This is a question that was asked on AVVO.com: Can missed mortgage payments be put into a chapter 7 as a way to catch up with the mortgage? I am underwater due to medical bills and was unable to pay 6 months of mortgage payments.
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Archives for Bankruptcy and Foreclosure Questions and Answers
Zombie Foreclosures—Scary for Many Reasons!
Here’s the latest trend in foreclosures and real estate– Zombie Foreclosures. See this article from the Chicago Tribune: http://www.chicagotribune.com/classified/realestate/foreclosure/sc-cons-0418-umberger-20130419,0,2297043.column What is a “Zombie” foreclosure? It’s where the foreclosure has started, the owners often leave the house empty, but the bank doesn’t finish the foreclosure process.
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An Oldie but a Goodie- How much does it Cost to File Bankruptcy?
This is a question that is very hard to answer without an attorney meeting with you. The legal fees and court costs of a bankruptcy are the last part of the process. First, the attorney needs to know which companies you owe, for what, and
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Do I Have to Pay Taxes on Debts I Included in Bankruptcy?
Hopefully, you have filed your taxes by now, but if you haven’t, you could still file for an extension to October 15th. (By the way, the extension doesn’t extend the due date for the payments!) Many times people who file for bankruptcy get 1099-C “Cancellation
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What is an In Rem Judgment in a Foreclosure?
This question came from Avvo.com: My condo was sold at sheriff’s auction and the foreclosing bank was the purchaser. I have received Notice of Motion for Order Approving the Sale.It says “That there shall be an IN REM deficiency judgment entered in the sum of
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Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy?
Question from Avvo.com: Will I likely be sued if I walk away from my foreclosed condo with association fees still due after my bankruptcy? My answer: The Bankruptcy Code (the law) says that you are responsible for any association dues after you file a bankruptcy
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Is a Deed In Lieu a Good Option?
Here is a question I answered about the “Deed in Lieu” option. Deed in Lieu means giving the bank back the house by agreement, right away, instead of making them go through the whole foreclosure process and spending the legal fees required. Question: I can
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Real Estate Taxes and Bankruptcy in Illinois – Recent Court Decisions may help Homeowners
The Background: Most people who get a mortgage on their home pay an “escrow” to the mortgage company or bank. They hold the money in an escrow account to pay the real estate taxes and sometimes the property insurance also. That way, instead of trying
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Which is Better? Foreclosure or Bankruptcy?
Here is a question asked on AVVO.com: Is it better to file a bankruptcy than to have a foreclosure? We bought two houses, one a residential and one was made commercial (for rental purposes) but the second one needed a total renovation and since finances
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I’m Expecting a Tax Refund—When Should I File Bankruptcy?
I’m Expecting a Tax Refund—When Should I File Bankruptcy? This is the time of year when people are preparing to file their income tax returns. Most of the clients I see are expecting, and hoping for, a large tax refund. Ideally, you should not have
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