If a debt goes unpaid for a long period of time, it can be sent to collections. This usually means that the debt owed is written off by the original creditor and sold to a collection agency. At the time the original creditor sells the debt, the debtor’s credit is negatively affected because the unpaid… [Continue Reading]
Filing for Chapter 11 Bankruptcy as a Small Business
Even businesses that are founded on great ideas can fail to be as profitable as their owners intended. While a business owner still believes in his or her idea, the business may fail because of debts to creditors and dwindling assets to cover them. In this situation, a business owner can choose to file for… [Continue Reading]
The Cost of Bankruptcy Fraud
A person may decide to file for bankruptcy for various reasons, such as overwhelming debt, as a way to restructure a business, or because of unemployment. Federal bankruptcy laws provide different options for debt discharge depending on the goal of the person filing. In return, the law requires the person to provide accurate information on… [Continue Reading]
Receivership and the Possibility of Bankruptcy
When a business is in financial trouble and owes a lot of money to its creditors, bankruptcy may be one option to restructure the business and get ahead of the debt. However, before the business can file for bankruptcy, creditors may initiate a lawsuit to put the business into receivership in order to get their… [Continue Reading]
Buying a Home After Foreclosure
Although it is sometimes difficult to do so, it is possible for a person who has been through foreclosure to buy a house after the foreclosure is behind him or her. A person who wants to buy a home after foreclosure should consider the reasons that led to the foreclosure before, whether it was from… [Continue Reading]
Can Bankruptcy Help With My Student Loans?
Owing a large amount in student loans can cause a borrower a lot of stress as he or she tries to figure out a way to make payments and still afford other necessities. The unaffordability of student loans can cause the borrower to consider declaring bankruptcy. While bankruptcy can help with handling student loan debt,… [Continue Reading]
Foreclosure With More Than One Loan Against Your Property
A foreclosure may not be the end of a homeowner’s financial problems if the homeowner has multiple loans secured by the home. These additional loans are generally known as junior liens, and they can take the form of second mortgages or home improvement loans. The lenders of these loans are usually behind the original mortgage… [Continue Reading]
