Economics Finance

Many people have been experiencing difficulties in obtaining loans. It is not a surprise since the whole mortgage industry is on a credit crunch. All lenders are limiting loan approvals and mortgage requirements are getting severe. Because of this, it has made many unqualified borrowers in the industry.

If this were to continue, more and more people would have a hard time pursuing home ownership. Almost all people are depending on conventional loans for home buying and their only chance to afford the purchase is being hindered by something out of their control.

The good news is people have found other means to mobilize their home buying deals without having to apply for conventional loans. Even people with poor credit can buy a house when engaging to this option. This method is known as Alternative Financing.

Alternative financing has had growing popularity in the market. While you may not be aware of this, it has been going on for quite some time. Alternative financing have many faces. If you want to learn more about them, the following will give you an idea on what it is all about: Continue reading ‘Alternative Financing For Home Purchase’ »

Assuming that paying your tax bill in full is not an option, there are many options available if you need IRS tax help. You may actually find that you don’t need to do anything to resolve your back tax situation. This is because the IRS has only ten years to collect back taxes starting with the date on which the taxes were assessed. As a result, if you know that you have unpaid taxes that are older than ten years, the IRS may not be able to collect those taxes anymore.

Fortunately, for those that can’t afford to pay, there are other options available. The options consist of an Offer in Compromise, Installment Agreement, bankruptcy (under certain conditions), and Currently Not Collectible status.

There are many issues that need to be considered before back taxes can be discharged in bankruptcy. You must examine the age and type of the back taxes. Generally, recent federal tax assessments cannot be discharged. The same is true with back payroll taxes.

An Offer in Compromise can be complex. It requires disclosure of all of your financial information and will more often than not be rejected. But if you still need IRS tax help there are other available remedies if your offer is rejected. Continue reading ‘Need IRS Tax Help? The Solution to Your Tax Problem’ »

Statistics show that a certain demographic is likely to file for bankruptcy and with the largest “reason” for filing being a loss of income; this demographic is highly likely to be filing in 2009 and 2010 as unemployment reaches into the double digits. We explore this demographic in greater detail and discuss three simple ways that people can fly “under the radar.”

Unfortunately, with rising unemployment it is quite likely that bankruptcy filings will continue to rise. According to national statistics released by the Administrative Offices of the Courts, US Chapter 7 bankruptcy filings were up 43% in 2008 (from the prior year). There is no reason to expect the trend to reverse dramatically for 2009.

With over 1 million filers each year, it should not come as much of a surprise that people are getting over-extended on their credit. And it makes sense, too. With an average age of 38, your typical Chapter 7 bankruptcy filer is also more likely to be a married couple. Continue reading ‘Married and in Your Late Thirties? Bankruptcy Might Be Around the Corner’ »

Bankruptcy is a very real situation that can happen to anyone. Even rich people who have huge savings in their bank accounts can fall victim to bankruptcy if they do not pay attention to their way of life. Getting stuck in a debt problem is a serious matter. If you find yourself in any of the following situations, it would be best to address the problem right away. Here are the ten signs that you need to talk to a bankruptcy attorney, immediately.

Your expenses offset you monthly income.
Stop and take an objective look on your spending. Do you spend more than what you actually earn in a month? It could be easy to deny this fact. However, the best way to answer this question is to calculate all your monthly expenses in detail. List them down, every little cent you spend in a month should be included, be honest.

After calculating the sum total of all your expenses, subtract it from your salary, and you should be able to come up with an accurate answer to the question.

You often maximize your credit limit.
Do you spend so much on your credit card that most of the time your credit limit is maxed out? This is a major red flag that sooner or later, you’ll be filing for bankruptcy. Ask any financial expert and they’ll tell you that as much as possible, you must not go beyond 50% of their credit limit. Apart from the fact that you’re spending too much, maximizing on your credit has a very negative impact on your credit score. Creditors will deem you as a high-risk borrower. Continue reading ‘10 Signs You Need to Talk to a Bankruptcy Attorney’ »

While it is true that most of the foreclosures happening in the United States were caused by substandard mortgages, and/or the fact that many people have lost their jobs and can no longer make payments, there is also another reason for the foreclosure rate. Many people have filed for bankruptcy due to medical bills piling up.

This happens when the insurance company does not pay for the cost of care which has been rendered, and the patient simply can’t pay the bill and has no choice but to file for bankruptcy, and in doing so they often end up losing their home along with all their other financial problems. Continue reading ‘Medical Bankruptcies Continue to Surge Amidst the ObamaCare Proposal’ »