Category Archives: Short Sales

Will Bankruptcy Discharge my Condominium Association Fees?

Past-due condominium dues and fees owed at the time of filing of a Chapter 7 or Chapter 13 bankruptcy petition in Michigan will be discharged by the bankruptcy just like any other credit card or medical debt. However, you will be required to pay ongoing dues from the date of filing of the bankruptcy petition forward, through the point at which you are no longer the legal, titled owner of the property. That is, after a full foreclosure of the property by the mortgage-holding bank after the bankruptcy.

Click here to read more about condo association dues in bankruptcy on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

The Mortgage Meltdown: What Really Happened?

As a bankruptcy attorney routinely filing Chapter 7 and Chapter 13 bankruptcies in an economically hard-pressed state, Michigan, I am daily confronted with the real-world consequences of what the news media talking-heads have come to refer to as “The Mortgage Meltdown” or “The Housing Bubble Burst.”

Everyone is familiar with the long and short of this economic crisis—namely, that property values were quite high for some period of time, during which many folks purchased homes at high prices thinking that they were investing in their future, and then, suddenly, those homes were not worth nearly as much, leaving homeowners with negative equity, massively high monthly mortgage payments relative to the value of their homes, and no real way to sell or move away from the home in the case of job-loss in their geographic areas.

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What Are the Tax Consequences of a Short Sale?

There can be serious tax liabilities arising from a short sale, or the sale of real estate for less than is owed on the balances of the mortgage notes attached to the property.

Click here to read more about the tax consequences of a short sale on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please feel free to contact us at john@hillalaw.com or (866) 674-2317 to schedule a free, initial consultation.

Do I Need to Keep Paying Homeowners’ Insurance after I Surrender my Home in Bankruptcy?

After the surrender of a home or other real estate in a Chapter 7 or Chapter 13 bankruptcy in Michigan, you should still keep the property properly insured until you are no longer the titled owner of the property.

Click here to read more about homeowners insurance after a surrender in bankruptcy on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

How Can I Save My Home with a Chapter 13 Bankruptcy?

While Bankruptcy is one of the most cost-effective and efficient legal means of walking away from an underwater or foreclosed home available, it is also, under the right circumstances, a better means of saving a home in danger of foreclosure than other non-bankruptcy strategies, such as mortgage modification.

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Home Short Sale After Chapter 7 Bankruptcy: Why They Often Don’t Go Together

Guest Post by Atlanta Bankruptcy Attorney Peter Bricks.

Guest poster Atlanta Bankruptcy Attorney Peter Bricks has serious concerns about the efficacy of attempting a short sale of a home after a Chapter 7 bankruptcy.

To read more, click here to access Attorney Bricks’ full article on this subject on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact attorney John Hilla at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

Did I Reaffirm my Mortgage Debt in My Bankruptcy?

A reaffirmation of a mortgage in Chapter 7 bankruptcy is nearly always a bad idea. Michigan law already protects you from foreclosure if your payments remain current, and the reaffirmation agreement will put you “back on the hook” for tens or hundreds of thousands of dollars in mortgage debt where your Chapter 7 discharge would have otherwise technically discharged the debt, allowing you to truly walk away “free and clear” if your circumstances worsen in years to come.

To read more about this topic, click here to read our full article concerning mortgage reaffirmation agreements and Chapter 7 bankruptcy on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.