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Show me the Love
Posted by Troy on March 25, 2008 at 7:51 AM
In Reply to: Misuse of BK posted by Tom on March 24, 2008 at 1:43 PM
Tom, in a real estate market where good people are experiencing a lot of pain your tone comes across pretty harsh. I'll stick to the facts:
1. Filing BK is a serious matter; so is losing your home
2. Filing BK is certainly a right Matt has
3. Regardless of how 'genuine' Matt is he may or may not have his BK case approved by the trustee
4. Filing BK will almost always provide an automatic stay on the foreclosure sale and give Matt a little more time to figure things out
5. Matt may get to keep his house house in the BK
6. If Matt is staring a foreclosure in the face, a BK is not going to do that much more harm on his credit report - practically speaking
7. Using a little strategy in exercing legal rights is a good thing ==== Troy
: I'm confused by your rambling, but I think I understand the dinstinction you're trying to make. I disagree with the distinction and the philosophy of a borrower taking BK with the sole purpose of obtaining a stay and then ask to withdraw the filing. One should only file a bankruptcy if they are going through with the whole process. Sure you sometimes see cases withdrawn but the red flag is attached to your credit record and the damage has already been done and I think unprofessional for anybody to suggest such. All the borrower has established is that he'll run to BK the first time finances get tight. I can't think of a scenario where I would lend to such a borrower until his credit score was outstanding for several years and they have proven that they can handle credit in a mature fashion. Bankruptcies are a very serious matter and the ramifications and costs of which the borrower will have to live with for years, so they should not be taken lightly for any borrower considering same.
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