The most common question of homeowners if they have a residence that is underwater is “Should I pay my second mortgage?” To illustrate, assume that Juan and Maria bought a house in 2006 worth $500,000 with a financing of 80/20 or a first loan of...
If your house is to be foreclosed and there is a pending Trustee Sale date, a very powerful way to stop it is by filing bankruptcy. You need to file it before the Trustee Sale date if you want to keep your house. Question: What is...
In a published article in Smart Money, Debt Settlement: A costly escape, it enumerates the dangers of debt settlement or debt consolidation. After verifying the information published from other sources and corroborating the information with my personal experience I summarized the various findings as follows: Many...
Many people are afraid of filing bankruptcy because they have substantial money in their 401(K) that they do not want to be taken by the Trustee. They should not be fearful because based on Federal law the entire amount in a person’s 401(K) is exempt...
The U. S. Supreme Court ruled unanimously on April 4, 2005 that under section 522(d)(10)(E) of the United States Bankruptcy Code (11 U.S.C. § 522(d)(10)(E)), a debtor in bankruptcy can exempt his or her IRA, up to the amount necessary for retirement, from the bankruptcy estate. The...
If you are seven years from your retirement age, you must act now or else you will find yourself miserable during your "golden years" or retirement period. Bankruptcy is a great financial planning tool for those who are within seven years from retirement. You must...
Yes. You will be able to buy a house within two years after filing Chapter 7 bankruptcy. Many mortgage lenders will provide a home loan within of two years after you are discharged from bankruptcy. Although your bankruptcy is recorded in your credit report for...