New Credits, Extensions Available for Homebuyers and Unemployed
If you're facing foreclosure, you're officially running out of excuses. But that's good, right?
Just this week, Congress decided to extend the tax credit for new homebuyers beyond its original Nov. 30 deadline. That means you could be eligible for $8,000 back on your taxes when you purchase a property. Better yet, the government has taken note of the thousands facing foreclosure by expanding the initiative to include people who have already owned their houses for five years or more - if that's you, there might be a $6,500 tax break in your future.
Along with the tax credits, Uncle Sam also agreed to extend unemployment benefits for 14 weeks (even longer in states where the unemployment rate has reached 8.5% or more). It's not ideal, but it's a start.
Financially, we've come a long way since the so-called "great recession" began -- and Americans might be more aware of opportunities for financial freedom than ever before.
In the not-too-distant past, many folks would let the bank seize their home before they'd admit they needed help making the mortgage payments. They'd let their credit dwindle to nothing before they'd put a leash on their credit card wielding ways. Asking for help was just too embarrassing.
But with growing opportunities for assistance, more and more people have been finding that asking for help isn't that hard.
Mind you, I know that a tax break or a few more checks from the unemployment office isn't enough when you've got a foreclosure notice and no job. But luckily, the government has given us other options - like bankruptcy. Unlike the homebuyer credit, bankruptcy has been around for centuries. Though it was once thought to be social suicide, today bankruptcy is deservedly being seen as the powerful financial tool that it is - one that has the ability to stop foreclosure and creditor harassment, eventually restore your credit and provide a realistic way to get rid of debt and free up all those creditor payments for other important things in your life.
Filing for Chapter 7 or 13 bankruptcy has helped stop the financial bleeding of millions of Americans. Why not find out if it can help you, too? At DebtStopers, finding your family's ideal bankruptcy plan doesn't cost a dime when you sign up for a free one-on-one debt analysis with one of our Atlanta bankruptcy attorneys. Get over your fears and get a fresh financial start - no more excuses.