Latest on the Bankruptcy Blog

You maybe haven’t heard of a cash-out refinance lately. Here’s why:  cash-out refinancing assumes that you are in an upside down mortgage. In fact, it only works if you have solid equity in your home and your home hasn’t lost much, if any value. The beauty of the cash out refinance A cash-out refinance allows  … Read more

Recent reports have released staggering numbers about the current state of our economy. The unemployment rate has hit a high of 9.1% and the poverty rate rose to 15.1 percent, nearly a full percentage point in a single year. The average income has dropped by 2.3% and the number of privately insured Americans is dropping  … Read more

It has become common for a newly divorced homeowner to default on a mortgage and end up in foreclosure. With the primary breadwinner no longer supporting the household, the person who took the house in the divorce may suddenly find it impossible to stay current on the mortgage. When he or she falls into default,  … Read more

If you have considered filing for bankruptcy, you may be wondering about what to expect during the process. The nature of filing for bankruptcy can be tedious and, most likely, you are already under enough stress worrying about your debts. Before you proceed with any debt relief options, you should contact a qualified bankruptcy attorney  … Read more

President Obama has been scrambling to pass a jobs bill that will, hopefully, tackle the unemployment problem and spur the American economy. But unemployment isn’t the only area of economic growth he is targeting. As part of his jobs speech, the President also discussed his desire to help Americans save money on their  mortgages and  … Read more

Debt negotiation letters are to be written during the final stages of a debt negotiation. They are superior to haggling over the phone because they provide a document of any communication or proposed transaction between you and bill collectors. Writing a negotiation letter should be done with the assistance of a non-profit debt relief service.  … Read more

Private mortgage insurance is insurance a lender takes out on less than prime or higher risk loans. This insurance protects the lender in the case of default on the part of the borrower, like foreclosure or a short sale. As a borrower, you can make less of a down payment, which is usually 20% of  … Read more

State and Federal Laws include important provisions that may shield you from usurious and exploitative debt collection practices. As you may have already read, one of the surest ways to secure protection from a creditor is through bankruptcy proceedings. However, there are many other laws at the state and federal level to protect troubled borrowers  … Read more

Owner of the NHL team the Dallas Stars, Tom Hicks, found himself facing tough decisions in May of this year. After struggling for nearly a year to keep up with payments Hicks sought bankruptcy protection to help resolve the team’s financial troubles. The Stars had been facing lawsuits from creditors after defaulting on several loans  … Read more

Under the Forgiveness Debt Relief Act of 2007, you have no tax obligations after a short sale until 2012. However, the status of tax liability in this case may change very soon. A common misconception troubled homeowners frequently held before 2007 is that they were free of their tax obligations to the IRS after a  … Read more