On October 24, 2011, President Obama travelled to Nevada to announce a new federal plan designed to help boost the housing market and save homeowners struggling with their mortgages.
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When someone files for bankruptcy, that person must pay a filing fee. The money from this fee helps cover the cost of processing your case. Occasionally, these filing fees will increase, perhaps due to inflation or changes in bankruptcy procedures. These filing fees have been increased recently for those filing for a Chapter 7 or Chapter 13 personal bankruptcy.
Renters are often blindsided when the property they rent is foreclosed on. Most renters do not consider the fact that their home can be foreclosed on. If such a possibility occurs, they may be evicted, and their lease will not be honored. Why is this? What can a tenant do about it?
Filing for bankruptcy is not an easy process, but the process can run quite a bit smoother if you hire an experienced bankruptcy attorney and also get prepared prior to filing and track down all of the necessary documents. Here are examples of some of the documents you will need.
If you live in Arizona, it is important to note that you live in a state with deed trusts. This simply means that a third party or Trustee holds the title to a piece of property. So if an individual or perhaps a company purchases property, the trustee acts a neutral party and holds the property. It still belongs, of course, to the lender until the balance of the loan is paid. At that point, the title will be given to the person or corporation that purchased the property.
Typically, people hope to avoid bankruptcy, and the decision to file is not an easy one. You might feel ashamed or scared or have a wide range of emotions when making this decision. However, by avoiding a bankruptcy, you might end up in a worse situation than your current financial state. Sometimes bankruptcy is the best choice.
There are many reasons why people typically opt for a Chapter 13 bankruptcy over a Chapter 7 bankruptcy. Both types of bankruptcies are for individuals only, and not for a business or corporation. You might need to file for Chapter 13 for one of the following four reasons. The first reason is that your income is over the limits of a Chapter 7 bankruptcy. Second, you might be wanting to avoid a foreclosure of your home or the repossession of your car, truck or other vehicle. Another reason is because you wish to use the “cram down” provision of Chapter 13, which will be discussed later. The final reason might be that you wish to protect some of your non-exempt assets from liquidation, which is required in the Chapter 7 process.
If creditors are harassing you day and night and you are at wit’s end trying to pay debts as well as your regular living expenses, then filing for bankruptcy might be something you need to consider. The bankruptcy process was created to help people avoid becoming destitute. It gives you a chance to settle debts and start over fresh and new and hopefully debt-free.
If you are filing for Chapter 7 bankruptcy, you will also probably hear it referred to as a straight bankruptcy or liquidation. All of your non-exempt assets will be liquidated during the bankruptcy. In Arizona, there are specific assets that are exempted from bankruptcy, and Arizona specifications differ from Federal specifications. For example, the trustee cannot go after your exempt assets.
What happens if your spouse improperly reports items on your joint income tax return? You and your spouse will owe any tax your spouse may have tried to avoid, along with interest and IRS penalties. But what about you? Do you have any options as the innocent party? There are three ways to seek relief as an innocent spouse.