You may have heard about changes in the bankruptcy code a while back and wondered what it meant or how the changes would affect someone filing for bankruptcy. In general, bankruptcy laws have been fairly straight forward, with the small variations between state laws. Federal vs. State The federal bankruptcy code provides a uniform standard  … Read more

Although bankruptcy may be reported on your credit report for up to 10 years, much of the damage done to your credit happens prior to filing for bankruptcy. By the time a person files for bankruptcy, their debt accounts have already been in considered delinquent by many of their creditors. It is this delinquency status  … Read more

In a typical bankruptcy proceeding, an order is issued to stop all collection efforts and any foreclosure proceedings. Throughout the bankruptcy process, your mortgage lender will not be able to pursue foreclosure and must work with the bankruptcy court regarding your mortgage debt. However, if your bankruptcy case is dismissed, your house may not be  … Read more

Many people seeking bankruptcy protection may not be aware of the amount of details required in the filing process. Because the bankruptcy court requires numerous details about your finances, filing for bankruptcy can be a cumbersome task. Unfortunately, many people end up committing bankruptcy fraud unknowingly, and risk losing their case or facing criminal charges.  … Read more

Fact: The main reason people end up in bankruptcy is due to unavoidable debt and unforeseen financial hardships. Many people assume that those who enter bankruptcy are poor money managers that simply spent more than they could afford to repay.  Although there are plenty of people who fit this description, the majority of people that  … Read more

Now that the country has lost its stellar credit rating many people are wondering what, if any, effects this will have on pivotal U.S. markets. Many investors are hesitant to leave their money in stocks, while others are cautiously riding out the storm. A lower credit rating for government bonds suggests there is an increased  … Read more

As baby boomers begin to age, many changes are eminent. Gone are the days of retiring at age 60 to enjoy travelling and spending time at home during retirement. An unfortunate trend in our aging population is “working retirement”. Many adults are finding they have to delay retirement, or return to work after retirement, to  … Read more

Depending on who you ask, the answer to this question could be “yes” or “no”. Regardless of which side you are on politically, we can consider this question by looking simply at the definition of “bankrupt”. In general, the term “bankrupt” refers to the status of being legally declared financially insolvent. Meaning, the entity or  … Read more

With interest rates remaining at record lows, many people are looking to invest in a home before it’s too late. However, there are many people who completed bankruptcy and may be wondering whether they are even eligible to obtain a mortgage loan. The short answer is: Yes. Many people will qualify for mortgage loans after  … Read more

Many people never take advantage of the debt relief and asset protection that bankruptcy provides for fear of the aftermath. There are many myths about bankruptcy that keep most people from seeking help when they need it the most. The truth is bankruptcy can be a great tool for debt resolution when you are experiencing  … Read more