The Difference Between Nondischargeable Debt & Dischargeable Debt

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While Chapter 7 bankruptcy will allow filers to erase qualifying debt, nondischargeable debts can’t be eliminated by filing for bankruptcy. Qualifying debts include past-due credit card balances, unpaid medical bills, and personal loans, amongst others. The U.S. bankruptcy code won’t forgive debts like student loans, income tax debt, or legal fines. Those are considered nondischargeable […]

Protecting Your Credit During the Coronavirus Pandemic

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Health and safety are top concerns during the coronavirus pandemic, but aside from COVID-19, economic and financial issues are also taking center stage. Financial hardship is impacting millions of Americans. Protecting your credit is important for your financial future. Missing payments will lower your credit score, which can affect your eligibility for a new credit […]

Coronavirus Impacts on Loan Modification

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The coronavirus pandemic has changed many things, including how financial institutions view loan modification. With the passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), institutions won’t be directed to classify loan modifications as trouble debt restructurings (TDRs). Financial institutions have been encouraged to work with borrowers impacted by COVID-19, as confirmed […]

Coronavirus Mortgage Relief in California

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As novel coronavirus has spread across the globe, COVID-19 has affected every aspect of life. The U.S. Department of Labor reported nearly 3.3 million people filed for unemployment in the week ending March 21, the highest ever recorded.1 In California, 1 million people filed for unemployment in two weeks.2 The virus is not only overwhelming […]