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10 result(s) displayed (1 - 10):

January 26, 2011

Debtor

The word 'debtor' refers to a person who owes money to a lending institution or private individual. People and companies that lend money are referred to as creditors. This can encompass banks, credit unions, credit card companies, department stores, and private funding sources such as hard money lenders, family or friends.

In the financial world, debtor can also be referred to as borrower or mortgagor. The latter is used in deed of trust contracts and mortgage notes. These descriptions are interchangeable, but also refer to the persons who borrowed funds and are responsible for repayment of outstanding debts.

Real Estate Investing article on "Debtor"

January 21, 2011

Chapter 7

Chapter 7 is often referred to as liquidation bankruptcy because debtors are required to liquidate assets to pay outstanding debts. In the past, this personal bankruptcy chapter was the preferred choice because it wipes out debts and allows debtors to have a fresh start.

Today, Chapter 7 is only offered to debtors who do not qualify for Chapter 13 under regulations set forth in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. These new bankruptcy laws were enacted to reduce frivolous bankruptcy filings to eradicate credit card debt and personal debts caused by reckless spending.

Real Estate Investing article on "Chapter 7 "

December 28, 2010

Forbearance in Bankruptcy

Forbearance in bankruptcy can be a complex matter that requires help from a qualified attorney. Forbearance is a special financing arrangement that delays loan payments and prohibits banks from commencing with foreclosure or repossession of property used to secure the loan.

Forbearance in bankruptcy can go awry because technically borrowers are defaulting on the forbearance plan once they record their bankruptcy petition. However, when the petition is submitted the courts enter an automatic stay that stops collection activities from all creditors, including mortgage lenders.

Real Estate Investing article on "Forbearance in Bankruptcy "

December 22, 2010

Filing Chapter 13 Bankruptcy

If you are considering filing chapter 13 bankruptcy it is crucial to take time to become educated about the process. Obtaining debt help through personal bankruptcy is not an easy or inexpensive process. The majority of people who use this strategy to reduce financial burdens often find it causes more harm than good.

Filing chapter 13 bankruptcy requires debtors to retain the services of a bankruptcy lawyer. This can be expensive because new bankruptcy laws require lawyers to certify that all financial information provided is truthful and accurate.

Real Estate Investing article on "Filing Chapter 13 Bankruptcy"

April 12, 2010

College Loan Consolidation

College loan consolidation requires debtors to apply for a loan which pays off multiple student loans. Students who have private and federal education loans can sometimes benefit from consolidating multiple loans into one account. Loan consolidation not only eliminates the need to keep track of multiple payment dates, but can also reduce the amount of interest along with lowering monthly payments.

Before entering into college loan consolidation it is important to comparison shop. Debtors should strive to obtain the lowest possible interest rate. If students do not have a high FICO score or have poor credit, they may want to consider obtaining a co-signer. Otherwise, the interest charged against consolidated student loans can be substantially higher.

Real Estate Investing article on "College Loan Consolidation"

September 23, 2009

Credit Card Debt Relief

Today, millions of people are seeking credit card debt relief. In previous years, consumers who possessed good credit scores could obtain credit cards from major credit card companies, gasoline companies, airlines and department stores. Creditors with poor credit ratings could obtain credit cards from subprime lenders who charged outlandish interest rates and drove debtors into a financial grave.

Today, numerous companies offer credit card debt relief. Many offer the promise of helping debtors obtain reduced interest rates and the opportunity to slash outstanding balances. Some claim they can help consumers get out of debt in a matter of months. Depending on credit card balances, it can take consumers a decade or longer to repay outstanding debt. The promise of becoming debt-free in months is enticing, but is it realistic?

Real Estate Investing article on "Credit Card Debt Relief"

June 03, 2009

Mortgage after Bankruptcy

Individuals wanting to obtain a mortgage after bankruptcy need to get their financial affairs in orders long before applying for a loan. Obtaining credit is considerably more difficult today than it was just a year ago. The banking industry meltdown caused lenders to tighten regulations. Individuals with excellent credit find it challenging to obtain mortgage loans. Those with poor credit don't stand a chance.

In order to qualify for a mortgage after bankruptcy, borrowers must establish a history of paying their bills on time. Housing costs are usually the largest expense people have. Financial experts suggest leasing a home with a monthly payment equivalent to a mortgage payment. Paying rent on time each month helps debtor's establish a track record.

Real Estate Investing article on "Mortgage after Bankruptcy"

May 28, 2009

File Bankruptcy

In order to file bankruptcy debtors must follow established protocol set forth in the U.S. Bankruptcy Code. In 2005, Congress enacted new bankruptcy laws, making it much more difficult to file. Few people can undergo the process alone and will require the services of an attorney.

When people file bankruptcy they must undergo the 'means' test; a financial tool that determines how much debt must be repaid. The Bankruptcy Abuse Prevention and Consumer Protection Act require debtors must repay a portion of debts unless they earn less than their states' median income level.

Real Estate Investing article on "File Bankruptcy"

March 13, 2009

Fail Out of Bankruptcy

The term, 'fail out of bankruptcy' refers to the debtor's inability to adhere to their bankruptcy repayment plan. Personal bankruptcy includes Chapter 7 and Chapter 13. With Chapter 7, outstanding debts are discharged, while Chapter 13 allows debtors to reorganize their debt and repay it over an extended period of time.

One missed payment can cause a debtor to fail out of bankruptcy. When this occurs, creditors are allowed to petition the bankruptcy court and request dismissal. In most cases, the judge will allow the debtor to explain why they missed their payments. However, if the bankruptcy is dismissed creditors can commence with collection proceedings

Real Estate Investing article on "Fail Out of Bankruptcy"

January 13, 2009

Bancruptcy

Bancruptcy is a common misspelling for the word 'bankruptcy'. Regardless of how you spell it, the thought of facing bankruptcy generally conjures up fear, anxiety, stress and shame. It's important to realize millions of Americans are currently in the same financial boat. With endless economic upheaval and skyrocketing unemployment rates, the entire country is on the verge of bancruptcy.

The good news is bancruptcy provides the opportunity to reduce or eliminate outstanding debts and start afresh with a clean financial slate. The bad news is new bankruptcy laws were implemented in 2005; making it considerably more difficult to obtain full discharge of debts.

Real Estate Investing article on "Bancruptcy"