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Thursday 8 September 2016

Why BANKRUPTCY should be your last option?

04:26:00
Taking a loan is a big decision that requires a lot of analysis. I am sure that you must have pondered upon this decisive stride and strategized your financial management. But it’s also true that every ounce of strategy is risked to unpaid debt that hovers overhead.
If you are experiencing that pressure over you, then just make sure that bankruptcy is not the only option to shun away that stress. There various reasons that will prove my point:
·         You will still have the clouds of unpaid loans!
Some loans are not discharged. According to the policies, loans like student loans are not repaid. When you file for bankruptcy, you cannot be freed from alimony. After all the procedures, you cannot free yourself from all the stress. There will still be a definite cloud of unpaid debt.

·         Tightened finances.
Let’s assume that your situation has worsened to a point that makes you file bankruptcy. Now let’s say you file the chapter 13 bankruptcy. It will reorganize all of your debts according to your income. It’s like the situation where all of your expenses will eliminate half of your income. The rest free cash won’t be free anymore! The reorganization will tighten your finances. The free cash of your income will now be used to repay your debts. And furthermore, this situation is going to continue for at least 3 to 5 years.

·         The past taxes are still unpaid!
The unpaid taxes that levels up your pressure will not be discharged in this process of bankruptcy. Not fair! Be it your income tax, or the payroll money (of course this applies to the entrepreneurs); you won’t be rewarded with the elimination of these parameters.

·         Frowned scores on your credit report.
Just think about the exception that bankruptcy has. Not paying the taxes and stand-out loans. Still it will create the frowned mark in your credit report. And what’s more is you cannot get rid of it for around 10 years. It will act like a Jinx for your financial self. If you apply for any kind of financing or some other loans, you will have to pay over high rate of interest.

·         Your property is at stake.
Well, what if you have some hard-earned assets or have an emotional connection with them. Filing a bankruptcy can risk their existing association with you as an owner even if they do not fall in the category of secured assets. The process can use these assets to pay off your debts to the creditors.

·         Your fortunate gifts can be taken away (even before you unwrap them)!
Just assume that fortune presents you with an inheritance of some property. For example, you become the beneficiary under a will of a person who just died. After the condolence, you will thank for the received gift. But if you have applied for the bankruptcy, the process will exclaim- Oh! You spoke too soon. Even before you are termed as the legal owner, the bankruptcy trustee will run after that asset to repay your creditors.

So, just think about all the options and analyze your situation wisely. To opt for Bankruptcy is of course a wise decision for some debtors, but then, it is also the last option. If you need an assistance to verify your decisions, contact us and we will strategize the best possible alternative


Saturday 3 September 2016

What About The Tenants Living In Your Foreclosure Property?

05:46:00




If the house you stay in has undergone Foreclosure, and you are a Tenant, then there is a possibility that you will end up in one of the following situations:

  •      The New Owner might want You to Continue living there as a tenant
No one wants to look for a new customer if the previous one is well, in an ease of availability. If the new owner does not want to sell out the house or look for another tenant, Phew! Not to worry. The foreclosure’s after-effects are not going to affect you. You just have to replace your rent deposit destination from the old landlord to the new owner.
Just make sure to ask about some documentation proof when you are introduced to your new landlord.

  •      The new owner might want you to vacate the property
Yes…this is one of those possibilities that you might not like (but that really doesn’t matter). It’s totally the new owner’s call. No need to panic here. You have the right to stay in there for at least 60 days so that you manage to find a new place to shift in (hopefully a better one).
There is, although, an exceptional situation where the owner can barge you out before ending the 60 days notice period. “Waste or nuisance” is an offence that, if committed, you could get evicted from the property. It involves any criminal offense or major destruction.

  •      Barter you Out
When the new owner wants you to vacate the property immediately, you can be offered a reasonable cash or compensation to make a deal. It’s like the barter system. Now here is the situation where it’s totally your call! You can either, accept the deal and vacate the property at the time of sale, or, very obvious, the option you can choose is to stay right there for the 60days notice period and look for a new and better home.
Note that if you decide to take the cash and move out, have the documented proof of this deal with the signatures of both the owners.

  •      The latent owner
There might be such situation where the new land owner stays anonymous to you. Although there is minimal possibility that such kind of situation will occur because of RCW 59.18.060  that states the compulsion of informing the tenants about any kind of change in the property’s ownership. Still, if this situation occurs, it’s better to find out the hidden information. Nevertheless, keep an account of your rents because you new landlord can appear anytime and has the right to ask for the rents at that instance.


Being the tenant of a house that is undergoing Foreclosure, be wise enough to take prompt action and understand your rights as an important resident of that property and contact an attorney without delaying it further.

About Us

Are you homeowner and facing foreclosure? Want to sell your house quickly? Get started right away and know your options to foreclosure. Please give us a call for free at 201-574-7199 for no obligation assessment of your situation. For more information visit www.stopforeclosure.co

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Suite # 157,Ramsey
NJ 07446

201-574-7199

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www.stopforeclosure.co