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Sarasota, FL - Facing Foreclosure? Before you file Bankruptcy ... read this
Usually when someone talks to a bankruptcy attorney, they will be advised to file bankruptcy; however this might not be the best option when other alternatives are available. Many homeowners facing foreclosure are under so much stress, they are usually looking for a quick way out; however Bankruptcy may not be their best option. Why? Because bankruptcy is not just a legal matter, it is a financial matter that should also be discussed with a qualified CPA. Many times homeowners file bankruptcy without exploring all the other possible options to bankruptcy that could have a better outcome to their overall financial recovery.
What are some of the reasons people file bankruptcy when facing foreclosure, and what are some possible solutions?
A Pending Deficiency Judgment - In facing a pending foreclosure, many homeowners are concerned about a deficiency judgment. However, a pending deficiency judgment could be eliminated as a condition for completing a Short Sale. If a deficiency Judgment cannot be eliminated in Short Sale negotiations, then a homeowner knows at that point what options are available to them by their lender.
Tax Concerns of a pending foreclosure - In a foreclosure or Short Sale, a homeowner may have to pay income ... more
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