Latest on the Bankruptcy Blog

Financial experts have all kinds of tips and tricks for helping consumers manage their money better. When it comes to paying off a mortgage, it is said that paying a smaller payment twice a month can help pay off the mortgage much faster than a traditional monthly schedule. Extra Payments A bi-weekly payment essentially means  … Read more

As one of the most commonly sought after forms of bankruptcy protection, Chapter 7 comes with some unique challenges and features. While not everyone will qualify for Chapter 7 protection many people do seek it’s help each year. There are three main questions that surround the Chapter 7 process. Do I qualify for Chapter 7?  … Read more

Anyone suffering from mortgage debt or a possible foreclosure knows just how stressful finding a solution can be. Not wildly popular in the past, short sales are now becoming more commonplace in a struggling market. However, the process is riddled with hurdles for the homeowner. Knowing these few secrets can help ensure a successful short  … Read more

Having a vehicle repossessed when you are already experiencing financial troubles is likely to just worsen the problem. With no transportation, getting to work can be difficult and even impossible for some families. While no one sets out to default on their car payment, it does happen. Fortunately, filing for bankruptcy can help. Chapter 7  … Read more

Your mortgage is most likely your biggest source of debt. While this is common for most families, mortgage debt and default is becoming all too common in this tough economy. For most people, the threat of losing their home to foreclosure is rapidly approaching and leaving many people feeling overwhelmed. Luckily, homeowners in nearly all  … Read more

Each type of bankruptcy can produce similar outcomes, but each is also different in their own ways.  In general, there are several common questions asked by people pursuing each type of bankruptcy. Chapter 13 tends to carry the most mystery for filers as there is  more involved and required of the debtor in this type  … Read more

Anytime a debt is forgiven by a creditor, the IRS requires a 1099-C form. This form reports the amount of cancelled debt and generally implements the debtor in also claiming this amount as income on their tax return. Whether the debt is cancelled due to credit negotiations or a short sale, many debtors have found  … Read more

Just a few short weeks after the airline bankruptcy announcement, news broke about American Airlines’ plans to hire financial advisers to help with their Chapter 11 restructuring efforts. Two major labor unions have filed requests with the court to deny the hiring of these consultants and advisers. Order In The Court Since their bankruptcy filing,  … Read more

When it comes to avoiding foreclosure, a loan modification is one the of best solutions for most homeowners. Why? Because they are the least risky for the homeowner and allow them to keep their home. However, recent reports show that principal reduction modifications may be more risky than originally thought. Modifying Terms and Conditions The  … Read more

Filing for bankruptcy is the top choice for anyone deep in debt, but it can be the best solution for some. Depending on a person’s financial situation and previous history a bankruptcy can provide a better source of debt relief than other debt resolution methods. However, filing for Chapter 7 and Chapter 13 carries different  … Read more