If you are one of the many people who have suffered during the recession, and you had to let your house go into foreclosure or had to file bankruptcy, you may be able to finance a house sooner through the FHA. The new FHA guidelines
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Archives for General Bankruptcy Topics
Americans’ Income Over the years—We’ve Come a Long Way!
As we reflect this Labor Day, we can be thankful for our salaries. Yes, that’s right, as many people struggle to pay their bills, things were much worse before. Be glad it’s not 1860, when the average yearly income in America was $277.00! For 16
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When You File Bankruptcy, Who Will Know?
Even though bankruptcy is much more common than it was in the past, and people are more educated about their financial options, people still are concerned about who will know. Most people don’t want their friends and neighbors to know their financial business. Bankruptcy is
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With BankruptcyLawChicago, You are in the Driver’s Seat.
What does that mean: “You are in the driver’s seat”? For most people I meet with, going to see a bankruptcy lawyer is either the first, or one of the few times they have ever met with an attorney. And, many people might rather see
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Credit Scores – It’s How You Use Your Credit!
Over the years, I’ve had many clients who told me they had great credit. But, for many of them, the amount of credit they had available wasn’t the problem, it was how much of it they used. This is called “credit utilization”. By the time
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Credit Repair? Is it for Real? No!.
Almost all “Credit Repair” schemes you see are frauds. The article: What do you mean there is No Credit Repair Fairy?” is dead on. We’ve all seen the ads- fix your credit, repair your credit now! Don’t buy it! The author sums it up nicely:
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An Oldie but a Goodie- How much does it Cost to File Bankruptcy?
This is a question that is very hard to answer without an attorney meeting with you. The legal fees and court costs of a bankruptcy are the last part of the process. First, the attorney needs to know which companies you owe, for what, and
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Do I Have to Pay Taxes on Debts I Included in Bankruptcy?
Hopefully, you have filed your taxes by now, but if you haven’t, you could still file for an extension to October 15th. (By the way, the extension doesn’t extend the due date for the payments!) Many times people who file for bankruptcy get 1099-C “Cancellation
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What is an In Rem Judgment in a Foreclosure?
This question came from Avvo.com: My condo was sold at sheriff’s auction and the foreclosing bank was the purchaser. I have received Notice of Motion for Order Approving the Sale.It says “That there shall be an IN REM deficiency judgment entered in the sum of
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Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy?
Question from Avvo.com: Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy? My answer: The Bankruptcy Code (the law) says that you are responsible for any association dues after you file a bankruptcy
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