Once the bankruptcy is filed, all the property and assets of the debtor at the time of the filing and certain other property to be received in the future becomes the property of the bankruptcy estate. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. However, …
Category Archive: Bankruptcy
Considering Bankruptcy?
Dear myFICO, I’ve always been mindful of my credit; I have a FICO score of 732. Unfortunately, I’ve been out of work for 7 months and I can’t afford to pay most of my monthly bills. I know filing for bankruptcy will hurt my credit, but I don’t see any other options right now. Can …
How to Avoid Foreclosure
When you miss your mortgage payments, foreclosure may occur. This is the legal means that your mortgage company can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, your mortgage company …
Bankruptcy and My Bills
The underlying policy of bankruptcy law is that the honest debtor who is in debt beyond his or her ability to repay the debt should be given a fresh start through the discharge of debts in a bankruptcy proceeding. Not all debts are dischargeable. Generally speaking, the following debts will not be discharged: Taxes Spousal …
Alternatives to Filing Bankruptcy
There is just no easy way to get out of debt, you have to face up to the consequences. A bankruptcy is not always the answer, as the effects are long lasting. There are four ways to handle debts that are out of control, listed in best to worst in regards to the effect it …
Bounce Back Fast After Bankruptcy
By Liz Pulliam Weston Carefully rebuild your credit and you could qualify for almost-normal rates, even a mortgage, in a year or two. Here’s what you need to do. Anita Burleson has had trouble getting credit since her bankruptcy two years ago, but she knows that’s not true for every filer. The fact that there …
Bankruptcy and Bill Collectors
One of the major benefits of filing for protection under Chapter 7 is that many creditor actions are stayed. This means that debt collection efforts and foreclosure is halted. Once a creditor or bill collector becomes aware that you have filed for bankruptcy protection, he or she must stop all efforts to collect the debt. …
What is a Short Sale?
A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. For Example: A homeowner, who is facing foreclosure, has an existing mortgage of $300,000 and you have a buyer willing to pay $220,000, you would write up a contract between the buyer and the …
Bankruptcy and Your Credit
The US Courts reported that there were over 900,000 bankruptcy filings over the 12 months ending in March of 2008 – that’s nearly a 30% jump from 2007. With so many people turning to bankruptcy to escape from debt, it’s vital to know exactly what a bankruptcy means to your credit. How Will Bankruptcy affect …
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