Latest on the Bankruptcy Blog

While filing for bankruptcy offers some great benefits for many people, it isn’t a cut and dry process. There are numerous gray areas and some people find that their cases are handled much differently than others. The reason is that each bankruptcy case is highly unique to the debtor’s individual financial situation. Factors such as  … Read more

In light of recent lawsuits, big banks have had to face the music and pay up regarding their behavior in certain  mortgage lending practices. Most of the lawsuits have come after struggling homeowners jumped through hoops to save their homes, only to find out that lenders weren’t holding up their end of the deal. Many  … Read more

Even though the past few years have been rough on the pockets of most Americans, this year the pity party seems to be drawing to a close. Despite a challenging economy and tough debt battles, many Americans are spending more on holiday decor this season that they have in several years. The Bells And Whistles  … Read more

Just one short week after the announcement of the American Airlines bankruptcy filing, three top executives have resigned.  These resignations follow the sudden retirement of the previous CEO, Gerald Arpey. Arpey, who was not in agreement with the decision to file for bankruptcy, was replaced by American’s president, Thomas Horton.  Having now lost four of  … Read more

Until now, the short sale process has been riddled with waiting games and lender hang-ups that caused homeowners undue stress in an already overwhelming time. Consumers who are working through a short sale as a means to avoid foreclosure will soon see improvements in the process. Changes Ahead Big lenders have decided to make a  … Read more

Student loan debt is a slippery slope that many graduates know too well. Between a struggling job market leaving many without employment to high monthly payments, many college graduates find it impossible to manage their debts. Since student loan debt is rarely discharged in bankruptcy, the options become limited for those struggling to minimize their  … Read more

It isn’t uncommon for tax debt liability to be calculated incorrectly, either by the taxpayer or the IRS. There have been cases in which people who owed more than they could afford, entered an IRS payment plan wrongly due to inaccurate calculations. These innocent taxpayers ended up paying more than they actually owed because they  … Read more

The decision to file for bankruptcy can be a tough one. While no one wants to end up needing bankruptcy protection it can offer some great benefits, especially in Chapter 13. Since a Chapter 13 bankruptcy is handled differently than a Chapter 7 case, it often requires different steps in preparation for the filing. Before  … Read more

Since President Obama released the Home Affordable Modification Program in 2009, less than one-third of the estimated borrowers in mortgage debt have sought help from the program. Part of the problem has been a lack of consumer education about their loan modification options, the other has been the lack of willingness of the part of  … Read more

Although there is much disagreement as to whether reverse mortgages are a good idea, the fact is that they can be very helpful for some in certain situations. Like any other mortgage or loan, they do face some challenges when a person files for personal bankruptcy. However, the details behind a reverse mortgage can make  … Read more