Loan modification what do I need to know?

Recently on our legal forum a user asked, “My wife and I are not currently employed. We are about to lose our home. I keep reading that we might be able to renegotiate the terms of a mortgage with our lender. I think this is referred to as a loan modification. Can you tell me more about this process and what I need to do?”

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Emergency fund do I really need one?

Recently on our bankruptcy forum a user asked, “I have heard for years that I need a three to six-month emergency fund which can cover my living expenses., I have very high student loan debts, a $10,000 credit card bill and secured assets which are costing me a great deal of money. What are your thoughts? Should I pay off my debt or start to save for my emergency fund?”

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Practical steps to stop a home foreclosure Sale

Recently on our bankruptcy forum a user asked, “My wife and I have only lived in our house for four years. I lost my job three months ago and have not been able to find new employment. I don’t want to lose my house, but the bank is threatening foreclosure. Do you have any practical steps I can take to stop or delay the foreclosure?”

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Discharging student loan in bankruptcy what should I know?

Recently on our legal forum a user asked, “I am one of the thousands of students who has accumulated student loan debt. I should have listened to my parents and gotten a degree that was marketable but instead my liberal arts degree has left me with nothing but debt and a job as a barista in a local coffee shop unable to repay my student loan. I am wondering if filing bankruptcy and discharging my student loan debt is possible and what I need to know?”

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Short sale of my home is it a good idea?

Recently on our legal forum a user asked, “I bought a house two years ago. I had a great job, but I bought a home that was a bit out of my price range. Three months ago I lost my job. I have not made my mortgage payment since then, and the bank is threatening foreclosure. I am wondering if what a short sale is and whether it might be a good idea?”

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Bank threatening home foreclosure what are my options?

Recently on our bankruptcy forum a user asked, “I have lived in my house five years. I lost my job six months ago. Despite my best efforts, I have not been able to make my mortgage payments. The bank notified me that they are going to start home foreclosure proceedings. I am wondering if there are certain steps I can take to save my house?”

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Cross-Collateralization and bankruptcy

Recently on our legal forum a user asked, “I filed for Chapter 7 bankruptcy last year and had $10,000 worth of unsecured credit card debts discharged. Unfortunately, one of those credit cards was with a credit union. I also had a car financed through the same credit union. I paid off the car loan, but the credit union is refusing to send me the car title. When I talked to them they said something about cross-collateralization. Can you tell me more about what this means?”

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Will I get my parent’s 401K money when they die?

Recently on our legal forum a user asked, “I am in a financial crisis. I have thought about filing for bankruptcy. Last week my parent’s both died in a car accident. They don’t have many assets, but they do have close to a million dollars in their 401K account. They were over the age of 70 and already withdrawing money from their account. I am their only child. Do I get their money when they die? Can I get it all at one time?”

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What bills do I pay first if I cannot pay them all?

Recently on our legal forum a user asked, “Everyone around me seems to be doing great: new houses, new cars, new pools. I am struggling to pay my bills. Creditors call me every day and hound me for money I don’t have. I am wondering what bills I should pay first if there is no way I can pay all my bills every month.”

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