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 »
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 »
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 »
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 »
Perhaps the only thing worse than facing foreclosure is facing foreclosure over the holidays. In an effort to relieve stress for troubled borrowers, mortgage giants Fannie Mae and Freddie Mac have agreed to refrain from repossessing homes from the third week in December through Jan. 3, according to CNN. Bank of America will also postpone… Read More »