Archives for December 2022

The downturn in the housing market has resulted in upside down mortgages where home owners owe more on their mortgage than their house is worth. In 2022, it is estimated that tens of thousands of American homeowners are trapped in so called under water mortgages, with loan principles exceeding the fair market value of their homes. Being underwater is not uncommon, but fortunately there are a few strategies to consider when your mortgage is upside down, including bankruptcy when your financial … [Read more...]

If you are planning to file for chapter 7 bankruptcy, it is important to understand the look back period. What is the Bankruptcy Look-Back Period? As part of the Chapter 7 means test, individuals filing for bankruptcy will provide information dating back 6 months from the time of filing to determine if they qualify for chapter 7 or 13 bankruptcy. A look back may find evidence of avoidable preferences which wrongly prioritize the payment of one debt over another - a look back period could … [Read more...]