bankrupt betty
Wednesday, December 31st, 2008The date applies to all of your loans - the government does not differentiate between old and new student loans. You only have one end of study date and it applies to all student debt. Ask A Question
Archive for December, 2008
Downgraded into Bankruptcy?, Arnold Kling | EconLog | Library of …
Wednesday, December 31st, 2008But it seems to me that at AIG the sense of security came from the fact that the folks there thought they had a safe portfolio. Whether that sense of security was false or not is the question that is still unanswered, in my view. …
bankrupt betty
Tuesday, December 30th, 2008Hi there,
I have student loans that are over 7 years old and some that I took out in the past 7 years. If I declare bankruptcy will my older loans be discharged?
Thanks for your help.
Posted from: Ontario
going thru a divorce/serious health issues
Tuesday, December 30th, 2008what happens if I file bankruptcy and my ex spouse is not and both of our names are on the mortgage for our house. And we have shared loans. I have become gravely ill and have no income to pay any of my creditors
Posted from: British Columbia
All about bankruptcy: Bankruptcy - How to Succeed - Part 2
Tuesday, December 30th, 2008Finally, it was possible, the origin of bankruptcy debtors of the ancient Roman mensarii or argentarii. They presented their tabernae or table, or mensae in the public and their business. Should they decide to flee with the money that …
Locked in Pension Fund for Consumer Proposal
Tuesday, December 30th, 2008I am thinking that I may need to either fiel bankruptcy or a credit proposal. My wife`s business is in big trouble from teh economic meltdown. She will likely have to go bankrupt and we have many shared debts. I owe total about $60k that includes joint with her.
B/c she has lost her income from the business as well we have very little money now. I have decent income (50k) and she has like 6K now so her surplus income will be very little (2 kids) = $100/mth for her.
I DO NOT want to go bankrupt but cannot handle the cc debts as well as the rest.
I have from a former job $25k in OMERS. Could I seek to have that money withdrawn through hardship to pay the consumer proposal right up front. I think the most I could offer under a Consumer Proposal would be at best 20 cents on the dollar. Using the surplus income model, if I also had to file bankruptcy (not her fault but her failing business is going to drag us both down possibly), my surplus would be another $200 a month. For 60 months, I could offer $300/mth which would be $18k. I will do anything to avoid bankruptcy!!! So could I say - take $25k from my OMERS and I can at least avoid bankruptcy for one member of our family going forward?
Posted from: Ontario
The Bankruptcy Discharge and Mortgage Billing Statements
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All about bankruptcy: 2005's Bankruptcy Laws Make Filing More …
Tuesday, December 30th, 2008There are also changes in companies that file for bankruptcy. Although it is not your first choice, sometimes filing bankruptcy is the only choice. Knowing that such laws protect you and your creditors. They do not want to file for …
Important Updates to The Foreclosure Survival Guide
Tuesday, December 30th, 2008[This blog posting contains important updates to The Foreclosure Survival Guide. The updates are presented chapter by chapter. Please email me at selias2 (at) aol (dot) com if you know of any other parts of the book that have fallen behind in this rapidly changing world of housing and finance. -- Steve Elias]
Chapter 1: Foreclosure: The Big Picture. The Hope for Homeowners Act: Effective October 1, 2008, the Hope for Homeowners Act implemented a new program designed to help people convert their current loans into FHA-insured, 30-year fixed-interest-rate loans. As of December 15th, this program has not yet gotten off the ground. According to a report by the National Association of Consumer Bankruptcy Attorneys, not even one mortgage has been modified under this program and only several hundred modification applications have been submitted. For more details on the program, see the article on this subject in the Nolopedia, Mortgage Refinancing to Avoid Foreclosure.
Chapter 1: Foreclosure: The Big Picture. The bailout bill: On October 2, the Emergency Stabilization Act of 2008 (the bailout bill) became law. This law allocated over $800 billion to the Secretary of the Treasury to deal with the economy and the housing crisis. Under the Act, the federal government will be pressuring banks and mortgage lenders to participate in the Home for Homeowner’s Act by agreeing to replace current high-cost mortgages with FHA-insured 30-year fixed-interest-rate mortgages. To assist in this effort, the new Act modifies the Hope for Homeowners Act by eliminating that Act’s requirement that the new FHA-insured mortgages be for no more than 90% of the current appraised value. Now, the current lender can be offered any percentage of the current appraised value that the federal government decides is appropriate (even if it is more than the appraised value).
Chapter 3: Can You Keep Your House? Should You? Options under the Hope for Homeowners Act: Under this new law (effective October 1, 2008), you may qualify to have your current mortgage replaced with a new FHA-insured, 30-year fixed-rate mortgage for the current appraised value of your home (a little more or less depending on federal policies still in development). See Mortgage Refinancing to Avoid Foreclosure in the Nolopedia for details.
If you are way upside down on your mortgage, this would mean a dramatically lower payment. However, there is a catch: Your ability to take out a second mortgage on the house will be greatly restricted. Also, if you acquire some equity in your home later on and want to refinance or sell the house, the federal government will be entitled to a share of the proceeds. If you sell the house within a year after issuance of the mortgage, the federal government will get 100% of the proceeds. This federal share will decrease to 50% over a five-year period and will remain at 50% after that. If your main goal in keeping your house is to build equity, this might not be such a good deal since you’ll have the federal government as an equal “partner” (at best). On the other hand, if you are not concerned about building equity but rather want to keep the house as a good place to live for you and your family, the Hope for Homeowner’s Act can help you realize that goal.
Please Don’t Ask for Legal Advice Via Email : Bankruptcy Law Network
Tuesday, December 30th, 2008… two to three hours reviewing paperwork and asking questions. Frequently an “oh, by the way” comment can make a huge difference. A couple of weeks ago, for example, I was meeting with a homebuilder about possibly filing bankruptcy. …
