What is a check cashing loan? A check cashing loan is a short-term, high interest loan that is secured by a post-dated check. More and more people are turning to check cashing loans as a means to stay afloat with their bills between paychecks. Because these loans are issued at such a high interest rate [...]
Read moreWhy would you want to surrender your home in a Chapter 13 bankruptcy? A lot of people file a Chapter 13 to prevent their home from being foreclosed on, but that doesn’t mean that you can’t surrender your home in a Chapter 13 bankruptcy just as you could in a Chapter 7 bankruptcy. If your income is [...]
Read moreHow Debt Settlement Works A debt settlement company acts as a middleman to help you negotiate your debt. The first thing that a debt settlement company will likely instruct you to do is to stop paying your credit cards. The debt settlement company will then contact the creditor and negotiate a settlement for your outstanding [...]
Read moreHAMP Calculator The HAMP, Home Affordable Modification Program, calculator was designed to determine a homeowner’s eligibility for a loan modification. HAMP sets forth the process for borrowers who are in default, at risk of immediate default, or in foreclosure to modify their mortgage payment targeted at about 31 percent of their gross monthly income. The [...]
Read moreShould you or Shouldn’t you tell? In general telling your creditors you are filing for bankruptcy should help you. Once you have retained an attorney you can tell your creditors that you have done so and that they need to contact your attorney regarding any debt you may own. The Fair Debt Collections Practices Act [...]
Read moreHow to protect your identity from being stolen The easiest way to protect your identity from being stolen is to continuously monitor your credit and protect important information such as account numbers, creditor information, and your social security number. Many credit monitoring companies offer low monthly fees to pull your credit at any time and [...]
Read moreWhen can a debtor strip a second mortgage? A debtor can strip (or remove) a second mortgage when the property’s current value doesn’t cover any amount of the second mortgage. How to strip a second mortgage First the debtor must have the property appraised and provide the appraisal to the court to show proof of [...]
Read moreCommunity Property Rules vs. Common Law Rules Whether or not you are liable for your spouse’s debt depends on whether or not you reside in a “community property state.” In states that follow community property rules, debt that is incurred by one spouse during the marriage is owed by both spouses. Likewise, the income of [...]
Read moreWhat is the Means Test? The means test is a six months average of the Debtor’s and spouse’s income, if applicable, divided by six and then multiplied by twelve to compute a hypothetical income over a year. That income will be used to determine whether there is a presumption of abuse when filing a Chapter 7. [...]
Read moreWhat is a reaffirmation agreement? A reaffirmation agreement is an agreement whereby a debtor filing Chapter 7 bankruptcy makes a new promise to pay a pre-petition debt. Since all of a petitioner’s unsecured debt is discharged in a Chapter 7 and a petitioner may surrender secured debt in a Chapter 7 bankruptcy the only way [...]
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