Bankruptcy

When you owe more money than you can repay you may decide to file for bankruptcy. Bankruptcy filings may be made by either individuals or companies in a federal court. Filing for bankruptcy allows you to either have your debts discharged (erased) or to set up a payment plan so you can repay those people who you owe money. While bankruptcy may be the right solution in some situations, it has long term consequences, such as a bad mark on your credit report. It’s harder to obtain new loans when you have filed for bankruptcy.

Options for Underwater Homes: When Filing for Bankruptcy Makes Sense

Wondering about options available for underwater homes? If the bank denies a short sale, you may have to file for bankruptcy. By: Ilyce Glink and Samuel Tamkin Q: My husband and I purchased a condotel unit in Hawaii in 2006 …

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Filing Bankruptcy vs Debt Consolidation: Which Is Better?

Filing bankruptcy or choosing debt consolidation is something to consider when you’re far in debt. Decide which is better to start paying your debt. By: Ilyce Glink and Samuel Tamkin Q: I am over $20,000 in credit card debt, and …

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What Happens When Your Mortgage Company Files For Bankruptcy?

Has your mortgage company filed for bankruptcy? If your loan modification paperwork is still being processed, you may need to refile. Q: I often listen to your show on my way home from church. A couple of days ago, my …

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Will Chapter 7 Bankruptcy Dismiss Second Mortgage?

If you have two mortgages, it is possible for the court to dismiss the second mortgage in a Chapter 7 bankruptcy filing. Q: My Chapter 7 bankruptcy was discharged this spring. My attorney had me reaffirm my primary mortgage prior …

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Should I File for Bankruptcy?

You should file for bankruptcy if you owe more than you make annually and you understand how bankruptcy affects your credit score. Q: I have been unemployed for about a year and still have not gotten a job. I was …

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Is Bankruptcy a Better Option Than Strategic Default?

Declaring bankruptcy is an option to help underwater homeowners. When in default you can consider a strategic bankruptcy. Q: About a month ago, you wrote an article about strategic default options for underwater homeowners. I was surprised that you didn’t …

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Bankruptcy Cancels Debt Not Mortgage

Bankruptcy may cancel your debts and obligations, but secured lenders keep their debts alive in their mortgages and foreclosures may continue. Q: Due to my cancer diagnosis, and subsequent expenses, my wife and I filed bankruptcy in 2010. Just a …

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Reporting Fraud and Bankruptcy

If you suspect fraudulent transfers in a bankruptcy case, you may have to report the fraud and hope the trustee in the case comes to help you. Q: How do I report a fraudulent bankruptcy after suing our seller? The …

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Bankruptcy Discharge Of Mortgage Does Not Release Lien

Bankruptcy discharge of mortgage debt does not release lien on property and payments on mortgage loan may not benefit credit history. Q: We successfully signed a loan modification with our lender two years ago. It took forever to get the …

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Investing In Real Estate With Friend Leads To Problems

If you invest in real estate with friends or relatives, plan ahead. Otherwise, you may find yourself deep with problems when money is short or disagreements arise. Q: My friend and I bought a single family house to make some …

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