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 frequently 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?
