1. Truth is, if the lender is not going to report to the credit bureau, the debt to income ration should be minimized by not reaffirming the mortgage.
2. Borrower‘s struggling through a Chapter 13 have a hard time making mortgage payments on time; thus the likely hood of negative information is high if reaffirmed.
3. If not reported, the borrower can name the payment here or there, catch up payment, and pay whatever late fees accrue; all without risking a negative trade line on a credit report.
Everyone “knows” 401K funds, IRA’s and other Retirement funds are exempt in bankruptcy, “. . . to the extent that those funds are in a fund or account that is
Most people think Bankruptcy falls under either Chapter 7 or Chapter 13. These are the basic consumer formats. Chapter 7 is basically a straight liquidation of non-exempt assets; while Chapter 13 supposedly allows a debtor
The rate of people over the age of sixty-five who are filing bankruptcy has more than tripled since 1991, according to recent study done by the “Consumer Bankruptcy Project”. Continuing at the
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In addition to being a member of the Bar of the United States Supreme Court, Jon L. Martin is also admitted to the Bankruptcy Bars for the Southern and Middle Districts of Florida in the 11 Circuit, Federal District Courts. Jon is admitted to practice throughout the state of Florida.
