One of the best sources of intelligent information on bankruptcy and related topics is a blog by a bunch of law professors called Credit Slips, “A Discussion on Credit, Finance and Bankruptcy.” (Well, OK, it can get a little heady, but they’re professors, after all.)
The last minute pull back from the fiscal cliff had some good news for homeowners who are currently short selling or planning to short sell their house. As part of the tax package, Congress extended the Homeowners Mortgage Debt Relief Act for one year.
Actually under certain circumstances you can, but you will have to file bankruptcy to do it. According to 11 U.S.C. Sec. 547(a), a bankruptcy trustee may recover any payment made by a debtor prior to a bankruptcy case’s filing, when it is shown that the payments were made.
No. A living trust is for financial affairs. A living will is for medical affairs; it lets others know how you feel about life support in case of terminal illness. However, a living will is limited because it deals only with very specific terminal situations and in most cases, it is not legally enforceable.