The 2005 Bankruptcy Law

Do people get sued by the second mortgage after a short sale?

04/30/13

Saw three couples this month who needed to file bankruptcy, because they were getting sued–garnished in one case–by the second mortgage after a short sale.

It was surprising that they were surprised.   At the peak of the crisis, for or five years ago, second mortgages would take what they could get at a short sale and let the rest of it go.  But they don’t often do that anymore.  (At least not without intense negotiation.  I’ve seen it once in the last year.)

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Filing Bankruptcy and self employed? You need a “Profit and Loss”

03/21/13

If you file bankruptcy, you need to send in proof of your income.  For most people, that means your pay stubs.   Section 521 of the Bankruptcy Code requires people to send in at least two month of their “payment advices“–meaning pay stubs–received from your “employer.”

What if you are self employed?   You don’t get a pay stubs and don’t have en employer.  Do you dodge that requirement?

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Bankruptcy means test: Watch out for January 2012!

09/15/11


Your bankruptcy means test may be too high if you file your bankruptcy case in January 2012.

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