Justin Harelik
Bankrate.com
Los Angeles, CA, United States
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Past articles by Justin:
My Social Security At Risk Over VA Loan?
Dear Bankruptcy Adviser, I have a Veterans Affairs-secured mortgage on my home. I have recently retired and am living on Social Security money. If I declare a Chapter 7 bankruptcy and walk away from my house, can Uncle Sam garnish any of my retirement income? I have no investments and am living on my Social Security and my wife's Supplemental Security Income disability money. We have no other… → Read More
Failed Chapter 13 Bankruptcy May Cost Home
Dear Bankruptcy Adviser, We are in foreclosure and trying to keep our home. My question is this: If we file a Chapter 13 bankruptcy and begin paying our mortgage again, what if we find the bankruptcy payments too difficult to pay? Can we convert to a Chapter 7 bankruptcy? If we do that, can they still foreclose if we continue making the current mortgage payments? -- Kim Dear Kim, I get this… → Read More
Filing Bankruptcy On Credit Cards
Dear Bankruptcy Adviser, I am retired and on Social Security. I also have a 401(k) worth about $60,000. I owe about $25,000 in credit card debt. I own nothing worth more than a 5-year-old car. Should I pay off my debt? I paid nothing for several years trying to keep my home. Or should I file for bankruptcy? Wouldn't my retirement money be seen as an asset and therefore be subject to seizure? --… → Read More
Which To File First: Divorce Or Bankruptcy?
Dear Bankruptcy Adviser, I am going to file for divorce from my husband in the coming weeks. I make the mortgage payments out of my bank account. He pays nothing on the mortgage. I am moving out and will not continue paying the mortgage. He says that he will let the house go into foreclosure because he says he cannot afford to pay the mortgage. Can I file bankruptcy before the house goes into… → Read More
Will Loan Modification Reaffirm Mortgage?
Dear Bankruptcy Adviser, My client recently filed bankruptcy and has since been offered a loan modification from his lender. As I understand, the mortgage company does not have a legal right to go after the client for the debt. But my question is: What happens if the borrower ever needs to transition out of the home if it is sold or transferred? If he agrees to the modification, is he still… → Read More
Removing Name From Authorized User Accounts
Dear Bankruptcy Adviser, I am an authorized user on my ex-husband's credit card. He is filing bankruptcy. I made charges on the credit card before the divorce. Can the credit card company attempt to collect the balance from me? Why is the card on my credit report if I am not the responsible party? Can I get the card deleted from my report? -- Lori JGI/Jamie Grill/Blend Images/Getty Images Dear… → Read More
Is My Money Safe After Foreclosure?
Dear Bankruptcy Adviser, If I own 2 homes and I let 1 of my mortgages go into foreclosure, can the bank levy my account for the delinquent debt? If so, should I file for bankruptcy on 1 house instead of allowing the bank to foreclose? -- Tammy Dear Tammy, You have 2 issues you need to address. First, will the lender sue you after the house is sold? Second, can the lender take money directly from… → Read More
Is A Trust Safe In Bankruptcy?
Dear Bankruptcy Adviser, I have debt as an individual. I also have a trust that has assets and no liabilities. My wife is the trustee. If I file bankruptcy as an individual, can they attach the assets of the trust? -- William Dear William, I bet your question will immediately anger and frustrate people who believe everyone should pay back all debt they voluntarily accumulate. I know you are just… → Read More
Can I Buy a Car After Filing Chapter 7?
Dear Bankruptcy Adviser, Can I buy a car after filing Chapter 7 bankruptcy but before the case is closed? I will be filing soon and I know I can't keep my current automobile, but I must have a car. -- Lenny Dear Lenny, In the past, I would say you definitely could not buy a car right after filing bankruptcy. Most auto lenders wanted to see the bankruptcy filer re-establish credit before… → Read More
How Do You Keep Your Car In Bankruptcy?
Dear Bankruptcy Adviser, I filed Chapter 7 bankruptcy but did not include my current car lease in it. My bankruptcy was discharged in February and I have continued to make my car payments, yet on my credit report the lender has listed the loan as part of my Chapter 7. When I called the lender, they said that's how it's done. Is that correct? Why am I paying them on time if it will not matter on… → Read More
Do My Debts Pass On To My Kids After Death?
Dear Bankruptcy Adviser, Will my kids be responsible for paying my debts after I die? -- Judy Dear Judy, Your children are not responsible for paying your debts after you die. That is the short answer. The reason this is an important topic is that you want to make sure creditors have no grounds to attempt to collect on your kids. * Co-signing: You may have your child on one of your credit cards,… → Read More
Get Lien Off Property After Bankruptcy
Dear Bankruptcy Adviser, When we went bankrupt, we had a loan to have a new roof put on. The contractor was a crook and scammed many people in our area. We put this loan in our bankruptcy. The bankruptcy case has since been closed. A year later, we noticed a lien had been attached to our property. It is still there, and it's causing havoc for us. What can we do? -- Carol Dear Carol, There are 2… → Read More
Responsible For Property Taxes If We Walk Away From Home?
Dear Bankruptcy Adviser, My husband and I are considering whether to walk away from our home. We filed bankruptcy 4 years ago and did not reaffirm the mortgage loan. Do we tell the bank, and are we responsible for property taxes and homeowners insurance? -- Peggy Dear Peggy, I am glad to hear you did not reaffirm the mortgage loan. Reaffirming the loan does not protect your credit from a future… → Read More
HOA Dues Still Due After Bankruptcy Filing?
Dear Bankruptcy Adviser, I filed bankruptcy in 2009. I have a condo with monthly homeowners association, or HOA, dues. The lender has still not foreclosed on the condo. I have not set foot on the property for more than 3 years. I have been told that I am responsible for the HOA dues and assessments that have accrued since I vacated the property. Is this really possible? Is there any suggestion… → Read More
How Does Divorce Affect Bankruptcy?
Dear Bankruptcy Adviser, I got divorced in July 2009 and signed my name off the deed and put it into my ex-wife's name. I filed Chapter 7 bankruptcy, which was discharged in March 2012, after the home was in her name. However, the mortgage is still in my name and was in the bankruptcy. What are my options? Is it smart to keep the loan as is, or should I reaffirm the loan? There is equity in the… → Read More
Can You Keep Your House In Chapter 13 Bankruptcy?
Dear Bankruptcy Adviser, If you own a home, can you file bankruptcy to avoid foreclosure? In other words, file and keep your home? -- Eileen Dear Eileen, Yes, you can. It's called Chapter 13 bankruptcy, also known as personal reorganization bankruptcy. This is different from Chapter 7 bankruptcy (liquidation bankruptcy). Each has different merits. In Chapter 7, you liquidate your assets,… → Read More
Reaffirm Car Loan After Bankruptcy?
Reaffirm car loan after bankruptcy? By Justin Harelik • Bankrate.com Dear Bankruptcy Adviser, I am filing Chapter 7. I have a car loan for a vehicle that is worth less than $15,000, and I have 1 year remaining with a balance of less than $5,000. My attorney recommends I not reaffirm. Do you agree, or is it better for me to reaffirm this debt? -- Stitch Dear Stitch, Your attorney gives good… → Read More
3 Ways To Lose A HELOC, Keep The House
Are you afraid of losing your home because you cant pay the mortgage and home equity line of credit? One of these options may help you to keep your property. → Read More
Can I File Bankruptcy Myself To Stop Garnishment?
Follow these specific steps to file for bankruptcy and stop a wage garnishment on your own. → Read More
Answers To 10 Tough Bankruptcy Questions
Whether youre in bankruptcy, recovering from a bankruptcy or thinking about filing, this FAQ has your questions covered. → Read More