Archive for July, 2008
Wednesday, July 30th, 2008
Despite earlier promises to veto any housing bill that rescued “irresponsible homeowners,” President Bush signed into law a massive housing bill that is the largest government intervention in the housing industry in at least a generation, and likely since the New Deal of the 1930s.
The bill has a two-pronged approach: it provides guarantees and backing for Fannie Mae and Freddie Mac, two of the nation’s largest mortgage security companies (which account for nearly half of the 12 trillion dollar housing industry), and it also provides relief for homeowners facing loss of homes to foreclosure by allowing them to replace their troubled loans with more stable government-backed loans.
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Wednesday, July 30th, 2008
2005 bankruptcy law has significantly changed Chapter 7. Find out what a “means test” is, and what other requirements you must fulfill in order to be eligible to file for Chapter 13 bankruptcy.
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Wednesday, July 30th, 2008
Bankruptcy law chapter 7, also often called straight bankruptcy is basically a liquidation process. You as a debtor must hand over all your property (except the exempt one) to the trustee who is appointed by the court. Trustee then sells of or changes that property in cash that is returned back to your creditors.
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Wednesday, July 30th, 2008
Bankruptcy discharge is a lawful term which means that all your obligations towards the creditors have been cleared and you no longer have to payback certain kind of debts. Your creditors no longer have the right to try and collect debts from you. How fast can bankruptcy be discharged?
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Wednesday, July 30th, 2008
The point behind the new bankruptcy laws is to make it hard to file for convenience bankruptcy. Credit card companies and other creditors that have been pushing for it, claim that most cases of consumer bankruptcy involved careless people that have spent their money irresponsibly and are now looking for an easy way out. New bankruptcy laws should make it more difficult for people with debt problem to file for bankruptcy, legislators claim that this way much more bills will be paid, the creditors will save huge amounts of money, and that will in turn cause…
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Wednesday, July 30th, 2008
Can I still travel - one trip per year - if I file for consumer proposal?
Posted from: Newfoundland and Labrador
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Wednesday, July 30th, 2008
I currently have a few student loans that are in collection, my pay is being garnished for the government ones and haven`t received my income taX refunds for a few years because of these. As well my pay is being garnished for a mortgage foreclosure. The house has been sold as well as a vehicle that was also on this loan and may pay is being garnished for this. At this rate it would take me the better part of my life to pay off and never get back on track because I`m loosing so much money monthly due to garnishees. This mortgage loan is in both my name and my husbands, is it possible for just me to file bankruptcy or would we both have to?
Posted from: Ontario
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Wednesday, July 30th, 2008
While there is no typical age at which to file for bankruptcy, people frequently run into cash flow problems later in life, after they have established retirement savings plans. Unfortunately, many people liquidate their 401(k) or other retirement savings fund in an effort to pay off their creditors. Not only are there frequently insufficient funds to cover the amount of debt but the debtors also incur huge tax penalties and burdens from liquidating a large retirement fund. Another problem with this approach to getting out of debt is that it leaves the person completely unprepared for retirement.
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Tuesday, July 29th, 2008
Could i get a student loan after my bankruptcy, as i would have a bad credit?
Posted from: Ontario
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Tuesday, July 29th, 2008
I filed for bankruptcy for a third time, two years ago. (mainly business debts) Right after I went into bankruptcy, I separated, could not find suitable employment and could not afford much. (even a place to live)Due to a very stressful situation, I have not kept in touch with my trustee or anyone else for that matter. However I am starting to get things together again. But today I received a notice from my trustee that he filed a annulment. What are my options now? Can the creditors now come back to collect and start over or do I file another bankruptcy?
Posted from: Nova Scotia
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