ARMed And Dangerous? Don’t File For Bankruptcy
Just got a phone call from a couple thinking of filing Chapter 13 bankruptcy. However, their adjustable rate mortgage is about to adjust—most likely upward—within the next five to six months. They want to know how the Chapter 13 filing will affect their opportunity to refinance? In short, it's going to be ugly. It's always best to avoid filing bankruptcy, especially if you need to refinance any time soon.