What Information Do You Need to File Bankruptcy?

With the changes to the bankruptcy code, came a whole new list of information needed to file bankruptcy. It is much easier to file Chapter 7 bankruptcy than Chapter 13 and that is why there is so much proof needed to file. To qualify to file Chapter 7 a person will have to prove their annual household income and make sure it is below the state’s median household income. This is one area where a bankruptcy attorney is a huge help.

A person filing bankruptcy will be required to come up with their last six months paycheck stubs or proof of income if they are self-employed. They will need a copy of the last two years of taxes and up to two years of bank records depending on the situation. That is the documentation they will need to prove that they qualify to file Chapter 7 bankruptcy.

After qualifying to file Chapter 7, the individual will need to supply their bankruptcy attorney with an itemized list of all their property and the valuations. This list will include from living room furniture all the way down to the shoes in their closet. Although this sounds almost crazy, it could be itemized by groups. For example a person could list their clothes as valued at $500, kitchen appliances $1000 etc. The person needs to value their property based on the formula of replacement cost while taking into consideration the age and condition. Most of the time a bankruptcy attorney will tell the individual to give them swap meet prices. To be successful when filing for bankruptcy it’s best for the person to have the help of a bankruptcy attorney. The bankruptcy attorney will know the ins and outs of what’s expected to get a successful bankruptcy discharge.

After the changes to the bankruptcy code in 2005, it has now taken on a new complexity where most individuals should seek legal counsel to be successful when they file bankruptcy. It is still possible for an individual to file pro se, but it is not advised unless the person is willing to do a lot of research on the topic and fully prepare themselves. If someone has a minimal amount of property to protect, filing pro se in might be an option. For someone that has a large amount of unsecured debt and needs to use the bankruptcy exemption laws to the max, it’s best for that individual to hire a bankruptcy attorney. When considering the cost of hiring an attorney first is the amount of debt that is wiped out in the bankruptcy discharge, the cost is really quite minimal.

Sell House Now Tips and Information – Learn How to Sell a House Fast

It is now doubt the real real estate market will slow down during the holiday season. This is good for realtors and real estate investors who have been working very hard to help clients buy and sell houses but not so good for buyers and sellers.

If you are in the market to buy a house, December and January can be a good time to pick up some great deals on a house because there are not many buyers. It can also cause an issue for home buyers because the number of available homes typically is lower during the holidays as home sellers don’t want to move during this time.

The cold weather also has an affect on the real estate market. The colder it is outside the less home buyers are out shopping for a great new home and the less number of open houses real estate agents hold. In months when the weather is warm the number of houses for sale increases and so does the number of sold homes each month.

Does this mean you should wait to sell your house until Spring? Well, if you can wait it might be a good idea too, but many home owners need to sell their house now. The truth is life happens and there are many reasons a home you expected to stay in for seven to ten years suddenly becomes a home that you can only stay in for two or three years.

Home owners who need to sell their house fast typically have one of the following reasons: foreclosure, job transfer, divorce, relocation, family illness, short sale, etc. There are many reasons home owners need to sell a home but if you are experiencing any of the above stated issues you are more likely to need to sell quick.

The problem with needing to sell a home fast in the current real estate market is many home owners do not have much equity so selling a house can be very difficult. If you owe more for your home mortgage than what your home is worth it can seem impossible to sell your home. The truth is you still have home selling options. You can have a professional realtor or investor complete a short sale, lease option your home until the market increase or you can rent your house until the market increases and sell then.

It is important that if you are wanting to sell a house you discuss all your options with a real estate professional. Real estate can be a tricky thing to handel especially when you have an emotional attachment to the home. Discussion all your options with someone who is an expert and does not have an emotional attachment can help ease the process of selling a home.

Why There is a Rise in the Number of People Looking For Information on How to Avoid Foreclosures

For those of us who monitor trends in Internet searches, there has been an incontestable rise in the number of people looking for information on how to avoid foreclosures. To be sure, this is one topic on which information has always been highly sought. What has changed though, is that while searches for information on it used to be occasional (and by only so many people at a time), they have now become phenomenal; so that almost everybody seems to be looking for information on how to avoid foreclosures.

The people looking for information on how to avoid foreclosures can be seen as falling into two broad categories. In one category are those who are facing imminent foreclosures themselves. These are many, for the world is going through one of the worst economic crises ever. And in the second category are those who are not directly facing foreclosures, but who have friends and relatives in that particular – and often distressing – predicament. So they are looking for information on how to avoid foreclosures on behalf of those friends and relatives of theirs.

One question that is likely to come up in all this is as to why there is such a rise in the number of people looking for information on how to avoid foreclosures. To this question, only one major answer can be identified: tough economic times.

As alluded to earlier, there is no denying that the world economy is going through one of the roughest stretches it has had to go through in recent days. What is particularly distressing about the current tough stretch that the world is going through is that it is taking place so soon after a major boom: which many of us had come to assume would last forever.

During the boom, many people took up mortgages to buy what they considered comfortable homes. These were, in most cases, quite expensive homes – but many of us did not see the problem in taking up mortgages for them, for our economic outlook looked good. Things could only get better, or so we thought. It doesn't help matters, either, that the so-called sub-prime mortgage lenders were giving money to pretty much everybody who asked for it.

Then came the recession – and people who were previously comfortably repaying all their debts, including the mortgage (and being left with money to spare), suddenly find themselves struggling to continue meeting their obligations. This they do, when faced with job losses, of which we have experienced millions in the last one year. A job loss for most people servicing a mortgage translates to an imminent foreclosure – unless they can secure another job soon, which is proving to be a hard bet in this economy. So faced with a situation like this, many find themselves forced to go looking for the information on how to avoid foreclosure, as they try to sort out their finances.

Thankfully, the pundits tell us that the global economy is picking again. We are, however, yet to see whether this will translate to improved earnings for the masses, and fewer searches for information on how to avoid foreclosures.