Although filing Chapter 7 bankruptcy usually wipes the slate clean as far as most of your debts are concerned, there are some debts that may not be discharged. Certain debts, such as most taxes, child or spousal support, and student loans usually survive the Chapter 7 discharge. Debts incurred through fraud, may also survive the discharge. And [...]
June 2009
When you file for bankruptcy you are required to file certain documents – your bankruptcy petition, bankruptcy schedules, and a host of other papers. These papers must all be completed accurately, honestly and completely. You do not get the option of filing blank forms “just for now.” If you do, the bankruptcy trustee or the [...]
When your home is not worth as much as you owe on it, and you sell it for less than the amount that would pay the mortgage, or mortgages, that is a short sale. Last month, the Obama Administration announced changes in the making homes affordable program related to short sales. You are short of [...]
A credit default swap is a kind of insurance. It’s also like a ticket for a bet on a horse race — a bet on which horse will lose. A CDS is a simple idea. In its most basic, safe form, it’s a way to hedge the risk of a loan failing. If a bank [...]
This online article provides an interesting 7-step “how to” handle the emotional implications of debt: Acknowledge that you are in debt and in over your head. Forgive yourself and focus on repaying. Understand how you got here so that you do not return in the future. Make a plan to break the overspending habit. Do [...]
Pennsylvania Attorney General Tom Corbett’s office released information regarding credit-related scams. “Consumers searching for an easy way out of their credit problems are susceptible to a wide range of credit-related scams in addition to credit repair fraud,” the PA Attorney General’s office states. Some examples provided are as follows: Checking Account Scams One of the [...]
