North San Diego County CA – According to data from the National Bankruptcy Research Center, US bankruptcies have reached a 5 year high.
The last record was set in 2005. That record was set because bankruptcy laws were being tightened up and people wanted to file before the laws changed.
(The big banks had convinced congress to make it harder for debtors to get relief.)
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The number of bankruptcies filed in 2010 reached 1,530,078. That was an increase of 8.7% over 2009. Even though the economy is starting to show signs of a recovery, people still need relief from debt.
“The [2005] law was supposed to reduce filings, but we are very close to levels we were at then,” said Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute. “The laws of economic gravity are more powerful than the laws passed by Congress.”
I can’t agree with him more. Here are a few tips if you are considering bankruptcy.
Tip #1: Sometimes not filing bankruptcy at all is preferred to a Chapter 13 Bankruptcy filing. Let me explain why.
A Chapter 13 is basically a repayment plan. Very few debts are wiped out. In addition, your whole financial life is placed in the hands of a bankruptcy trustee.
They oversee all your finances so you can attempt to repay everyone. Contrast this with a Chapter 7 Bankruptcy where you can erase debts you can’t afford.
Tip #2: When you interview bankruptcy lawyers, ask about their ratio between Chapter 7 filings and Chapter 13 filings. A good bankruptcy lawyer will be able to help you file Chapter 7 and avoid a Chapter 13 bankruptcy. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at achatroo@san.rr.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 858-775-0098
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our North San Diego County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Arthur Chatroo.
Arthur is a Real Estate Broker-Associate at Realty Experts. North San Diego County Short Sales Realtor:
Phone: 858-775-0098. achatroo@san.rr.com.
A Name You Can Trust
View My homes for sale at http://www.SDHomeQuest.com.
Arthur Chatroo specializes in loan modification assistance and short sales in North San Diego County California. North San Diego County Loan Modification Help, North San Diego County Short Sales, North San Diego County Short Sale Realtor , Short Sale Realtor. North San Diego County CA Short Sales. North San Diego County Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Arthur Chatroo’s personal views and do not reflect the views of Realty Experts.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Arthur Chatroo, Realty Experts, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government, and services have not been reviewed, endorsed, or approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Chatroo’s personal views and do not reflect the views of Realty Experts.
This information on US Bankruptcies just reached a 5 year high is provided as a courtesy to our viewers to help them make informed decisions.
About Arthur Chatroo
As a real estate broker-associate with Realty Experts, one of the premier independent real estate brokerage firms in San Diego, Arthur provides you with the high level of real estate advice and service that you deserve. CA DRE Licnese # 01330857
Wonderful blog post. I was checking continuously to this website & I’m very impressed! Extremely helpful info, especially the middle section.