Warning: Bankruptcy Will Not Get Your Finances Back On Track After A Columbus Short Sale

Columbus OH – We got an e-mail today with the subject line of “Bankruptcy will get your finances back on track.” People think that a bankruptcy will cleanse them of their debts. That is a myth. Let me explain why.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure. http://columbusohshortsaleadvisors.com/

Yes, it’s true, that a Chapter 7 Bankruptcy will release a debtor of all debts. The problem is that the bankruptcy laws were changed in 2005.

This law makes it much harder to file a Chapter 7 bankruptcy. Now the judges have to steer debtors towards a Chapter 13.  What does a Chapter 13 bankruptcy mean?

It means that a debtor will have to repay part (if not all) of their debts. In addition, the debtor has their finances managed by the bankruptcy trustee. And, the debtor has to pay that trustee!

If a person just stops paying their debts, then they can actually pay less money than they would with a Chapter 13 bankruptcy.  Fortunately the laws are written in your favor.

The debt collection process is tough. Most big companies don’t have the stomach to do the hard work of collecting money. That is why they farm that hard work out to a collection agency.

What does the collection agency do? They just call the debtor over and over again.  Very few collection agencies are going to do what is actually necessary to force the borrower to pay.
And that is to file a lawsuit. If they ever do file a lawsuit, the court system is so backed up that it is hard to get a judgment. And what good does a judgment do them?

Statistics show that only 20% of all judgments ever get collected.  Even if they attempt to garnish your wages, you can contest their garnishment.

You can stop paying your unwanted debts, ignore the debt collectors, and in 2-3 years be back on track.

At that time, you will be much better off versus a bankruptcy which stays on your credit for 7 years. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at robin.lemmons@kingthompson.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 614-741-2495.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. http://columbusohshortsaleadvisors.com/

Thinking about a loan modification? Our Columbus loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. http://columbusohshortsaleadvisors.com/

Thanks for reading this, Robin Lemmons.

Rick & Robin is a Real Estate Team at Coldwell Banker King Thompson.

Phone: 614-741-2495

Email: robin.lemmons@kingthompson.com

A Zest For The Best

View My homes for sale at www.rickandrobin.com.

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Important Notice

Rick & Robin Lemmons, Coldwell Banker King Thompson, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Robin's personal views and do not reflect the views of Coldwell Banker King Thompson.

This information on Warning: Bankruptcy Will Not Get Your Finances Back On Track After A Columbus Short Sale is provided as a courtesy to our viewers to help them make informed decisions.