Bankruptcy Myths Exposed When it comes to declaring bankruptcy, there are plenty of myths circulating out there - and some of them are doing serious damage to your finances. If you've ever put off filing for bankruptcy because you were embarrassed that everyone would find out or you put it off because you think it's [...]
America has one of the most progressive bankruptcy codes in the world, but it's one of the biggest kept secret amongst both business and ordinary citizens. However, academics from around the country haven't overlooked how bankruptcy laws impacts entrepreneurship around the world. In a recent report published by Journal of Business Venturing, experts explore bankruptcy's [...]
What Happens When Your Ex-Spouse File Bankruptcy? If you've gotten divorced and your ex-spouse decides to file for bankruptcy your first instinct may be joy that you got out before things got bad. But don't gloat too long, you may actually be responsible for part of their debt. The first thing you should do is [...]
The nation is at a crossroads, 6 million Americans have already lost their homes and another 3.5 million are in the foreclosure pipeline. Currently programs are failing homeowners abysmally and as the housing market continues to suffer from devaluation, more Americans fall underwater on their mortgages. In 2009, legislation to reform bankruptcy laws making it [...]
It comes as no surprise that the onslaught of the recession - coupled with exposure of some pretty nasty lending practices - has brought on more than a few changes in the financial world. From mortgage to loans and everything in between, consumers are starting to notice a significant change in the way that banks [...]
HARP Loans and Bankruptcy The federal government is at again - they're taking another stab at the housing crisis. The Federal Housing Finance Agency is working with the Obama administration to save up to 1 million homeowners in underwater properties. The agency is aiming to revamp Home Affordable Refinance Program (HARP) to give underwater homeowners [...]
What Bankruptcy Does to Your Spouse Married debtors filing for bankruptcy without their spouse often worry about how it may impact their non-filing spouse's finances and ability to get credit. Let's take a look at a few ways that bankruptcy could impact a non-filing spouse: Joint Credit Cards And Other Accounts If the bankruptcy debtor's [...]
Do Women File Bankruptcy More Than Men? As politicians gear up for the 2012 elections, the number of bankruptcy filings by women continues to outpace men. While men filed their fair number of bankruptcies in the past few years, the number of women filers exceeded men by 150,000. When bankruptcy reform was considered in 2005, [...]
If you've decided to file a Chapter 7 bankruptcy then you'll be assigned a trustee from a panel of people, typically lawyers. You will meet your panel trustee when you have your 341 meeting, which is where you answer questions about your assets and your financial situation. The panel trustee in a Chapter 7 is [...]
In the world of bankruptcy news, mortgage modifications might seem like a great way to avoid filing for bankruptcy. The idea seemed like a genius one: offer struggling homeowners the chance to take advantage of lower monthly mortgage payments in order to keep their homes and avoid bankruptcy. With foreclosures on the rise more than [...]