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
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