Category Archives: Bankruptcy

Rebuilding Credit After Bankruptcy May Be Easier Than You Think, Say Experts

It’s common knowledge that filing for bankruptcy takes a toll on credit. But it turns out that most of us overestimate the extent of the damage. As a result, millions of people may be missing out on the opportunity to escape a mountain of debt or save their homes from foreclosure with help from bankruptcy…. Read More »

Instead of Worrying About Washington, Experts Encourage Consumers to Prepare for Personal Fiscal Cliff

As the holidays draw nearer, so does something else: the so-called fiscal cliff. At midnight on Dec. 31 of this year, spending cuts and new taxes are set to go into effect, while a series of tax breaks are on track to expire, potentially culminating in an economy-crippling financial pickle. If lawmakers can’t agree on… Read More »

Fewer Homeowners Missing Mortgage Payments…But Existing Delinquencies Aren’t Improving

A recent report on mortgage delinquencies could be taken as good or bad news, depending on your financial situation. New information from credit bureau TransUnion shows that, if the number of borrowers who have missed their home loan payment for a year or more were excluded from the data, the U.S. delinquency rate would be… Read More »

Fear of Losing Personal Items in Bankruptcy Often More Myth than Reality

For many, bankruptcy is the single most reliable and realistic way to get out of debt. Yet countless eligible borrowers will never file thanks to a commonly-held fear. Most folks believe that if they seek bankruptcy protection, they will lose their possessions, from cars to TV sets. But in most cases, that’s simply not true…. Read More »

Losing a Home to Foreclosure Could Mean Big Taxes If Exemption Expires in January

Usually the first day of a new year means a fresh start. But if a federal tax exemption is allowed to expire, this Jan. 1 could mean disaster for troubled homeowners. When a portion of debt is canceled or forgiven, that amount is often considered taxable income by the IRS. However, thanks to the Mortgage… Read More »