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US Bankruptcies just reached a 5 year high

Northeast OH – According to data from the National Bankruptcy Research Center, US bankruptcies have reached a 5 year high.

The last record was set in 2005. That record was set because bankruptcy laws were being tightened up and people wanted to file before the laws changed.

(The big banks had convinced congress to . . . → Read More: US Bankruptcies just reached a 5 year high

6 ways to delay foreclosure in North Eastern Ohio Part One of Two

North Eastern Ohio Delay Foreclosure Method 1 – Bankruptcy is a kind of “ace in the hole” for delaying foreclosure. It happens in Federal court so it trumps any kind of local court action. It has even been used to stop a sheriff sale on the morning of the sheriff sale. Of course you should avoid living that dangerously. . . . → Read More: 6 ways to delay foreclosure in North Eastern Ohio Part One of Two

Will the forgiven money on a short sale be reported to the IRS as income?

One of the most common concerns that sellers have when we discuss working with them to do a short sale on their home is:

Will I be taxed on my the forgiven debt from my Ohio short sale? Call Andy with more questions or to get your home sold on a short sale. . . . → Read More: Will the forgiven money on a short sale be reported to the IRS as income?

Bankruptcy fails as foreclosure rescue – cleveland.com

I have written before about bankruptcy and it’s effects on foreclosure in other blog posts.  On cleveland.com I found an interesting article: Bankruptcy fails as foreclosure rescue.

Bankruptcy does have it’s uses in helping people dealing with foreclosure but practically speaking it will never be a foreclosure rescue.  However it has been an excellent . . . → Read More: Bankruptcy fails as foreclosure rescue – cleveland.com