A Chapter 11 bankruptcy may buy some time for commercial property owners facing a loan foreclosures, but it's not the best option for those who are hoping to hang on to their property. Why not? Chapter 11 was designed to help businesses continue to operate, but not necessarily to protect the interests of the borrower. Therefore, the best advice for troubled property owners is to do all they can to arrive at a workout option with their lenders.
Friday, October 9, 2009
Friday, September 25, 2009
Homestead Exemption
A Homestead Exemption helps home owners protect a portion of their home equity in the event of bankruptcy. If you aren't a current home owner, have some savings, and are facing bankruptcy, you may want to consult with your attorney to find out whether this exemption can work in your favor. It may be possible for you to invest your savings in a house and protect it from creditors.
First Time Home Buyers Credit is Ticking Away!!!
The first-time home buyers tax credit is nearing it end. If you wanted to take advantage of this credit, you would need to close on your purchase between now and Noveber 30th. It is estimated that up to 2 million first-time buyers are taking advantage of the $8000 tax credit this year-with 350,000 of those sales coming as a direct result of the credit.
There is a large push to expand and extend the credit, but we will have to wait and see.
There is a large push to expand and extend the credit, but we will have to wait and see.
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