You might file bankruptcy, well, for sure, so you stop paying those annoying creditors, but when is the best time? The answer is: it depends. What did you expect? I am a lawyer. Keep paying the mortgage or mortgages if you are keeping your house. Keep making the lease payments or payments to purchase the [...]
Kurt O'Keefe, Attorney at Law
Potential bankruptcy clients frequently ask: “My wife/husband does not want to file, if I do, is she/he required to file also?” Negative. Involuntary bankruptcy is provided for in the bankruptcy laws. It is a complex proceeding in which creditors band together to throw a corporation or individual into Chapter 7 bankruptcy so they can get [...]
Your mortgage company will probably ask you to reaffirm your mortgage after you file Chapter 7 bankruptcy. These days in our country, many homes with mortgages are underwater, worth less than what is owed on them. If you file Chapter 7 bankruptcy, your home is worth $200,000, and you owe $240,000 on it. You can [...]
image credit: dreamstime Countrywide, number one offender, writer of the most sub-prime mortgages (the list goes on) admits bilking homeowners, in foreclosure, and even including those who had successfully completed Chapter 13 cases, usually filed to avoid foreclosure, out of tens of millions of dollars. The Department of Justice, through the United States Trustee’s [...]
Default means, not carrying out your end of an agreement, like, not making house payments on time, which usually leads to aforeclosure. Strategic default refers to homeowners who have the money to pay their mortgages, but choose not to. Most foreclosures are due to higher house payments, or lower income, or both. Nationally, the estimate [...]
