Twenty-five mortgage company executives have pledged to the Obama administration to improve efforts to assist those in danger of foreclosure according to the Associated Press.
The Treasury Department reached a verbal agreement with the mortgage executives for a goal of 500,000 loan modifications by Nov. 1. Treasury Secretary, Timothy Geithner said this is an opportunity to accelerate the program and bring relief faster.
Diana Parsons graduated from the University of Wisconsin and she has still not found a full-time job reports the New York Times. Is this a result of the economy? Actually Ms. Parsons, 21, is jobless by choice. She turned down two jobs because one would require her to relocate and the other required her to work nights.
May college career advisers are noticing that new graduates do not seem to comprehend the economic challenges facing the country was stated ...
What is a Board Certified Attorney*? A Board Certified Attorney* is one who has demonstrated special competence in a particular field in which the Texas Board of Legal Specialization has certified his competence. If you are searching for a bankruptcy lawyer the Dallas/Fort Worth metroplex. Consider Ted Machi and Associates, P.C. in Arlington or Mansfield.
Continue → ShareBankruptcy can be invasive as you will have to disclose all details of your finances to the court. People in your community could find out you have filed bankruptcy. In a Chapter 7 bankruptcy, you can have property repossessed or taken away. Under a Chapter 13 plan, you might spend several years having to ask permission to spend your own money.
Continue → ShareIf a friend or relative helped you get financing by cosigning a loan agreement, Chapter 13 bankruptcy will protect your cosigner, but under Chapter 7 they will be responsible for any debt you don’t pay.
Continue → ShareIn most states, you will not lose pensions, retirement accounts, or life insurance in bankruptcy. If you have a pension, a 401(k), an IRA, or life insurance, find out what’s protected in your state.
Continue → ShareBankruptcy is very good at wiping out credit card debt. If your credit card balance is an unsecured debt and the creditor does not have a lien on any of your property and cannot repossess any items if you fail to pay the debt. This is the kind of debt that bankruptcy is designed to removete. Besides credit card debt, you may have other unsecured debts, and bankruptcy can wipe these out as well.
Bankruptcy will not prevent a secured creditor ...
Continue → ShareHow much property you get to keep depends whether you’ve pledged the property as collateral for a debt, and on the “exemption” laws that are available in your state. If you file for Chapter 7, you might lose your car if you have substantial equity that isn’t protected by your state’s exemption laws.
Continue → ShareBankruptcy won’t relieve you of your obligation to pay your mortgage, but it might make your mortgage easier to pay by getting rid of other debts. If you have substantial equity in your home, you might lose it if you file for Chapter 7, depending on how generous the exemptions laws are that are available to you. If you file for Chapter 13, you can keep your home and pay off any overdue mortgage amounts through your repayment plan.
Continue → ShareBankruptcy is used to wipe out credit card debt. This is the kind of debt that bankruptcy is designed to eliminate. If you file for Chapter 13 rather than Chapter 7, you may have to pay back some portion of your unsecured debts. Any unsecured debts that remain once your repayment plan is complete will be discharged. Bankruptcy can stop creditor harassment during this time.
Bankruptcy may not eliminate some other kinds of debts, including child support, alimony, most tax debts, ...
Continue → ShareThere are several areas to be considered to find out if you qualify for a chapter 7 or 13 bankruptcy. What type and how much income do you earn? Is there enough disposable income to repay all or part of the debts owed? Have you filed for bankruptcy in the past? Have you tried to conceal property or income?
These and other questions can be answered by a Certified Bankruptcy Attorney* from Ted Machi and Associates, P.C. We will provide ...
Chapter 7 bankruptcy cancels most, if not all of your debts. This process takes several months and a courthouse visit. You will also be required to complete credit counseling and debtor education. You may not be able to use Chapter 7 bankruptcy if you have received a bankruptcy discharge in the past or your income to debt ratio would allow you to file Chapter 13 bankruptcy. A Chapter 7 filing will immediately stop most creditors from trying to collect on ...
Continue → Share1. Learn about the types of bankruptcy.
2. Consider alternatives to bankruptcy.
3. Make sure you are eligible for bankruptcy.
4. Learn which debts will not be cancelled.
5. What will happen to your home?
6. Will you lose your car or other property?
7. Will your credit cards be paid off?
8. Is your pension, IRA, or 401(k) safe?
9. Will cosigners be stuck with your debt?
10. Consider how bankruptcy may affect your personal life.