As you may already know, filing for Chapter 7 bankruptcy can temporarily stop your home from being foreclosed on. This is because when you file for Chapter 7 bankruptcy, an “automatic stay” will be issued immediately to prevent creditors (including mortgage lenders) from taking further actions to collect their debts. But after the automatic stay is up, how can you permanently avoid foreclosure of your home? One way to permanently avoid foreclosure under a Chapter 7 is to file a “reaffirmation agreement.”
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With the economy in a recession, job layoffs common and prices for necessities rising, it is no surprise that bankruptcy filings across the country are at an all time high. Not surprisingly, our firm frequently receives calls from prospective clients who need to file bankruptcy but who are flat broke.
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A recent Tampa bankruptcy case has led to federal prosecution for bankruptcy fraud and likely jail time for a wife who trusted her husband. The Tampa Tribune reports that Joanne Cone is facing a possible five years in prison for conspiring with her husband to concel assets from the bankruptcy court.
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When is the right time to file for Chapter 7? Clark and Washington's Jamie Allen explain why Chapter 7 can provide the most benefit to you when are not expecting your financial situation to get much worse.
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