Short Sales Will Have Increased Tax Consequences Starting In 2013 An important tax provision that allows underwater homeowners to short sell their home without tax consequences will expire at the end of this month. Earlier this year I wrote about this tax provision. You can review that article here.

In December, 2007, Congress passed the "Mortgage Forgiveness Debt Relief Act of 2007" to alleviate tax consequence for some homeowners in foreclosure. The new Act excludes from gross income certain cancelled discharged "qualified principal residence indebtedness."

Payday loans, or paycheck advances, are high interest rate loans designed to help the borrower receive some quick cash to help any financial burdens until they receive their next paycheck.  Since these payday loans have such a high interest rate, they become very devastating to borrowers.  If borrowers are relying heavily on these loans, their [...]

A common misconception of filing a Chapter 7 bankruptcy and surrendering your house, or “walking away” from it, is that once your case is filed you no longer are responsible for taking care of that property.  That simply is not the case.  Until the bank actually comes in and forecloses on the property you remain [...]

Zsa Zsa Gabor, a 1950′s movie star known for her 8 marriages, once remarked, “I’m an excellent housekeeper.  Ev

Internet payday loans are illegal in Virginia.  They are a felony.

The Automatic Stay afforded to repeat (or serial) Chapter 13 filers has long been a thorn in the side of the mortgage industry, as each successive Chapter 13 filing resurrects the Automatic Stay and prevents the mortgage lender from completing their foreclosure. Bankruptcy Code Sections 362 (c)(3)&(4) were intended by Congress to limit the duration... Read More »

The Automatic Stay afforded to repeat (or serial) Chapter 13 filers has long been a thorn in the side of the mortgage industry, as each successive Chapter 13 filing resurrects the Automatic Stay and prevents the mortgage lender from completing their foreclosure. Bankruptcy Code Sections 362 (c)(3)&(4) were intended by Congress to limit the duration of the Automatic Stay afforded to serial filers in certain circumstances.

Once your Chapter 13 has been confirmed you have a sense of relief because your financial chaos is finally under control. Your home is secure, your vehicles are secure.  You're feeling pretty good about life, as you should. 

A recent ruling by the Nebraska Bankruptcy Court underscores one of the primary differences between the treatment of divorce debts in Chapter 7 and Chapter 13 cases.  (See In re Schulz, Nebraska Adversar