It is a sad fact that medical issues often lead to large medical bills. These bills can be astronomical in size and impossible to pay in a timely manner. They often leave people feeling like they have no options and will always have this large debt hanging over their...
When you’re contemplating bankruptcy, it is important to consider the whole picture and how different people in your life will be impacted. For many in this situation, their spouse is the person they worry about most. Will my spouse have to file for bankruptcy as...
After bankruptcy, most people want to begin rebuilding their life as soon as possible. This often involves the purchase of a home to live in. For low to moderate income families, an FHA loan can make this purchase much more realistic. But, can you receive an FHA loan...
Bankruptcy often means big life changes, including your living situation. You may need to downsize your home or apartment to match your new financial situation. Unfortunately, this is often easier said than done. Most landlords will take a look at a potential tenant’s...
Civil lawsuits are used in a civil court to resolve a dispute regarding a private matter, typically seeking compensation for damages or a court order to rectify a situation, rather than criminal punishment. A civil judgement (or “judgment” in American courts) is the...
Chapter 13 bankruptcy is a reorganization of debts, allowing you to repay all or some of your debts over time through a repayment plan. It is often considered preferable to the alternative, chapter 7 bankruptcy, as it allows you to keep all of your assets and avoid...
When debt is cancelled, such as by a credit card company or bank, that is not the end of the story. A canceled debt is actually considered income and, under the treasury regulations, must be claimed as taxable income. This is where form 1099-C comes into play. What...
alIn today’s world, your average person is likely to take out multiple loans in order to live a comfortable life. Cars, houses, and other big-ticket items are just too expensive for most people to pay for out of pocket. Oftentimes, when a loan is taken out, collateral...
Bankruptcy can seem very complicated to your average person. There are a lot of factors which determine not only if you are eligible for bankruptcy, but which specific chapter of bankruptcy. For the majority of individuals, the options are usually chapter 7 or chapter...
For many, a college degree is a requirement for the career path they would like to pursue. Unfortunately, with the price of tuition, housing, and other fees, a college education is an expense that the vast majority of people cannot afford to pay for out of pocket. In...
