RECENT BLOG POSTS
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in Chapter 13. However, some of your creditors ...
03/12/2009
In a Chapter 7 case, you can keep all property which the law says is "exempt" from the claims of creditors. In determining whether property is exempt, you must keep a few things in mind. The value of property is not the amount you paid for it, but what it is worth now. Especially for furniture an...
03/12/2009
A Chapter 13 can stop the foreclosure permanently.  It may allow a delinquent borrower to pay back the delinquency and reinstate the mortgage, over a period of time, usually five years.  A borrower must make a regular payment and part payment each month until the delinquency is caught up or cured...
03/12/2009
Bankruptcy is a legal process which allows a person (a "debtor") who owes more money than he or she can currently pay to either: (1) reorganize the debtor's budget to repay a portion of their debts over time; or (2) to liquidate and have most debts forgiven ("discharged"). After a debtor has file...
06/22/2008
The rules concerning a foreclosure deficiency are complicated and may come with unexpected financial and tax consequence. Seller is advised to make a thorough examination of its personal financial situation with an experienced tax professional and/or attorney during any foreclosure mortgage proce...
06/17/2008
If there is no equity in the property, then it will most likely produce a result where the sale of the property will not be sufficient to pay the entire loan balance in full.  This remaining balance after the sale is what is commonly known as the ‘deficiency.' The lender's are fully within their ...
06/03/2008
Lease agreements can be oral or written. If the duration of the lease is longer than one year from its inception, Florida requires that the lease be in writing in order to be valid. If a lease contains a provision as to the duration of the tenancy and the tenant complies with all the terms of the...
05/25/2008
This is typically a bad idea. The banks will make every effort to ensure that the distressed homeowner does not financially benefit in any way, shape, or form as the result of a short sale. The bank is very diligent about disallowing any transactions that put money back into the borrower's pocket...
05/25/2008
Ignore the situation, and the bank will ultimately take the property back with a final foreclosure judgment and auction sale.  However, this is bound to become the worst case scenario for the borrower. The foreclosure process will absolutely have serious, long lasting ramifications that a borrowe...
05/20/2008
A Chapter 7 Liquidation Bankruptcy can stop the foreclosure temporarily. It will not allow a delinquent borrower to pay back the delinquency and reinstate the mortgage over a period of time.  A borrower must pay back the arrearages much quicker on the lender's terms, or the foreclosure action wil...
05/20/2008
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