Latest on the Bankruptcy Blog

If you ask anyone what comes to mind when they hear the word “foreclosure”, they would certainly not describe it as “friendly”. A deed in lieu transaction is what is commonly referred to as the friendly foreclosure because it  is often less damaging to the homeowner than a traditional foreclosure. The Basics A deed in  … Read more

Short sales aren’t viewed in the harsh light as they once were. These days buyers and sellers aren’t as hesitant to pursue a short sale, even banks and lenders are becoming more keen on the idea. Best Of A Bad Situation For those facing foreclosure a short sale may not initially appear to be on  … Read more

The popular ice cream retail chain Cold Stone Creamery has had many problems with maintaining successful franchises. Many of the franchise owners have found themselves financially insolvent over the last few years, some even filing for bankruptcy to resolve their debt troubles. While many franchise store owners fight to negotiate lease agreements and contractual terms,  … Read more

Whether talking about professional athletes, Hollywood movie stars or even aids to such celebrities, financial hard times can strike anyone. In fact, many celebrities are at an increased risk of financial hardship and risk asset liquidation than the average American. Why? The answer is in their financial details. The Devil Is In The Details Professional  … Read more

The government has worked hard to ensure that all consumers have free access to their credit report on an annual basis. However, few people actually take advantage of this privilege. Even worse, less people pay attention to their credit report at all unless they are applying for credit. Keeping a close eye on your credit  … Read more

The government is looking for new ways to help homeowners avoid foreclosure. While many steps have been taken to make mortgage modification and refinancing offers more available, there is still much to be done in the avenue of consumer education. Now, the government has proposed several new changes to mortgage lending rules that are designed  … Read more

Much of the appeal in filing for Chapter 13 bankruptcy over Chapter 7 comes from its ability to resolve secured loans. These loans leave the secured asset at risk of repossession or liquidation if the debtor defaults on the loan. However, a Chapter 13 case can both protect the asset and modify the loan to  … Read more

If you haven’t already done your taxes time is running out, but before you submit your return you should consider whether you will face any additional liabilities. In general, there are two very important questions to ask before filing your return. Do I owe taxes on a foreclosure or short sale? If you are one  … Read more

Credit card debt is one of the most common sources of debt brought into a bankruptcy filing. While most people who end up in Chapter 13 have an income sufficient for repayment of credit card debt, there are cases in which a debtor never pays unsecured creditors at all in Chapter 13. Debt Repayment The  … Read more

There are cases in which the bankruptcy process requires that some funds be turned over to help satisfy debts. Some of these funds can include items such as tax refunds and earned income tax credits. However, a new Kansas law was passed in 2011 that made some big changes to the way bankruptcy proceedings now  … Read more