September, 2010:

How bad will a bankruptcy hurt my credit report?

First and foremost, bankruptcy should be your absolute last option. Oftentimes, an individual’s credit score has been so decimated leading up to a bankruptcy filing that it makes little difference.

While most derogatory information can stay on your credit report for seven years, a bankruptcy may remain for ten years. There are many alternatives that should be considered prior to filing.

If you are employed or otherwise have some income and assets, you may be much better off negotiating with your creditors. On the other hand, if you have very little income and no assets, there is not much that a creditor can do to you, aside from obtaining an unenforceable judgment against you.

There are many free services out there such as Legal Aid that may be able to provide you with professional legal advice to help you make the best decision given your particular circumstances. But beware of the many predator operations lurking out there on the internet that promise to make your financial problems simply go away. Most of these companies are scam operations that can leave your credit and your pocket book in far worse shape than before.


If the market is so slow, why is every property that I call about already under contract?

You must have good taste in real estate!  It is not so much that the market is slow, rather that values are simply soft. With all-time record low interest rates and attractive asking prices, competition amongst buyers and investors for good deals is very strong right now.  We regularly receive multiple offers within the first week on new listings. To take advantage of the best deals out there, you must know the market and then be able to move quickly.