Bankruptcy practices brace for European defaults Thomson Reuters News & Insight
NEW YORK, Aug 16 (Reuters) - What's the outlook for bankruptcy practices in a schizophrenic economy?
Jay Goffman, 53, is the global head of corporate restructuring at Skadden, Arps, Slate, Meagher & Flom and oversees one of the country's most active bankruptcy practices. He also pioneered the use of the prepackaged bankruptcy plan, which links distressed companies with investors as a way to avoid bankruptcy court. The strategy can shave years off a reorganization. Last year, for example, Goffman ushered Metro-Goldwyn Mayer through a Chapter 11 bankruptcy in a record-setting 29 days using a "prepack."
Reuters asked Goffman to talk about how law firms are positioning themselves to deal with erratic markets. His responses were edited for brevity and clarity.
Reuters: The economy is so unpredictable right now. Do you expect bankruptcy practices at big firms like yours to get busier in the coming months?
How To Refinance Home After Bankruptcy
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How long after a discharged Chapter 7 bankruptcy can I refinance?
Hi,
The 2-year ARM on my home mortgage (two mortgages) expires August 2008 (home purchased August 2006). However, I filed a Chapter 7 bankruptcy in 2007 (discharged in July 2007). Will I be able to refinance this year? I've heard that Ch. 7's are different from Ch. 13's in terms of the refinancing waiting time.
1 day if u have reestablished good credit, and have the equity, figure you will be lucky to get 69% of the loan to value, and if you dont have reestablished great credit in excess of 720 scores dont bother because it isnt going to happen for u
How soon can you refinance after bankruptcy?
What if your home is worth $700k and you have a $200k HELOC plus $423k mortgage?
Better idea just to sell or short sale? Payments total are $4818/mo and we make around $72k a year. I was thinking of a refi just to keep the house for about 3 years, then after rebulding our credit, sell it and down size.
There are loans you can get just one day after a bankruptcy has been discharged. However, to obtain a loan for 89% of your home's value you'd have to have a very strong credit score and the interest rate will stink. If 72K is your net income and you're okay living off of $1,100 per month after you pay the mortgage, then you're okay. If the home is truly worth 700K, I would sell. You shouldn't have to do a short-sale if the house is worth what you stated.
Can you refinance your house if you have filed bankruptcy?
Just curious...I dont know if there are different bankruptcy laws for each state but I live in alabama...Just curious if we can refinance and if so what all do we have to do to refinance because we are in bankruptcy
in PA & NJ you can, so long as you're not in forclosure. Just get ready for crap loads of paper work, as your broker may need your help getting some of the documents you need
What would happen if Countrywide files bankruptcy in the middle of our refinance?
We have our 1st mortgage w/them and are about to refinance at a better rate in the next 30 days. Rumors are going around they are about to declare bankruptcy.
OK...from someone who has had the bad luck of working for 2 lenders this year who have filed BK......NO...they will not continue to fund loans DURING this process. They MAY restructure, but will not, and can not fund on deals during a restructure.
And although the servicing division will be retained, the lending division would be gone. Bye bye. No more.
NOW...on another note...I dont think they will be filing BK...just my opinion and I pray I am not wrong cause I am banking on them pulling out!!
You can also find what you are looking for at another lender so dont worry.
Good luck!
but good to know since my moms mortgage is due to reset end of this year..
How long after bankruptcy shall I wait to apply to refinance my mortgage?
I filed for bankruptcy in 2004 and I have been paying on it for so long now that I have a chance to pay it on out. I have about a year left to go if I don't pay it on out. I want to refinance my house. If I pay my bankruptcy and my case is discharged, how long shall I wait before applying for a loan to refinance my home?
You can refi once it has been discharged since you are more than 24 months out from your filing date. You will need proof that the BK has been discharged. Once you have this, you can get what is called an Expanded Approval Loan. Lots of the big mortgage company's offer this product (Countrywide, Beneficial, GMAC...). A lot of whether you qualify for this loan will depend on whether or not you have had any deliquency or derogatory credit since your filing date. If you have paid everything on time since 04, the you are probably good to refi as soon as you get the discharge papers. If you have had credit issues since then, the it will probably take an additional 12-24 months after discharge to get a refi.
Good Luck!
http://best-loans.awardspace.com/Bankruptcy.htm
In fact one of the best ways to improve your credit rating is to refinance your home mortgage, this-->will help to improve your credit history in a number of different ways.
Are there any mortgage companies that would be willing to refinance to someone that has filed bankruptcy?
I have filed bankruptcy in the last year and dont have the best credit but i need to refinance so i dont lose my home. Does anyone know of any companies out there that will work with me?
national city mortgage will, when your 2 years or more out of the b....word...
if you go elsewhere your rate will be over 8%
Also, do you "due diligence" on any company that makes you an offer from any forum such as this one. Always check with the BBB and do a web search to check out a company that is not a household name to you.
Just don't let any scammers trick you into a questionable deal. If it sounds too good to be true, it probably is.
When should I refinance or get a bankruptcy buyout loan?
I have been in chapter 13 since Jan of 2007 (mortgage included) and am having a terrible time with my finances. I have 5 children and a vehicle that needs fixed and can't afford to barely breath right now (same old story, right?). I am wondering if I refinance now can I file the secured debt under chapter 7? I also need some understanding between my claimed amount and scheduled amount under my chapter 13. My lawyer is very unprofessional and uncaring and I'm too broke to get a new one.
Be careful! Make sure you seek help from a trusted expert in the bankruptcy field. You don't want to make a mistake that can harm your credit for years to come. Try visting a bankruptcy lawyer to make sure you do the right thing. http://www.bankruptcylawyersite.com
Would it be good to refinance car loan when the current loan is reported as Included in Bankruptcy wrongly?
I've got a car loan that was kept through my bankruptcy and I've been paying on for approx two years since now and just realized they reported it as part of my bankruptcy and they will not change(included is said because it was written about in the papers even though it was reaffirmed). I'm trying to now fix my credit up some and would like to know if it will help or even effect at all my credit to refinance it now?
I went through this same thing back in 2001 and Ford was not reporting my account, all it took was a simple phone call and they updated the information on the bureaus.
If your lender will not do this, you will have to have proof that you have been making the payments to be approved for a refinance loan.
If you do get refinanced, it will help your credit as long as your lender reports to the credit bureaus.
Should I refinance or file for bankruptcy?
My credit is poor so, if I refinance I will be paying a very high interest rate but, if my credit is already bad anyway should I just file for bankruptcy?
Refinance if you have to and can afford the payments. In three years, if you keep your nose clean and make all payments on time, you can refinance again with a much better credit report, therefore a much better interest rate. If you file for bankruptcy, it will be on your report for seven to ten years, and you are still going to be paying a high interest rate. Bankruptcy should always be the last resort.
I want to refinance my two year fixed mortgage. I'm in a Chapter 13 bankruptcy. Any good companies for this?
I have been with the same mortgage company for almost four years. I started with an adjustable mortgage. After two years the rates and payments shot up. I modified with them to a two year fixed. This expires in August. Last November, I filed a Chapter 13 bankruptcy, which includes the mortgage. My attorney says to either work on another modification with the company I have, or to seek out a refinance somewhere else. Has anyone out there been in similar situations? What did you do? Any recommendations on a good company to go with?
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