There are a number of us who are battling the debt that has been created in the recent times. Families both well off and not-so well off are in a perpetual circle of debt and times like these are simply not helping. There are a number of companies which are also facing severe financial crisis. There are a number of families who have been sent foreclosure notices. A foreclosure notice sends a person to a severe mental trauma. He/she takes small loans from friends and families and soon finds himself/herself in more problem.
There are several questions which many ordinary home owners are not much aware off. There are a number of these which are discussed below. These questions will definitely help one make a better judgment. Here are the questions –
Disposable income how one can get it?
Normally, from the salary you draw or from the money you draw from some other sources, a part of it is left after you have paid your mortgage, rent, utilities, transportation, food, insurance. This particular amount of money is known as disposable income. This money is vital for a person to repay the debt.
What is Stable Income?
A person earns from many different sources. Many earn from salaries or wages, some from seasonal work, commissions from some or the other sale. Many earn from the pension they receive and other benefits.
How will the payment be made?
There are a number of considerations to be made which will help a person to repay the debt. If a person wants to repay the debt of the creditors, then there are a number of ways. But a person must hire a specialist to guide him/her to get back to normal life.
What about selling my property?
While you have filed for bankruptcy, your assets will be a part of the bankruptcy estate. In case of Chapter 13 bankruptcy case, you will not be in a position to sell your home without the permission of the court.
Dischargeable debt: What is it?
Unsecured debt falls under this category – debt from credit cards, medical bills, some taxes and others fall under this category. Some argue that student loans also fall in this category but they are eligible to pay the money through Chapter 13.
When it comes to finding experts at foreclosure, Arlington VA residents and business owners will find these tips to be helpful.
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