If I file a bankruptcy, can I still get a home loan?
One of the ways that creditors try to scare people away from filing a bankruptcy is by claiming it will “destroy their credit.” Admittedly, filing a bankruptcy will not improve your credit rating or FICO number. Of course, you are not filing a bankruptcy in an attempt to improve your credit; you file to eliminate […]
What should you do to get out of debt? Pt.2
When attempting to get out from under overwhelming debt, other options include credit counseling companies or debt settlement companies. If you take either of these steps, you need to educate yourself and learn exactly what each company promises. You want that information in writing before you agree to anything or send any money. A credit […]
What should you do to get out of debt? Pt.1
If you have accumulated a significant amount of debt, you may lay awake at night trying to figure out how to pay off those debts and regain some degree of financial control. To eliminate your debts, the simple solution is to pay more than you spend, allowing you to shrink month-by-month the interest and principle […]
Will a balance transfer save interest charges on your debts?
Like many financial questions, there are no easy answers to such a question. It could help, but if certain things don’t happen or something goes wrong, it may not help at all and could actually lead to higher interest charges in the long run. If your finances are precarious, you may be looking at all […]
Use of car is not income in a Chapter 13 rules WI bankrutpcy ct
At least in one bankruptcy court of the Eastern District of Wisconsin. In a Chapter 13, a debtor who worked for a car dealer receives a vehicle as part of her compensation. It added $625 per month to her income. However, she also had a second, personal vehicle. She did not include it in her […]
Have you been auto-enrolled in a Medicare Advantage plan?
If you have become eligible for Medicare, you may think that many of your worries and concerns over the cost of healthcare are over. You may trust that the program will cover most of your potential or actual medical costs. But you may want to check to see if you actually have the coverage you […]
Debt collection regulations: Changes may soon go into effect
Collection companies are allowed to contact consumers and request payment, but within reason. Regulations on what is and is not allowed were passed in 1977 under the Fair Debt Collection Practices Act. This law was passed with the intention that it would serve two purposes: Consumer protection. The law is designed to protect consumers from […]
Bankruptcy and student loans: Two benefits
Whether struggling to make mortgage payments, pay off student loans or dealing with credit card debt, bankruptcy can be a helpful tool to help regain your financial footing. Many may be surprised to find student loans on that list, but bankruptcy can help those who struggle to pay off education debts. Two common benefits include: […]
Court permits Ch. 13 trustee to demand payments after 5 years
In most Chapter 13 bankruptcies, the debtor makes payments to the trustee for three to five years, and upon completion of the plan, they receive a discharge. In a somewhat unusual case, because a debtor experienced an increase in her income, the trustee was allowed to ask that she amend her plan after completion. The […]
Done paying off your Chapter 13 bankruptcy? Court says maybe not.
Bankruptcy is a process designed to offer those who qualify a fresh financial start. Different types are available, but one of the more common is a chapter 13 bankruptcy petition. A petition for relief through a Chapter 13 bankruptcy generally allows the petitioner to keep his or her possessions. Instead of the possessions being sold […]
