Many people struggle with credit card debt, but options exist for them to regain control of their finances. According to CNBC.com, the average balance for credit card holders across the U.S. exceeds $6,100. Considering all the options available to them may help people...
Year: 2022
What are examples of non-dischargable debts?
If you experienced a hardship that sent you into collections, bankruptcy may offer the opportunity to return to a solid financial foundation. While a trustee sorts through creditors and decides who gets what, a judge cannot discharge every type of remaining debt....
Is a 40-year mortgage a good idea?
Most mortgage terms are 15 or 30 years. However, some homeowners who are struggling with payments may seek home loan modifications that offer 40-year terms. Is a 40-year mortgage a good idea? What is a 40-year mortgage? A 40-year mortgage is a mortgage that borrowers...
What is an automatic stay in bankruptcy and how can it help you?
When you file for bankruptcy, you want protection from your creditors and the bill collectors that are hounding you. Fortunately, you can depend on the power of an automatic stay. What exactly is this and how can it help you? A power tool When you file for bankruptcy...
3 benefits of filing Chapter 13 bankruptcy
Contrary to the common perception, bankruptcy is not a punishment or a failure. Rather, it is an opportunity for you to start fresh financially. As a consumer, you typically have two choices for filing bankruptcy: Chapter 7 and Chapter 13. Each has its own eligibility...
Can you discharge tax debt in bankruptcy?
The United States Bankruptcy Code allows debtors to discharge some types of tax debt in bankruptcy. The amount of taxes you can discharge also depends on the Chapter of bankruptcy you file. You cannot discharge trust fund taxes or taxes withheld from other parties....
How can I keep my financed car during bankruptcy?
When you file bankruptcy, the court can wipe out all qualifying debts. However, if you have the court erase a secured debt, such as a car loan, the lender can repossess the item. To avoid losing your car, for example, you can reaffirm the loan. According to Findlaw,...
How should you approach debt collectors?
If you struggle with credit card debt, you may feel a sense of dread when the debt collectors start calling. The U.S. News explains that about 40% of Americans deal with debt collectors once a year. While debt collectors can sue you if they represent a legitimate...
How long may I have to avoid foreclosure in Maryland?
Maryland’s foreclosure process requires lenders to follow a sequence of mailings and legal filings. As noted by the Maryland Department of Labor, a Notice of Intent to Foreclose is the first certified letter that you may receive. The Notice of Intent acts as a...
Interest rate hikes may impact your credit card debt
Credit card debt is notoriously difficult to pay off because of high-interest rates. With the Federal Reserve set to increase rates, it is about to get more difficult for many consumers. How are interest rate hikes likely to impact credit card debt? Federal Reserve...