Latest on the Bankruptcy Blog

The national annual trend for bankruptcy filings has them on a slow but steady decline over the last couple years.  This trend, however, is being driven by some key factors.  Simply put, consumers are borrowing less money.  Doing so creates less of ability for someone to default on a loan.  Another disturbing fact is that  … Read more

Foreclosure is a process that, when done properly, takes several months from beginning to end.  For homeowners hoping to save their homes, this is good news.  It means that, with the help of a foreclosure attorney, they may be able to stop the foreclosure. The Beginning The first step of the foreclosure process is when  … Read more

A lot of people who are contemplating bankruptcy wonder which assets are exempt in a bankruptcy filing and which are not.  Because the law changed a handful of years ago to make it more difficult to abuse the bankruptcy system and because the Occupy Wall Street movement has called for bankruptcy reform to allow U.S.  … Read more

There was a time when a simple formula for figuring out how much house one could afford was to figure 1/3 of one’s gross monthly income.  However, in some areas, housing prices have inflated at a much faster rate than salaries and more and more, people are finding themselves putting as much as half of  … Read more

Many people wonder if tax debt may be included in bankruptcy.  The answer is “yes” as long as certain conditions are met.  Essentially, the age of the back taxes and reason they are owed are the primary factors when considering whether or not tax debt can be included in a bankruptcy. Including Tax Debt in  … Read more

For those who find themselves owing the Uncle Sam more money than they can pay, the IRS offers options to help make tax debt more manageable.  Some of these programs entail spreading payments out over a period of time; extensions to give tax payers more time to pay the money; utilizing the average of a  … Read more

When consumers file for bankruptcy, the court stops creditors from taking legal action against them while it evaluates and assesses the situation before making its ruling.  In all cases, this stops foreclosure.  However, whether the foreclosure stays stopped depends on the type of bankruptcy filed and whether or not debtors stay the course in regard  … Read more

There are a plethora of mortgages out there and figuring out which one might be best for one’s financial situation can be intimidating.  If one finds themselves with the wrong type of mortgage, managing mortgage debt can be very difficult.  Here is a glimpse at some of the different types of mortgages that are available.  … Read more

Although short sales are popular among real estate flippers primarily interested in purchasing property at a deep discount, remodeling or making some repairs, and then selling it for a considerable profit; they’re also a great way for prospective homeowners to get a great deal on a house they might not otherwise be able to afford.  … Read more

With one of the bleakest job markets in decades has translated into quite the challenge in landing a job in the adult world for about 1 in 6 graduating college seniors.  Even those who do manage to score a job have to cope with low starting wages.  This only adds pressure to those who graduate  … Read more