Page 8 The Public Record • December 15, 2011
by Michael A. Cibik, Esq. American Bankruptcy Board Certified Question: Is bankruptcy the best way to save your home? Answer: You want to save your home. Which is the best way to stop a foreclosure, get caught up on your monthly payments, and save your home? Is it loan modification? A workout? Or a bankruptcy? A recent article, “The
Home Ownership Experience of Households in Bankruptcy” by Professor Sarah W. Carroll, of the University of Pennsylvania Law School and Wenli Li, of the Federal Reserve Bank of Philadelphia, provided the first in-depth analysis of the homeownership experience of home owners in Chapter 13. Its conclusions mirror what most bankruptcy attorneys’ personal experience has been: Chapter 13 is one of the most effective
We may experience heightened feelings of anger, resentment and bitterness toward family members, as painful memories face us head on this Christmas season. But Dr. Michael Barry has spent years conducting clinical research on the link between cancer and negative emotions. “Letting go of bitterness and feelings of unforgiveness at the holidays is one of the best things we can do for our bodies, minds and souls,” Barry says.
The constant stress hard feelings like bitterness, anger and resentment can cause makes our bodies produce stress hormones. These hormones, such as cortisol and adrenaline, raise blood pressure, heart rate and blood-sugar levels, and reduce the production of natural killer cells — the “foot soldiers” in the fight against diseases like cancer. Barry is director of pastoral care at the Cancer Treatment Centers of America in Philadelphia.
Humility Cures Cancer?
ways to let you save your home. First, the Chapter 13 filing was not always the solution: 28% of filers lost their houses in foreclosure despite filing for bankruptcy. This is typically a result of poor cash flow. If job loss, or illness, continues and there is not enough money coming into the household, the house will be lost regardless of filing bankruptcy or not. Many of the homeowners in this group will end up converting their cases to one under Chapter 7, so that they can wipe out any personal liability for the mortgage(s), as well as most of their other debts. However, when compared with homeowners who did not file, debtors who filed for bankruptcy were able to stay in their homes for, on average, 28 additional months, over two years. This figure includes those who ended up losing their homes. So, if you’re behind on mortgage payments, consider a Chapter 13. It may let you stay in your home a lot longer than other options. Next Week’s Question: How to miss out on discharging credit-card debt.
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