Livonia Michigan Bankruptcy - Michigan Bankruptcy Blog

Livonia Michigan Bankruptcy

Michigan Bankruptcy Blog

“R” is for Real Estate in Bankruptcy

In the early to mid 2000’s real estate was a solid investment.  The property values were always increasing where you could always tap into your home equity and in some cases even the future equity in your home.  Then came 2008, with the financial mess of Wall Street followed by the single most decline in real-estate values in your life time.   Today, most real estate listed in bankruptcy is under water, meaning you owe more on the real estate then it is worth. 

The first rule on real estate in bankruptcy is you have to list it.  If you have any interest in any real estate, it needs to be listed in your bankruptcy.  This includes times shares, redemptive rights in properties that have been foreclosed on, and real estate that family members have added your name to for estate planning purposes. 

Next, I often file bankruptcies for people who are behind on their mortgage payments for their real estate.  In bankruptcy, you can limit your liability on your real estate debt, or you can use a bankruptcy to cure a deficiency on your mortgage payments on your real estate.  If you own an investment property, we can even use a bankruptcy to lower the amount you owe on the property to current fair market value.

Everyone situation is different; however, real estate can plan an important part of any bankruptcy filing.  At your free consultation, we will discuss all real estate that you own and what your options are in bankruptcy. 

Peter Behrmann is a Livonia Bankruptcy Attorney.  From my Livonia, Michigan location, I represent clients throughout Metro Detroit and beyond, including Garden City, Wayne, Westland, Redford, Dearborn, Taylor, Ann Arbor, Belleville, Northville, Novi, Farmington, Farmington Hills, Plymouth, Canton, and the Counties of Wayne, Oakland, Livingston, and Washtenaw. My practice is limited to helping consumers like you file Chapter 7 and Chapter 13 Bankruptcy, and Foreclosure Prevention.

Photo Credit: Leo Reynolds

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6 Responses

  1. R is for Repossession | BankruptcyHI.com Says:

    […] For more R terms: Reaffirmation Agreements-Omaha and Lincoln, Nebraska Bankruptcy Attorney, Ryan D. Caldwell Redemption-New York Bankruptcy Lawyer, Jay S. Fleischman Retirement-Bay Area Bankruptcy Lawyer Cathy Moran Repossession-Colorado Springs Bankruptcy Lawyer Bob Doig Reaffirmation Agreement-Cleveland Bankruptcy Attorney, Bill Balena Reaffirmation-Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein Redemption-Metro Richmond Consumer and Bankruptcy Attorney, Mitchell Goldstein Rental vs. Continued Home Ownership-Philadelphia Suburban Bankruptcy Lawyer, Chris Carr Renting After Bankruptcy-Los Angeles Bankruptcy Attorney, Mark J. Markus Reaffirm, Redeem, or Retain & Pay?-Wisconsin Bankruptcy Lawyer, Bret Nason Reorganization (Chapter 13)-Northern California Bankruptcy Lawyer, Catherine Eranthe Reaffirming Your Mortgage-Allen Park, Michigan Bankruptcy Attorney, Christopher McAvoy Real Estate-Livonia, Michigan Bankruptcy Attorney, Peter Behrmann […]

    Posted on June 8th, 2012 at 8:57 pm

  2. Renting After Bankruptcy: Can it Be Done? | Los Angeles Bankruptcy Blog Says:

    […] Real Estate in Bankruptcy: Peter Behrmann […]

    Posted on June 10th, 2012 at 9:32 pm

  3. Bankruptcy A to Z - Reorganization (Chapter 13) | Marin Bankruptcy Lawyer Says:

    […] Real Estate by Livonia, Michigan Attorney, Peter Behrmann […]

    Posted on June 17th, 2012 at 2:51 am

  4. R is for Real Party in Interest Rule : Los Angeles Bankruptcy Law Monitor Says:

    […] Real Estate – Livonia Michigan bankruptcy attorney, Peter Berhmann […]

    Posted on December 17th, 2012 at 7:22 pm

  5. R is for Real Party in Interest Rule | Chapter 11 Bankruptcy Los Angeles California Says:

    […] Real Estate – Livonia Michigan bankruptcy attorney, Peter Berhmann […]

    Posted on December 17th, 2012 at 9:46 pm

  6. R is for Real Party in Interest Rule | Los Angeles Bankruptcy Law Monitor Says:

    […] Real Estate – Livonia Michigan bankruptcy attorney, Peter Berhmann […]

    Posted on February 25th, 2014 at 6:40 pm

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