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Blog Posts in May, 2012

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  • Understanding What Bankruptcy Can Do for You

    Posted By admin || 31-May-2012

    Bankruptcy can help improve finances in a variety of ways, but while it is a powerful tool debtors can utilize, bankruptcy does have limitations on what debt can be discharged or eliminated. It's important to review your options in bankruptcy including what debt can be wiped out and what is left at the end of the filing. Certain debt such as back child support and certain tax debt may not be ...
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  • Mortgage Modification Tips: Knowing What to Expect in Getting Through the Process.

    Posted By admin || 31-May-2012

    Mortgage modification may be an option for homeowners unable to refinance their home or seeking foreclosure prevention. Many homeowners are often skeptical at getting a modification due to hearing myths, being misinformed or claiming it is just impossible. While the process does include multiple steps; homeowners have been successful in getting their terms adjusted. It's a matter of being honest ...
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  • Many Consumers Wait for Tax Refund to File Bankruptcy

    Posted By admin || 30-May-2012

    Waiting for Tax Refund to File Bankruptcy New research conducted by economists at the University of Chicago, Columbia University and Washington University in St. Louis reveal many consumers wait to file bankruptcy until they receive their tax refund check. The study also showed the total number of bankruptcies increased in 2008 after debtors received their refunds. Data released from the study ...
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  • Houghton Mifflin Harcourt Publishing Files for Bankruptcy Protection

    Posted By admin || 29-May-2012

    Houghton Mifflin Harcourt Publishing Company, publisher of well-known works by authors J.R.R Tolkien and Mark Twain, as well as Curious George and Lord of the Rings, filed for Chapter 11 bankruptcy protection recently in New York as they work to reduce outstanding debt valued at more than $3 billion. According to the San Francisco Chronicle, the Boston, Massachusetts based company has assets ...
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  • When You Are Getting Sued for Past Credit Card Debt

    Posted By admin || 29-May-2012

    Being Sued for Past Credit Card Debt? Many consumers wonder if getting sued for past credit card debt is possible. The truth is creditors have the option to sue for debt for several years after payments have stopped being made on the account. It may depend on how much is owed on the account but in many cases, creditors look to collect if the debt has yet to expire. If the statute of limitations ...
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  • Preparing for Bankruptcy: What You Should Do Before Filing

    Posted By admin || 28-May-2012

    After getting a better understanding of your financial troubles and have considered alternatives, you've decided the best solution for your situation is to file bankruptcy. The process is an important step that can help you get the new financial start you deserve but what you do before, during and after the process can make a big difference in the success of your filing. The following steps are ...
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  • Most Common Questions about Chapter 13 Bankruptcy

    Posted By admin || 28-May-2012

    Chapter 13 bankruptcy helps consumers restructure their debt with a 3 to 5 year repayment plan. Chapter 7 bankruptcy may seem like the best chapter to file when seeking debt relief by getting debt eliminated or discharged. But debt relief can also be obtained in Chapter 13, even though the process is more complex than Chapter 7. Debt relief in Chapter 13 gives the consumer multiple advantages. The ...
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  • Most Common Questions About Chapter 7 Bankruptcy

    Posted By admin || 24-May-2012

    Chapter 7 bankruptcy may be the most common chapter filed but it is common to have questions about the process if it is being considered as a solution to help handle overwhelming debt. Discussing questions and concerns with a qualified bankruptcy lawyer can help determine if the process if right for you. Common Questions About Chapter 7 Bankruptcy The following questions are often asked by ...
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  • Common Questions about Unfiled Income Tax Returns

    Posted By admin || 24-May-2012

    Questions about Unfiled Income Tax Returns Back income taxes result from not filing a return. While it's best to file on time each year, you're better off filing a return late than not at all. Dealing with income taxes is something many taxpayers try to avoid but ignoring your liability can make the situation more challenging. The Internal Revenue Service (IRS) has various options to help those ...
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  • Can I Reopen an Unemployment Claim if I Quit My Job?

    Posted By admin || 23-May-2012

    Reopening an unemployment claim after quitting a job depends on several factors. It is possible to reopen a claim but usually when employment is gained, you lose eligibility for benefits. Depending on your reason for leaving employment, you may be able to reopen your claim if there is a claim balance remaining. The reason for reopening must be recognized by state guidelines in order to be ...
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  • Questions and Answers about Debt Collectors and Collection Practices

    Posted By admin || 23-May-2012

    Debt Collectors and Collection Practices Being contacted from a debt collector may pose some questions and concerns that should be reviewed before making payment. Sometimes consumers are unsure about certain actions debt collectors are allowed and not allowed to do, which can give debt collectors a more likely chance to take advantage of someone not familiar with their rights. The following ...
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  • Can I Collect Unemployment if I Become Self-Employed?

    Posted By admin || 22-May-2012

    If you have been unemployed for a while, you may be thinking about making a career change or seeking self-unemployment. Keep in mind, some state programs are not eligible for those who are self-employed but some states may allow you to collect unemployment benefits while working toward self-employment. You'll have to review rules and requirements with your state unemployment agency. Collecting ...
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  • What Are Requirements and Guidelines to Qualify for an Offer in Compromise?

    Posted By admin || 22-May-2012

    Requirements and Guidelines to Qualify for an Offer in Compromise An offer in compromise lets taxpayers settle tax debt for less than the original amount that is due. While the paperwork for the process can be obtained by the taxpayer who is seeking to apply, it has been recommended to work with a tax expert during the process. There are rules and requirements that need to be met in order for your ...
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  • If My Co-Signer Files Bankruptcy Does their Filing Affect Me?

    Posted By admin || 21-May-2012

    When Your Co-Signer Files Bankruptcy The bankruptcy process may seem challenging depending on personal circumstances and which chapter is filed. It is often wondered what happens when a co-signer files for bankruptcy protection. In many cases, a co-signer situation makes both parties responsible for outstanding debt. If the account in question goes into default, either party can be pursued by the ...
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  • Do I Need a Lawyer to Create a Separation Agreement?

    Posted By admin || 21-May-2012

    Having an attorney assist you in creating a separation agreement is optional. Some states may not require a separation agreement be created. Having legal assistance may depend on your financial situation. Some couples opt to create an agreement on their own if they can't afford legal services. Others feel that because of assets and the multiple issues involved in their situation, that legal ...
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  • Do I Have to Appear in Court if I am Being Sued for Credit Card Debt?

    Posted By admin || 18-May-2012

    Being Sued by a Creditor? Being sued by a creditor gives them legal means to collect from you when you haven't paid toward your debt. If you receive a summons you may wonder whether or not to appear in court. Many debtors assume that if they don't have the money, what is the point in showing up in court? While you should appear in court at the scheduled time listed on the summons, you are not ...
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  • Refinancing May Now Be More Appealing to Homeowners

    Posted By admin || 18-May-2012

    The Wall Street Journal (WSJ) recently did a report about interest rates in the housing market. Many homeowners have been reluctant to get refinancing but new data suggests this may be a good time to look into the option. It looks as if more banks are giving incentives to those refinancing since mortgage rates have decreased. According to HSH Associates, a firm that keeps track of mortgage data, ...
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  • Octomom Bankruptcy Tossed after Failing to Complete Petition

    Posted By admin || 17-May-2012

    Nadya "Octomom" Suleman filed a bankruptcy claim that recently was tossed by the court for failing to complete and file proper paperwork. Filing completed paperwork on time provides proof that a debtor is unable to pay their outstanding debt. In this case, since Suleman failed to provide complete documentation, creditors may move forward with their collection proceedings, which include a pending ...
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  • Am I Eligible for Unemployment if I Quit Due to an Injury?

    Posted By admin || 17-May-2012

    Unemployment benefits are made available to those who lose their job at no fault of their own. Since each state has regulations regarding eligibility, it's important to review requirements upon applying. Some states may only pay if you lose your job involuntarily. Employers make contributions to unemployment insurance programs that help make benefit payments to those who experience job loss. The ...
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  • Can I Consolidate Credit Card Debt While Unemployed?

    Posted By admin || 16-May-2012

    During a period of unemployment you have some serious decisions to make regarding outstanding debt. Debt consolidation is often an option consumers may use to help manage their debt. This includes combining outstanding loans with a new loan that pays off what was owed, leaving just one payment to be made each month instead of multiple payments on different accounts. It may sound like a great idea ...
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  • Is There a Way to Protect Assets During Divorce?

    Posted By admin || 16-May-2012

    It's common to feel as if certain assets are in danger with a pending divorce. Couples set to end their marriage have several important decisions to make. Reviewing information regarding assets can determine how they are divided as well as how they can be protected. Depending on the assets in question, you'll want to review your situation in detail with a divorce attorney to understand how state ...
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  • Be Aware of Con-Artists Claiming to be Debt Collectors

    Posted By admin || 15-May-2012

    Con-Artists Claiming to be Debt Collectors With a struggling economy, more scammers are trying to take advantage of people who are unable to make payments on their bills. Recent news reports alert consumers about scammers calling and claiming to be debt collectors in order to get personal details and even money from unsuspecting consumers. Scammers claim to be debt collectors but they are thieves ...
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  • What Are the Consequences of Not Filing an Income Tax Return?

    Posted By admin || 15-May-2012

    Consequences of Not Filing an Income Tax Return The Internal Revenue Service (IRS) often imposes stiff penalties for unfiled returns. Many taxpayers don't realize that the IRS has ways of learning about income and other financial information when taxpayers fail to file. Most often, a federal income tax return won't be filed if a taxpayer cannot afford to pay the liability. Since the IRS has ...
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  • How to Borrow After a Personal Bankruptcy

    Posted By admin || 14-May-2012

    Borrowing After a Personal Bankruptcy You may think that filing for a personal bankruptcy is like declaring a death sentence for your credit score. However, there is no denying that there certainly are ways you can borrow after filing for a personal bankruptcy. Ultimately, you can borrow the smart way - or you can take the path that puts you right back on the fast track towards another appointment ...
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  • Persistent Myths About Personal Bankruptcy - Exposed!

    Posted By admin || 11-May-2012

    No matter how much you think you may know about personal bankruptcy, there's no denying that there's a great deal of misinformation you might be falling for. However, this "misinformation" might do more than lead you astray - it might even prevent you from filing for bankruptcy when you need it most. So what are some of the most persistent myths about personal bankruptcy out there - and what's the ...
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