Lenders will sometime offer customers whose homes have been placed into foreclosure status an alternate path. As its name suggests, a “deed in lieu of foreclosure” is not foreclosure, but there are consequences that are just as serious. When a lender forecloses on a home, it has to jump through many legal hoops to take…Read more
How To Tell If A Debt Collector Is Legitimate
If you’ve ever been late to pay your creditors, you know that it doesn’t take long for them to get in touch with you. It’s rare for them to let a week after you’ve missed a payment before they give you a call. At first, they’ll be sympathetic and seem like they want to help.…Read more
What You Should Know About Helping Parents File Bankruptcy
From time to time, I get calls from someone who is trying to find out if bankruptcy is a good option for their parents. Usually the parent is on a fixed income and the child has been providing financial assistance to help make ends meet. At some point the subject of how the parent is…Read more
Young Adults Expect Paying Off Student Debt Will Take Decades
National Public Radio aired a great interview this week with recent college graduates to talk about their student loan debt. Student loans are often categorized as “good debt” or an “investment”, but as some of the interviewees note, it’s hard to imagine an 18 year old fully knowing what they’re getting themselves into when they…Read more
Colorado Bankruptcy Median Income As Of April 1, 2014
The United States Census Department has issued new median income numbers for Colorado as of April 1, 2014, which are as follows: Household size: 1 – $50,978 Household size: 2 – $66,663 Household size: 3 – $72,180 Household size: 4 – $84,551 *Add $8,100 for each individual in excess of 4. Determining the household income…Read more
How Debt Settlement Can Come Back To Haunt You At Tax Time
One of the things that I talk about during initial consultations with potential clients are alternatives to bankruptcy. The biggest one, of course, is debt settlement. Debt settlement is where the lender agrees to accept a smaller amount than what’s owed to satisfy a debt. For someone struggling to figure out how to take care…Read more
How Chapter 13 Bankruptcy Can Help You Manage Your Student Loans
If you have been researching bankruptcy as an option to help you eliminate student loan debt, you know that the chances of that happening are almost zero. Student loans are virtually impossible for the typical debtor to eliminate. Even so, bankruptcy can sometimes be an option to help you manage student loan debt by eliminating…Read more
How Chapter 13 Bankruptcy Can Help After Your Divorce
Ask any bankruptcy attorney, and they’ll you that one of the top reasons people come to them is because they’ve recently gone through a divorce. Suddenly, their finances are in disarray. They turned to credit cards to help them make it through the process, paying for things like moving and living expenses and even fees…Read more
Can I Get Rid Of Private Student Loans In Bankruptcy?
It’s fairly common for someone to start a consultation with the phrase, “I read on the Internet…” When it comes to student loans, that phrase usually ends with, “that you can get rid of private student loans in bankruptcy.” Unfortunately, just like much other information floating around in the recesses of the World Wide Web,…Read more
8 Tips For Avoiding Credit Card Problems
After medical debt, overwhelming credit card debt has to be the biggest reason our clients come to us for help. For a variety of reasons, like divorce, unemployment, and medical needs, they have had to resort to using credit cards to make ends meet. Credit card use can quickly spin out of control. Below are…Read more
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