It’s April 18.

Typically, the date doesn’t strike fear in the hearts of ordinary Americans. Today is different, however, because it (not April 15) is the deadline to file individual tax returns.

And for many, 2010 could have been financially difficult, including defaulting on a mortgage loan and losing a home to foreclosure and/or short sale.

The good news is that the  Mortgage Debt Relief Act, passed in 2007 and expiring in 2012, protects most distressed homeowners from being responsible for additional liabilities.

Most, but not all.

CNN.com lays out the exceptions to the rule. Read about them after the jump:

1. You did a cash-out refinance and splurged
2. You have a home-equity line of credit
3. You lost your vacation home or investment property
4. You owned a multimillion-dollar home

Even if you do fall under one of the categories mentioned above, you may still “have a way out.”

Your best bet is to contact a tax professional and discuss your situation with him or her to determine the best course of action.

Foreclosure.com deals with all forms of distressed real estate, which includes bankruptcy home loans and houses.

Bankruptcy filings, especially those that fall under Chapter 7 of the bankruptcy code, can sometimes include real estate for sale if it is not exempt. An individual will file for bankruptcy if he or she is unable to pay his or her debts with creditors and a judge will liquidate his or her assets (possibly) to pay them off.

Being in the business we are in, Foreclosure.com has access to a lot of bankruptcy-related information throughout the nation. We decided to take a quick look back over the last six months and see which states possessed the most bankruptcy filings.

Here are the top 10:

1. California (60,147)
2. Florida (30,202)
3. Ohio (21,324)
4. Georgia (20,510)
5. Illinois (20,242)
6. Michigan (19,761)
7. Texas (17,041)
8. Indiana (13,101)
9. Tennessee (12,102)
10. New York (11,991)

And the top 10 bankruptcy cities in the U.S.:

1. Las Vegas, Nevada (4,257)
2. Chicago, Illinois (3,309)
3. Memphis, Tennessee (2,315)
4. Miami, Florida (2,143)
5. Los Angeles, California (2,140)
6. Indianapolis, Indiana (2,128)
7. Phoenix, Arizona (2,105)
8. Orlando, Florida (1,754)
9. St. Louis, Missouri (1,750)
10. Columbus, Ohio (1,695)

State/city sizes (California is the largest), economies (Las Vegas has lost major tourism revenue), plummeting property values (Florida has two major cities in the top 10, and another, Jacksonville, is #11) and other factors all contributed to the final totals.

But there are other not-so scientific similarities when it comes to bankruptcies like first names and ages.

Top 10 names of those who file for bankruptcy:

1. Michael (7,127)
2. Robert (5,968)
3. James (5,968)
4. John (5,562)
5. David (5,537)
6. William (4,063)
7. Mary (3,735)
8. Richard (3,536)
9. Maria (3,219)
10. Patricia (2,993)

And the top age ranges:

1. 45 to 54 (136,073)
2. 35 to 44 (112,645)
3. 55 to 64 (66,537)
4. 25-34 (46,344)
5. 65 to 74 (25,351)
6. Older than 75 (9,228)
7. 18 to 24 (4,104)

To check out bankruptcy homes for sale near you listed on Foreclosure.com click here.

Easy come, easy go.

The big spending Teresa Giudice, who stars on “The Real Housewives of New Jersey” reality show, will be forced to auction off many of her worldly possessions as part of a bankruptcy filing, according to People.com.

Televisions, sofas, chairs, chandeliers, as well as a boat and jet ski — even a suit of armor — are scheduled to hit the block at their Towaco, N.J., mansion on Aug., 22, 2010, at 12 p.m. ET. To check out a complete list of available items click here.

Giudice, who was looking for a “fresh start” after claiming a downturn in the economy crippled the family finances, is currently appealing the bankruptcy auction.

From her attorney, Jim Kridel:

“Obviously we have objections to what they’re trying to do…. I don’t think Teresa is happy seeing all her belongings displayed on the Internet. Clearly they are under the microscope because they are famous.”

If the auction goes off as planned, interested bidders are required to present a $300 refundable deposit at the time of registration. In addition to their possessions, the six-bedroom, five-bathroom “rococo chateau” is for sale for a little less than $4 million.

It’s no secret that foreclosures often offer buyers and investors significant discounts on home purchases.

Today, the brainiacs at Massachusetts Institute of Technology (MIT) and Harvard proved it with 12 years of research, revealing that “foreclosure reduces the value of a house by an average of 27 percent.”

MIT economist and study author, Parag Pathak, was surprised with the “large” finding.

Here’s a snip:

“It’s not surprising that there is a discount due to foreclosure. But it is surprising that it’s so large.”

Probate homes, which are those sold after the death of an owner, save buyers about 5 to 7 percent on average. Bankruptcy homes, meanwhile, reduce prices by about 3 percent.

Keep in mind that these are all averages, meaning that you can likely score even greater deals with a quick search on Foreclosure.com.

But we doubt that you would mind nearly a 30 percent discount (at the very least) on your next home purchase.

For more on background on Baldwin’s bankruptcy and potential foreclosure action click here. To learn more about “The Restoration of Stephen Baldwin” click here.

(Tip via Zillow.com)

CNNMoney.com passes along some great information via Fair Isaac, which is the brains behind the all-important FICO scores.

Here’s a breakdown of how being late on your mortgage, or not paying it altogether, impacts your credit score (in negative points):

• 30 days late: 40 to 110 points
• 90 days late: 70 to 135 points
• Foreclosure, short sale or deed-in-lieu: 85 to 160 points
• Bankruptcy: 130 to 240 points

For all the calculations and hypothetical number-crunching that went in to arriving at the numbers above we suggest that you check out the original article right here.

However, keep in mind that no two borrowers are alike — the same delinquencies can and do affect credit scores differently.

Maxine Sweet from Experian explains:

“If you picture someone who has just one mortgage and one other credit account versus a mature credit user like me with 15 accounts, if they miss one payment that would impact their scores a lot more. For me, one missed payment would just be a blip.”

The moral of the entire article is to “cut your losses quickly” and to “not worry about your credit score.”

Easier said than done, but perhaps words of wisdom when facing a seemingly insurmountable financial crisis.

For more information on this topic and more remember to check out the Foreclosure.com Credit Center right here.

It’s perhaps the end of an era for the historic “Tavern on the Green,” which has operated in New York City’s Central Park for more than 75 years.

On New Year’s Eve (Dec. 31, 2009), the current owners — who are $8 million in debt and have declared bankruptcy — will serve their final suppers before handing the keys over to a new owner, Dean Poll, in 2010 and beyond. Poll was awarded a 20-year lease on the establishment earlier this year after promising to pump more than $25 million in renovations into the 27,000 square-foot landmark.

However, Poll may not have the intellectual rights to use the “Tavern on the Green” moniker, which is valued at about $19 million. In fact, a federal judge will rule on the issue next month to determine if it belongs to the LeRoy family (the current owners who have declared bankruptcy), according to the Associated Press.

In addition to the name, “everything that fills the current restaurant will be for sale starting Jan. 13, at a Guernsey’s auction,” including a century-old chandelier made of green glass, Tiffany stained glass, a mural depicting Central Park and “other over-the-top decor that has bewitched visitors for decades.”

Same name or not, the new Tavern on the Green (or Tavern on the Park if the name is off limits) will be completely different.

It will incorporate:

” … green building technology while a conservatory-style dining space will complement the original Victorian architecture. Poll also plans an outdoor cafe, bicycle racks and new public restrooms.”

Tavern on the Green was established in 1934. It is located in Central Park on Manhattan’s Upper West Side. The old fashioned eatery was and continues to be an extremely popular haunt, raking in a reported $38 million in gross revenues back in 2007 — “the second highest-grossing independently-owned restaurant in the United States.”

Whether or not Poll’s new vision can restore the Tavern to its glory days and achieve similar success remains to be seen, but it’s safe to say that he’ll be under the microscope the moment the clock strikes midnight to start the New Year.

“Extreme financial distress” and New York City’s decision “not to renew” the current owners’ lease has forced the Tavern on the Green to seek Chapter 11 bankruptcy protection.

The historic eatery, which was established in 1934, is located in Central Park on Manhattan’s Upper West Side. It was and continues to be an extremely popular haunt, raking in a reported $38 million in gross revenues back in 2007 — “the second highest-grossing independently-owned restaurant in the United States.”

But the owners, the family of Warner LeRoy, racked up debt as much as $50 million since they took title in 1974.

So after recently crunching the numbers it appears that the restaurateurs realized that repaying their long list of 200 creditors on time wasn’t going to happen. In addition, according to a Bloomberg.com report, the city recently awarded the lease to restaurateur, Dean Poll, for 20 years starting at the end of Dec. 31, 2009.

In short, bad economy + debt + no lease = Bankruptcy.

Here’s the good news: Tavern on the Green will remain open and operational during the “reorganization.” What’s more, Poll intends to make $25 million in upgrades when he takes the helm in 2010.

In the meantime, Tavern on the Green will likely be sold to the highest bidder in bankruptcy court where it will likely fetch a pretty penny — the name alone is valued at more than $19 million.