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The simple answer to that question is “yes” you can file for bankruptcy relief again. The more important question is will you be able to discharge your debts in a new bankruptcy case if you have a previous bankruptcy filing.  There are rules that govern repeat bankruptcy filings and under what circumstances debtors may receive another discharge of their debts.  There are instances where a debtor can receive another discharge by filing a second bankruptcy.  For more information read, … [Read more...]

After being forced into Chapter 11 bankruptcy last week, it appears that Fox & Obel will now permanently shut down.  The local grocer filed for bankruptcy protection last week to prevent the electricity from being shut off - - ComEd was owed more than $35,000.  The owners had hoped to reorganize; however, it appears now that they will sell the assets through bankruptcy and close permanently.  An emergency hearing is scheduled to deal with the perishables and other assets will be going on the … [Read more...]

A new FindLaw.com survey reports that about one in six adults are still paying on their student loan debt.  The survey found that almost 1/3 of Americans received money from student loans with more than half of those still paying on those loans.  Because student loans are a huge financial burden for many Americans, FindLaw has created an entire section covering student loans including information about various payment options, bankruptcy and student loans, and the consequences of a default.  You … [Read more...]

If you are shopping for your dream home, then you probably are also shopping for a mortgage.  Most first-time homebuyers opt for a 30-year fixed-interest mortgage for two reasons.  The first is predictability – with the fixed interest rate they know what their payments will be for the life of the loan.  The second advantage are lower monthly payments – by amortizing the loan over 30 years it lowers the payments to something more reasonable for first-time buyers.  However, other mortgage terms … [Read more...]

Most consumers who file for bankruptcy relief are not concerned about their credit report - - at that moment.  However, once the bankruptcy is completed and they begin to rebuild their credit, having an accurate credit report becomes a top priority.  Reviewing your credit report is the first step in finding and ultimately correcting mistakes.  Mistakes on your credit report can lower your credit score and make it tougher to rebuild your credit after bankruptcy.  For tips on how to correct … [Read more...]

Mortgage rates have been rising as rumors swirled that the Federal Reserve was considering a “taper” of asset purchases. This rise in mortgage interest rates scared off more than a few buyers and slowed the housing recovery.  However, with the Federal Reserve pledging last week to continue buying US Treasury securities and agency mortgage-backed securities, mortgage rates begin to fall again.  This may not be a good sign of the housing recovery; however, it is good for potential buyers who want … [Read more...]

With today’s economy, you could find yourself without an income quickly and without warning.  Having an emergency fund will help keep you from the brink of bankruptcy while you find another job.  However, finding ways to create and fund your emergency savings may be difficult if you are already struggling with debts or other financial issues.  Budget your savings just like any other bill - - if you schedule savings as a bill payment, you can make cuts in other areas to cover this expense as you … [Read more...]

Even though a federal bailout of Detroit has been ruled out, the Obama administration continues discussions with Detroit and Michigan leaders to make sure that federal resources in place continue to help support local priorities.  An official for the administration stated that the federal government is going to “continue to support the efforts under way in Detroit” and continue to be active in the city’s revitalization.  Attending for the administration will be the director of the National … [Read more...]

The gourmet grocery store, Fox & Obel, has filed for protection under Chapter 11 of the bankruptcy code.  It is unclear if the store will continue to operate in the future even though it remains open for now.  Ongoing problems such as failed health inspections, inability to make rent payments and increased competition may have led to the filing of the bankruptcy case.  According to the filing, there are over 100 creditors with debt between $1 million and $10 million.  The IRS is the largest … [Read more...]

Chances are that if you are not able to pay your bills at 50, you will not be able to make ends meet going forward.  Rather than ignoring the situation and making matters worse, you should take steps now to restructure your finances to make ends meet now and make your future a bit brighter.  You can negotiate to lower your interest rates, pay down debt and earn a little extra money by using the experience you have in your chosen field to freelance.  For more about how you can make ends meet … [Read more...]