Latest on the Bankruptcy Blog

Financial literacy has become a widespread problem in America, where nearly 80 percent of people report having trouble managing their finances or experience problems with debt. Further, less than one third of Americans report having a savings account adequate enough to sustain their expenses in the event of job loss. In effort to combat the  … Read more

The mortgage industry is a bit bleak at the moment and the need for change is obvious. Despite differing opinions as to how the market is best served for recovery, we can all agree that recovery is going to take time and a coordinated effort among many. A Glimmer Of Hope Some say the worst  … Read more

A financial tool that has become more popular in recent years is the use of prepaid credit cards. Claiming to help consumers by avoiding late fees and missed payment penalties, prepaid cards are not as beneficial as many people think. In fact, if you are working towards better money management skills, a prepaid card could  … Read more

When we think of all the damage done by the mortgage crisis and foreclosure troubles, we focus on the homeowner and how it has affected so many families. At times, we may allow our thoughts to drift to the lender and how the mortgage mess affects them and, ultimately, comes back to impact the borrowers.  … Read more

Loan modification help has been difficult to come by for many homeowners in recent years. In efforts to combat stubborn lending practices and help homeowners avoid foreclosure, the government launched the Home Affordable Modification Program (HAMP) in 2009. Since its launch the program has helped thousands of distressed families, but is facing criticism over failing  … Read more

The bankruptcy process is often confusing for many people due to many misconceptions about how the process works and what the potential outcomes can be. When filing for Chapter 7 there are some important aspects of debts and assets that are often misunderstood, leaving the debtor with a false impression of what to expect. Not  … Read more

For homeowners at risk of foreclosure, the increasing number of short sales comes as a sign that lenders may be opening up the options. However, market analysts are concerned that the growing number of short sales could have devastating effects on the market for years to come. Conflicting Feelings Short sales are becoming more popular  … Read more

A look at recent bankruptcy statistics shows some interesting patterns that reveal some additional factors of the state of today’s economy. In general, personal bankruptcy filings are down while business bankruptcy filings are increasing. Economic Waves Up until the changes in bankruptcy laws in 2005, personal bankruptcy filings were on a steady decline. After a  … Read more

One of the most important aspects behind a Chapter 13 bankruptcy case is your income, which determines how much you will be required to repay as part of your debtor’s plan. Changes to your income level can influence your payment requirements, but these changes are generally considered on an individual basis. Additional Funds One source  … Read more

Loan modifications are a great tool for resolving mortgage debt and avoiding foreclosure, but they aren’t as easy as you may think. In fact, there is much to learn about mortgage modifications before ever requesting one with your lender. Modification Options A loan modification can lower the monthly payment in several ways. First, lenders may  … Read more