The number of Americans over the age of 50 with large amounts of debt and little to no retirement savings is growing. Many debtors over 50 who dreamed of retiring in the next 10 to 15 years found themselves jobless, facing foreclosure and the owners of retirement accounts with declining value when the recession hit. [...]
As the number of bankruptcy filings increase many are calling for debtors to seek out and use bankruptcy "alternatives." However, some of the alternatives to bankruptcy that are suggested may cause more financial pain for debtors who are already distressed. Let's look at some of the facts. Debt settlement: While on the surface debt settlement [...]
Debt settlement is becoming very popular now that the recession is stretching into its third year. One of the appealing aspects of the debt settlement pitch is the idea that a debtor can pay only pennies on the dollar for a debt and avoid bankruptcy. But the truth about debt settlement is that it rarely [...]
In the Chapter 13 bankruptcy case of Parrott, Gregory S. and Karen S.; In re, the bankruptcy court refused to confirm the debtors' repayment plan saying that the debtors unfairly treated the student loans as long-term debt to the detriment of unsecured creditors. The details of the bankruptcy case: The Chapter 13 debtors' plan proposed [...]
New guidelines for the HAMP foreclosure prevention program: Borrowers who are being evaluated for HAMP suitability will not face a foreclosure sale during that evaluation period. However, they may still receive eviction notices and letters regarding their pending foreclosure. Borrowers who in an active bankruptcy case may still be able to apply for and participate [...]
Actor Nicolas Cage's Las Vegas mansion has just been sold after its foreclosure put the home into the hands of the mortgage lender. Nicholas cage has faced four foreclosures since his financial troubles were revealed last year. Reportedly, the home sold in just one day for $4.95 million which is $3.6 million less than what [...]
Steps to conquering debt: The first step to conquering debt that has gotten out of control is to get honest with yourself. Take the time to find out how much you owe, how much you earn and what the real gap is in between. One of the biggest shockers debtors experience when they file bankruptcy [...]
President Obama's State of The Union speech, addressed many issues facing Americans today. One of those issues was the need of America's banking institutions to repay the American taxpayer for bailing them out of their self created financial mess when many of them were facing the possibility of liquidation in bankruptcy. The President said: So [...]
One of the most common types of unsecured debt is credit card debt. However, sometimes credit card debt can transform into secured debt giving it a higher priority for repayment during bankruptcy. How does that work? When a debtor fails to repay their credit card debt, the credit card lender will eventually file a lawsuit [...]
There is a tragic story featured at the Dallas Morning News about a debtor who murdered his former co-workers after failing to receive an unemployment check. Jason Rodriquez had recently filed bankruptcy; but not before his financial troubles sent him over edge. The article said: "Employees at Reynolds, Smith and Hills recognized their former co-worker [...]