Category: Debt

What is Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy comes from the 7th chapter of the bankruptcy code. It is also known as the “liquidation” bankruptcy. This is because the Trustee has to liquidate, or sell, all non-exempt property in order to repay your creditors. The majority of individuals who file for Chapter 7 bankruptcy get the keep their property.

What is Chapter 13 Bankruptcy?

Read the explanation of Chapter 13 Bankruptcy. If your debts are getting out of your control but your income is still more than the median of the state and you have been living in the same state for the past two years, you can still file for bankruptcy. A Chapter 13 bankruptcy was put in

No Shame in Filing for Bankruptcy

There is no shame in filing for bankruptcy. From a young age, people are persuaded by means of seductive language and/or highly skilled advertising techniques to purchase products and services deemed essential for their lives; even if those products or services are out of their financial reach. Many of our leaders have told us that

FHA Mortgage Applicants with Recent Foreclosures Offered a Pass

The Federal Housing Administration (FHA) has instituted a new program. Its name is "Back-To-Work-Extenuating Circumstances" to assist potential borrowers who faced financial hardship during the recession. This program, which began August 15th, 2013 provides a second chance for mortgage applicants. For those who have experienced financial hardship such as unemployment. Or, a severe reduction in

Former Miami Dolphins QB Daunte Culpepper Surrenders Florida House in Foreclosure

Daunte Culpepper's 2006 signing with the Miami Dolphins was so disastrous that the repercussions are still being felt. In a foreclosure case, the former NFL quarterback has lost a home. He bought it for about $3.6 million back when he was traded to the Dolphins. Daunte Culpepper surrendered the nearly 10,000-square-foot home to SunTrust Bank

Bankruptcy Letter Question from a Visitor

Q: What does a "Notice of Chapter 7 Bankruptcy Case, Meeting of Creditors, & Deadlines" letter mean? The letter says I may be a creditor of the debtor and may need legal advice. Can someone explain this to me? Might be because the debtor owes me child support. Not sure what I need to do

Hospital Collections Question from a Visitor

Q: My wife and I received a summons concerning a hospital debt of $722.00 started by a collection agency. What can we do? A: What you can do is contact the agency or agency's attorney. You can see if they are willing to settle the hospital debt for less than what you owe. Without knowing

Collections Question from a Visitor...

What is the connection between collection and foreclosure? Q: Chase ($7,092.00) to Midland Funding sold debt. They are trying to collect and I have not paid since 2009, when I lost my job. My husband is on Social Security and I am still not working. Our house is in Foreclosure. What should I do? A:

Borrowers Are Discovering That Their Foreclosed Homes Are Coming Back To Haunt Them -- Long After They Have Moved Out

Your home has been in foreclosure, possibly for years. And, the bank has finally set a sale date so you move out. You and your family are starting over in a new home. Moreover, you no longer think of your old home that the bank sold. That is, until years later when a debt collector

Some Helpful Tips in Preparing for Bankruptcy

In today’s economy, oftentimes people are forced to choose between paying their bills or buying groceries. When they eventually decide they can no longer continue this way, bankruptcy can offer a fresh financial start. Whether your decision to file bankruptcy stems from a financial disaster or simply not having enough income to cover your expenses,