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How to get a full picture of your financial health is a common bankruptcy FAQ. Your creditworthiness is an important facet of your financial health, and your credit score is the best gauge of your creditworthiness.

There are many kinds of credit scores available, but the most widely used credit score is the FICO score, developed by Fair Isaac Corporation. Your FICO score is an analysis of all the information on your credit report, and can range from 300 to 850 points. In most cases, ...

The first, most important step when trying to prevent foreclosure is to pay active, close attention to your situation. Ignoring lenders’ notices will only hurt you. Instead, take a proactive approach:

Take Your Finances into Account

Before reviewing anything else as you work to prevent foreclosure, you should get a clear picture of your personal finances within the context of your mortgage:

• Understand your income level and any reasons you are in default
• Measure

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Bankruptcy FAQ

Filing for bankruptcy is a big decision and it is important to gather as much information as possible prior to beginning the legal process. Whether you're filing small business bankruptcy or need bankruptcy information for a larger corporation, you need to first understand the different options that you may qualify for. Two of the most common business bankruptcy types are Chapter 7 and Chapter 11 bankruptcy.

Chapter 7 bankruptcy is filed when an individual or business is unable ...

If you have one or two missed mortgage payments, you are required to repay the amount you owe as soon as possible in order to avoid mortgage foreclosure. You are also responsible for any late charges, legal fees & penalties that are added to your mortgage balance.

Once you have one missed mortgage payment on your credit report, your credit score drops dramatically. If you get too far behind, this may affect your ability to refinance your mortgage.

If you know you’re ...