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How to Keep Your Home When You File Chapter 13 Bankruptcy

2018-10-23T01:47:56+00:00By |Comment(s):Comments Off on How to Keep Your Home When You File Chapter 13 Bankruptcy

How to Keep Your Home When You File for Chapter 13 Bankruptcy

One of the most common reasons people file for Chapter 13 is to save their home from foreclosure. Chapter 13 stops the foreclosure process and gives you an opportunity to catch up on your payments. It is crucial that you know what all the rules for home ownership are under Chapter 13. You don’t want to make a simple mistake that could cost you your home. Catching up on your payments won’t do you any good if you don’t follow all of the other rules that apply in this situation.

How to Keep Your Home When You File for Bankruptcy

1. Make Sure You Read Your Chapter 13 Plan Carefully

Top Student Loan Official Resigns in Protest

2018-09-19T20:06:33+00:00By |Comment(s):Comments Off on Top Student Loan Official Resigns in Protest

student loans graduate

If you are one of the 44 million Americans with a government-backed student loan, you may have reason to be concerned. As of August 27, 2018, Seth Frotman, a top student loan official with the Consumer Financial Protection Bureau (CFPB), has officially resigned his post as student loan watchdog. In his scathing resignation letter addressed to CFPB acting director Mick Mulvaney, Frotman claimed that the CFPB was neglecting to serve the American people.

The Obama administration established the CFPB after the financial crash of 2008. Basically, the agency’s job is to protect American consumers by regulating credit unions, banks, mortgage servicers, payday lenders, and other financial institutions.

How Hawaii’s Credit Card Usage Differs from Other States

2018-09-08T19:58:11+00:00By |Comment(s):Comments Off on How Hawaii’s Credit Card Usage Differs from Other States

Credit card debt reached a record high in the United States in 2018. As a whole, Americans accrued a debt of  $92.2 billion in 2017. This takes the collective total of credit card debt over the $1 trillion mark for the first time in history, according to WalletHub’s recent Credit Card Debt Study.

credit snapshot of the nation

How Does Hawaii Stack Up?

According to Experian, Hawaii ranks in the top 10 in all three categories:

  • Credit score
  • Card ownership
  • Credit card debt

Let’s take a look at Hawaii’s statistics in comparison to other states:

Hawaii’s Credit Score Ranking Among the 50 States

In a 2017 Experian report, the consumer credit reporting agency noted a positive change in both the high scores and low scores. For

Hawaiians Affected by Hurricane Lane Can Get Mortgage Relief

2018-08-28T02:46:00+00:00By |Comment(s):Comments Off on Hawaiians Affected by Hurricane Lane Can Get Mortgage Relief

Hurricane Lane

In the wake of Hurricane Lane, residents of Hawaii are left to pick up the pieces of their homes and belongings. While disaster response resources are being deployed to assist as people recover their lives, Hawaiians may also be surprised to learn that you could be eligible for a surprising form of recovery assistance through mortgage relief. Learn more about how to access mortgage relief options:

Fannie Mae and Freddie Mac To the Rescue

The Federal National Mortgage Association is commonly called Fannie Mae. It is a government sponsored entity that serves to increase the number of lenders available in the mortgage market. This is done by allowing lenders to reinvest assets into additional lending. You may also be familiar with the related

Household Debt Study Finds Hawaii Residents Dead Last

2018-08-20T17:14:15+00:00By |Comment(s):Comments Off on Household Debt Study Finds Hawaii Residents Dead Last

Hawaii debt highest in nation

When you envision visiting Hawaii, you probably see a tropical paradise. However, residents of Hawaii might tell you that there is a dark side to living on the islands – debt. Recent research rankings indicate that Hawaiians have the highest level of debt in the nation, relative to their incomes. Why is this? Learn more about the Hawaii debt crisis, what causes it, and get some debt relief tips.

Hawaii Debt Statistics

Recent research on debt across the nation showed that residents of Hawaii put over 36% of their income towards paying off existing debts. This amounts to spending an average of $238 each month for credit card debt. This is approximately $31 dollars more than the national

Critical Advice on How to Handle Your Medical Bills

2018-08-09T19:45:50+00:00By |Comment(s):Comments Off on Critical Advice on How to Handle Your Medical Bills

medical bills

Receiving medical attention for an illness or ailment can be a stressful time in anyone’s life. The healthcare system in the United States provides quality care, but it certainly comes at a price. Medical debt has been the number one reason Americans are filing for bankruptcy for several years.  Medical bills can add up quickly and will end up causing lots of financial burden and stress if not handled properly.  One of the most eye-opening medical debt statistics is that a $500 unexpected medical bill is too much to pay for 45% of Americans.

If you don’t take care of your medical bills on time, medical providers will report your debts to a collection agency. This can lead to hits on

Which Bills Should I Pay First (When You Can’t Pay Them All)?

2017-10-25T19:58:49+00:00By |Comment(s):Comments Off on Which Bills Should I Pay First (When You Can’t Pay Them All)?

Which Bills Should I Pay First When You Cant Pay them all

Debt can become a crushing presence in your life. The resulting stress is overwhelming when you simply cannot afford to make your payments. Running the numbers over and over again doesn’t help; the math never changes. Something has to give. Prioritizing which bills to pay first is difficult, but these tips should point you in the right direction.

Secured Versus Unsecured Debt

To understand which bill should be paid off first it is important to know the differences between types of debt. There are two basic forms, secured and unsecured. The fundamental distinction between the two is that property is used as collateral for a secured loan. Unsecured debt is not directly attached

How Does Bankruptcy Affect Joint Debts and Cosigners?

2017-10-03T18:10:49+00:00By |Comment(s):Comments Off on How Does Bankruptcy Affect Joint Debts and Cosigners?

Filing for bankruptcy protection is often the best choice for those mired in debt. But, it is does not automatically erase every financial obligation. If you have a joint account, or a cosigner, he or she may still be obligated to pay back that debt despite your best efforts.

Your bankruptcy only addresses your liability on debts. A lender is still going to want their money back, and your cosigner or joint account holder is the most likely source of repayment.  How much responsibility for your debt your cosigners continue to have depends on whether you file for Chapter 13 or Chapter 7 Bankruptcy.

Chapter 7 Bankruptcy and Cosigners

When you file for Chapter 7 Bankruptcy you enjoy the protection of an automatic stay from

What To Do Now If You’re Considering Bankruptcy

2017-04-04T21:15:13+00:00By |Comment(s):Comments Off on What To Do Now If You’re Considering Bankruptcy

Bankruptcy is a big step for most people to take.  Considering bankruptcy means that you are already in a stressful position, trying to pay bills and handle the insistent calls of creditors.  The process can be overwhelming.  And often we do not do our best thinking when overwhelmed by the pressure of financial insecurity.  So, take a breath.  Try to relax.  We are here to help.  If you are considering bankruptcy here are a few easy steps to help guide you toward the right decision for you, for your family, and for your future.

How Bad are Your Finances? Really?

Living paycheck to paycheck is hard, but this does not mean you are on the brink of financial collapse.  Even falling behind on payments

Are There Some Debts That Are Never Discharged in Bankruptcy?

2016-11-13T02:03:24+00:00By |Comment(s):Comments Off on Are There Some Debts That Are Never Discharged in Bankruptcy?

debtsAlthough the majority of those who file for Chapter 7 bankruptcy can get rid of most or all of their debt, some types of debt are considered to be nondischargeable. What this means for the person filing for bankruptcy is that they are not wiped out in Chapter 7 bankruptcy and the person is still responsible for the debt or it will still be shown on their credit record. Here’s a quick run down of the debts not discharged in a Chapter 7 bankruptcy:

Denial of Bankruptcy Filing

The court may deny and application for a Chapter 7 discharge filing if you:

  • do not show the appropriate tax documents
  • don’t complete personal financial management training classes
  • transfer or hide property from your creditors before

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