Oh no...JoAnn's files for bankruptcy
Annie Deighnaugh
2 months ago
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rob333 (zone 7b)
2 months agonicole___
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Bankruptcy - Question for Landlords
Comments (6)Oh desperate, you finally got away from the elephant people and were on your way to some peace, now this? I'm sorry to hear it. :/ is it absolutely impossible to rent if you've filed? Not as far as I'm concerned. I always check credit reports. It's not uncommon to encounter applicants with credit issues or bankruptcy in their history. In recent years I've rented to 3 different tenants who had a bankruptcy. All proved to be exemplary tenants. But I did pay close attention to what happened, and why. Some people it's a result of just not being responsible, e.g. racking up loads of credit ala recent years when credit was handed out like candy. But also bad things happen to good people every day, job loss, illness, etc. Bypassing someone who has had problems, but shows they are able and willing to pay can mean a good tenant passed up. The fact that you pay diligently is a huge bonus to you, but there is a lot bigger picture here than just the rent. Just because someone who has filed can rent a place doesn't mean everything is rosy. It's not a magic eraser with no strings attached, there are strings. I hear about them a lot when discussing these things with applicants. Once someone has filed, and they are in a position to start rebuilding their credit score, there always seem to be more hurdles to overcome. Such as higher interest rates on mortgages or loans or credit accounts (once the time period has elapsed where someone is willing to offer credit again). Even things like higher deposits for services (cable tv, utilities or cell carrier contracts). That bankruptcy has to be explained at every turn and crossroad that involves finances, and there are penalties or premiums for it. Most every forward move of a financial nature is impacted. For a long time to come. I'd encourage you to look into every other possible resolution before filing. I get that you're in a weird situation because it's family. But would really urge you to try to get a couple additional professional opinions. (Financial advisor at a bank, an accountant, maybe an attorney in general law practice.) If the attorney you already spoke to has an ad on the back of the local TV guide every week, then yes, filing is what they are going to suggest you do, because as mentioned, that's probably all they do, and advising you otherwise is lost income for them. Five years from now you might be in a position to buy a home and the filing will be the one hindrance stopping you, and making you wait years longer. You're just getting started in life, you've worked hard to get where you are. Graduation will be here before you know it! It would be a shame to see your options so narrowed when so many possibilities will be on the horizon for you. It's kind of like having your wings clipped right when you're ready to spread them & soar. Can you take a little time to check it out further?...See MoreBankruptcy was the right answer for my family
Comments (22)Do I smell a religious discussion lurking in the wings? I had my post scratched, here, when I commented on the "God helps those who help themselves" quotation above. Plus admin sent me a warning to behave myself. I understood that religion and politics were not permitted on the Kitchen Table, but haven't seen in the Terms of Service that it was unacceptable elsewhere. As many of you know, I have spoken often here in opposition to the 15 - 18% rates of interest on major credit cards and the 25 - 28% charged by store-issued cards. When we sign (or, by our action agree to) contracts, it's important that we understand the terms. But many people don't bother ... many just ask how much they must pay as minimum monthly payment. Which means that, if they follow that procedure, they'll still owe part of that debt in 10 years or so. Along with a number of others, I've said for years, and done some lobbying along the line of trying to get implemented, that children should be taught more about the management of daily living, including money management, in school - but in most places it's very little done. As a parent, it seems to me important that I teach my children how money works, and how to take care that they not get into trouble in its use. I've done quite a lot of talking here relateed to the need for people to learn increasingly how to manage both their income and assets effectively. Taking on some of these credit card contracts grows to be more or less like flushing a $50. bill down the toilet ... ... every week. Stupid ... and hardly any of them would take on such a contract, if the terms were fully explained to them. I am distressed by the OP's reference to being able to keep not only cars ... but "houses", as well. I lived for a number of years where people, many of them refugees who'd left their home with nothing, had to save for years to afford a bicycle. Plus devise methods of countering rather high rates of inflation which chewed value annually from each of their units of currency while they did so. That's a treadmill, for sure. I am troubled by the lackadaisical attitude that some (many?) of our contemporaries seem to take regarding discharging obligations which they have undertaken: no one forced them into it. If my kid runs down an icy hill with leather shoes ... s/he shouldn't be surprised if s/he falls on her/his patoot. When we get to be adults ... we should act responsibly. When we make a contract, we should make a serious effort to fulfill our obligations in it. ole joyful...See MoreBankruptcy Mess Continues
Comments (14)Yes, feedingfrenzy, we toy with that possibility almost daily. Frankly, our largest worry is that if we do move in & then, down the road, everything goes wrong...well, DH is an attorney & we're concerned he may lose his license to practice law. He's also executive management at a financial institution & sits on one of the agencies' Advisory Boards. Being a part of something like that it would make the papers & would likely cost him his job...4 years from retirement. :( Our local counsel says, "If it were me I'd move in. But, I'll NOT advise YOU to move in!" rofl (D@mn attorneys...aren't good for anything!) But, we continue to plan & plot! lol /tricia...See Moreland contract or bankruptcy
Comments (9)"I've always heard it called "holding the mortgage."" Not exactly the same. In many cases no mortgage is recorded, and sometimes not even the land contract itself. The seller remains the titled owner of the property. When the agreed upon payments are made the seller THEN executes a deed to transfer the property. One of the risks as a land contract buyer is that the seller may not be able to convey clear title. There are numerous ways the title could become encumbered, from court judgments, liens, to the IRS. These encumbrances would have to be removed by the seller to convey clear title, if they have the money to clear them. As a buyer you could fulfill your side of the bargain, but end up not getting clear title. I have actually held mortgages for buyers a couple times. The deed of trust (Virginia is a trust deed state) along with the note are recorded. The only thing I have to do as trustee is re-convey the property when the note is satisfied. If there are any other encumbrances at that point, they are the owners, not mine since all I had was a trust deed. I could no longer encumber the property except as the trustee under the terms of the trust....See Morefaftris
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Annie DeighnaughOriginal Author