You Can File Bankruptcy and Keep Your Home – Tacoma Attorney David Yando

Jan. 20, 2011 - PRLog -- Many homeowners considering bankruptcy worry about losing their homes, but unknowingly take crucial missteps in their finances, according to David Yando, who has more than 30 years experience as an attorney in bankruptcy, real estate and taxation. His office is located in Tacoma, Washington.

“Homeowners who desperately need the debt protections afforded by Chapter 7, more often than not, delay their bankruptcy filing – waiting for another solution that never appears as their situation continues to deteriorate,” said the veteran attorney (http://www.yandolaw.com).  

“They make the common mistakes of refinancing their homes, tapping into their retirement funds, or selling their homes at a greatly reduced price,” Mr. Yando added. “These are not only unnecessary measures, but often foolish and end up wasting a person or couple’s nest egg.”

Why?

“The fact of the matter is, in most bankruptcy cases, the bankruptcy trustee will not liquidate your home to pay off creditor claims,” said the debt-solutions attorney. “In fact, under current bankruptcy law, most clients find that even if they have significant equity in their home, it is fully protected from liquidation by federal and Washington exemption laws.”

That’s timely counsel for the average consumer or business person regarding their mortgage from Mr. Yando. RealtyTrac predicts the number of bank repossessions, default notices and auctions will be worse in 2011 than in last year. In 2010, in excess of 1 million homes fell into foreclosure, and nearly 2 million other homes were considered in default, according to RealtyTrac.

But Mr. Yando offers more hope to such homeowners who fear foreclosure and delay filing bankruptcy, which often hurts their financial position.

“Your home equity, under federal exemptions is exempt up to $21,625, as long as your home is used as your primary residence,” he explained.

“If you represent half of a married couple, this amount is doubled, as both of you are allowed to claim this exemption in residential real estate,” said Mr. Yando. “If you have more equity than that, you can utilize your Washington state homestead exemption up to $125,000.00 in equity.”

You can read Mr. Yando’s full explanation at http://www.yandolaw.com/archives/270.

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Tacoma attorney David Yando helps businesses and people with debt relief and bankruptcy services. He has more than 30 years of hands on experience in planning and litigating debt relief matters. This includes bankruptcy, real estate and taxation.