Most individuals or couples filing for protection under either Chapter 7 Bankruptcy or Chapter 13 Bankruptcy are required to meet certain income eligibility requirements under the “Means Test.” Under the Means Test, you must first determine if your average monthly income for the last six months is below the median income for your state, based…Read more
Tax Refunds and Chapter 7 Bankruptcy – Nothing Has Changed For Homeowners With Equity
In bankruptcy, you are allowed to protect various assets, such as cash or cash equivalent assets such as the right to receive a tax refund. This is called exempt property or exemptions. When the exemption laws were overhauled in New York in January 2011, it proved to be a major benefit to homeowners and renters…Read more
Massachusetts Not-For-Profit Has Right Idea to Fix Mortgage Mess – One Home At A Time
Daniel Gross recently reported on Yahoo Finance that there is one ray of light in the mortgage modification mess – Boston Community Capital. Here are some excerpts from his report… Five years after the housing market peaked, the mortgage mess remains a significant drag on the economy. Banks, policymakers and investors have yet to figure…Read more
My Bank Debited My Account to Pay My Debt? Why Your Bank Has A Right of Setoff and What You Can Do If You Are Considering Bankruptcy?
When you owe money to a bank or credit union and also have money on deposit with the same institution, the bank/credit union has a right to setoff the debt owed to it against the funds on deposit. This right is based on the contract with the bank the debtor signed when he or she…Read more
It May Make Sense to Get Over It – Mr. Obama Is Not Going To Save Your Home…
Earlier today, I was listening to a business report on the radio in which an economist actually recommended that homeowners who purchased a home in the mid-2000’s with little or no money down, who are now at least 12 months behind on their mortgage and have been unable to modify their mortgage because of insufficient…Read more
Congratulations! You Modified Your Mortgage – Now Get The Rest of Your Financial House in Order
In these difficult times, many homeowners have faced the prospect of being unable to maintain their mortgage payments and they have turned to their mortgage lenders for assistance to modify their mortgage(s). If you have been fortunate enough to modify your mortgage, I now ask you to answer the following questions: Did it solve all…Read more
Short Sales May Not Be Best Bet for “Underwater” Homeowners
The Street reported on August 5, 2011 that banks are stepping up their efforts to facilitate short sales of properties in which the outstanding balance on the mortgage exceeds the present market value of the property (also known as being “Upside Down” or “Underwater”). Basically, the banks have finally realized that they have to get…Read more
Are Mortgage Lenders Encouraging Homeowners to File Bankruptcy?
I know this sounds completely bizarre, but it may start happening more frequently in the near future. In the past 30 days, I have encountered three new clients who have been “informally” advised by their mortgage lenders to file bankruptcy to deal with their unsecured debt PRIOR to completing a mortgage modification. Lenders, in addition…Read more
Parent Guarantees of Student Loans – Love Your Children, But Don’t Sign For Them!
In the recent past, I have seen a trend develop that, even as a parent, I find extremely disturbing – parents seeking bankruptcy protection in mid-life or in preparation for retirement that will remain saddled with their children’s student loan obligations long after they have discharged of their other debts. Here’s an example: A couple…Read more
You May Have Too Much Debt – But You Also Have Options
If you feel like you’re in over your head with personal debt, you’re not alone. Millions of Americans have become overextended, many as a result of easy credit provided by banks and impact of the most recent recession. Credit cards, medical bills, personal loans, and high interest rates do not make a good financial mix.…Read more
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