Category: Debt

Look out for Common Bankruptcy Pitfalls!

Bankruptcy is a legal process that helps us eliminate our debts and start afresh financial life. Furthermore, the purpose of bankruptcy is for you to declare your inability to repay your debts; even with the help of other debt relief or debt settlement options. Moreover, the bankruptcy laws enable you to take the required steps

Can IRS Tax Debts be Discharged in Bankruptcy?

A question that often arises is whether IRS tax debt can be discharged in Bankruptcy. The answer is often surprising to the person asking the question. That answer is "Yes," under certain circumstances, certain tax debts can be discharged in bankruptcy. In fact, income taxes, both federal and state, over 3 years old can be

Federal Government Announcing New Mortgage Lending Rules

In an effort to stabilize the future of our housing market, the government is announcing new mortgage lending rules. Although the new rules may decrease the number of loans made overall, they are necessary for this country. That is in order to maintain a stable housing market. According to the Chicago Tribune, “For most borrowers,

The End of Mortgage Debt Relief Law could Hurt Home Prices

There are several things that can affect home prices and one of them is Mortgage Forgiveness Debt Relief Act. If President Obama and Congress fail to come to an agreement about how to resolve the fiscal cliff, the proposed tax hikes and reduced government spending will cause Floridians a whole host of new troubles. First,

Debt Settlement "Programs" are Often Scams

Today, large amounts of debt are facing many Americans. Because of this, many debt settlement companies have popped up. They are promising consumers ways to get out of their debt in a relatively short amount of time. And, for less money than they actually owe. However, despite all their TV and radio advertisements, the industry

How Long Before You Can Get a Mortgage Loan Again?

As a Bankruptcy and Foreclosure Attorney, I am frequently asked how long after Bankruptcy, Foreclosure, or Short Sale a mortgage loan can be obtained. While everyone's situation is different, the following table is a good overview. It elaborates on the relationship between mortgage loan, and bankruptcy, foreclosure, or short sale. Chapter 7 Bankruptcy or Chapter

Options for Florida Homeowners with Homes that are "Underwater"

What are your Options if your House is Underwater? More and more Floridians are coming to the unsettling realization that their homes are now worth less than they owe on their mortgage(s). This unfortunate scenario is commonly referred to as your house being "underwater." One of the most common questions that clients ask is "What

Is the U.S. Headed Toward Bankruptcy?

Presidents have been warning for decades of the dangers of this country’s debt and deficits. But the big question is why this time is different? Is this the year we finally start to get our nation’s finances in order? Or, is the U.S. headed towards bankruptcy? One argument is that with the current President and

Consumers Seeking Bankruptcy Advice on Avvo.com Reaches All-Time High

Avvo, Inc.’s latest Avvo Legal Advisory shows that bankruptcy is one of the top legal topics for many in the United States. Questions in Avvo's Q&A forum regarding bankruptcy reached an all-time high. Despite research from the National Bankruptcy Research Center stating that U.S. personal bankruptcy filings decreased by 13% in the first half of

How Many Times Can You File Chapter 7 Bankruptcy?

Chapter 7 exists to help you get out of debt quickly and easily. It is easy to file for Chapter 7 bankruptcy and you can do it hundreds of times. However, the issue is whether you can get a discharge of your debts. The U.S. Bankruptcy Code places limits on how often you can get