Recently on our bankruptcy forum a user asked, “I have a car that I would like to give to a relative. I am also planning on filing for Chapter 7 bankruptcy. I was wondering what I need to consider prior to the property transfer.”
Recently on our bankruptcy forum a user asked, “I have come to the conclusion that after a massive surgery and losing my job that I will not be able to pull myself out of my financial crisis without filing for bankruptcy protection. With this in mind, I am wondering what I need to do before filing bankruptcy?”
Recently on our legal forum a user asked, “I filed for bankruptcy last year and I just received my discharge. I really want to clean up my credit and try to increase my credit score. I know one option for paying my bills is automatic debit payments. I am wondering if this is a good idea?”
Recently on our bankruptcy forum a user asked, “My husband and I are considering buying a home foreclosure. We are wondering what steps we should take to ensure that we get a good deal.”
Although the number of home foreclosures was down last year to the lowest level since 2008 when home foreclosures spiked to a whopping 2.9 million homes, there were still over one million homes foreclosures last year. With all the foreclosures on the market it is possible for the savvy home investor to find some great deals, assuming they know what they are doing and they take the right steps to find a good property.
Almost one million Americans filed for bankruptcy protection last year. Unfortunately, many of them did so without fully understanding the legal ramifications, what bankruptcy could and could not do for them, and without first determining if bankruptcy was really their best option.
With that in mind, let’s take a look at the top five things debtors should understand about bankruptcy.
Recently on our bankruptcy forum a user asked, “I have owned my home for ten years. I lost my job last year and have not been able to make my mortgage payments for several months. I have just been notified that the bank is going to foreclose on my home. If the bank takes my house and sells it but the amount they get on the sale is less than my mortgage amount will I still owe them money after the sale?”
Recently on our bankruptcy forum a user asked, “I have over $20,000 in credit card debt that I cannot pay. I tried to negotiate with the credit card company, but they refused. After several months of nonpayment I have found out that they have filed a lawsuit against me. Is this legal?”
Timeshares are big business. Not only have they been around since 1969, but they generate an estimated $7.9 billion a year in annual sales. While some people love their timeshares and enjoy the accommodations, in-room amenities, and the ability to “exchange” their shares for accommodations at other resorts around the world, other buyers have difficulty using their vacation weeks and paying high payments for annual fees.
If you own a home in North Carolina it’s likely this is one of your most valuable investments. Recently on our bankruptcy forum a couple asked, “We are in dire financial straits and have debts that we will never be able to repay. We have considered filing Chapter 7 bankruptcy but we are concerned we might lose our home. Can you explain how we can save our house by filing a North Carolina bankruptcy?”