Blog Posts in May, 2010
Posted on May 31, 2010 By Majed
Most people have seen or heard the commercials. A somber-voiced man asks you if you are in over your head financially. He has just the solution for you. Call 1-800-Debt-Go-Away and you will now have ...
Continue reading "Bankruptcy v. Debt Consolidation" »
Posted on May 28, 2010 By Majed
So you finally gathered your nerves and started the process of consumer bankruptcy. You've consulted an experienced attorney, gathered all of your financial documents, a list of creditors and taken a ...
Continue reading "Filing Bankruptcy: The Sequel" »
Posted on May 26, 2010 By Majed
Over the past decade, the amount of individual consumers filing for bankruptcy protection has increased over 50%. Even more recently, the economic downturn has caused more individuals to consider ...
Continue reading "The Face of Bankruptcy" »
Posted on May 23, 2010 By Majed
According to the United States Courts website, bankruptcy filings between March 2009 and March 2010 are at a record high. The United States has not seen this many bankruptcy filings since March 2006. ...
Continue reading "You are not Alone: Federal Courts Report Record Bankruptcy Filings" »
Posted on May 21, 2010 By Majed
Any potential debtor filing for Chapter 7 must prepare a means test in order to determine whether or not a complete discharge or a repayment plan would be a better option. This test is applied to ...
Continue reading "The Means Test" »
Posted on May 19, 2010 By Majed
If you thought that filing bankruptcy after a divorce would miraculously make your alimony or child support disappear, think again. Support obligations are not dischargeable in a Chapter 7 or Chapter ...
Continue reading "Should I file for bankruptcy before or after getting a divorce?" »
Posted on May 17, 2010 By Majed
The short answer is, it depends. As with any credit-based loan, mortgage companies look at the same factors to determine your credit-worthiness. Some of these factors include your debt-to-income ...
Continue reading "How soon can I buy a house after bankruptcy?" »
Posted on May 14, 2010 By Majed
This may surprise you, but there is a LOT of paperwork involved in filing for Chapter 7. All jokes aside, preparing for Chapter 7 is a heady process and involves a lot, if not most, of the leg work ...
Continue reading "How to Prepare for Chapter 7" »
Posted on May 12, 2010 By Majed
Although the HAMP program is not formally affiliated with Chapter 13 or bankruptcy, the two are complimentary to one another for several reasons. One of the main reasons is that filing for Chapter 13 ...
Continue reading "Chapter 13 and Home Affordability Modification Program" »
Posted on May 10, 2010 By Majed
The Home Affordable Modification Program (HAMP) is an executive directive from President Obama enacted in 2009 to slow down and eventually stop the marked foreclosure rate in the U.S. According to the ...
Continue reading "What is the Home Affordable Modification Program?" »
Posted on May 7, 2010 By Majed
Co-signing is a common practice. Borrowers with limited credit or weak scores often seek out someone with a stronger credit score to strength their loan application. Parents co-sign for loans for ...
Continue reading "Are Co-signers Protected in a Chapter 7 Bankruptcy?" »
Posted on May 5, 2010 By Majed
In most cases, a student is eligible to borrow funds for school even after filing for Chapter 7 or Chapter 13 bankruptcy protection. The purpose of bankruptcy is to allow consumers a fresh start with ...
Continue reading "Can I borrow money for school after a bankruptcy?" »
Posted on May 3, 2010 By Majed
Typically money owed to the government, such as child support, alimony, taxes or student loans, must be paid as agreed and is ineligible to roll into a Chapter 13 repayment plan. However, some ...
Continue reading "Chapter 13 and Income Taxes" »