Stopping Foreclosure: Better By Prayer or Bankruptcy Planning?

A while back I wrote about the perils of waiting too long to file a bankruptcy case (see Dangers Of Waiting Too Long To File Bankruptcy). One common theme that is becoming ridiculously frequent is people waiting for loan modification approval to save their homes from foreclosure and then contacting a bankruptcy attorney on the eve of foreclosure to try to stop the foreclosure sale. I cannot emphasize this enough:  This is not a sound strategy. Prayer and Wishful Thinking [...]

2021-08-07T21:48:03-07:00October 24th, 2011|

How Does Bankruptcy Affect Cosigner Obligations And Debts?

The bankruptcy of one party does not affect the liability of another party, whether they be a co-signer or co-obligor on the debts. Bankruptcy discharges the obligation to pay on a debt; it does not eliminate the debt itself.

2021-08-06T15:04:32-07:00November 11th, 2010|
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