Monthly Archives: March 2010

If I run away and join the circus, can I still file for bankruptcy?

By doug | Published: March 1, 2010

Someone being hounded by debt collectors may well feel like running away, but if you actually have a job which requires the nomadic life of, say, a circus troupe, is it even possible to file a case with a bankruptcy court? In a nutshell, the answer is yes. The general rule for individuals is that […]

Posted in The Bankruptcy Code | Comments closed

No fooling – Chapter 13 debt limits set to rise on April 1st

By doug | Published: March 1, 2010

It’s not an April Fool’s joke — the debt limits for Chapter 13 cases are scheduled for a periodic increase. Effective April 1, 2010, the upper limits for debtors considering Chapter 13 will be $1, 081, 400 of secured debt, and $360, 475 of unsecured debt. This represents about a 7% increase over present levels. […]

Posted in Chapter 13 | Comments closed

Pay the mortgage or just walk away?

By doug | Published: March 1, 2010

As the housing market continues to drag, just walking away from home is becoming a more tempting option for many Americans. Walking away isn’t risk-free. A foreclosure stays on a consumer’s credit record for seven years and can send a credit score (based on a scale of 300 to 850) plunging by as much as […]

Posted in Real estate | Comments closed

Can we fix the homeowner default trap?

By doug | Published: March 1, 2010

An excessive rate of home foreclosures has bad consequences all the way down the line — the homeowner eventually has to move out, property taxes don’t get paid, so the town or city starts going broke, the banks have excess inventory of homes that can’t be sold, which drives prices down even further. Buildings go […]

Posted in Chapter 13, Real estate | Comments closed
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