If you are constantly dealing with overwhelming financial burdens, like many others, you may be in search of relief from the hardships of debt. Suffering through prolonged periods of monetary struggles can have a significant impact on your quality of life, but you may also have some concerns about how a bankruptcy will affect your future.
What are the differences between Chapter 7 and Chapter 13 bankruptcy?
The foreclosure process is a long, painful and brutal one. The home you have worked your entire life to own is at risk of being taken away from you. If you have received a so-called "breach letter," you will know that the bank has initiated a formal foreclosure action against you.
People who are facing foreclosure will do almost anything to save their homes. Sadly, there are numerous companies that prey on distressed homeowners and happily to take their money under the guise of helping them resolve their mortgage problems.
Much has been made lately about the state of the economy, how more people are back to work and unemployment claims are down. Despite this good news, it appears that the number of consumers with past due debt in collections is still a problem. According to a study by the Urban Institute, 35 percent of consumers have a debt that is in collections.
People who file for bankruptcy are often concerned about the implications for their future, and many want to know whether they will ever again be able to secure a home loan.
Social media has become such an indispensible part of our society that major retailers have active and robust presences on Facebook, Twitter and even Instagram. It is not surprising to get texts from retailers reminding us about sales or alerting us to special offers. Further, it is not uncommon for them to ask you to “friend” them on Facebook or ask you to follow them on Twitter.
Being in debt is scary, and you might be doing everything in your power to avoid dealing with the situation. However, you don't have to let fear drive your decisions and control your financial life. Instead, you can educate yourself to take the mystery out of your situation and regain control.
Anytime a debt collection agent contacts you, it can feel like harassment or abuse. After all, if you have debt, the last thing you need is to feel hounded to make payments you just can't make. To make matters worse, creditors are aggressive and they can be relentless when it comes to seeking payments.
No one ever plans to find themselves in over their head with debt and behind on mortgage payments. But for thousands of people all over this country, this is an everyday reality that requires proactive - and sometimes legal - steps to get out of.