this question could be “yes” or “no”. Regardless of which side you are on politically, we can consider this question by looking simply at the definition of “bankrupt”. In general, the term “bankrupt” refers to the status of being legally declared financially insolvent. Meaning, the entity or  … Read more

There are many reasons why a bank might reject your short sale offer. Some are less mysterious than others, and, more often than not, your bank hasn’t heard the magic bargaining number that will release you from their clutches. Here’s a couple ideas how to get the bank to accept your short sale terms. Its  … Read more

With the Fed prime rate set to remain low for the next couple years, you can expect to continue to hear from banks and other lenders about the glories of refinancing a mortgage. To lock in the super-low rate, there are a few best practices that should help you get a lower interest loan or  … Read more

These days, no one is immune to the effects of the economy.  There has been an increase in the number of municipalities seeking Chapter 9 bankruptcy protection as well as businesses large and small. Local chain restaurants are now just another business added to the list. However, facing increasing debt burdens and the threat of  … Read more

We have all heard the disappointing news reports and the ominous predictions of economists, but what exactly can be done about this failing economy? Surprisingly, quite a bit. Consumer Confidence If we could all take a moment to disregard foreclosure trends and debt issues, we might be able to focus on a strategy to bring  … Read more

What does it mean that the United States was downgraded by Standard and Poor’s? Essentially, it means that the credit score for the USA has taken a hit, just as any individual would take a hit if their financial outlook took a downturn. For individuals a lack of budgeting leads to increased debt, defaulted lines  … Read more

Did you know that many bankruptcy filings are brought on by debt that was unintentionally collected? We aren’t talking about simply racking up charges on credit cards carelessly; but referring to debt from unexpected medical bills, loss of a job and even because of mistakes in a previous tax return.  If a previous tax return  … Read more

As you well know, 2008 was a terrible year for debtors of all sizes. If you are faced with a foreclosure, short sale, or just a loan modification, the associated stress and strain can be unbearable. It may help to remember that many banks and lenders were insolvent too. Here are some ideas on how  … Read more

With interest rates remaining at record lows, many people are looking to invest in a home before it’s too late. However, there are many people who completed bankruptcy and may be wondering whether they are even eligible to obtain a mortgage loan. The short answer is: Yes. Many people will qualify for mortgage loans after  … Read more

Borrowers in debt negotiations make the mistake of appearing eager to settle and ready to go to any length to make everyone happy. They forget that big debt is big business and big business doesn’t have feelings. To debtors, you are a number and that number is what they hope to make off of you.  … Read more