In the years following the Great Recession, consumer debt has steadily risen. Even as the economy has recovered a little bit here and there, our household debt has a way to go in terms of catching up. We’ve lost a job and it’s still been hard to find a new one. We have medical bills that are impossible to pay, credit card debt that continues to mount, or our homes are about to go into foreclosure. With family members struggling just as equally, it can seem like there’s nowhere else to turn. However, we do have options. Bankruptcy may be one of them. Learn more about consumer debt and bankruptcy from the National Bankruptcy Forum.
I Filed Bankruptcy: How Can I Rebuild My Credit Score?
Follow these steps to rebuild your FICO score after bankruptcy Will I be able to get credit after filing for bankruptcy? How can I rebuild my credit after filing for bankruptcy? These are two important questions commonly asked by those who have been forced to file for bankruptcy protection. A discharge in bankruptcy provides a…Read more
Can Credit Card Companies Take Your House?
Credit card debt, unlike mortgage debt, is unsecured debt. This means your credit card company can’t come immediately take your stuff — including your home or car — when you don’t pay. Having said that, if you fall behind on credit cards, your lender will quickly try to transition their status from an unsecured creditor,…Read more
Should I Sign a Reaffirmation Agreement?
Signing Reaffirmation Agreements: A Good Idea? Your mortgage lender is demanding that you “reaffirm” a mortgage note on your residence in your bankruptcy case. Should you agree to do so? First the basics: There are two parts to your agreement with the mortgage lender regarding your residence. The first part is the note, your promise to…Read more
Debt Settlement Tax Consequences: Three Rules to Remember
If you find yourself deep in debt, and are exploring your options to get out, the odds are you’ve considered both bankruptcy and debt settlement. Most consumers don’t realize that debt settlement carries with it significant tax consequences. In order to help you make a more educated decision, there are three rules you should be…Read more
Ever Wonder Why Credit Card Companies Can Charge Such High Interest Rates?
Why Credit Card Companies Charge Such High Interest Rates The short answer is because corporate profits and corporations in general are favored over protecting the individual from harm these days. Below is only one court decision in the long dismantlement of individual rights in favor of corporate rights. Every state, well, every state used to…Read more
Do You Have Too Much Debt? Know the Signs…
Debt isn’t always a bad thing, but be careful about taking on too much… It gets a bad rap, but debt is not necessarily always a bad thing. In the business world, Fortune 500 companies sell off debt in the form of bonds to raise capital and expand operations. They create jobs in the process….Read more