Life After Bankruptcy is Possible!

When your business failed to thrive as expected, forcing you to declare bankruptcy, you may feel like giving up your dream of being a successful entrepreneur. Why get excited about building something up only to lose it when the economy takes a downturn or people fail to respond as expected? These feelings of disappointment are normal, but once you’ve given yourself time to process the loss, understand that there Read More

Know Your Options: 5 Alternatives to Foreclosure

Perhaps you’ve missed a couple of monthly payments on your mortgage. You may have even receive a notice of default from the lender. You have having difficulties affording your house, but the thought of a foreclosure is stressful. What can you do? You’re not the only one in this situation, which is why there are foreclosure alternatives for homeowners experiencing difficulties. Let’s take a closer look at five of Read More

Receiverships: An Alternative to Bankruptcy You May Not Have Known About

Many businesses that experience serious financial difficulty file for Chapter 11 or, less commonly, Chapter 13 so that they can remain in operation while they deal with their debt situation. Some companies, however, opt for a less common form of debt resolution called receivership. What is a Receivership? Receivership is a form of corporate bankruptcy. It enables a distressed business to restructure and avoid Read More

Why Is It More Difficult to Get a Mortgage Loan These Days?

If you’ve been having trouble getting approved for a mortgage recently, you can take some consolation in the fact that you’re not the only one. Before the housing bubble burst in 2006, it was extremely easy to get a mortgage, even if your credit was decent at best. Banks and lenders even offered mortgage loans without needing to see documentation first. Borrowers simply told loan officers how much they made Read More

Make It Go Away or Make It Better? The Difference Between Liquidation vs. Reorganization

When financial difficulties go from bad to worse and the best solution is simply to start over, both individuals and companies have a choice between a “liquidation” form of bankruptcy (in which all unsecured debts are wiped out), and one that allows them to reorganize and repay a percentage of their debts in a court-approved repayment plan. In this blog, we’ll examine these two bankruptcy types and how they differ in Read More

In What Ways Will Bankruptcy Affect My Credit Score?

People who are contemplating bankruptcy often hesitate because they’re worried about how it will affect their credit score. If they file, how bad will the damage be? Will they ever get access to credit again? Or will they be living a cash-only existence for the rest of their lives? These concerns are understandable: creditworthiness is a major currency in today’s society. It can dictate where we live, what rate of Read More

5 Things You Can Do to Ease Your Difficulty in Making Mortgage Payments

Across the country, many homeowners are at risk of losing their homes because they can’t make their monthly mortgage payments. For most of them, a loss of or reduction in income is the issue. Other reasons include expenses that have exceeded income and personal crises like divorce. The thought of being foreclosed upon is both alarming and devastating, but there are steps you can take to address your mortgage Read More

How Can I Defend Myself in a Debt Collection Lawsuit?

Have you received notice that a debt collector intends to sue you over an unpaid credit card or medical bill? If so, you may be wondering what your next step is. How can you defend yourself? Should you even present a defense if you can’t afford to pay or the debt is not even yours? The answer to the latter question is a definite yes. Otherwise, if you don’t defend yourself against the lawsuit, you risk a default Read More

Understanding the Role of the Bankruptcy Trustee

The U.S. bankruptcy system is designed to grant a fresh start to people who have fallen deep into debt through no fault of their own. Unfortunately, dishonest individuals and companies can and do abuse the system to gain a financial and/or material benefit. One recent example is reality TV star Abby Lee Miller (of Dance Moms fame), who was sentenced to one year and one day in federal prison after concealing Read More

4 Things to Know About Bankruptcy Appeals

The bankruptcy system is designed to work for the benefit of both sides. Debtors are relieved of a crushing financial burden while maximizing the value of their possessions, and their creditors receive as much money as possible after an extended period of likely getting nothing at all. In the majority of circumstances, this is precisely how it works. Sometimes, though, the debtor and/or their creditors find that a Read More