The Mortgage Forgiveness Debt Relief Act became federal law in 2007. It allowed taxpayers to avoid income taxes on unpaid mortgage debt, including debt reduced through short sale, mortgage modification or foreclosure. The original Act had been extended through 2016, but it is unclear whether a Trump presidency or Republican-controlled Congress will seek to extend this homeowner protection. Today, U.S. Senator Debbie Stabenow (D-MI) introduced a bi-partisan bill to extend the

The option of Bankruptcy should be used as an investment in your future, not just to erase the past. Shopping around for the cheapest way to file may cost you more throughout your filing and after the bankruptcy has run its course. If creditors are not listed, you can still owe those debts. You can actually recover relief from creditors that are listed and contact you while you are in bankruptcy. There are several ways that a bankruptcy can work for you from increasing your c