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Debt Relief – Insolvency – Bankruptcy Information » Questions & Answers

Questions About Company Bankruptcy Rules

Would an automobile company being in bankruptcy affect your decision to by a vehicle from them? Would you be less likely to buy from one? Would you totally rule out buying from them? Would it not affect your decision at all? Industry Expert answers: I would not be less likely. Taking GM as an example, Magna and Delphi make a lot of the parts for GM, so i wouldn’t be worried about getting parts. If GM files for chapter 11 that’s actually “Bankruptcy protection” and prevents creditors from taking over the business and selling it off. So they likely would still be able to offer a warranty. And if they were able to restructure and not be so diluted, they would make better cars because they wouldn’t spend as much energy and time … Read entire article »

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Questions About Debt Consolidation Loans

Does anyone have any info on debt consolidation loans? To make a long story short in exactly 1 year my husband and I went into $11,000 in credit card debt. I make every payment on time but sometimes can only make the min. payments and we have 6 credit cards. Does anyone have any info on debt consolidation loans? Or anything? Thanks Industry Expert answers: They are out there, hard to find, even if you google it, you get more junk sites then anything else. 2 sites that MIGHT be able to help are www.credit.com or www.lendingtree.com If you are making monthly payments, even minimum payments, your credit wont hurt that much, if you can, hold off on the loan at all costs, and maybe something will happen in the future…better job, raise whg knows, but if … Read entire article »

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Questions About Credit Card Consolidation

What is a legitimate credit card consolidation company? I know they are not the best choice. Please don’t tell me how to manage my credit cards. I am beyond that stage. This is the last option for me. I know some of the companies are fradulent and some effect your credit more negatively than others. I just need to know the names of CC Consolidation companies that are legimate and maybe won’t hurt your credit as much as others. Industry Expert answers: STAY AWAY from any “debt consolidation” company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards … Read entire article »

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Questions About Debt Consolidation Loans Wells Fargo

Debt Consolidation and Loans…? I’m 22, I make $16.50 an hour (~$37,000 yearly) and my rent is $550 a month. I have $5600 worth of debt from citifinancial, I have $4600 worth of debt from Canadian Tire Mastercard. I’m trying to get a car, which I have a 99 Acura 1.6 EL lined up for $5000 cert and e-tested, so I want to consolidate my debt, and, preferably, put that car in it, so a big lump sum of about $15, 000 ideally with a monthly payment of $350 or so (I need to reduce payment to afford a better apartment, have a baby due). I’ve been approved by Wells Fargo for $10,000, and Citifinancial, when I called to get my pay-off amount, said they could refinance my loan up to $10,000 … Read entire article »

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Questions About Student Loan Consolidation Rates

Terrible Student Loan Consolidation Rates.? Calling All Finance Majors……. I have 6 student loans (federal) for about $60K total balance. One of my loans has an interest rate of 2.8% FIXED. Everything else is a variable rate, presently at ~6.8%. If I consolidate all loans, I’ll end up with about a 5.875% fixed rate. If I don’t include the 2.8% loan in the consolidation, I’ll end up with two loans, the one at 2.8% fixed rate and the consolidated loan which will become a fixed rate at ~6.8%. The question – I want to preserve the 2.8% part of my student loan with a separate payment BUT I don’t like the 6.8% consolidated fixed loan rate. Are there other alternatives to the rates offered by loan consolidation companies that offer less than a … Read entire article »

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Questions About Receivership Property

Does the original owner ever get property back after it is in receivership? I know a landlord who had her two hotels placed in receivership. I understand this is to collect the hotels debts. Now I have heard from a second party, (I know hearsay) that one of the renters of a apt in the hotel who owed three thousand in rent, had his debt reduced to zero, so he could start over. This was done by the person collecting rents for the receivership. Would this not be slowing down or dragging feet over paying off the debt and if so to what purpose? Would it be to bankrupt the original owner and liquefy the property? This was my former landlord and she was very good to me. I also rent an apt … Read entire article »

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Questions About Student Loan Consolidation Citibank

Where can I get a good deal on consolidation for my private student loan? I have loans with the Student Loan Corporation through CitiBank, and I think they’re too generous with themselves. I pay a whopping 8.250% on a 46,000 principal balance. Can I do better? Industry Expert answers: Sallie Mae can help you consolidate private student loans: http://www.salliemae.com/consolidate. Your interest rate is based on your credit rating, so finding a co-signer with good credit can help bring the rate down. citibank student loan promotional code? anyone have a citibank promotional code that i can use for my consolidation loan ? Industry Expert answers: Omg do not consolidate with citibank!!!!!! Private credit card companies will kill you with interest!!! Powered by Yahoo! Answers … Read entire article »

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Questions About Receivership Accounts

What are RECEIVERSHIP assets? If someone is doing an ACCOUNTING OF RECEIVERSHIP ASSETS what does that mean? Thanks Industry Expert answers: A company that is in liquidation goes into receivership. This means that the bankruptcy court appoints an individual to track down and make a list of all the assets of the failed company. That is the receiver. He or she pursues all the receivables and other assets of the company and reports them to the court. This is called the accounting. The court decides what to do with the assets and how to distribute the proceeds to satisfy the claims of creditors. Powered by Yahoo! Answers … Read entire article »

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Questions About Credit Card Consolidation Loan

How to get a credit card consolidation loan?..? For what it is used?….. Industry Expert answers: For the people who are suffering from the credit card debt burden need this credit card consolidation loan.. Getting the credit card consolidation loan is simple as getting as lender.. Normally these are acquired in a host of lenders that come up with these loans and help you achieve financial independence.. … Read entire article »

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Questions About Company Bankruptcy Chapter 7

How do the former employees get paid when a company files for Chapter 7 bankruptcy? I am a former employee of a company who is filing for Chapter 7 and the employee’s have not been paid in full in some time and we would like to get some type of money due to us. Industry Expert answers: You file a claim with the trustee of the bankruptcy. Employee’s wages are at the top of the list when it comes to disbursing whatever assets the bankrupt company might have, Just note it may be a while before you see any money. Any chance I get paid from a company that filed Chapter 7 bankruptcy? I did a contract job for them in July 2008, they owe me $1000. They filed chapter 7 bankruptcy a week later. … Read entire article »

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Questions About Harp Program

When do you Qualify for the HARP Program? Industry Expert answers: In order to qualify for the HARP program, your mortgage must either be owned or guaranteed by Fannie Mae or Freddie Mac. Additionally, you must meet the following criteria: You don’t have an VA, FHA, or USDA loan Last year, you were never more than 30 days late for your mortgage payment. You are current on your mortgage payments Your mortgage is for a larger amount than the value of your home right now. The outstanding amount of your mortgage is not greater than 125% of the current value of your house. You can prove that you are able to pay for the new payments for your refinance mortgage. Does 2nd mortgage interfere with refi of 1st mortgage through HARP program? I have an ARM on my 1st and … Read entire article »

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