Latest on the Bankruptcy Blog

The term “short sale” has become common in the current housing market.  However, few homeowners actually understand what it means.  While some understand it to be some sort of way of quickly unloading a house for legal or financial reasons, others think of it as little more than an alternative term for foreclosure.  But what  … Read more

Home ownership is the American dream.  It’s also the largest purchase that many will make in their lives and in many ways, our homes define who we are.  When people encounter financial difficulties, it’s natural to want to protect their identities, including their homes.  One of the biggest myths of bankruptcy is that filers will  … Read more

There are many different types of bankruptcy.  Chapter 7 and Chapter 13 are the two most common ones.  When one is considering filing for bankruptcy, one must decide which type of bankruptcy filing is right for them. Which Type of Bankruptcy is Right? Filing for Chapter 7 bankruptcy is a way of eliminating existing debt.   … Read more

The recent tough economic times have a lot of struggling homeowners fearing that foreclosure may be on the horizon if they do not proactively take charge of their situation.  There are, fortunately, alternatives to foreclosure out there.  One such option is mortgage modification. What is Mortgage Modification? Under certain circumstances, lenders and homeowners may renegotiate  … Read more

As one of the most important aspects of your financial life, poor credit can easily drag you down and make obtaining financing difficult. Whether you have suffered a financial hardship that resulted in a bankruptcy, failed to make your payments on time for a few months or carry several high balances, your credit could most  … Read more

Mortgage debt options haven’t been the easiest to secure with lenders in recent years as many have held stubborn lending practices. As a homeowner, you do have some recourse when it comes to being denied options like a mortgage modification. Try Again If your lender has denied you a mortgage modification there are few of  … Read more

Debt burdens are not something anyone wants to be faced with, especially when you cannot afford to maintain payments. While debt in personal finances is troublesome, business debts can be far more detrimental. When it comes to resolving business debts, the options are a bit more limited. Dwindling Options Small businesses face tough challenges each  … Read more

Hard copy books are becoming a thing of the past, especially with the advancement in technology for electronic readers. As a result, many book publishing companies have taken the hit to profitability. The publisher of popular children’s books and most classroom textbooks, Houghton Mifflin, filed for Chapter 11 bankruptcy this week. Reading Between The Lines  … Read more

Short sales are usually not the first choice of a homeowner experiencing mortgage debt. Many people are surprised to find out that a lender isn’t usually a big advocate either. However, in today’s housing market a short sale is becoming the better alternative to foreclosure when all else fails. The Lender’s Stake While it is  … Read more

With the student loan interest rates set to double in July, time is running out for congressional leaders to make a decision about extending the current bill. As many decisions begin to surface as front running issues during the gear up for the election, some are simply ignoring some of the more time pressing matters.  … Read more