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Amending the terms of a mortgage by adjusting interest rates, or by extending the period over which the mortgage will be paid, can allow a borrower to better manage financial hardship. In fact, a mortgage modification is one of the most common ways to avert a home foreclosure. Before a mortgage company agrees to permanent… Read More »

One of the benefits of declaring bankruptcy is that an automatic stay is issued, prohibiting creditors from coming after you for debt collection. Under the terms of the stay, many creditors cannot initiate litigation against you. Foreclosures and any pending lawsuits from creditors are paused as are previous lawsuit judgments requiring you to resolve unpaid… Read More »

When you owe more on your home than the property is worth on the market, you may consider a short sale as a way to avoid foreclosure. This means the property is sold for less than the outstanding mortgage. Here’s an example of a short sale scenario: You owe $300,000 on your home and cannot… Read More »

Alimony, also known as spousal support or maintenance, is often a vital resource for recipients and a considerable expense for the paying individual. When insurmountable debt leads the paying spouse to a bankruptcy filing, that spouse is still required to make court-ordered alimony payments. The U.S. Bankruptcy Code makes it clear that alimony debt cannot… Read More »

Under a forbearance agreement, a mortgage company reduces or halts a homeowner’s monthly mortgage payments for a set period of time. The total amount owed does not change but is simply due at a later date. Forbearance is a foreclosure defense strategy designed to help people keep their homes as they deal with temporary hardship…. Read More »

Filing for bankruptcy comes with the understanding that notice of the bankruptcy will appear on your credit report for years to come — specifically, seven years after filing a Chapter 13 and 10 years after filing a Chapter 7. A lot can happen in the time between declaring bankruptcy and being discharged with a clear… Read More »

If you are given notice that your landlord’s mortgagee filed for foreclosure on the house or apartment building where you live, it is important that you know your rights as a tenant.  First and foremost, you should know that you cannot be evicted simply because your landlord failed to pay their mortgage. Nor do you… Read More »

Bankruptcy is intended to give people an opportunity to make amends with creditors and move forward with a fresh start. However, as long as a bankruptcy appears on your credit report, it may negatively affect many of   your aspirations, from securing a home loan to achieving certain career goals. It is typical for companies to… Read More »

Yes, you can still buy a house after a bankruptcy filing. Filing bankruptcy discharges your debt and can make you a better mortgage candidate. There is no law that prevents you from buying a home after bankruptcy. Mortgage lenders want to see a minimum of twelve months of performing credit after bankruptcy. It is this… Read More »

Yes, you can still file bankruptcy if you owe taxes. You will need to get your tax returns filed, but paying the taxes is not required before you can file bankruptcy. Certain income taxes can be discharged. A chapter 13 plan can allow you up to five years to repay the taxes you owe. Taxes… Read More »