Posts Tagged ‘Bankruptcy Lawyer in Tempe’

What Happens to Condos After Bankruptcy?

Monday, October 10th, 2011

Bankruptcy is a status a person takes when he or she is not able to repay the debts that are owed. The decision to file bankruptcy can be a difficult one to make. Sometimes it means facing that you cannot pay what you owe to the bank or creditors. Even after filing bankruptcy, dealing with condos can be a huge hassle that no one expected. In your bankruptcy claim, you can state that you want to turn to condo over to the lender to satisfy the mortgage claim.

Often times, the lender does not do anything in response to this. The lender does not raise any objections in the deal and he or she does not get in touch with your attorney about it. In the papers, you stated that you wanted to turn the condo over to the lender. In many states, the lender must first accept this real estate transfer. If they do not accept the condo or property, than it is still left in your possession, along with the fees that come with it. That is where the problem comes in. You are left with to take care of tasks and responsibilities that come with the condo.

In some cases, you can’t find anyone to rent or buy the condo so it sits there collecting dust. If this happens to you, you can go through the court system to try to force the lender to take the condo, release it back to you or give it to the condo association. Even though this is an option, this does not ensure that the judge will rule in your favor or allow it to be given to the association. While this is going on, the condo is building up fees.Fortunately, one option is to allow the condo association rent it out and put the money towards the dues that have been accrued. This is not a good situation because you are left feeling helpless in the hands of the court system. No one wants to feel this way.

If this happens, you should contact a lawyer as soon as possible. A lawyer knows the laws and procedures that need to be abided by when dealing with this type of case. Rosenstein Law Group is one of these. Their experienced staff knows your struggles, and they are ready and waiting to help you find a solution. Their answers are straightforward, and their solutions are effective. At Rosenstein Law Group, they have people waiting 24 hours a day, every day to take your phone call. Their number is 480-248-7666. They are knowledgeable, skilled, and waiting for you to call so that they may help you through this time of hardship and back on the path to prosperity.

Bankruptcy Is Not Just for the Broke

Friday, October 7th, 2011

When you think of filing bankruptcy, you typically think of someone who has hit rock bottom. Although this is the case sometimes, it is not always true. Bankruptcy is something filed when you can’t pay the bills or debts by the time that they are due. This is known as insolvency. Even if you don’t fall into this category, bankruptcy may still be able to help you.

Once you file bankruptcy, the initial thing that happens is that debt collections are stopped. This first step may be all you need to catch up on that bill you are a few weeks behind on or to help you catch your breath. This is filing a Chapter 13 bankruptcy case. There are a few reasons why this is appealing. If there are multiple deeds of trust that have been taken out on your house and the value has depreciated since the first deed, you can treat the subsequent claims as unsecured.

A deed of trust is a legal document that allows a real estate property to be passed on to a trustee. This is held as collateral in a loan transaction between a lender and someone taking out a loan. In this case, you would only have to reimburse the bank what you can pay out of pocket as opposed to paying the entire loan back. This allows you to keep the house. Another reason that this is appealing is if you have a tax related bill that cannot be paid within 12 months.

Filing bankruptcy will allow you to make payments over the course of five years as opposed to just one. In an ideal case, this may even help make a portion of the debt disappear. Another way that filing bankruptcy can help is that is gives you time. Sometimes people find themselves behind in house payments and are facing foreclosure. If you are in this situation and you choose to file bankruptcy, it gives you the chance to pay low payments over the course of five years until you catch up on the payments. This is a good option because you are able to plan financially without having the stress of the debt weighing over your head.

Rosenstein Law Group is one of these. Their experienced staff knows your struggles, and they are ready and waiting to help you find a solution. Their answers are straightforward, and their solutions are effective. At Rosenstein Law Group, they have people waiting 24 hours a day, every day to take your phone call. Their number is 480-248-7666. They are knowledgeable, skilled, and waiting for you to call so that they may help you through this time of hardship and back on the path to prosperity.