If you’re not familiar with the phrase “reaffirming your mortgage” it basically means that you’re agreeing to repay all, or a specified amount, of your mortgage debt. This is a legal agreement between you and the lender which when signed makes you legally liable for your mortgage debt all over again, even if that debt […]
The Top 3 Reasons Not To Reaffirm a Mortgage Debt in Bankruptcy Read More »
Americans currently owe an average of $16,000 per household in credit card debt. Or, if you look at it on a national scale that equates to US$1 trillion in debt. This enormous figure represents 20% of the total national debt, a situation which has worsened dramatically since the financial crisis of 2008. Credit card debt
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Being in debt is a source of almost constant stress for people who feel they have no means of dealing with it. If you then add in the prospect of having to file for bankruptcy, it’s simply too much for the average individual to deal with. It’s difficult to understand what it feels like to
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There are two basic choices available to a business if and when it decides to declare bankruptcy. Chapter 7 and 11 are when a business has hit a financial wall and can no longer stay operational. In filings of this type there is no exit process because the company will cease trading immediately, and investors
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There’s a lot of stress involved in the decision to declare bankruptcy. In fact, it may have taken you several weeks, or months, to arrive at the decision to petition the courts for bankruptcy case, so you won’t have focused too much on what comes afterwards. It is, however, very important to understand a basic
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Did you know there are provisions within the Bankruptcy Code which allow your trustee to claim certain assets of yours even after you’ve filed for bankruptcy? This can mean that an inheritance, a tax refund, vacation pay, or anything else of value can be claimed by your trustee as part of your “bankruptcy estate” and
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It’s a good idea to take an honest look at your personal finances before you take any steps towards regaining ownership of your car. After all your car was repossessed because you were unable to maintain the payments on it, so unless your personal circumstances have changed dramatically you might need to reconsider any attempt
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If you find yourself in a position where you’re struggling to pay your bills you’re often left to decide between paying your rent and being able to afford to eat, pay for your water and keep the lights on. This is the face of modern America, and doesn’t look set to change in the near
Stop an Eviction in New Jersey through Bankruptcy Read More »