The CDC has once again extended the moratorium on evictions and foreclosures until the end of July, commenting that this will be the final extension. Unfortunately, there are currently 7 million tenants behind on their rent and many homeowners behind on mortgage payments…when the moratorium ends, not only will back payments come due, but many could be facing evictions or foreclosures. For renters, help may come in the form of the 46 billion dollars in emergency funds approved by … [Read more...]
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HELOC and Bankruptcy Protection
Bankruptcy debt can be secured or unsecured, each subject to different treatment under the Bankruptcy Code. Debt that is secured with collateral of the ‘right to setoff’ or a ‘lien on property’ ensures the repayment of the obligation if a borrower declares bankruptcy. Can an automatic stay protect a home used as collateral for a loan? Many who are considering bankruptcy want to know if they can protect property used as collateral, such as their home (think HELOC) or automobile. Although a … [Read more...]
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Bankruptcy Strategies for Eviction : Foreclosure : Car Repossession and More
The Illinois rental property owners association recently came out in support of a lawsuit filed by a group of property owners challenging the Governor’s authority to deny housing providers access to the courts. Time may be running out of the moratorium on evictions providing tenants needed leeway during the economic shutdown as well as other programs and policies put in place to help Americans out in the face of Covid-19. During the early weeks of the pandemic, businesses and local, state, … [Read more...]
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Keeping a Car or Home When Filing for Bankruptcy Protection
When you take out a secured loan, you are required to use something of value as collateral for the loan. It may be your car, home, or other valuable personal property. The lender holds the title or deed to the collateral or he or she places a lien on the collateral until you pay the loan balance. If you default on the loan, the lender has the right to take possession of the collateral and use the proceeds of the sale of the collateral to fulfill the outstanding debt. Keeping Your Car In … [Read more...]
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