There are many reasons people decide to file Chapter 7 bankruptcy. Here are a few we have been seeing a lot of recently: 1. Your monthly debt payments, when combined with your living expenses, exceed your monthly income. 2. You would like to wipe out your debts and receive a fresh start as quickly as [...]
July 2009
When Congress changed the bankruptcy law in 2005, cases spiked. People feared, and rightly so, that bankruptcy cases would get harder to file. Guess what? Bankruptcy cases are spiking again. According the the American Bankruptcy Institute, consumer bankruptcy cases for 2009 will be at the highest level at any time since the 2005 peak. There [...]
Second Mortgages? Can I Do A Short Sale?
Your mortgage company started foreclosure, but did not complete the process, so, your home is foreclosed, but you still own it. Mathew Padilla covers the story in California, but cites another story in Wisconsin, and I know it is happening in Michigan. Daily Kos is even blogging on mortgage companies abandoning homes. Mortgage companies decide [...]
Most bankruptcy debtors will need to file their taxes before, or soon after, filing for bankruptcy. If your adjusted gross income for 2008 was $56,000 or less, you are eligible for free tax preparation and e-filing of your federal taxes. This services is available through a partnership between the Internal Revenue Service (IRS) and [...]
In part 1, we discussed what you can do to keep your home. Here, we will look at your choices if you are willing to leave the house. If you aren’t going to keep the house; you can either sell or abandon it. Selling property in this day and age usually means a short sale [...]
