Cutting household expenses during a financial crisis can be really hard. It is human nature to think the crisis will be temporary. Hence, you will get out of the crisis before you and your family need to change your lifestyle. The best thing to do is to start by cutting day-to-day little luxuries. Luxuries such as trips to the fancy [...]
I am receiving many phone calls from clients and potential clients. They are asking - Should I take a mortgage deferment during COVID-19? It is great that many lenders are working with their customers during these times. However, before deciding to take COVID-19 relief from your lender, know exactly the details of the deal. The key word in the question [...]
There is so much information being thrown at us. I came across an NPR article that is a good coronavirus update if you lost your job due to the crisis. There are several highlights in the article that should be of interest to people facing financial difficulties. Unemployment Benefits More people are eligible for unemployment benefits. From the article, Gig [...]
What is the SBRA? It is the Small Business Reorganization Act of 2019 which was recently signed into law by President Trump. The law passed in August 2019. It will take effect on February 22, 2020. SBRA creates a new subchapter in the United States Code related to Chapter 11 bankruptcy. As a result, small business owners will have more [...]
An emergency bankruptcy filing, which is also referred to as a “skeletal petition,” offers you many of the same protections as other bankruptcies but in an expedited manner. Reasons for an emergency bankruptcy filing include to avoid a vehicle repossession, eviction, sheriff's sale or foreclosure judgment, wage garnishments or bank levy, and other adverse circumstances. Usually, once you file a [...]
When dealing with debt collectors, nothing makes your heart sink faster than a phone call from an unrecognized 800 number. Collectors and creditors can be extremely aggressive when trying to secure late payments. However, before you assert your rights and control your situation, it’s important to know who you’re dealing with. Who Is Your Initial Lender? A creditor is anyone [...]
The bankruptcy process begins with a petition for relief. The petition for relief is also known as a bankruptcy petition. This is your official request to the court to have your debts discharged. Arguably the most important document in the entire process, a bankruptcy attorney can ensure that your petition is accurate. Equally important, the petition must be filed correctly. [...]
Your credit scores may be low due to bankruptcy, years of bad spending habits, or accounts in default. You can start taking steps today to repair your credit and improve your financial health. The first thing is to gain an understanding of credit repair. Start With Copies of Your Credit Reports Before you can start working on your credit, you [...]
When you file for bankruptcy, the court imposes an automatic stay. This part of bankruptcy law protects consumers from collection attempts while they go through the bankruptcy process. It also applies to the vast majority of creditors. As soon as an individual files for bankruptcy, the automatic stay goes into effect. It prevents individual creditors and companies from continuing collection [...]
Bankruptcy might just be the best available option if you happen to find yourself deep in debt and unable to settle your financial obligations. However, you must be aware that bankruptcy filing does have undesirable consequences which can affect your life. On the other hand, filing for bankruptcy is actually good for you to obtain discharge of debts and this [...]
