How should you approach debt collectors?
If you struggle with credit card debt, you may feel a sense of dread when the debt collectors start calling. The U.S. News explains that about 40% of Americans deal with debt collectors once a year. While debt collectors can sue you if they represent a legitimate debt, you do not always have to let […]
How long may I have to avoid foreclosure in Maryland?
Maryland’s foreclosure process requires lenders to follow a sequence of mailings and legal filings. As noted by the Maryland Department of Labor, a Notice of Intent to Foreclose is the first certified letter that you may receive. The Notice of Intent acts as a warning. It informs you that your lender intends to file a […]
Interest rate hikes may impact your credit card debt
Credit card debt is notoriously difficult to pay off because of high-interest rates. With the Federal Reserve set to increase rates, it is about to get more difficult for many consumers. How are interest rate hikes likely to impact credit card debt? Federal Reserve benchmark rate The Federal Reserve is in charge of making adjustments […]
Is a mortgage modification or refinance right for you?
Your home is a source of pride and may also act as your biggest investment. When you face financial hardship, making that monthly mortgage payment may become a high hurdle to clear. Is a change to your mortgage payment a viable option? There are a couple of avenues homeowners may want to consider for payment […]
Can debt collectors contact you through social media?
Social media has exploded in popularity over the past few years. In fact, according to the University of Maine, roughly 4.48 billion people worldwide currently use social media to connect with friends, relatives and even strangers. In 2015, that number was slightly under 2.1 billion. As you may suspect, debt collectors have long sought to […]
What is special about Chapter 13 bankruptcy?
When you think of bankruptcy, you may have visions of losing everything you own. Media depictions often involve people forced to sell homes, cars, jewelry and other valuables to pay outstanding debts. However, this is not the case, especially if you file for Chapter 13 bankruptcy. The purpose of bankruptcy is to satisfy debts and […]
Looking at data on Chapter 7 bankruptcy filings
If you are thinking about filing for Chapter 7 bankruptcy, you probably have many different questions. Aside from legal issues related to bankruptcy, you could feel hesitant because you think that people will look down on you for filing a bankruptcy petition, or you could worry about how bankruptcy might affect you years down the […]
How business owners may prepare for Chapter 11 bankruptcy
Business owners unable to meet their debts may restructure their liabilities with a Chapter 11 bankruptcy. Unlike Chapter 7, which includes liquidation, Chapter 11 allows debtors to keep their existing assets. By filing for a reorganization through Chapter 11, businesses could become financially viable again. The United States Bankruptcy Code provides petitioners with 120 days […]
How can you avoid home foreclosure?
Owning a home is the dream of so many people throughout the U.S. That is why a foreclosure is such a worrisome topic, especially if you face financial issues. With a foreclosure, the lender assumes ownership of a property when the borrower can no longer make payments on their mortgage. Fortunately, there are quite a […]
What good habits can you form to avoid debt?
Credit card debt serves as one of the most common forms of debt in the country, with many people suffering from it at all ages and walks of life. Getting out of this debt can set your life in a better direction. However, the most important thing is knowing what to do to keep from […]