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January 2014 Archives

Why did Vince Young file for Chapter 11 bankruptcy?

Washington, D.C., residents who have been following the Vince Young bankruptcy case may wonder why he was able to file under Chapter 11, which is also used for some corporate bankruptcy. Although most individual cases are filed under Chapter 7 or Chapter 13 of the bankruptcy code, Chapter 11 is also available under certain circumstance. Chapter 11 also provides certain advantages for personal bankruptcy filers.

Debt recovery is possible using credit history information

Washington, D.C., residents who are looking to improve their credit scores may not be entirely sure where to start. After debt recovery, boosting your credit score is incredibly important, but the strategies to do so are not necessarily intuitively obvious. Instead of just guessing - or going with your gut - consider these techniques to rebuild your credit quickly and reliably.

Bankruptcy topics: Sometimes it pays to be pessimistic

Most New Year's resolutions focus on the power of positive thinking: Believe you can lose weight, get your finances in order and improve your relationships! Although optimistic thinking is beneficial in some contexts, a surprising number of financial experts actually say that pessimism can pay in bankruptcy proceedings and other financial processes. If you lower your expectations for your own financial success, you may ultimately be happier and more prosperous.

Foreclosure filing period could be shortened, benefit borrowers

A new bill targeted at residents in the Washington, D.C., area could change the filing period for debt collectors who are looking to recover leftover balances that remain on foreclosed homes. The measure, which is being considered by Maryland legislators, would force those companies to pursue legal action against foreclosure victims just days after the process is completed or lose their claims to the remaining balances; currently, homeowners may be pursued for years after their foreclosures are approved. The proposed legislation would reduce the time period for a deficiency judgment from a 12 years to just 180 days. That means that homeowners who still owe on their foreclosed homes could not be targeted for lawsuits after that six-month period.

Consolidating your consumer debt: A smart idea?

Many of us have considered debt consolidation for lowering credit card payments and other financial obligations. The question, of course, is whether debt consolidation actually assists with debt relief. Washington, DC, residents who are seeking assistance with their consumer debts may be able to pay off their loans and improve their credit if they make the right choices.

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