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Bankruptcy May Be Your Option

May 2015 Archives

How are power of sale and judicial foreclosure different?

Home mortgage lenders in Oklahoma can use either of two options to begin foreclosure proceedings against homeowners who are behind on their mortgage payments. One if the power of sale method, and the other is judicial foreclosure. This post serves as an introduction to each of these methods.

You should not feel shame in filing for bankruptcy

Filing for bankruptcy can often feel like one of the most reprehensible things a person can do. Filers often think they should not be allowed to manage money anymore, or that they are unable to take care of themselves and their family. These feelings are normal, but they are not healthy. It is important to understand that millions of people declare bankruptcy every year. Whether you simply made a string of bad decisions or unforeseen circumstances threw you for a loop, financial challenges can be relieved.

College tuition target of clawback in personal bankruptcy

As the school year ends, many graduates will be embarking on their college careers.  Obviously, paying tuition is a necessary part of that experience. But when a student's family files bankruptcy, are those tuition payments something that it should have invested in the child's education, or would it have been better spent on the family's unpaid bills? Those questions are currently at the heart of a debate among colleges, lawmakers and bankruptcy trustees.

Loss of income can force you into hard choices

For many Americans, financially speaking life is like a treadmill. They are managing to hold their own on a month-to-month basis, but the prospect of falling off, such as might happen if they lose their source of employment, is a frightening one. This is due in large measure to the lack of emergency savings, meaning that even a short period of no income can be disastrous.

Sometimes a "fresh start" is more than you need

If you have reached the point financially where you are thinking about personal bankruptcy, you may be wondering which of the two most common forms for individuals, Chapter 7, or Chapter 13, is right for you. A key part of your answer will depend on what property and other assets you have, and how much of those assets you want to keep when you emerge from the bankruptcy process.

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