Monthly Archives: January 2014

I Filed Bankruptcy, But Still Own My House?

This is a problem across the country, in both Chapter 7 and Chapter 13 bankruptcy HOUSEtrashDAY

cases when the debtor, my client, the person filing, WANTS to give up her house.

Lots of folks still cannot afford their mortgage payments, because their income went down, or the payment went up, or both.

No matter how many times I go through the explanation, some folks

still miss that simply filing Chapter 7 bankruptcy, and stating you want to give up the house, does  NOT get your name off the deed.

In Michigan, where I practice bankruptcy law, as in most states, there s NO WAY to force a mortgage company to take title to a house on which they hold the mortgage.

In Chapter 13 bankruptcy, you keep all your property.

I filed a plan for clients who wanted to give up an empty condo.  One of their children had lived there, could not afford it, and left.

My clients tried to sell it, worth less than what was owed.  They tried to rent it, no luck.

So, we filed a plan which said we would surrender the house to the mortgage company.

BUT WE CANNOT MAKE THEM TAKE THE HOUSE BACK!

And, in this case, they still have not taken it, or tried to.  Though we would just give it to them.

Going on five years now with NO payments.

Even if they signed a deed, putting the house in the mortgage company’s name, that deed is NOT effective unless the mortgage company accepts it.

In or out of bankruptcy, you can do a deed in lieu of foreclosure.  If the mortgage company is willing.

It saves them the cost of, and time waiting for, a foreclosure.  Of course, you have to leave the house, as you no longer own it.

With a short sale, in or out of bankruptcy, again, the mortgage company has to agree.  In a short sale, they release their lien for less than you owe, to get some money out of the new buyer.

WHAT ABOUT JUST FILING CHAPTER 7 AND LEAVING MY HOUSE?

The home remains in your name.

If the property taxes are not paid, the government will eventually take title to the property.  But that could take years.

A chapter 7 bankruptcy trustee only wants your home if he or she can sell it and get money for your creditors.

Obviously, this is not the case if you owe more than it is worth, the situation I normally see.

So, a bankruptcy discharge takes your name off the mortgage note, the debt, but NOT the deed, the ownership of the real estate.

You will still have responsibility for the property, and complying with city ordinances about snow removal, et cetera.

Sometimes mortgage companies just decide they do not want the expense of taking a house back and re-selling it.

Can Filing Chapter 11 Bankruptcy Avoid Damages For Poisoning People?

stopSIGNkok

Freedom Industries filed Chapter 11 bankruptcy after some of its chemicals leaked into the Charleston, West Virginia water supply, forcing it to shut down. Filing any chapter of bankruptcy invokes the automatic stay, stopping all collection actions, like, lawsuits. Which are flowing fast and furious out of the chemical spill. West Virginia-American Water said itContinue Reading

2 Responses to Can Filing Chapter 11 Bankruptcy Avoid Damages For Poisoning People?

  1. I’m really enjoying the theme/design of your weblog.
    Do you ever run into any internet browser compatibility issues?
    A couple of my blog audience have complained about my blog not working correctly
    in Explorer but looks great in Chrome. Do you have any solutions to
    help fix this issue?

  2. Hi there, just became alert to your blog through
    Google, and found that it’s truly informative. I am gonna watch out for
    brussels. I will be grateful if you continue this in future.
    Numerous people will be benefited from your writing.
    Cheers!

Why Should You File Bankruptcy?

pumpkinPUKE

Bankruptcy should be a last resort; when there is no other way out of your debt problems.  Well, you cannot borrow your way out of debt, so I do not count getting money from friends or relatives to pay bills as a viable bankruptcy alternative. You feel like the pumpkin in the picture when youContinue Reading

7 Responses to Debtor’s Prison – Jailed For Not Paying?

  1. Simply want to say your article is as amazing. The clarity in your post is just cool and
    i can assume you’re an expert on this subject. Well with your permission let me to grab your RSS feed to keep
    updated with forthcoming post. Thanks a million and please continue the rewarding
    work.

  2. This valuable means using news writing’s
    who, what, where, when, purpose and just how unit and ensuring which is
    the key work of information for you personally want to relate is right in the
    top. As well its content has politic and economic related news for middle aged
    and elderly people in the state.

  3. There’s the regular 10 x 10 square and more complicated versions you might
    be interested in too. Famous trader Larry Williams also described management of their bucks as the “keys for the kingdom of speculative wealth”.

    On the other hand, a 2nd half bettor who’s watching multiple books is capable to get a great feel
    on which way the queue is headed and pounce around the offering that
    suits his play. Even whether or not this’s merely a role player
    also it’s only that one game, it can come up with a difference, so don’t ignore
    it.
    Finally, when Escobar does hit the box office, why don’t you go find it.
    According to the Managed Futures CTA database, the average CTA Fund YTD ROR (Rate of Return) to June 2009 is
    +2.

  4. Take a glance at what demands are placed on the appliance
    with your home and change from there. Employ a fairly easy strategy:
    should you don’t realize it, don’t try to eat it.

    You can find online or choose a local retailer on the website while using locate dealer option. If you require a
    gas dryer, than I would suggest going with all
    the Whirlpool Duet Sport 6.

  5. Finally i quit my regular job, now i earn decent money on-line you should try too, just type in google – bluehand roulette system

Creditor Harassment Remedies

floverSUN

Creditor harassment is what drives clients into my bankruptcy office.  Relief is what the bankruptcy code provides, and I make a living getting folks and small businesses that relief from creditor harassment. The Fair Debt Collection Practices Act (FDCPA) is another avenue that may provide relief from creditor calls and letters. Though it seems they no longerContinue ReadingContinue Reading

21 Responses to Creditor Harassment Remedies

  1. Hello! Do you use Twitter? I’d like to follow you if that would
    be ok. I’m undoubtedly enjoying your blog and look forward
    to new posts.

  2. I have to thank you for the efforts you have put in penning this blog.
    I really hope to check out the same high-grade content
    by you later on as well. In fact, your creative writing abilities has inspired me to get my very own site now 😉

    – cliquez ici
    – cliquez ici
    – cliquez ici
    – cliquez ici
    – cliquez ici
    – cliquez ici

  3. Hi, i think that i saw you visited my web site tus i came
    to return the favor?.I am trying to too find things to enhance my website!I assume its adequate to use
    a ffew off your ideas!!

  4. I’ll immediately seize your rss as I can’t in finding your email subscription hyperlink or e-newsletter
    service. Do you’ve any? Please allow me recognise in order that I
    may subscribe. Thanks.

  5. I must thank you for the efforts you’ve put in penning this
    website. I really hope to see the same high-grade blog posts by you later
    on as well. In truth, your creative writing abilities has inspired
    me to get my own site now 😉

  6. Have you ever thought about creating an ebook or guest authoring on other sites?
    I have a blog based upon on the same information you discuss and would love to have
    you share some stories/information. I know my subscribers would enjoy your work.

    If you are even remotely interested, feel free to shoot me an e mail.

  7. Its such as you read my thoughts! You appear to understand
    so much approximately this, such as you wrote the book
    in it or something. I believe that you simply could do with
    a few % to force the message house a little bit, but instead
    of that, this is excellent blog. An excellent read.
    I’ll definitely be back.

    – cadeau
    – cadeau
    – cadeau
    – cadeau
    – cadeau
    – cadeau

  8. A Greek chorus of historical figures, including Leonardo da Vinci
    and 19th-century politician Giuseppe Garibaldi, add rueful comment on the characters and their troubles while arguing
    about Italy’s distressing current state of affairs. with this special “Twiathlon” ticket, you are sure to be
    one of the first to see this epic saga continue unfolding.

    Now from these movies most of the people have been influenced in terms of their work
    and opting education in their field of interest.

  9. I do not even know how I ended up here, but I thought
    this post was good. I don’t know who you are but certainly you’re going to a
    famous blogger if you aren’t already 😉 Cheers!

    – cliquez ici
    – cliquez ici
    – cliquez ici
    – cliquez ici
    – cliquez ici
    – cliquez ici

  10. I like the valuable information you provide in your articles.
    I will bookmark your weblog and check again here frequently.
    I am quite sure I will learn many new stuff right here!

    Best of luck for the next!

  11. Taking concessions from the aligners also encouraged (Healthline).

    Love of youth perhaps helps to take those edge off from pedophilia.
    asiatische girls, which “salarymen” openly keep reading
    the teaches and buses and which derives passion for in terms of
    a quarter with the floor space inside a typical online video rental retail outlet, often shows girls
    in senior high school outfits. With Akihabara, Tokyo, there are video and
    DVDs together with pre-pubescent girls within swimsuits or
    various other kawaii attires, about the front with the box.
    Upon discovering them, I actually shuddered to believe what 1 might
    actually see on the movie. The outlets openly display these items, so one can solely assume there is little to
    fear from specialists.

  12. whoah this weblog is wonderful i love reading your posts. Stayy
    up the great work! You realize, a lot of people are
    hunting round for this information, yoou could help them greatly.

  13. Hi there! I just wanted to askk if yyou ever have any issues witth
    hackers? My last blog (wordpress) was hacked and I eended up losing many momths of hard work due
    to no backup. Do you have any solutions to prevent hackers?

  14. Somebody essentially lend a hand to make critically posts I’d state.
    This is the very first time I frequented your web page
    and up to now? I surprised with the research you made to
    create this particular post amazing. Excellent task!

  15. I simply couldn’t leave your site before suggesting that I actually enjoyed
    the standard information an individual provide to your guests?
    Is going to be again frequently to check up on new posts

  16. Quality articles or reviews is the main to interest
    the viewers to pay a visit the site, that’s what this
    web site is providing.

  17. If some one needs to be updated with latest technologies then he must be pay a visit
    this web site and be up to date daily.

  18. Hello! I know this is kind of off topic but I was wondering which blog platform are you using for this website?

    I’m getting fed up of WordPress because I’ve had issues with hackers
    and I’m looking at options for another platform. I would be great if you could point me in the direction of a good
    platform.