Getting credit again and qualifying for a home mortgage after bankruptcy take time, but not as long as you might think. How does filing bankruptcy affect you getting credit, your credit score, your ability to get a home mortgage? CNNmoney.com recently published an article that explains very well how filing bankruptcy and suffering a mortgage foreclosure may affect your credit score [click…Read more
Bankruptcy or Debt Forgiveness: Income Tax Liability Compared
If you are considering filing bankruptcy or considering either a short sale of your home, or perhaps going through a debt management program, you need to take into account the income tax consequences of each alternative. Filing bankruptcy provides not just a way for you to erase your debts, but also gives you a way to avoid any liability…Read more
Bankruptcy and Save the Dream Ohio: For Homeowners Facing Foreclosure
If you are an Ohio homeowner considering filing bankruptcy, you may want to consider a new program, Save the Dream Ohio, available if you are also facing foreclosure of your home. Whether you are considering Chapter 7 or Chapter 13, you will need to know what each chapter can do, the differences between the two chapters, and, The…Read more
Bankruptcy and HAMP Program – Qualifying for Mortgage Loan Modification
The US Treasury Department recently changed its policy for HAMP (Home Affordable Modification Program) with respect to borrowers in bankruptcy. Previously a borrower that was in an active bankruptcy case (Chapter 7 or Chapter 13) was eligible for HAMP “at the servicer’s discretion.” At the urging of the National Association of Consumer Bankruptcy Attorneys and others,…Read more
If You Are Considering Bankruptcy, Get A Free Credit Report
If you are considering filing bankruptcy, you should get a credit report, one that is free of charge. The government offers the only truly free credit report. The government offers you one free credit report each year, with no strings attached. Perhaps you have seen offers of free credit reports from ads on TV, or on the…Read more
Are Short Sales Better Than Mortgage Foreclosure, Then Bankruptcy?
If you can’t make your mortgage payments, and can’t decide whether to try a short sale or allow the mortgage company to foreclose, a new development may help you decide on a short sale rather than foreclosure. Either way, you should consider what filing bankruptcy can do to turn your financial difficulties around. According to…Read more
Will The Chapter 13 Bankruptcy Trustee Approve My Budget?
If you file a Chapter 13 bankruptcy in Dayton, the Chapter 13 Trustee will review your budgeted living expenses and determine whether they are reasonable or not, depending on your household size and your particular circumstances. (Click here for tips on budgets.) Your Monthly Budget Is Determined By The Size of Your Household The Trustee has guidelines that…Read more
Effects of Bankruptcy on Division of Property & Debts in a Pending Divorce
I. The Automatic Stay Stops Divorce Court From Dividing Your Property Rights When you file bankruptcy, the automatic stay that goes into effect in your bankruptcy case stops the divorce court from proceeding to divide your property rights between you and your spouse. For the divorce court to proceed, the bankruptcy court must issue an…Read more
How Does Filing Bankruptcy Affect Child Support and Spousal Support?
If you or your former spouse files bankruptcy, the Bankruptcy Code provides answers to how child support and spousal support are affected. I. The Automatic Stay Imposed By Filing Bankruptcy Does Not Apply The automatic stay, the injunction that stops other court proceedings when a bankruptcy is filed, does not stop or prevent child support…Read more
Will the Government Foreclosure Rescue Plan help me save my house?
The Treasury Department announced new guidelines on January 28, 2010, in an attempt to help homeowners modify their mortgage loans. The previous program has met with little success this year. According to CNNMoney.com, only 66,500 homeowners have received permanent modifications of their mortgages, and another 787,200 homeowners were in trial modifications at the end of…Read more