As Some Real Estate Markets in the US Recover, Investors Drive Home Prices Up

18 May 2012 by admin  |  Foreclosure Issues, Real Estate, Short Sale, Uncategorized  |  No Comments

Real-estate markets in the US have started to recover from their collapse several years ago. Arizona’s housing market has undergone one of the fastest recoveries in the nation, but unfortunately, that doesn’t mean good news for potential home buyers. Bargains are hard to find anymore. Real-estate investors have already bought the houses at low prices and are now increasing them. One such real estate investor, Tucson firefighter Keith Kubberley explains that “homes that would have sat on the market a couple of years ago are now getting multiple offers.” According to an article by Ted Robbins of NPR.org, “Phoenix-area median home prices rose 20 percent over the past year.”

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After a Long Struggle to Keep the Coyotes in Phoenix, the NHL May Finally Announce Agreement to Sell Tonight at Playoff Game

7 May 2012 by admin  |  Bankruptcy Process, Chapter 11 Bankruptcy, Filing for Bankruptcy, General Bankruptcy, National News  |  No Comments

The Phoenix Coyotes moved from Winnipeg where the team played as the Winnipeg Jets. It is said that the team has built up several hundred millions of dollars in debt since the move. The NHL secretly took over control of the team on November 14, 2008 after firing CEO, Jeff Shumway. At the time, it was reported that the Coyotes had lost $73 million in the past three years, including $54 million in 2008 alone. On December 23, 2008, the team pledged all of their assets to SOF Investments LP, a New York Company, to cover a projected debt of $80 million.

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How Will Potential Homebuyers Know When it is Safe to Buy a Home?

4 May 2012 by admin  |  Bankruptcy Process, General Bankruptcy, Short Sale  |  No Comments

Though Arizona’s housing market is recovering faster than most states in the nation, prices for homes are still high and inflation remains to be a concern for most potential homebuyers. Houses are like any other functional consumer good, and their prices are affected by short-term supply and demand as well as long-term inflation.

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Octomom Files for Bankruptcy

2 May 2012 by admin  |  Bankruptcy Process, Chapter 7 Bankruptcy, Filing for Bankruptcy, Foreclosure Issues, General Bankruptcy, National News, Unemployment  |  No Comments

Nadya Suleman, known by many as the “Octomom,” filed for Chapter 7 bankruptcy in California on Monday. She admitted that she has accumulated over $1 million in debt, owing money to the city’s water department, Sylvan Learning Center, Whittier Christian School, and her father. A court-appointed trustee will liquidate her assets, estimated at $50,000, before she is discharged from the remainder of her debt. At the time of her filing, Suleman owed 20 times more than her total net worth.

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Time Is Running Out to Escape Distressed Property

19 April 2012 by admin  |  Bankruptcy Process, Distressed Real Estate, Foreclosure Issues, Short Sale, Tax Liability  |  No Comments

It can be surprising to learn that after debts owed to a bank or individual are canceled, income taxes can still remain. This issue comes up frequently in connection with escaping distressed real estate. Following a foreclosure or short sale, it is not uncommon for a bank to issue a 1099 to the borrower and the IRS indicating the amount of debt canceled. The amount of debt cancelled may result in significant tax liability.

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Pitfalls in Escaping Distressed Real Estate in Arizona

17 April 2012 by admin  |  Bankruptcy Process, Distressed Real Estate, Foreclosure Issues, Short Sale  |  No Comments

Since the real estate market began to decline in 2006, followed by its dramatic crash in 2007, I have counseled many hundreds of individuals needing to escape distressed or underwater properties. There are several common elements in the concerns of those homeowners. Some have wanted to attempt a short sale, others preferring to simply allow foreclosure to occur. Over the past few years I have become increasingly convinced that most owners’ concerns are based on three crucial questions which must be answered when determining whether or not it’s possible, or even advisable, to attempt to dispose of a distressed property.

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Dodgers Sell for Over $2Billion in Bankruptcy Auction

30 March 2012 by admin  |  Bankruptcy Process, Debt Collection Issues, General Bankruptcy, National News  |  No Comments

Baseball team owner, Frank McCourt must be having his best week in months. He was able to sell the Los Angeles Dodgers to a group of investors, including NBA Hall of Famer, Magic Johnson for $2.15 billion. Sources say that McCourt was originally hoping for at least $1.5 billion. He is likely glad that he passed on the previous bids offered since the Dodgers were first put on sale last November.

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A Cram-Down Can Help You Keep Your Car in AZ

27 March 2012 by admin  |  Bankruptcy Process, Chapter 13 Bankruptcy, Debt Negotiation, Filing for Bankruptcy, General Bankruptcy  |  No Comments

In my past few blogs, I’ve discussed the benefits of Chapter 13 bankruptcies. In my last blog, I referenced a major tool used to help you keep your home, the lien strip. But did you know that there is also a mechanism to help you keep your car as well? When you file for bankruptcy under Chapter 13, you can reduce the amount you pay on your car and reduce the interest rate through a process known as a “cram-down.” A Chapter 13 bankruptcy does not require you to pay the loaned amount of your vehicle, just its fair market value. As an example, if you purchased a car 3 years ago, and you owe a total of $20,000, but it’s currently only valued at $10,000, a cram-down you would allow you to pay $10,000 over the life of your Chapter 13 bankruptcy. This could be the solution that allows you to keep your car!

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Arizona Lien Strips Can Strip You of a 2nd Mortgage

23 March 2012 by admin  |  Bankruptcy Process, Chapter 13 Bankruptcy, Filing for Bankruptcy, Foreclosure Issues, General Bankruptcy  |  No Comments

A benefit of fling a Chapter 13 is that it comes with the ability to strip a 2nd mortgage or home equity line of credit. If you are “upside down” on your home (meaning that you owe more on home loans than what your home is worth), a lien strip could be the most powerful tool to protect you from creditors. Since the recession began, millions of Americans found the value of their homes decrease in value and now owe more than the appraised value of their home. And if you are a homeowner with a second mortgage, owing more than your home is worth can be a major financial burden.

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The Many Benefits of Chapter 13 Bankruptcy in Arizona

21 March 2012 by admin  |  Bankruptcy Process, Chapter 13 Bankruptcy, General Bankruptcy  |  No Comments

Often times, when people consider filing for bankruptcy, they think they’ve reached their worst case scenario. However, in reality people have many options when filing for bankruptcy. The length of the bankruptcy as well as the amount written off can vary according to what chapter you file. The benefits of filing a Chapter 13 are so numerous that it becomes difficult to list and explain them in just one blog post. The next few blogs are devoted to highlighting some of the benefits and resources in a Chapter 13 to outline the options available to you if you are considering filing bankruptcy in Arizona.

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