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Bankruptcy Archives

Basic Facts about Chapter 7 Bankruptcy

Many individuals facing substantial debt see filing for bankruptcy as a last resort. Though many may be unwilling to consider bankruptcy initially, it can provide an opportunity for a fresh financial start. One of the most important steps is determining whether filing for Chapter 13 or Chapter 7 bankruptcy is right for you.

Beware the Budget Bankruptcy

Many people are surprised when they hear how much it costs to file for bankruptcy. After all, bankruptcy is supposed to offer people facing substantial debt an opportunity to start over. As a result, some people seek out the least expensive representation they can find. Unfortunately, as is often the case, you get what you pay for.

What Happens After a Foreclosure?

Times are changing. Traditionally, after a home was sold at a foreclosure sale, the bank would accept the sale proceeds and write-off the difference. But now there is a trend for mortgage companies to start collections on the balance of the loan due after the house is sold - "the deficiency." According to a Columbus Dispatch article published February 19, 2012  (read article) one of the reasons is that "some banks have sold their debt to collection agencies, which are more likely to pursue deficiency judgments."

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