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Mortgage Bankruptcy: Tips to Save Your Home from Foreclosure

admin — Wed, 30 Dec 2009 18:05:10 +0000

Mortgage bankruptcy filings are on the rise as homeowners continue to struggle financially. Mortgage bankruptcy is also referred to as the Conyers Bill; a controversial bill enacted by legislation in 2007. Controversy stems from the fact the Conyers Bill grants bankruptcy courts authorization to alter existing mortgage terms to benefit borrowers. The mortgage bankruptcy bill offers protection to homeowners who obtained subprime or non-conventional mortgage loans after January 1, 2000 and later filed forchapter 13 bankruptcy . Since Chapter 13 provides financial relief by restructuring debt and extending payment terms, bankruptcy courts can control payment terms to ensure creditors and debtors are protected.

If debtors do not adhere to their repayment plan, creditors can petition the court and seek dismissal of the bankruptcy petition.

When mortgage bankruptcy petitions are dismissed, debtors lose all protection from the court. Homeowners considering mortgage bankruptcy should obtain legal counsel from a qualified bankruptcy attorney.

Home Business, Kids, Taxes And Your Sanity

admin — Thu, 17 Dec 2009 07:30:52 +0000

Starting any new business can be a stressful undertaking. When starting a home business on your own, you can add numerous other unique obstacles to the list. Being aware of these possible drawbacks, and planning for them can help you maintain your sanity.

Unplanned visits from your parents or friends can set your work back hours. My wife and I both work at home and that can also present a major challenge in maintaining our sanity! Having your own home business does have a few benefits, most notable at tax time. Discuss your business with a tax expert or accountant early on and equip yourself with the knowledge necessary to help save you time and money when filing your first year’s business taxes. Keeping your expense records organized throughout the year will also help maintain your sanity come April.

To maintain your sanity while working at home, use good common sense, a little street smarts and know what battles to fight, or not to fight, with your spouse. This will help you reach your home business goals, while permitting you to maintain your sanity and keep your home life together.