*Life After Bankruptcy

I received a telephone call the other day from a former client.  She stated that she and her husband had just recently built their own house.  I was very pleased to hear this and very happy for them.  These folks had previously filed bankruptcy.  And now, here they are moving into their new home.

Understandably, people are very nervous about bankruptcy.  It can be a confusing and scary process.  But, as these people can attest, there can be financial life after bankruptcy.

Bankruptcy is about a fresh start, a new beginning.  For many people, that means establishing good spending and saving habits.

You walk into bankruptcy to get rid of your mortgage. You walk out still owning real estate. How’s that happen?

It’s almost a joke – when does surrender not mean surrender? It’s not a funny joke, but one nonetheless.

Here’s the tip: when you surrender property in Chapter 7 bankruptcy, you’re doing nothing more than indicating a willingness to let it go. You’re not actually handing it off to anyone.