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January 2012 Archives

Bankruptcy and credit scores

When considering bankruptcy, making the decision between Chapter 7 and Chapter 13 personal bankruptcy may be a difficult choice. The key factor in deciding between the two is the filer's current financial situation. If a debtor is so far in debt that they cannot possibly make payments, then Chapter 7 may be the best fit. If the debtor is employed but has fallen behind on bills, then Chapter 13 may be a better option.

Energy company needs an alternative money source

As the economy continues to struggle, so do individuals in D.C and across the entire nation. However, it is not just your neighbor or your coworker--it is happening to large companies, too. In recent news, Evergreen Energy Inc., a developer of alternative fuel products, filed for bankruptcy. According to sources, it was difficult for the company to maintain operations because there was not enough financing. The company listed assets at about $240 million and debt at $25 million. The business filed Chapter 7 documents in the United States Bankruptcy Court in Wilmington, Delaware.

Capital One illegally sues customers after bankruptcy

When a consumer realizes they can no longer make their credit card payments, one of the wisest things they can do is file for bankruptcy before the debt gets completely out of hand. By nipping debt in the bud, a consumer can file for bankruptcy and emerge with a new understanding of their personal finances and a clean slate. Although bankruptcy leaves a mark on a credit rating, that mark goes away with time.

Financial distress: a problem with a solution

Many people view bankruptcy as a last-chance effort to save a failed life. However, that is not the case. Often, financial problems necessitating bankruptcy are not the result of poor decisions. Sometimes people are not financially prepared for a major life change such as unemployment, divorce or illness. This can take a toll not only on a person's psyche but their bank account.

Delinquent homeowners find sneaky ways to fight foreclosure

Amid the turmoil in the housing market, some delinquent borrowers facing foreclosure are finding ways to use the system to stay in their homes. The average time to process a foreclosure is 674 days, compared to the 253-day average of four years ago. In Washington, D.C., the foreclosure process takes an average of 1,053 days, which is almost three years.

Tips to stay afloat during the holidays

The holiday season is portrayed as a time of joy and giving. The giving aspect, however, is throwing some people further into debt and possibly toward bankruptcy. Experts have a few tips to help consumers avoid the shock of high credit card bills that may quickly become unpayable for next year's holiday season.

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