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Chapter 7 Archives

A question of risk, pt. 2

First and second mortgages are very different creatures. A first mortgage has priority over any other mortgages. When a lender issues a second mortgage, it recognizes there is some degree of increased risk that should trouble develop, the first mortgagor can foreclose on the property.

A question of risk, pt. 1

When you take out a second mortgage on your home, your creditor performs some calculations. They assess the value of your home, your income, your other debts and the overall real estate market within your area. They do this to determine their exposure to the risk of your defaulting on the loan, and as important, your risk of defaulting on your first mortgage.

Student loan delinquencies rise in 2014

Student loans continue to be a problem, both for borrowers and for the economy as a whole. A recent report from the Federal Reserve indicates that while most types of credit are seeing mostly on-time payments, student loans have seen an increasing number of delinquencies.

Bankruptcy filings reduced, but Tennessee still tops the list

The so-called "great recession" that occurred after the real estate bubble collapsed in 2007 caused untold pain to millions. Homes fell underwater, jobs were lost, many had to file bankruptcy. Bankruptcy filings have always served as one form of economic measure of how things are going for the average American, and by that measure, it can be said that the economy is slowing improving.

How can Chapter 7 bankruptcy resolve your financial issues?

Tennessee consumers who are facing overwhelming debts, and continuous creditor harassment, may be seeking a solution to their financial problems. Due to the negative connotation and many myths related to bankruptcy filings, many people avoid consideration of such a drastic step. However, millions of Americans have resolved their financial issues by filing for Chapter 7 bankruptcy.

What happens to lease agreements in bankruptcy?

You may have a lease and not even know it. But if you are in a situation where you are considering the advantages of bankruptcy protection as a means of recovering financial stability, you need to be aware that leases carry ramifications in the bankruptcy process. We outlined some of the specifics in an article about this particular topic.

Even if Chapter 7 document doesn't seem to apply, submit it anyway

The rules of the bankruptcy court make clear that you don't have to have an attorney's help to go through the process. That might seem to suggest that the process is so simple that an experienced lawyer's assistance might be an unnecessary expense.

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