America is known for offering many opportunities, but one of the main goals for many is to own a home. Owning a home is a sign that you have finally made a mark in the world and you’ve worked hard, saved money and now you own something that really is your own. Owning a home is literally one of the greatest experiences. Unfortunately, America has taken a stiff kick to the knees where it really hurts and that’s with homeownership. Taking unscrupulous risks on mortgages has caused the American dream of owning a home to come to an abrupt end for those displaced by foreclosure. Rest assured there is aid for all struggling to keep a piece of the American dream and it’s called the home stimulus package.

President Barack Obama’s multimillion dollar economic stimulus package includes a special section devoted to easing the woes of homeowners and restoring the housing market. For homeowners needing relief from heavy mortgages the home stimulus package provides a variety of options to alleviate the suffering. One option would result in a homeowner’s mortgage being reduced to about 30% of their income. This reduction would ultimately keep a significant amount of money in a homeowner’s pockets. Another option available under the home stimulus package is allowing lenders to reduce a homeowner’s total mortgage amount or principal to decrease payments and stave off foreclosure. The final option of the home stimulus package is directed towards reviving the housing market.

First time home buyers will qualify for a tax credit of up to $8000. So if you are looking for a chance to grab the American dream now is a perfect time to do it. The only stipulations are you must be a first time home buyer and the property you are purchasing must be your primary residence. In addition, you must not make more than $75,000 as a single person or $150,000 as a married couple in order to qualify for the $8000 tax credit. With a deal like this it is with great hope that many people will become homeowners.

No doubt you have seen the sign tacked to a telephone pole as you drove by: “Bankruptcy Removed From Credit File.” Usually the sign goes on to state for $30.00 or some other attractive amount. Can bankruptcy on credit reports be removed?

The Fair Debt Credit Reporting Act states that a bankruptcy remains on your credit report for seven to 10 years from the date of filing depending on the type of bankruptcy you file. And yet, the ads persist in which people claim to be able to remove your bankruptcy in less time.

This author reviewed several online forums and true enough there were several people who gave personal testimonies that a bankruptcy had been removed from their credit file before their time was up. Of course, there is no way of verifying whether or not these people work for a credit repair company.

But consider this. The law is quite clear and a credit bureau is not obligated to remove an item from your credit report if that item legitimately belongs to you and the information revealed is accurate. So how then can a credit repair company have the item removed? Only by some illegal or improper scheme which might come back to hurt you in a big way.

Some of these companies will dispute the item as either not being yours or inaccurate. The credit reporting agency then has 30 days to verify the accuracy of the information. However, if you have ever dealt with the courts, you know that given the volume of cases handled, it may be difficult to get the information back to the agency within 30 days and so the item comes off your credit report and the credit repair agency slaps you on the back and then rushes to the bank to cash your check. But guess what? Most likely the item will be put back on your report when the bureau receives the information from the court clerk!

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f you are being sued for credit card debt, you might want to consider filing for bankruptcy protection. There are several reasons you should consider doing so. First, bankruptcy is going to be a lot cheaper to file than it will be to hire a lawyer to defend you against the credit card company. Secondly, filing a bankruptcy petition will give you a cooling off period of 60 days which means all actions against you to collect debt will be put on hold during that period of time.

You can take time to think things through as well as try to work out a plan to settle the lawsuit. And of course, should you settle the lawsuit on terms acceptable to you and which you can fulfill, then you can always dismiss your bankruptcy petition. Thirdly, You might be able to fully discharge the credit card debt or some of it in bankruptcy and then reduce the interest rate on the balance. You can also take up to five years to repay the debt depending on your financial condition and the type of bankruptcy you file.

But how do you decide if bankruptcy is right for you? Here are some factors to help you to decide:

1. You live in a state where your wages can be garnished by judgment creditors.

2. You do not have any disposable income at the moment and the only way you will be able to make any payments if a settlement is reached is if you are able to reorganize your finances.

3. Your home or rental payments are in arrears.

4. Your car note is in arrears.

5. Your wages have been reduced or completely terminated.

Either two or more of the above apply to you, then most probably bankruptcy is right for you. Be sure to talk to a bankruptcy lawyer as your particular situation might be different from these general considerations.

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For more information please visit: http://www.floridalawattorney.com