Do I need an attorney if I receive a lot advice from my friends?
It makes perfect sense, because we talk about it all the time. My clients probably make up 80%. Neighbors talk. Please talk to each other. Talk to each other, colleagues.
This is the biggest issue. What is the difference between foreclosure and bankruptcy? And what can and cannot you keep if you file for bankruptcy?
There are many financial schemes and plans that can help you through the difficult winter months of old age, particularly when your pension money is all that’s left after retirement.
Many financial issues arise after a person retires from work. It is difficult to cover all of your life’s needs with a small retirement fund. Release home equity can be used to achieve a stress-free and secure post retirement. To this end, people can seek out companies that offer equity release schemes. These companies will help individuals understand the benefits, returns and reimbursements associated with releasing equity from their residential property. Comparing the release of home equity with other retirement plans and post-retirement schemes, it is the best option for anyone to ensure their winter days.
This question is often asked. Many people in Arizona, and elsewhere, are faced with foreclosure. Currently, Arizona is the second-highest state for foreclosures in the country. This isn’t necessarily due to people losing their jobs. This is a part of the problem. More importantly, the value of homes has plummeted.
Someone may have purchased a home for $300,000. It’s not unusual for the home to be worth much less. It’s often much less than that, perhaps 50% less. It is not uncommon to see $150,000 less.
You would not have considered foreclosure if you had spoken to someone five or six year ago. Now that you realize that you will be paying for something that has a negative equity over the next 30 years …$150,000 in my example, many people are seriously considering foreclosure.
Your house is a major concern. Can I keep my home in bankruptcy? You can keep your house if you are current.
The myth that you cannot file bankruptcy and still keep your home is false. Many clients have told me that they spoke to a friend. My neighbor told me I couldn’t keep my home if I filed. So I’m afraid of filing.” But in reality, if your mortgage is current, you could keep it.
If you can, use your funds. Do a budget and decide if it is in your interest or the interest of your family to keep the home.
Many people are talking about foreclosure.
In these tough economic times, it is common to decide to stay in your home despite the fact that its value has dropped drastically.
Many people just sit down to do the math. Consider the fact that the value of your home has decreased. How much? And how long will it take to return to the original value if you were to receive a 5% increase in the value.
It will take a long time for my property, which was originally a $300,000 mortgage, to reach its original value.
Renting is the better option for many people. You may be better off allowing your property to enter foreclosure or considering a short-sale than waiting a decade for your property’s value to return to its normal level.
If you are behind in your mortgage payments and you have debts you cannot pay off, you should apply the money you would have paid to those debts towards the house and file bankruptcy.
You can keep your home if you are current at the time you file for bankruptcy. In fact, you can keep your cars. It’s the same idea. You can keep your car if you are current. You can also keep your personal items.
I view foreclosure as a simple financial tool.
We discuss the question of whether or not the lender has the right to sue you. If they choose to file a lawsuit against you.
In reality, when individuals release equity from their homes, they give up their residential property or part of their house to the equity providers in exchange for a specific amount of cash. Individuals who release equity have a choice in how they want to obtain the money.
Arizona is a state that does not allow judicial foreclosures on residential properties. If the lender sends you a letter stating that they will be selling your home within six months from your last payment, then you won’t be sued. This means that the lender can’t sue you for any difference in your home.
In my Arizona office, we talk a lot about foreclosure. In large part, because I believe it is a wise financial decision when you have done the math to find out that your home is significantly underwater.
When people are thinking about foreclosure, this is the advice we give them.
Exemptions are a lot of things that are protected under bankruptcy law. If you own a house with equity, it is protected up to $150,000. If you are a single individual, you can keep up to $4000 of personal items. If you are a couple, the amount is doubled. You get $8000.
If they still owe money on their vehicle, people can keep it. They can keep their vehicles if they do not have any loans, but the value is up to $5000. A couple can also have two cars worth a total $10,000.
This question is asked all the time. It’s nice to have friends but I would recommend asking a bankruptcy attorney what can be and cannot be retained.
It’s not your friends or neighbors who should be asking you questions, but rather the people closest to you.
