Get Bankruptcy Help

Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., testifies before the House Agriculture Committee about the collapse of the firm and the strategy that led to a bankruptcy filing on Oct. 31. Corzine, who resigned his positions on Nov. 4, said in his statement that he never intended to break any rules. Read more…

Last month, former TLC singer 41-year old Tionne Watkins, or T-Boz, filed for personal bankruptcy with $768,643 in debt.

The bankruptcy filing shows that most of the singers debt is related to mortgage payments on a $1.2 million home.  Watkins, a four-time Grammy award winner, and the rest of TLC filed for Chapter 11 bankruptcy in 1995 at the height of their popularity.

Now, the singer earns about $1,200 a month in royalties for the bands music.  Sources report that she is owed around $250,000 in child support from her ex-husband.

Furthermore, the bankruptcy filing reveals that the singers current monthly income is $11,700.  The filing also shows that Watkins spends around $8,821 every month.

Filing bankruptcy doesn’t mean that you can never have credit again. As a matter of fact, the point of filing bankruptcy in the first place is to help people who have made disastrous financial decisions in the past, learn from their mistakes and move on.

Bankruptcy loans are a great way to help you re-establish your credit and buy important items such as a home.

There are two types of bankruptcy loans:

-Debt consolidation loan.

-Post-bankruptcy loan.

While the debt consolidation loan may help those who have filed Chapter 13 bankruptcy pay off their creditors and begin to re-establish their credit earlier than making monthly payments according to their bankruptcy schedule, it can be a recipe for disaster for those who have failed to learn how to budget their money properly and stick to a budget by piling on even more debt to their overburdened financial situation.

The more common bankruptcy loan is the post-bankruptcy type of financing. Read more…

In addition to consumer bankruptcy, my firm does a lot of non-bankruptcy debt relief work for Michigan consumers, some of whom have already filed a Chapter 7 bankruptcy with other law firms. Largely, these clients are attempting to save a home through a mortgage modification or other non-bankruptcy negotiation. The first question we have for these clients is: did you reaffirm your mortgage note obligation in your bankruptcy?

A reaffirmation agreement, as I have written about many times before on this blog, is an agreement that is struck during a bankruptcy process between the filing debtor and one of his or her creditors. The reaffirmation agreement must be signed by you (the debtor), your bankruptcy attorney if there is not what is called “undue hardship” (no or negative income left over at the end of the month after your basic household expenses are deducted from your monthly average income as listed on the bankruptcy petition), and the creditor. Dep

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According to the latest data from Fitch Ratings, foreclosures are almost two times as high as they were at the same time last year.

The agency uses Residential Mortgage-Backed Security, or RMBS, Performance Metric.  Their most recent findings indicate that the rate of foreclosure on homes with delinquent mortgages has increased to 10 percent a month.

Officials say the apparent increase in foreclosures is related to last year’s discovery of problematic procedures in the foreclosure industry like “robo-signing” and the subsequent delay in many foreclosure proceedings.

Experts predict that home prices in the U.S. will drop by about 10 percent in the months to come.

If you or someone you know is facing foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Law, LLC at 205-324-4000 to discuss your situation with one of our attorneys today.

Do you know what your credit is like? Do you have good credit or bad credit? The reason why I ask this is because most people don’t know. If you don’t know what kind of credit you have, then don’t worry about it because the mortgage company will most likely tell you. Even if you have bad credit you can still get a loan and that is always great news.

Financial institutions know that credit is not earned in a few days, it takes a lifetime to build. That is why they will look at your entire credit history to see how well you have done in the past as well as recently. If you have to apply for a bad credit loan then just know that the difference between them is not much, the main thing is that you will pay more over the life of the loan simply because your mortgage rate will be a little higher. If that bothers you then I would recommend doing everything you can to get the best credit possible because at some point you will need it.

Did you know that a bad credit home loan is easy to get. All y Read more…

Summary: U.S. home prices inched 0.2% higher in August, according to a closely watched index released Tuesday. Read more…

The total number of bankruptcies filed in Wisconsin in the first nine months of this year were 9.5 percent lower than in the same time period last year.

So far this year, 21,167 bankruptcies have been filed in the state of Wisconsin.  In the first three quarters of 2010, 23,401 bankruptcies were filed across the state.

The most common type of bankruptcy filing has been Chapter 7 bankruptcy.  Chapter 7 bankruptcy allows consumers to eliminate certain dischargeable debts like credit card debt, personal loans, leases, business debts, and more.

Bankruptcy experts say they have seen an increase in small business owners turning to Chapter 7 bankruptcy when their businesses experience financial troubles.

Numbers and figures and due dates and phone calls and threatening letters can overwhelm and the next thing you know your are out of control and find yourself petitioning for personal bankruptcy. Doing so involves serious and long-term ramifications. You need to understand exactly what you are doing and why. When faced with this conundrum, examine the laws within the jurisdiction of your residence. It could very well be time to employ a bankruptcy lawyer. But wait, continue reading …

Consider the Alternatives

Before declaring bankruptcy, you must methodically research and consider all the opportunities available to you short of bankruptcy. Often, just looking at the alternatives can provide you with enough fortitude to start confidently looking around the bankruptcy ultimatum. After all, bankruptcy is a last resort. It is not a decision to toss off. The onus of bankruptcy is so great, be sure you sniff out every alternative, scour every work around.

Settling Your Obligations

One alternative would be an attempt to settle the debts. E Read more…