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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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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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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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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