A savings account may be a luxury for many people as saving money for the future isn’t as feasible as it once was for many families.
With the economy struggling to recover and people dealing with job loss, high-interest loans and credit cards that have kept them buried in debt, filing for Chapter 7 bankruptcy in Chicago may be a sound option.
Filing for bankruptcy immediately stops creditors from calling and attempting to garnish wages and otherwise making life difficult.
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There is a common myth that you need to be at least $10,000 in debt or more to file for bankruptcy. Nothing in the bankruptcy code specifies that you need a minimum amount of debt to file for bankruptcy. There is nothing in the laws that prohibits you from filing for bankruptcy because you owe to little debt.
The key to whether bankruptcy is the right option for you, depends on whether it makes financial sense and what your objectives are in filing for bankruptcy.
All bankruptcy debtors will tell their bankruptcy attorneys about cases in which they are defendants. Debtors are always anxious to stop a lawsuit and rid themselves of any dischargeable obligations. The problem with lawsuits usually arises when the debtor is the plaintiff, or has a claim that has not yet been filed. For instance, suffering a personal injury caused by someone else and then filing bankruptcy to get rid of the medical bills.
Both a plaintiff’s lawsuit and a potential lawsuit are assets of the bankruptcy estate. What happens to the plaintiff’s claim during bankruptcy can depend on a number of circumstances. In some cases the bankruptcy attorney can exempt a portion or even all of the money received from winning or settling the lawsuit. In o
One of my Chapter 7 bankruptcy clients rented a house under a one year lease. The lease expires at the end of August, 2011. The client filed bankruptcy in April, 2011. The client stayed in the house and paid rent for May, June, and July. He intends to vacate the house in August at the end of the lease. The client asked me whether the landlord can sue him for money damages if he does not pay the August rent.
Lease debts have their own set of rules in bankruptcy. After a debtor files Chapter 7 bankruptcy the bankruptcy trustee has 60 days to reject or accept any lease to which the debtor is a party. In most cases the trustee will not opt to accept, or reaffirm, the debtor’s leases because most leases have no value to the trustee. A
By now, everyone has been affected by the mortgage crisis in some way. Many of the foreclosures were the result of taking out an exotic mortgage loan to finance a house that was unaffordable. During the buying frenzy, many chose adjustable, teaser rate loans in the belief that they would be able to find a buyer to purchase the home for more than they had paid for it before the interest rate reset to a higher rate. When the bubble collapsed, many found themselves stuck in impossible loans. If you are in the market to purchase a house today, there are some rules of thumb that you should follow to make sure that you do not find yourself facing a financial disaster down the road.
30 Year Fixed Is Often Best Option
Many of the people in trouble with their mortgages today chose adjustable rate loans to purchase a larger house with less money down and lower initial monthly payments. If the mortgage payments at the 30 year fixed rate for the loan are unaffordable, then you should not be purchasing that particular home because the price of the home will become an economic hardship for you. A 30 year fixed rate loan is considered one of the best mortgage deals available for mortgage loans, so this is the type of loan you should be pursuing. There