Fannie To Allow Walkaways by On-Time Borrowers: Mortgages – Bloomberg.
Exciting news if you have a Fannie Mae or Freddie Mac insured loan.  With the upcoming changes, you may be able to walk away from a home that is underwater without owing a deficiency to the mortgage company and without going into foreclosure.

Fannie To Allow Walkaways by On-Time Borrowers: Mortgages – Bloomberg.
Exciting news if you have a Fannie Mae or Freddie Mac insured loan.  With the upcoming changes, you may be able to walk away from a home that is underwater without owing a deficiency to the mortgage company and without going into foreclosure.

If you are only three months behind on the mortgage, you have plenty of time and plenty of opportunity to save your home.  You can save your home through non-bankruptcy measures, provided that you can work a payment plan or a repayment plan with your mortgage company for the amount you fell behind.

Under Chapter 7 bankruptcy law, you have the ability to eliminate the debt on a vehicle whether or not you still possess it or whether or not it’s been repossessed or sold at an auction as long as you make the indication in your Chapter 7 bankruptcy petition that you no longer wish to retain the vehicle.  Under Chapter 7 law, whatever amount is owed under that vehicle will be eliminated.    In a typical scenario, the finance company repossessed is the vehicle, puts it on auction and comes after an individual for the deficiency.  The deficiency is the amount that owed after the auction proce

In short, you should bring as much information as you have.  The more information that you can give your attorney at the first interview; the more complete of a consultation they will be able to give you.  Some important things to bring are your bills, especially medical bills and pay day loans because those often won’t appear on a credit report; paycheck stubs because people often don’t understand what they are actually bringing home.  And tax returns.

It is possible to discharge traffic tickets in a chapter 7 bankruptcy.  Many lawyers will tell you that you cannot discharge traffic tickets in chapter 7 at all; and, that you have to file a chapter 13.  However, that is not true.  This is one of the funny technicalities of the Bankruptcy Code that less experienced lawyers overlook.

Sorry for the lack of recent posts.  Final exams took considerable time away from me.  I'll try to be better in the future.

Your IRA Might Not Be Exempt Beginning with In re Daley, 459 BR 270 (Bkcy. EDTenn., 2011), some recent bankruptcy decisions have created doubt as to whether Individual Retirement Accounts (“IRA’s) created by major brokerage firms such as Merrill Lynch and Charles Schwab are exempt from the liquidation efforts of a Chapter 7 Trustee. For... Read More »

Your IRA Might Not Be Exempt

This is the case of Felicia Morris who comes from Chicago, Illinois who is interested in a conversation regarding debt relief.  Ms. Morris filed a Chapter 13 back in 2008 and that case was subsequently dismissed so she is eligible to file another Chapter 13 if the facts bring them forward.