Posts

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How long after a bankruptcy does it take to qualify for a mortgage?

The answer is “it depends”.  It depends on what type of mortgage you are seeking, which chapter of bankruptcy, and perhaps most importantly, it depends on what the underwriting requirements are at the time you are actually seeking a mortgage. …
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How to Maximize Your Time in a House That is Going into Foreclosure by Filing Chapter 7 Bankruptcy

Part 4 in a series on how we help people in underwater homes When I talk to someone who is going into foreclosure, I ask them if they want to save their house, and 9 out of 10 people say “yes.” So usually the best way to do that is by way…
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How to save your house with a chapter 13 bankruptcy

Part 3 in a series of how to save your house When a person who is behind on their mortgage payments calls me, I go through a hierarchy of questions: A. Do you want to save your house? B. Can you afford your mortgage payments? C. Have you tried…
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8th Circuit dismisses appeal challenging chapter 13 lien strip

A long-awaited decision was issued last week by the 8th Circuit Court of Appeals, dismissing a chapter 13 trustee’s appeal of a decision by the 8th Circuit Bankruptcy Appellate Panel, which had noted that the concept of lien stripping is noncontroversial…
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Can I keep my tax refund?

The quick answer, is that you can almost always protect your tax refund. There are several different scenarios at play, so first it is best to understand your rights outside of bankruptcy, and then I will address what happens to your tax refund…
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1099-C after bankruptcy

It seems every February, I get two or three calls from former clients, whose houses have gone into foreclosure, and they received a 1099-C from their mortgage company. The IRS does consider canceled or forgiven debt to be a form of income. However,…

What are the fees for a bankruptcy?

My fee depends on a few things, including your marital status, whether you are self employed, own real estate, and/or are over the median income. The current court filing fee is $335 for a Chapter 7 or $310 for a Chapter 13, and you also need…

For bankruptcy do I have to file on all my debts?

Yes, even if you plan on keeping the asset (such as a home mortgage or car loan), even if you know they won't get discharged (such as taxes, student loans or child support) and even if it's a credit card you wanted to keep. They and your other…

Divorce or bankruptcy. What should I do first?

A common question indeed, although there is not a one-size-fits-all answer. I have lectured on this topic several times amongst my colleagues. As a general rule, if there are joint debts, a spirit of cooperation and a joint goal in getting those…

Bankruptcy vs credit counseling

The airwaves are filled with ads touting debt settlement or debt negotiation, implying that is a better solution than bankruptcy. A credit counseling plan, also called debt consolidation, or debt management plan, typically work by a nonprofit…