Larry Summers has a very interesting book review of Atif Mian and Amir Sufi's book House of Debt in the Financial Times. What's particularly interesting about the book review is not so much what Summers has to say about Mian and Sufi, as his attempt to rewrite history. Summers is trying to cast himself as having been on the right (but losing) side of the cramdown debate.
In many cases, you can stop a mortgage foreclosure by filing for a mortgage modification under the HAMP program. The application for a mortgage modification can be filed directly with the mortgage lender or was part of a chapter 13 bankruptcy you may file. If you are on the eve of a foreclosure sale, I would probably be best to file a chapter 13 bankruptcy in order to insure the stopping of your foreclosure sale.
You may want to consider buying a car prior to filing your Chapter 13 bankruptcy case.
Filing bankruptcy isn’t a matter of going to your bankruptcy lawyer’s office, plunking your money down, and signing a few documents. It involves planning.
The debt ceilings for Chapter 13 bankruptcy filings are increasing effective April 1, 2013. The new limits are approximately $,150,000 for secured debts and approximately $383,000 of unsecured debts.
