What does foreclosure mean?

The bank has foreclosed, a judgment in foreclosure has been signed and filed with the court and the dreaded Sheriff sale has occurred. You no longer have any ownership rights to your house, right? Unfortunately, that is not the case. You still own your house with all...

DOMESTIC SUPPORT OBLIGATIONS IN BANKRUPTCY

You have a Domestic Support Obligation (DSO) and now you have to file for bankruptcy to gain the “fresh Start” after your divorce.  How does the bankruptcy court handle DSO’s?  These debts are not ordinary debts  they are for the support of your...

CAN YOU AFFORD A MORTGAGE MODIFICATION IN A BANKRUPTCY?

In traditional chapter 13 a filer is require to pay the regular monthly mortgage payments and the arrearages – the amount of payments they are behind when the chapter 13 is filed – through the plan for up to 60 months of the plan.  The arrearages must be paid in...

Bankruptcy and Divorce

If you are considering a divorce or if divorce proceedings have begun, you may need to consider the option of bankruptcy. Having financial hardship can be just as detrimental to your financial security as a looming divorce. Given your unique situation, it is essential...

Bankruptcy and Student Loan Debt

It is not common for student loans to be forgiven in bankruptcy.  Student loans are considered special loans and bankruptcy does not usually apply. Only a unique hardship qualifies an individual to get out from under the weight of student loan debt.  The...

Understanding Mortgage Forbearance

As the COVID-19 health crisis impacted the economy and thrust many people into financial hardships, lenders used mortgage forbearance to help borrowers remain in their homes. This was a very successful strategy that made mortgage delinquencies less common than they...