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Remember these points about a short sale

Homeowners who are behind on their mortgage might be willing to consider just about any legal way to get out of that debt. This is especially true if they know that they won’t be able to catch up on the mortgage but they don’t want a foreclosure to plague them.  One option that some people will explore is a short sale. There are a few points that you should remember about this if you’re considering this option.  What exactly is a short sale? A short sale occurs when you sell a home for less than what you owe on the…

Does filing for bankruptcy eliminate your obligation to pay child support or alimony?

In theory, annual child support payments in the United States are supposed to total more than $33 billion. However, in reality, fewer than half of custodial parents receive full child support payments based upon a court order or informal agreement. The consequences for not paying child support can be severe. You may have to pay interest on back support. You could have your driver’s license suspended. The court may enter in an order garnishing your wages or have you locked up. The combination of these factors may hamper your ability to secure future employment. While it’s unlikely that your failure…

Does filing Chapter 7 mean you will lose everything you own?

One reason people are sometimes slow to file for Chapter 7 bankruptcy is that they know it means they have to liquidate their assets. They believe this means they’ll lose everything they own, which sounds worse than having debt they can’t afford to pay off.  But is this what will happen? Do you really have to sell everything if you file? There are many bankruptcy exemptions You will not lose everything. If you did, bankruptcy wouldn’t work and wouldn’t provide a fresh start at all. The goal is to sell off the unnecessary assets that you own and to give…

Do men or women file for bankruptcy more often?

To be certain, bankruptcy can happen to anyone. They can be any age, any gender and from any economic background. After all, bankruptcy normally comes from medical debt in the United States, and anyone can experience an unexpected injury that puts them in the hospital.  However, it is important to consider who files for bankruptcy more often. This may shed some light on why it happens and what options these individuals have.  Women file slightly more often than men The statistics show that women use bankruptcy more than men, but it’s very close. Abbott 48% of filers are men and…

Help! I’m too broke to file for bankruptcy

In what can be considered the ultimate irony, many financially desperate individuals believe that they are too poor and debt-ridden to file for bankruptcy. Can that really be true? While it is indeed ironic, in some situations it may be true. The good news is that, as with most things in life, there are often workarounds that can allow distressed debtors a path to financial freedom via bankruptcy. Below are some possibilities to investigate and things to consider. It is not advisable to file for bankruptcy without an attorney With the possible exception of the United States Tax Code and…

Three essential benefits of chapter 7 bankruptcy

For anyone facing serious debt problems, there are many complex considerations. Should you file bankruptcy at all? If you do file for bankruptcy, should you file a chapter 7, a chapter 13 or other type of bankruptcy? What will happen after you file? These are just a few of the common questions people have. What you need to know about chapter 7 bankruptcy While not everyone qualifies for chapter 7 bankruptcy, and it might not be the right choice for your unique situation, but there are a few distinct benefits to filing chapter 7, including: Debt liquidation: More than any…

Behind on mortgage payments? Consider bankruptcy

Being able to defer payments during times of financial hardship can provide much needed relief to those in need. However, money problems do not always get better with time. Maryland homeowners who were behind on their mortgage payments might still be struggling by the time their deferrals end. For these individuals, bankruptcy might be a smart solution.  Foreclosure moratorium  The foreclosure moratorium is a program that lets homeowners essentially press pause on mortgage payments if they are experiencing financial difficulties. Although originally set to end earlier, it was recently extended to the end of June 2021. A program that allows student loan…

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What debt problems are you having?