Can You Use Bankruptcy to Modify Your Mortgage?

Can You Use Bankruptcy to Modify Your Mortgage?

If you face financial difficulties, making your mortgage payment is probably a big part of those difficulties. The mortgage payment is usually a family’s largest monthly obligation. Even if you consider bankruptcy—or have entered bankruptcy—you have options for...
Can a Business File for Chapter 7 Bankruptcy

Can a Business File for Chapter 7 Bankruptcy

Chapter 7 bankruptcy, most frequently used by individual debtors, is also available to businesses. Often referred to as “liquidation bankruptcy,” Chapter 7 is available to partnerships, corporations, or other forms of business. While these business debtors might...
Who is Garnishing Your Wages?

Who is Garnishing Your Wages?

Most people have an approximate idea of how much money to expect on each paycheck. Whether you are a salaried or an hourly employee, you rely on the monthly or bi-monthly payment you received as compensation for time worked. Imagine that you open a paycheck to find...
Is Your Student-Loan Lender Garnishing Your Wages?

Is Your Student-Loan Lender Garnishing Your Wages?

Student loans are amazing things. Nowhere in the world of consumer credit is there a loan so easy to get with no apparent ability to repay the staggering amounts that students sometimes borrow. Four years of higher education can run into six figures, after all, and...
Bankruptcy Can Help with Medical Debt

Bankruptcy Can Help with Medical Debt

While bankruptcy is often associated with poor financial judgment, this is simply not the case in the majority of situations. Many bankruptcy cases arise due to circumstances beyond a person’s control – such as a sudden injuries or illness that requires costly...
What Is a Short Sale?

What Is a Short Sale?

A short sale, sometimes called a pre-foreclosure sale, is pretty much what it sounds like: You sell your house for an amount short of what you still owe on the mortgage. It is a fairly common tactic for homeowners facing foreclosure who cannot catch up on past-due...
What is the Automatic Stay in Bankruptcy?

What is the Automatic Stay in Bankruptcy?

The United States Bankruptcy Code has a provision that automatically halts almost all collection actions against a debtor who files for bankruptcy under any chapter of the code, including under Chapter 7 and Chapter 13. Chapter 7 bankruptcy is known as liquidation...