Bankruptcy as part of Foreclosure Workouts

Many of our clients are bankrupt…they just don’t admit it to themselves and they have not yet filed – and, maybe never will. It’s too bad, because they could be enjoying the protections our legal system affords them…protection and relief for when financial things have gone awry

As part of a foreclosure workout strategy you should take the time to learn about the option for yourself. When we broach the subject with clients, their frequesntly asked questions include;

We’ve heard that the “means test” is a barrier to BK? How does it work?
Is the required credit counseling as painful as it sounds?
What is the difference between Chapter 7 and 13?
When is BK a good alternative as part of my foreclosure strategy?
Will BK stop the foreclosure process? If so, for how long? If so, do I continue to pursue loan modification or other workout options – or are negotiations suspended until BK is discharged?
How does BK deal with back-taxes owed (income taxes)?
How long does BK take?
How much will it cost to file BK?
Do married couples have to BOTH file?
How long will it take for my FICO score to recover?