Tag Archives: short sale

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.

Is My Chapter 7 Bankruptcy Case Really Over (Part II)?

Generally, when a Chapter 7 bankruptcy has been closed by the Bankruptcy Court, it is because the Chapter 7 Trustee has either expressly issued an “Order of Abandonment” abandoning all interest in the debtor’s personal property and real estate or has constructively done so via the entry of a “Report of No Distribution” stating that there are no assets in the estate to distribute, allowing the court clerk  to close the case. Once this has occurred, typically, the bankrutpcy is finally over and, if the homeowner wishes to short sell or otherwise dispose of his or her home, he or she is free to do so.

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Should I Do A Short Sale or File for Bankruptcy?

A short sale is almost always an inferior, more complicated, and more expensive way to walk away from underwater property than a bankruptcy surrender of the property.

To read more about the differences between short sales and bankruptcy, click here to read our full post on this subject on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are unsure whether to short sale your home or file for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.