Can Chapter 13 Bankruptcy Prevent Foreclosure?

The short answer is Yes. Chapter 13 bankruptcy is typically designed to help working individuals protect assets like their home and automobile while adhering to a plan that ensures your creditors are paid. You can seek the help of an experienced bankruptcy lawyer in structuring a three to five year payment plan that will allow you to repay your creditors, and take care of your other monthly expenses. Read more….

Life after Chapter 7 Bankruptcy

Deciding to file for chapter 7 bankruptcy relief is not an easy decision to make; however, it could give you an opportunity to rebuild and manage your finances more effectively. You can take simple steps to reduce the likelihood that you will not need to file for bankruptcy again. 1. Keep Your Credit Cards Below the Credit Limits In the event you need to borrow money, lenders like to see that you have credit cards you have responsibly managed, and not maxed out or charged over the limit. You should keep your credit cards but strictly ban yourself from using …

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What is a Debt Charge Off?

A charge off is an accounting entry used by creditors or lenders in their books to account for overdue, uncollected debts. Most debtors, when they see “charged off” on their credit report, assume the debt has been disregarded by the creditor and that they are no longer obliged to repay the debt. This is not correct. In fact, in many instances when one creditor charges off a problematic account, a third party purchases the bad debt and commence efforts to secure payment of the debt from the debtor. A charge off will appear on the debtor’s credit report for years. …

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Bank of America Bailout

A multi billion dollar aid package for Bank of America is being considered by the federal government to help with losses at Merrill Lynch. Bank of America’s shares fell another $1.88, to close at $8.32.  Bank of America benefited from last Fall’s relief aid, receiving $25 billion in aid. Even with aid from the government, Bank of America stocks continue to plunge. Wall Street is bracing for another round of losses from the banks.