Foreclosure vs. Bankruptcy and Your Credit

I was recently contacted by someone who was losing her house to foreclosure. It seems that the bank was not very responsive to her attempts to contact them and work something out. The circumstances of her late payments had changed and she now had the ability to pay and wanted to find out how to save herself from foreclosure. She had been trying for four months to get information and help from her lender but to no avail. She is now in a position where she is considering bankruptcy in order to save herself from the impending foreclosure. F oreclosure starts, in most states, when you fall behind in your payments for several months. If you cannot catch up or work something out in the period defined by the lender, usually three months, you are notified that your home will be sold at public auction. Some states allow a redemption period, that is the time after the auction during which you can redeem the outstanding amounts on your home and reclaim it. dallas cpa

If you are at the point of foreclosure, you may already be thinking about filing for bankruptcy. This may or may not help you keep your home but at least it will give you more time to figure out what to do next as filing bankruptcy does halt the foreclosure process for some period of time. dallas cpa

Here are the two most common two types of bankruptcy you can file:

Chapter 7 bankruptcy won't prevent foreclosure but it can delay it for a time. If you use this time wisely, you can save some money to help you move and locate a place to live. Chapter 7 is the bankruptcy that wipes out all your unsecured debt and mortgage debt and with the new laws may exempt you from the tax liability for the loss incurred by the lender in the foreclosure sale. dallas cpa

Chapter 13 bankruptcy is one in which you set a plan to repay your debts over a specified time. This will allow you to defeat the foreclosure - as long as you keep up the payments. dallas accountant

As I am not a lawyer or accountant I cannot advise you on which of these might be better for you. I would like to point out however, that if you go into foreclosure, it could be at least 36 months before you can get another mortgage. Going into Chapter 7 bankruptcy may allow you to apply for another mortgage in about 18 - 24 months. This is more lenient because you cannot declare bankruptcy again within 8 years.

Accountant's Cardiff Help Businesses to Progress

Cardiff has always been the business hub when it comes to trading and maritime industries here in Wales. Its location and history attest to this claim. Cardiff lies at the centre of three river systems, the Taff, the Ely and the Rhymney and because of its strategic location, the initial residents here were able to control the movement of the rivers, thereby controlling trade. The Romans in AD 55-60 saw this opportunity and built forts in Cardiff. A roman fort wall is the backdrop of the new Cardiff interpretation centre which opened in 2008. Medieval castles are a testament to the strategic location of Cardiff as the castle built by Robert Fitzhammon starting in 1091 stands at the heart of the city. With the utilization of coal as a source of energy, Cardiff became the biggest coal exporting port in the world and at its peak, more than ten million tons of coal went through its port. dallas cpa

This situation led to the unique multi-cultural character of Cardiff as dockworkers, ship builders and sailors settled in the area. There are around 45 different nationalities with their respective communities found in Cardiff. dallas cpa

Cardiff as a business hub also attracted its auxiliary services. The rise of accountants in Cardiff is a testament to this. Accountants play a vital role in Cardiff as they help businesses become more efficient and effective, ensuring that they properly pay their taxes to the city on time, and pay the correct taxes.

The listings of some of these accountants and accounting firms in Cardiff are as follows and indirectly attest to the multicultural diversity of the city:

AE Jones, Agincourt Practice, AH Khan, Ahmad Accountancy Service, Ahmad& Co, AIMS dallas accountant for Business, AIMS- Steve Hallet, AJ Folley, Alex Embiricos & Co, Alexander Steinbeck, Alegbra Acounting, Allyson Morris, AP Baker & Co, Arian Accountants, Ashmole & Co, AWG Warren and Son, B N Jackson Norton, Baldhu Consulting, Begbies Traynor Ltd, Best, Davies, Hamilton, Bevan and Buckland, Bishop Plimmer Umbleja, BJ Robinson, BPU limited, Branscombe Accountancy Services Ltd, Brian Roberts and Co, Broomfield & Alexander, Business Accounting Services, BY Business Services Ltd, BYB Accountancy, Carston, CG Accountancy Services, Chris Edwards Accountancy Services Ltd, Chris Madge and Co, J Llewellyn, Clifton House Partnership, Clive Morris Accountants, Cotsen & Co, Cowdery Brawn & Co, C S Cocks, David Morris and Co, Deloitte and Touche, Dennis Freedman Clayton and Co are just some of the names of such listings of dallas accountant in Cardiff .