Depending on their individual situation, people filing for bankruptcy on consumer debts may choose between Chapter 13 and Chapter 7 bankruptcy. With a Chapter 13 bankruptcy, also called the “wage-earner’s bankruptcy”, you pay back your creditors during a three to five-year repayment plan. Depending on your situation, Chapter 13 may have multiple benefits. Stop foreclosure:…
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Can Filing for Bankruptcy Stop Collection Attempts?
Creditors have several options to recoup their losses if you have defaulted on your debt obligations. They may seek a judgment in court to garnish your wages. If you have fallen behind on mortgage payments, then your creditor could foreclose on your home. These are only two possible examples of what can happen when you…
When Are Debt Collectors Breaking the Law?
Last year, the New York Times posted an interesting article on Russian debt collectors titled “Russian Debt Collectors Adopt Mob Tactics as Russians Struggle to Pay Bills.” The article discussed some of the ways these collectors pursued debts, such as assaulting debtors or even firebombing their homes. Russian debtors were also tied up in their…
Can Filing for Chapter 13 Bankruptcy Protect My Assets?
If you have defaulted on debts, then creditors may have a range of options they can use to recoup their losses. Many of these options could target your most important assets. For example, creditors may seek a judgment to garnish a percentage of your wages. In other cases, a creditor may foreclose on your home…
Avoid These Mistakes When Negotiating with Creditors
When debts get out of control, negotiating with creditors to reduce them can be beneficial. Not knowing details of your specific situation will make it easier for a creditor to take advantage of you. In any negotiation, knowing what your rights are, as well as the other party’s, is valuable. Is My Debt Secured or…
Key Aspects of a Texas Home Foreclosure
The process of a Texas home foreclosure involves for main aspects. When a home is purchased in Texas and a loan is taken out, two documents are usually signed. They are a promissory note and a deed of trust. The first states that you agree to pay back the loan. The second gives the lender…
What Can Declaring Bankruptcy Do for Me?
There are many common misconceptions about what bankruptcy can do for someone. When bankruptcy is declared, a person is given the opportunity to repay debts. During that time, they will be protected by the federal bankruptcy court. The two most common forms of bankruptcy are liquidation and reorganization. Chapter 7: Liquidation Bankruptcy Not everyone can…
How Do You Know When to File for Bankruptcy?
Bankruptcy can be a new beginning for people who have fallen onto financial hardship through no fault of their own. Bankruptcy can consolidate debts and eliminate most or all unsecured debts in many cases, allowing you to focus on rebuilding your credit score, while avoiding calls from debt collectors. Think You’re Ready? Explore Other Options…
Do I Have to Pay Taxes on All of the Money I Make?
Real Madrid soccer star Cristiano Ronaldo has recently become agitated with the Spanish Government amongst accusations of €15M in unpaid taxes, on income generated from advertising image rights. Ronaldo claims that the image rights legislation in Spain is complicated, and has not remained consistent since he joined Real Madrid in 2009. The changes were allegedly…
Why Are Guidelines for Retirement Account Advisors Getting Stricter?
A new rule was passed by the Department of Labor that enforces stricter guidelines on financial advisors who help clients plan retirement accounts. Advisors have come under scrutiny for failing to adhere to their fiduciary duty to the owner of the retirement account. Fiduciary duty entails that advisors act that as if they are the…
