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By Homes Long Beach | Broker in Long Beach, CA

Long Beach Short Sale vs Bankruptcy

Long Beach CA – According to data from the National Bankruptcy Research Center, US bankruptcies have reached a 5 year high. The last record was set in 2005. That record was set because bankruptcy laws were being tightened up and people wanted to file before the laws changed. (The big banks had convinced congress to make it harder for debtors to get relief.) Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The number of bankruptcies filed in 2010 reached 1,530,078. That was an increase of 8.7% over 2009. Even though the economy is starting to show signs of a recovery, people still need relief from debt. "The [2005] law was supposed to reduce filings, but we are very close to levels we were at then," said Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute. "The laws of economic gravity are more powerful than the laws passed by Congress." I can’t agree with him more. Here are a few tips if you are considering bankruptcy. Tip #1: Sometimes not filing bankruptcy at all is preferred to a Chapter 13 Bankruptcy filing. Let me explain why. A Chapter 13 is basically a repayment plan. Very few debts are wiped out. In addition, your whole financial life is placed in the hands of a bankruptcy trustee. They oversee all your finances so you can attempt to repay everyone. Contrast this with a Chapter 7 Bankruptcy where you can erase debts you can’t afford. Tip #2: When you interview bankruptcy lawyers, ask about their ratio between Chapter 7 filings and Chapter 13 filings. A good bankruptcy lawyer will be able to help you file Chapter 7 and avoid a Chapter 13 bankruptcy. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ramon@crumassociates.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 562-437-3700 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our Long Beach loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Ramón Crum. Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor: Phone: 562-437-3700. ramon@crumassociates.com. View My homes for sale at http://www.crumassociates.com. Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. , Short Sale Realtor. Long Beach CA Short Sales. Long Beach Realtor. Lakewood CA Short Sale. Seal Beach Realtor. Lakewood CA Realtor. Seal Beach Short Sale. Avoid Long Beach Foreclosure. Copyright 2011 Ramón Crum Inc. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Ramón Crum's personal views and do not reflect the views of Crum & Associates Residential Group. This information on US Bankruptcies just reached a 5 year high is provided as a courtesy to our viewers to help them make informed decisions.

Comments

By Drcav,  Sun Jan 30 2011, 06:54
What are the chances of getting a short sale or loan mod approved?
By Ramon Crum,  Mon Jan 31 2011, 17:51
It all depends on your finances. If you do not qualify for a loan mod, you will automatically be approved for a short sale. And you welcome to call me at 562-437-3700 if you have more questions.

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