Latest on the Bankruptcy Blog

The average filer has lot to learn about the bankruptcy process. With so many requirements and steps, it is easy for some detail to slip through the cracks, which can delay the outcome or even lead to a dismissal of the case. Before you file for bankruptcy, make sure you are prepared and have planned  … Read more

Debt settlement can be a harrowing process. Debt collectors aren’t known to be the most honest people, and they are trained to exploit your emotions and pressure you into paying as much as they can wring out of you. Keep your calm, develop a plan and you can prevail over debt collectors. Build up your  … Read more

Many Americans face tough decisions each day as they scramble to find enough work to keep food on the table and the family out of bankruptcy. As so many of our nations markets have been suffering for years and many people are beginning to lose faith in our economic future. Despite the high hopes and  … Read more

The BPO, or Broker Price Option, is when the bank appraises your house through a hired third party. An integral part of the short sale process is getting your bank to accept a lower price for your house that consistent with other short sale prices in the neighborhood. Your bank will likely come back at  … Read more

When considering a mortgage modification or credit negotiations, having a financial hardship letter can help you demonstrate your need for assistance. A financial hardship letter is a formal document. It states, in so many words, your intention to be the best possible borrower given extraordinary circumstances. You want to emphasize that you could not avoid  … Read more

Although bankruptcy may be reported on your credit report for up to 10 years, much of the damage done to your credit happens prior to filing for bankruptcy. By the time a person files for bankruptcy, their debt accounts have already been in considered delinquent by many of their creditors. It is this delinquency status  … Read more

The RCP—Reasonable Collection Potential—is the golden number for your offer in compromise because it more or less says that you are an ideal Offer In Compromise candidate. The reasonable collection potential is roughly estimated as your solvent or liquid assets plus what income you can expect to generate in the next four to five years.  … Read more

As more Americans struggle to find their way out from under a debt burden, options begin to fade and desperation sets in. Unfortunately, this leaves way for many scam artists to make their move on unsuspecting borrowers. Scam artists are good at what they do and they are always evolving new tricks to make their  … Read more

Over the years, Congress has approved many new tax deductions in efforts to help stimulate the economy and boost dismal national markets. One example is the mortgage interest tax deduction, which allows for homeowners to deduct a portion of what they paid in mortgage interest from their overall tax debts. Deductions like these can significantly  … Read more

Right now, because of persistent mortgage and housing troubles nationwide, it seems as if the mortgage modification process has only gotten harder. It has and it hasn’t. You need to know yourself as a borrower and as an income earner, if you are need a mortgage modification like forbearance or a loan modification. Don’t be  … Read more