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June 2010 Archives

Take Root Milwaukee Organization

Take Root Milwaukee is a valuable resource that provides free or low-cost, trustworthy and confidential assistance to help you purchase and keep your new home, in addition to alternatives to foreclosure. http://www.takerootmilwaukee.org/

Fannie Mae Fights Back

As of 2008, Fannie Mae and Freddie Mac owned or guaranteed about half or 56.8% of the U.S.'s $12 trillion mortgage market. Fannie Mae announced recently that it intends to fight back against homeowners who walk away from their property without making an effort to negotiate a workout with the mortgage servicing company. Fannie Mae has instructed servicing companies to identify those homeowners who do not attempt, in good faith, to negotiate a workout. Identifying these homeowners will allow Fannie Mae to pursue deficiency claims against them if the property ends up selling for less than what is owed. Fannie Mae also intends to bar the homeowners from obtaining a Fannie Mae guaranteed mortgage in the future for a period of seven years. This move by the mortgage giant is in reaction to a growing response by some homeowners who, fed up with crashing market values, strategically default on their mortgages and walk away from their property.

Misconception #4 About Bankruptcy

We can protect our property by hiding it or giving it away before we file. NO! It's a crime to hide property and not disclose it. It's also a crime to give away property or assets without telling the Court in the bankruptcy petition. The Trustee will seek to recover any property wronfully transferred prior to a bankruptcy filing. When preparing for bankruptcy it is best to schedule an appointment to meet with an attorney if you have any questions.

Misconception #3 About Bankruptcy

I will never be able to establish credit after bankruptcy. Not true! But like many myths there is a grain of truth to this. Obtain a secured credit card and start re-building your credit. Many mortgage companies can assist applicants with a record of bankruptcy after two to three years. Most file bankruptcy because they cannot pay their bills and their credit is already bad. A bankruptcy won't make it worse. After the bankruptcy you are likely to be in a better position to pay current bills and that should improve your chances of getting new credit.

Misconception #2 About Bankruptcy

Will I lose all of my property in bankruptcy? No, the bankruptcy laws are designed to allow a fresh start. A fresh start would be impossible if one was to lose all of their property in bankruptcy. The fact is that most people do not lose anything in their bankrutpcy. In Wisconsin you are allowed to keep most personal and household property, equity in your home up to $75,000 for a single person or $150,000 for a married couple, most equity in a car, most retirement plans, and many tools of the trade.

Misconceptions about Bankrutpcy

Many people may believe that bankruptcy is dishonest. That is not true! Most people truly want to pay their bills but sometimes things happen that make it impossible especially at this time. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people who are unable to pay their bills from harrassment, lawsuits, wage garnishment, foreclosure and other creditor actions. Bankruptcy allows a fresh start. Bankruptcy has been used by many of the nation's largest companies along with famous people.

Fico Scores Part 2

There is buzz around about Washington's effotts to get us free credit scores. Senator Mark Udall is sponsoring the bill and if it passes the scores provided for free will be the fake scores.

Chapter 13 Trustee's Role

The Chapter 13 Trustee's role is not just of an overseer but is much more involved. In some instances, there will be one trustee handling all Chapter 13 work in a particular area but in the Eastern District of Wisconsin currently there are two trustees. There is no liquidation involved in a Chapter 13 case so the trustee's responsibility is to manage the financial affairs of the debtor. The trustee must be present at all hearings that concern property valuation, must ensure that all debtor payments are received and also oversees the disbursement of money to the respective creditors.

Top 10 Signs You Need To Talk TO A Bankruptcy Attorney

The first step is recognizing that there is a problem. If thinking of your debt keeps you up at night you probably already know that you're in over your head. Or perhaps you are "robbing Peter to pay Paul" and you may not realize that you're on a dangerous slope. If you find that you fit either category, you may want to seriously think about getting a handle on your debt.

Chapter 7 Bankruptcy Trustee

In a Chapter 7 Bankruptcy the role of the trustee is limited. In most Chapter 7 cases, the debtor does not have assets available but in cases where there are assets, the trustee is responsible for the liquidation of the assets and the payments of such monies to the creditors. The trustee evaluates the bankruptcy, looks at exemptions and schedules. The trustee also participates in the meeting of the creditors (341 hearing) and oversees the process of selling any assets. The trustee also has the power to deny a discharge to the debtor if there is any evidence of fraud, perjury or ineligibility is discovered. The U.S. Trustee appoints the Chapter 7 trustee to a panel for a period of one year (renewable).

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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