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In the midst of their lawsuit against Geeks On Call Holdings, two of the company s major franchise owners filed for Chapter 11 bankruptcy protection bringing into question if, how and when the nearly two-month-long legal dispute might … …
Bankruptcy Frequently Asked Questions And Answers Posted By : Lara Sawyer Certain financial products have proven to be confusing for the general public, and bankruptcy is certainly one of them. This lack of knowledge on …
An amazing lebanon series which describes the life of a spoiled girl who started to face problem after her dad’s bakruptcy due to her lack of education and knowledge
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Question: is there a minimum amount of debt one must be in to file bankrupcy?if the overal debt is made up of several smaller debts does each individual debt.
Question: I understand an overseas property is at risk in the event of bankruptcy, but what happens if it is in negative equity? Also, I understand that if it.
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Question: My husband was medically discharged from the Navy on a pension - does this pension count towards income in the case of bankruptcyAnswer: Yes, it is.
Video: Bankruptcy Questions : How To Compare Debt Settlement Vs. Bankruptcy. Debt settlements and bankruptcy plans vary with regard to building credit scores and tax liability. Seek legal advice and learn about the tax implications of …
Debt settlements and bankruptcy plans vary with regard to building credit scores and tax liability. Seek legal advice and learn about the tax implications of debt settlement with information from a lawyer in this free video on …
I have been told that my debts are just too high and that Bankruptcy would be the best way to move forward. The issue is that I bought a house with my Common Law Wife six months ago and we broke up three months later. We are both on the mortgage and she has quite a high debt load, so I have been covering all the housing expenses, insurance etc. Neither of us can afford to get on with our lives and most of the possessions in the house are hers. What happens if I go bankrupt? Is her earnings taken into account even though I pay everything? Will the trustee repossess her things in the house like jewelry and furniture? We both just want to get on with our lives, but the bankruptcy won`t solve anything on my end if she is taken into account at all. Need advice.
Posted from: Ontario
I received my discharge in October of 2008. My mother just recently passed away and I will may be receiving a small inheritance from her will. Is there a certain amount of time that needs to pass after your discharge that you are able to receive money? I`m afraid the trustee will want these funds
Posted from: Nova Scotia
If filing for bankruptcy is deemed to be a chance for a debtor to put an end to all his debts for good and anew; perhaps filing for chapter 7 bankruptcy is an avenue to accomplish the result quicker. Filing under chapter 7 bankruptcy means that the authority will auction out all non-exempt asset of the debtor and appropriate the money among the creditors.
Accidents happen and sometimes the series of cascading events that they cause ends up in having to consider bankruptcy. Answers to questions regarding bankruptcy can be found in many different sources like libraries, on the internet and …
The article tells you what you should generally expect to happen once you decide to file for Bankruptcy. Each situation is unique, so your case may differ from the process detailed in this informative article from this Las Vegas Bankruptcy Lawyer.
Homeowners who can’t afford their mortgage payments can get a better deal from their lender. Loan modifications or mortgage modifications are designed to keep the homeowner in their homes though changing the terms of their existing mortgages to something more affordable for the homeowner. Refinancing on the other hand aims to simply pay you’re your existing mortgage by securing a new mortgage, at a different interest rate, or term of years, coupled with a host of closing costs. The key to remember is that a refinance doesn’t pay off the debt; it just restructures it, and generally adds to the principal owed.
An “affordable” payment typically is defined as a specific percentage of the borrower’s monthly gross income. The common targeted range falls between 30 and 40 percent. The modified payment must be sufficient to pay off the loan, sometimes with the term extended to 40 years and in many cases with some of the principal deferred until the loan is refinanced or the home is sold.
Many homeowners who are in high interest or variable rates believe refinancing is their best option. However, refinancing your mortgage can reduce your overall financial benefit as opposed to a loan modification. Those who refinance will pay a heavy price by incurring many thousands of dollars in closing costs.
In order to justify the massive closing costs associated with refinancing, a homeowner should intend to be own their house for quite some time in order for refinancing to make sense. According to an August 2008 report on Bankrate.com, the national average for closing costs on a $200,000 loan is $3,118. The fees in the survey don’t include additional taxes, mortgage insurance or any prepaid items such as prorated interest or homeowner association dues, which can add several thousand dollars more.
If you are considering refinancing, you should calculate how many months you will need to stay in your home simply to pay off the closing fees. On the other hand, there are no closing fees, no additional taxes or insurance and no pre-paid items incurred through a loan or mortgage modification. For example, if your monthly payment goes down by $165, it would take 20 months of lower payments to recover the average closing fees.
If you are in a newer mortgage, there is also the potential to incur a prepayment penalty on your mortgage should you refinance too soon. As such, if you’re struggling to make your mortgage payment, a mortgage modification may be much more advantageous for you then refinancing.
There are many types of loan modifications that may be offered by your bank such as:
The one caveat to consider in choosing a loan modification rather then refinancing is that loan modifications are designed to prevent unnecessary foreclosures. They are not about creating great investment opportunities.
Alongside the economic worries plaguing Delaware and most of America, a new concentration toward relief of accumulated credit card debts has marked our citizenry of late, and, much as it should be seen as vital for both household and national budgeting to minimize all unsecured burdens, tending toward debt relief is more complex than it may initially seem.
Having the right knowledge and skills is critical to your financial success. When it comes to declaring personal bankruptcy, this is especially true. Not having this knowledge may have helped cause your problem to begin with, since you probably developed for spending habits. Now that you’re in this mess, finding the best chapter 7 bankruptcy attorney you can afford is essential to success.
Bankruptcy has long been a legitimate option for those who find themselves completely overwhelmed by their debt. While it is a serious step and should not be taken lightly, filing for bankruptcy is certainly a possibility for many people. It does have long-term financial consequences, but it can also provide a much needed fresh start for many people.
I am about to file a consumer proposal, and am midway through a 5-year mortgage. I have made all my mortgage payments on time, and will continue to do so. My mortgage broker has told me to be careful, because the company that wrote my mortgage has gone bankrupt and is trying to dump high-risk mortgages.
My question is - the boilerplate mortgage agreement says that the mortgage can be cancelled for any number of reasons, including bankruptcy, insolvency, simply leaving my home for 30 days, or erecting a structure.
I understand that just because something is in an agreement does not mean it is legal. It is paramount to me that I keep my house - is my mortgage at risk from filing a consumer proposal?
Posted from: Ontario
Some months a person receives three paycheques instead of 2, during these months that person would have surplus money. If you owe back childsupport, would this be paid first or would the surplus go to the trustee?
Posted from: Nova Scotia
I am 50 years old and have moved in with my mother (sister also lives here). I have a small room, bathroom and kitchen. I am considering bankruptcy, but concerned with my living arrangements. Although my mother makes a pension and my sister a small income — this in no way benefits or affects me. I pay a fair rent to my mother and cover my own food etc.
Will I have to declare the `household` income for the 3 of us — maybe it would be better for me to move to an apartment?
Thanks
Posted from: British Columbia
If I were contemplating bankruptcy then questions regarding bankruptcy would be cascading through my mind, pouring like a waterfall in the mountains, a spring.
I have been discharged from my bankruptcy for about 2 years recently I had my mother`s disability tax credit transferred to me. My question is what happens if I get a refund for years prior to me filing for bankruptcy is the refund mine or does it go to my creditors?
Posted from: Ontario
I have 2 small children, and when they were born, my grandparents gave me $3000 for each of them to invest in a GIC for my childrens future. The certificates are in both my name and the children names, if I file for bankruptcy will I have to cash in my childrens GIC`s and give it to the trustee?
Posted from: Saskatchewan
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