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September 2012 Archives

Credit repair and loan eligibility possible after bankruptcy

Personal bankruptcy is a debt resolution thousands of people in Florida and around the country have used in order to get their finances in order. But, even though the process is rather common, many consumers still approach bankruptcy hesitantly amid fears that their credit will be destroyed if they file. However, this is not always the case, especially when filers make a conscientious effort to improve their credit afterwards. For example, consumers who have successfully exited Chapter 13 bankruptcy typically become eligible again for Federal Housing Administration mortgages just one year later. With a Chapter 7 bankruptcy, it's two years. And while with more conventional providers the wait could be extended, the point is that ineligibility is not necessarily forever.

Developer of Palm Beach mansion files for Chapter 11 bankruptcy

In 2007, more than a year before the real estate market was rocked by the recession, an island developer corporation set to work building a Palm Beach mansion. Now, five years later, the 27,000 square foot home on 2.5 acres of lakefront property sits vacant. The limited liability company, which is controlled by the developer corporation, recently filed for Chapter 11 bankruptcy.

Olympic athlete files for Chapter 7 bankruptcy

Anyone can run into their fair share of financial difficulties, including an Olympic gold winner medalist. Take for example Rulon Gardner, the wrestler who in 2000 beat an undefeated heavyweight class wrestler from Russia. The next year, Gardner even won the world title in Greco-Roman wrestling.

Florida condo highlights short sale, foreclosure, complications

When it comes to being in default on mortgage payments, not only is there the fear of possibly losing the home to foreclosure, but the entire process to try and hold on to that home can be quite frustrating and complicated. In fact, the complications that have cropped up in the past are even more proof of just how dysfunctional the current mortgage market is in the U.S.

Securing a mortgage after bankruptcy

We have written many posts in this blog about individuals who have resolved their financial issues through a bankruptcy filing. But what happens after a Chapter 7 or Chapter 13 bankruptcy is complete? Many believe that they do not have any options when it comes to either purchasing residential property or refinancing an existing loan. This however, is not always true.

Employees lose job with furniture company bankruptcy

With the current economy we tend to focus on the companies that have had to file for bankruptcy due to financial struggles. Of course this is hard for the owners, many times having to shut down a business they had run for years and years. But, along those same lines it's also important to keep in mind that there are the people who have worked at these businesses. Often, after the business bankruptcy they find themselves trying to find a new job, which -- again due to the economy -- isn't always easy.

Football coach hopes to repay debts with Chapter 13 bankruptcy

A Chapter 13 bankruptcy allows for an individual or sole proprietor with unmanageable debts to create a repayment plan over the next three to five years to pay back creditors. Typically, this type of plan is attractive to many as it allows for a person to overcome their debt burden without having to forfeit assets to creditors.

Florida homeowners continue to face foreclosure fears

Realizing that you simply cannot afford to keep up with mortgage payments is hard. There's the worry of just what is going to happen and where you are going to live, and for some, a certain amount of shame realizing that you may end up losing your home.

The Federal Nature of Bankruptcy Law

All bankruptcy cases are filed in Federal Bankruptcy Court. Article I Section 8 of the United States Constitution grants the federal government exclusive right to enact laws pertaining to bankruptcy. Therefore the States are prohibited from enacting there own bankruptcy laws.