Since the pandemic the economy has been turbulent to say the least. We have heard discussions of inflation, and many are often unaware of what it is or how it could impact our day to day lives. Inflation is an economic concept that refers to the overall increase in the prices of goods and services…
Continue reading ›The rise in mortgage interest rates is influenced by the Federal Reserve raising the federal funds rate. The federal funds rate is the rate at which depository institutions lend reserve balances to other depository institutions overnight on an uncollateralized basis; meaning the funds are not backed by an asset. The federal funds rate is the…
Continue reading ›One of the requirements in the process of debt relief through bankruptcy is to take two financial education courses. Before filing bankruptcy, you must take a pre-filing credit course called a credit counseling course. Before receiving a debt discharge, you must complete a debtor education course. Class In Session A credit counseling course is a…
Continue reading ›It is estimated that nearly one-third of Americans are unaware of their risk of financial hardship. Some people don’t even recognize the significance of their debt burdens until an emergency arises. Many others simply fall into financial hardship suddenly, when the unexpected occurs. Regardless of how a person ends up under water, one thing that…
Continue reading ›Did you know that some debts aren’t eligible for bankruptcy? This is often the case for unsuspecting individuals that have a large tax debt. The reason is that tax debts do not always qualify for bankruptcy debt relief. However, there are some cases in which a tax debt can qualify for a discharge of debt…
Continue reading ›Falling behind on your taxes and having to cope with the IRS’s penalties may be a difficult situation that affects every aspect of your life. Fortunately, you have several choices for reducing or eliminating your tax due with the IRS. Overwhelming tax debt isn’t an unsolvable problem, whether you tackle it yourself or employ an…
Continue reading ›The bankruptcy process can seem intimidating to those who are unfamiliar with the process. Often thought of as the consequence of poor money management and irresponsibility, the bankruptcy process is actually intended to benefit citizens. The rules of bankruptcy were developed to help those suffering undue financial hardship regain a fresh start. The first step…
Continue reading ›People suffering financial hardship often have more worries than just their mounting bills and inability to pay them. Often times people experience fear over losing their property and assets as part of the process. Although there are some instances in which nonessential property could be liquidated to satisfy a debt in bankruptcy, there are also…
Continue reading ›A foreclosure is the legal process by which a lender, typically a bank, takes back possession of a property after the borrower has failed to make loan payments. The bank then sells the property in an attempt to recoup its losses. Foreclosures can be lengthy and expensive processes and often lead to the displacement of…
Continue reading ›A mortgage loan modification is a process where the terms of a mortgage are changed to make the payments more affordable. This can be done by extending the term of the loan, reducing the interest rate, or both. It may also change the structure of a loan such as an adjustable to fixed rate loan.…
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