Bankruptcy occurs when a process is initiated whereby a debtor obtains court ordered relief from having to pay off his or her debts. It can be of great use in certain cases, but is not advisable for use by everyone that faces financial difficulties. In fact, there is no easy and quick answer to the question of whether to declare bankruptcy or not. It needs discussing with a credit counselor or a .. more …
If you are the owner of commercial real estate financed with recourse debt and the value of the property is less than the mortgage amount, brace yourself for an introduction to the IRS version of COD. In the situation when the value of your property is less than the mortgage amount and you don’t have enough cash flow to pay the current principal and interest when due, you have four “traditional” .. more …
A credit report is an accumulation of information about the way you pay your bills, loan installments, your available credit limit, your monthly debts and any such information that can help a lender decide your creditworthiness.The report by itself does not make any judgmental statement on your credit ratings or whether you are a good individual to lend. What it does is that it provides lenders .. more …
If you are considering filing bankruptcy in New York under chapter 7 or 13, the first thing that you need to do is determine your eligibility. Remember, bankruptcy enables debtors to protect their property as well as save lots of money on existing debts. But when you are out to file for bankruptcy in New York, it could be important for you to have proper knowledge on the eligibility requirements .. more …
Once you have decided that you should be filing for bankruptcy, the next hard question is who should be doing the actual filing? In order to apply for bankruptcy, you need someone who knows what to file, when to apply it, it is not meant to be done by someone who has no understanding of the subject matter. Given your need to apply for bankruptcy, you have 3 choices on how you can achieve this .. more …
Becker’s Hospital Review, a national publication that analyzes hospitals and health care, included Auburn Memorial in its top 10 list of hospitals that accomplished successful financial turnarounds.”Auburn Memorial Hospital is proud to be recognized for its successful turnaround, which has enabled the hospital to move forward with improving the quality of care for the community,” hospital Vice .. more …
There’s no magic formula for deciding when bankruptcy is the right choice. It’s an option you might consider if you are paying only minimum amounts on your bills, can’t budget yourself out of debt within five years or are getting notices that your mortgage or loans are being foreclosed. It’s an alternative when you’ve had a severe financial setback, such as losing your job or a major client, a .. more …
Benjamin J. Ginter runs the Law Offices of Benjamin J. Ginter in Cranford, New Jersey. He has worked in many fields of the law for over 7 years, particularly in the field of Consumer Bankruptcy. It has always been his mission to offer personal, friendly and professional legal services to all his clients at affordable prices. Here, he explains everything you need to know about bankruptcy.10. How .. more …
In a phone call with Hamtramck City Manager Bill Cooper on Wednesday, Treasury officials laid out “three options other than bankruptcy – since bankruptcy really isn’t an option,” Treasury spokesman Caleb Buhs said. Hamtramck can take out a loan of up to $3 million through the Municipal Emergency Loan Act. That loan would be paid back to the state over 20 years. Or, the city could get an advance on .. more …
Statistics show that many people resort to file for bankruptcy despite of other options available to tackle the problems of debts. Professionals always recommend that we should go for debt settlement rather than bankruptcy since the advantages and benefits are much more attractive than the latter. Don’t declare bankruptcy, since you will be subjected to following disadvantages: 1. All your .. more …
Can filing bankruptcy lead to more happiness? It can according to Steve and Shelia.As a finance writer, I cover all kinds of topics and decided to set my sights on bankruptcy. I wanted to learn how it worked, how it left people feeling and if you really needed a lawyer. I had the good luck of talking to a couple who had gone through the process a few years ago and had come out the other side. (I, .. more …
