Now, you can owe up to $1,010,650 of secured debt, and still be able to file Chapter 13, depending on how much unsecured debt you owe.
So, if your house is worth $900,000, and you owe $900,000 on it, that is $900,000 of secured debt, zero unsecured debt, you can file Chapter 13, depending on the [...]
Monthly Archives: January 2010
What Do You Mean, I Owe Too Much To File Chapter 13?
I Am A Failure If I File Bankruptcy
No, you are not.
Bankruptcy is, and should be, a last resort.
The giant banks and mortgage companies that, with their politician friends, brought about the worldwide financial crisis, did not file bankruptcy themselves because the politicians they bought bailed them out.
They should be criminally prosecuted, but, the politicians are in charge of that, so, guess what?
Big [...]
Stop Paying Credit Cards?
Fox News has a guest, Bill Bartman, who advises that you STOP paying your credit cards, in some situations.
Bartman interview on Fox News
His first point is, the big national credit card companies all sell their bad debts.
This is true, he says after 6 months of no payments, but I cannot verify that, the agreements are [...]
Foreclosure Crisis Continuing
American homeowners now $745 billion underwater on their mortgages
according to First American CoreLogic.
Over 2.8 million homes foreclosed in 2009, millions of homes lost.
The trend? Bound to get even worse. Record high default rate now, as over 13.1% of homeowners are behind on their mortgage payments.
Why? More ARMs (Adjustable Rate Mortgages) resetting this year and next, [...]
