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Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Having a bankruptcy on your record can feel financially restricting. Declaring bankruptcy can cause your credit score to drop significantly and will stick around on your credit report for up to 10...
If the law expires, forgiven mortgage debt will be taxable. The same applies to foreclosures and to loan modifications in which principal is reduced. Once the lender writes off the debt, it will report the amount to the IRS. Homeowners should expect to receive Form 1099-C, Cancellation of Debt showing the cancelled debt amount.
Bankrate insights. You may still owe a portion of your debt balances after filing bankruptcy. Furthermore, its negative impact on your credit health could hurt you financially for years to come.
Debt relief companies are agencies that use a combination of tools, including counseling and debt settlement services, to help you get out of debt faster in exchange for a fee. Many require you to ...
Through a debt management program (DMP), you work with a credit counselor on a roadmap to help you get out of debt sooner. The plan includes budget development to help you better manage your finances.
Both types of bankruptcy can help you discharge certain types of debts so you can get a fresh start. Chapter 13 bankruptcy lets people with stable incomes keep property like a home or car while ...