Domestic Support Obligation (DSO) is debt incurred before or after a bankruptcy filing that is owed to or recoverable by a spouse, former spouse, child or governmental unit in the nature of alimony, maintenance or support and established pursuant to the terms of a divorce decree, separation agreement, property settlement agreement, court order or administrative determination.
For those in debt...Read More
When an individual files for bankruptcy, they’re required to list all debt and all of the property they own and the assets they’ve transferred to others within a particular period. If an individual filing purposely omits required information while completing their paperwork or inappropriately uses the bankruptcy process to prevent creditors from receiving money they’d otherwise be entitled to,...Read More
What caused the most recent recession? Back in early 2006, housing prices rapidly peaked in about half of the United States. Demand was high, but the number of homes for sale was in limited supply. Additionally, there was a large gap between house prices and wage growth. By the end of 2006 through 2007, housing prices began to decline, and foreclosure rates exploded throughout the United...Read More
Filing for Chapter 7 bankruptcy protection can liquidate most, if not all of your debts over a relatively short period of time. This means that your personal liability on most if not all liabilities is eliminated. While having Chapter 7 bankruptcy on your credit report can complicate securing new forms of financing, can it prevent you from landing a job?
Before you go through with any kind of...Read More
If you are currently in debt, you may feel as if nobody is looking out for you. With the number of debt collectors calling you seemingly non stop, and the threatening letters arriving in the mail, it can be especially stressful and daunting. Thankfully, federal laws and codes protect you from being discriminated against or treated poorly due to your level of debt if you file for bankruptcy....Read More
Financial stress is bad enough without wondering if you might lose your home. The questions swirl around in your brain – do I qualify for bankruptcy? Will I lose my house in a bankruptcy? Can I save my house? A Chapter 13 bankruptcy, if you qualify, can help you save your home – here are answers to your questions.
Do I Qualify for Bankruptcy?
Qualification for bankruptcy is based on a set of...Read More
For people filing for bankruptcy in Arizona, one type may be better than another. When filing bankruptcy, Chapter 13 may allow you to pay a portion of your debts without losing important assets like your house. Through a repayment plan, you will meet the requirements of your creditors, without being harassed for collections. And, with careful attention to deadlines and payment amounts, you may...Read More
Back in 2009 during the mortgage meltdown, President Barack Obama instituted a program to slow down the flood of home foreclosures. The goal of the Home Affordable Modification Program (HAMP) was to offer incentives to banks and mortgage lenders who were willing to modify mortgages of homeowners who were on the verge of losing their homes.
Preventing a Housing Market Disaster
The idea behind...Read More
With all the news surrounding Puerto Rico’s struggle to recover from Hurricane Maria, you’ve probably heard mention of this U.S. Territory’s financial struggles. During his recent visit, Donald Trump suggested that Puerto Rico’s massive debt should be wiped out. This news might leave some wondering how can a government could just have their debts wiped away. But what many don’t realize is that...Read More
The Brunner Test is the standard for approving the discharge of student loan debt for all courts of appeal except for the First and Eighth Circuits. But this standard has become obsolete with its stance on proving undue hardship. While it’s difficult to discharge student loan debt through bankruptcy, it isn’t impossible if you and your attorney can prove undue hardship.
Determining Undue...Read More
Today, too many families are just one serious illness or one lost paycheck away from financial disaster. It might start out small with a late mortgage payment, but late charges add up fast. The next thing you know you are missing payments and your mortgage company already has zeroed in on beginning foreclosure proceedings.
When to Start Thinking About Bankruptcy
Once you are two months behind...Read More
In 2016, the average college student graduated with $37,172 in loan debt. That’s almost 6 percent more than the previous year. This is not really a great way to start out, especially if you’re in an entry level job and unable to afford rent or any of the other basic necessities of so-called “adult-life.” It leaves many students struggling to make ends meet while making their...Read More