Even when there are many ways in which a bankruptcy could be beneficial to someone, many are often slow to make the decision to move ahead with the process. In some cases this may be because they are scared about how going through with the process might impact their credit score.
Readers of this blog are likely well aware that bankruptcy can be a viable option for those facing financial difficulties. This course of action may be taken for a variety of reasons including the loss of a job and medical bills. While individuals from all backgrounds could find that they are facing bankruptcy a recent study sheds some light on the role family structure plays in financial matters.
The record $25 billion settlement approved in April between mortgage lenders and attorneys general from 49 states brought hope to many people with non-federal backed mortgages. Unfortunately, it also left many middle to low income people still tied to Fannie Mae and Freddie Mae in the lurch. What may be even more troubling, many mortgage lenders are speedily resuming the foreclosure process.
In Minneapolis and St. Paul, having a vehicle is practically a necessity, especially in the winter months, when snow and ice can make even the simplest commute a challenge. During this time of year, the last thing anybody wants to receive is a letter threatening repossession.