If you're thinking of filing bankruptcy, here are some things you might be tempted to do that might turn out to be a very bad idea.
Are you paying off credit cards with your retirement funds or home equity?
If you're paying off credit card balances using money you've taken from your retirement account or received from a home equity loan, you're entering dangerous (financial) territory. Let's take a look at this. (more…)
Can Filing Bankruptcy After a Foreclosure Sale Eliminate HELOC, HOA, and Credit Card Debt?
After a foreclosure sale, HELOC, HOA, and credit card (regardless of a foreclosure) debts are generally all unsecured (not secured by a lien on your property). Because of this, these debts can be discharged (eliminated) completely and quickly in a Chapter 7 bankruptcy, which would be the best choice if you qualify for it and if it's otherwise a good thing for you. (more…)
Foreclosed? You may still owe your second mortgage.
If you lost your home to foreclosure in California, you may still owe your second (and other) mortgages. (more…)