What are my options for keeping my house?:
I have a freddie mac loan since 2008 and had 3 modifications. (First was to lower interest rate from 6%) 2nd and 3rd were due to a medical issue. Havent paid in about 5 years but am looking to stay here.
I am fully prepared to do whatever is necessary to keep the house, including chapter 13 100% payback over 5 years. But obviously, only as a last resort. Is there any other program or way of avoiding this?
Michael’s answer: If you are willing and able to pay the mortgage arrears back in 5 years, this is the best option. If you can get another modification that folds the arrears into the principal with a lower interest rate, that is also an option but after a series of modifications, it is not guaranteed you would get another one that would be advantageous.
Bankruptcy and wages: I am currently working in a NYC Restaurant where the wages have been delayed for around 4 weeks , it seems like owners are having financial problems . If they file for bankruptcy can we still fight for our unpaid wages ? Thanks in advance .
Michael’s answer: Yes, those wage obligations would presumably not be discharged, but your chances of actually being paid promptly are probably, or ever, may be less than excellent.
Bankruptcy Chapter 7 filing and possibility of losing insurance policy participation?:
Hello,
Will a NYC Chapter 7 Bankruptcy filed cause rental and car insurance policies to be dropped right away?
Will a new insurance company not offer coverage because of a bankruptcy filing?
Thanks in advance for any and all replies.
Michael’s answer: Filing chapter 7 bankruptcy should have zero impact on your rental and car insurance policies. As long as you keep them current, you should have no problem.