Both types of bankruptcies are helpful in avoiding foreclosure. Although things are becoming undoubtedly better than they were, many Kentuckians are still feeling the effects of the 2008 recession. As a result, many are feeling the financial pinch due to unemployment or underemployment. Unfortunately, this can cause some to fall behind on their mortgage payments and face foreclosure. To keep…
On March 4, 2014, the U.S. Supreme Court issued an opinion dealing with whether a bankruptcy court can seize exempt assets from a person who has committed fraud during the course of a Chapter 7 bankruptcy case. The decision has important implications for future bankruptcy cases. Fraudulent lien claimed in Chapter 7 case The case stems from a Chapter 7 bankruptcy case.…
Over the past 10 years, economic troubles have caused homeowners across the U.S. to fall behind on their mortgage payments. Unfortunately, this has caused a general increase in the number of foreclosures in many parts of the country. Indeed, many people from all walks of life have run into financial difficulties and have had to work hard to keep their homes. Recently…
Oftentimes, people who file for bankruptcy are able to obtain relief from unmanageable debt and improve their financial circumstances relatively quickly. In some cases, however, unexpected events like job loss or a sudden illness can interfere with a person’s plans to get back on his or her feet again after bankruptcy, and some may find themselves wondering about the possibility…
With the uncertainty of the viability of Social Security and the expense of medical treatments and long-term care, one would think that those who are getting on in years would make it a priority to pay off their mortgages and credit card debts. Unfortunately, according to a recent survey, this is not the case. The recently released Survey of Consumer…