You are probably aware that the primary downside to filing for bankruptcy protection is that it negatively impacts your credit score. However, how long your bankruptcy remains on your credit report depends on whether you file a Chapter 7 or Chapter 13 case. Chapter 7 When you file a Chapter 7, the bankruptcy notation...Read More
If you are considering filing a Chapter 13 bankruptcy, you will need to submit a plan of repayment for the court to approve. The Chapter 13 plan outlines how your creditors will be paid over a period of three to five years. Once the court has confirmed or approved your plan, you will make monthly...Read More
If you are facing collection lawsuits, filing a Chapter 7 or Chapter 13 bankruptcy can be an effective way to halt the lawsuit from proceeding. However, there are certain types of lawsuits that are not halted by a personal bankruptcy filing. Generally speaking, a suit that is seeking the recovery of money is stopped when...Read More
The drafters of the bankruptcy laws were wise enough to realize that humans make mistakes. As a result, if you realize after your discharge order has been entered that an error was made in your bankruptcy case, it may be possible to reopen your case to fix the mistake. It should be noted that it...Read More
When you file a bankruptcy case, you obtain the benefit of the automatic stay. If you file a Chapter 13 bankruptcy, you are also given the “co-debtor stay.” The automatic stay prevents creditors from taking collection actions against you, while the co-debtor stay prevents collection against your family, friends or others who co-signed loans with...Read More
When you file for bankruptcy protection, your primary goal is typically to discharge or eliminate your debt. However, it is important to understand that there are certain types of debt that the law excludes from being discharged. Pursuant to 11 U.S.C. §523(a)(9), one type of debt that is not eligible for discharge is one arising...Read More
If you are past due on your mortgage payments and you want to avoid a foreclosure action, you may want to consider filing a Chapter 7 or Chapter 13 bankruptcy. Another option to consider is a short sale. Either choice has its advantages, but deciding which is more beneficial for you depends on your unique...Read More
When you file a Chapter 13 case, you submit a repayment plan that lasts three to five years. A lot can happen during this time that impacts your finances. What can you do if unforeseen financial issues prevent you from being able to afford your monthly Chapter 13 plan payments? One option to consider is...Read More
When hard times hit and you are unable to pay your bills, it doesn’t take long for creditors to start pursuing you for payment. After a few demand letters and telephone calls, many creditors file collection lawsuits. We understand that this can feel overwhelming and we want to help. Depending on your individual financial situation,...Read More
The primary goal of filing a personal bankruptcy is to eliminate debt or obtain a “discharge of debt.” What is a discharge order? A discharge order cancels your liability to repay the debt. As a result, many people save thousands of dollars by filing a Chapter 7 or Chapter 13 case, which is often referred...Read More
