After you file Chapter 7 bankruptcy, you may be asked to reaffirm your mortgage. Asked by who? Why, the mortgage company, of course. Here in Michigan, most homes with mortgages are underwater, worth less than what is owed on them. So, you file Chapter 7 bankruptcy, your house is worth $100,000, and you owe $#120,000…
You go through the process of filing Chapter 7 bankruptcy, get your bankruptcy discharge, your fresh start, and get on with your life Couple of years later, you try to sell or re-finance your home, and cannot, because creditors still have liens showing on the record. How did this happen? Well, you and your attorney…
Debt drives people into bankruptcy. Student debt drives students into insolvency, that is, being broke, but many are not helped by bankruptcy. Student loans already saddle many college students with big debts on graduation. Now, more details are emerging on how colleges profit from getting their students into even more debt, with credit cards. Credit…
Countrywide, one of my favorite villains, fessed up to cheating homeowners, in foreclosure, and even including those who had successfully completed Chapter 13 bankruptcy cases, out of tens of millions of dollars. The United States Trustee office, which is part of the Department of Justice, oversees bankruptcy cases throughout the country. Like most government bureaucracies,…
