Chapter 13 will allow you to repay either all or a portion of your debt over a 3-5 year period. The amount that you pay will depend upon your assets, liabilities, income and expenses. Contact my office to learn how you can benefit.
Secured debt is debt that is secured by property. If the debtor does not make the payments, there is some form of property that can be taken back. This could be a home, car or other form of property. Talk with an attorney to see of you have secured debt.
If you are in a Chapter 13 and you lose your job, you will have some options. You may be able to convert to Chapter 7 or re-file a Chapter 13. You also may be able to remain in the current case if you have other sources of income to fund your plan.
Tax debt can be discharged under certain circumstances. It will depend upon the type of debt, the year that the return was filed as well as several other factors. Speak with an attorney to learn if you qualify.
You can rebuild your credit after filing for bankruptcy. Often, credit can be rebuilt over a 6 month to 2 year time period. Importantly, do not incur any negative credit after the date of filing for bankruptcy.
Court is now being held on Zoom Video for government. So typically, you will not have to appear physically in a courtroom. There are some exceptions, but for the most part, you’re going to appear 30 days or so after the case is filed on a Zoom Video call. For more information about bankruptcy […]
Should I File?
Not all debt is eliminated when filing for Chapter 7 bankruptcy. However, most unsecured debt such as credit cards, medical bills and personal loans can be eliminated. Talk with a local bankruptcy attorney to see if you qualify for relief.
There are two main Chapters of the bankruptcy code which offer debt relief. There is Chapter 7, which provides relief from most unsecured debts while allowing for a fresh start. Chapter 13 is a consolidation or reorganization where debt is repaid over time.
A common misconception when filing for bankruptcy is that you will lose all of your property in the process. This is untrue in 99% of the cases. In fact, under Chapter 13 bankruptcy, all property remains with the filer. Under Chapter 7 bankruptcy, limits due apply.
It is very possible to get credit after filing for bankruptcy. Some forms of credit can be obtained within months of filing. This is the case for automotive financing. Other forms of credit, such as a mortgage, will be available two years after filing. Time flies after filing.
If you are struggling with debt, there are two good options to help you find your way out. The first is Chapter 7 which is known as the fresh start. The second is Chapter 13 which is a form of reorganization or consolidation. Call to see if you qualify.
If you owned a business and took out debt, you likely signed a personal guarantee on that debt. Chapter 7 bankruptcy could be the answer to eliminating those personal guarantees. Call to see if you qualify.
If you are behind on your utilities and subject to a shut-off, you may be able to get a fresh start with Chapter 7 bankruptcy. You can get back on your feet and start over again. That is the beauty of Chapter 7 bankruptcy. Call to see if you qualify.
Some tax debt can be eliminated in bankruptcy. There are specific rules that dictate whether or not a particular debt can be eliminated. The type, year and filing date are important in determining the dischargeability.
If you are having a hard time making your car payment and worried about repossession, you may be able to save your car under Chapter 13. We can often reduce your payment and payback at a lower interest rate. See if you qualify.
If you took out a high-interest personal loan and you cannot pay back the debt, Chapter 7 bankruptcy can be a good option. Chapter 7 will allow you to eliminate most unsecured debts such as unsecured, personal loans. Call to see if you qualify.
If you are struggling with medical debt, Chapter 7 bankruptcy could be the answer to your problem. Not everyone can qualify. Speak to a local bankruptcy attorney to see if you can be helped. It may be the best conversation you have this year.
If you are being harassed by bill collectors, you may be able to stop it by filing for Chapter 7 bankruptcy. Not everyone is eligible and not every person needs to file. However, in many cases, it is a great option to stop harassment and get a fresh start.
If you cannot pay your minimum payments on your credit cards, you very well may be in need of bankruptcy protection. Chapter 7 can help eliminate unsecured debt in most cases. In other cases, a Chapter 13 repayment plan is what is needed. Talk to a lawyer for help.
If you are struggling with credit card debt and cannot seem to get ahead, Chapter 7 could be the answer to help you. The interest on credit cards is extremely high compared to other forms of credit. Once you fall behind, it is often impossible to catch up. Chapter 7 solves that problem.
Filing Chapter 7 bankruptcy will eliminate a majority of the types of debt that one can amass. However, not all debt is dischargeable. Debts for recent taxes, most student loans, child support, maintenance and debts incurred through fraud are some of the debts that survive a Chapter 7 filing.
The first question to ask is “do you qualify for Chapter 7 bankruptcy relief?” If yes, the attorney will guide you through the process and notify you of the many requirements that need to be satisfied. Don’t worry though. A good attorney will make it as easy as possible.
When you file for bankruptcy, your job does not need to know in most cases. The exception would be if your employer is having to garnish your wages. In that case, you want your employer to be aware of your bankruptcy filing so that the garnishment can be stopped.
Are you worried that you will not get credit after filing for bankruptcy? Do you think that your financial life is over? The truth is credit is available after filing. An auto loan is the easiest form of credit that is available immediately after a case is filed.
The cost to file bankruptcy will depend upon the case. However, there are court costs of $338.00 for Chapter 7 and $313.00 for Chapter 13. Once you meet with an attorney, you will be given a quote for fees and payment plan terms.
Filing bankruptcy on your own, known as Pro Se, can be a daunting task. You simply are not experienced in the process. You may wind up losing property that could otherwise be protected. Even worse, your case can be dismissed with no real relief afforded.
We consider bankruptcy as a failure when it really is tantamount to a fresh start. Although you may not have set out to owe money, things do happen in life. The United States Bankruptcy Code provides relief to those that are struggling financially. It is relief.
Filing for bankruptcy does not have the same negative effect that it did 30 years ago. Today it is more of a financial solution that does not automatically reflect negatively on your self-worth. It can be a financial tool to utilize and then move on.
You can file for Chapter 7 bankruptcy and keep a substantial amount of property. Most debtors can keep a portion of the equity in homes, cars and bank accounts. The amount and nature will depend upon the state that the person resides in at the time of filing.
Are you worried about your credit score? What about the high debt that you are carrying? You may be able to eliminate your debt and then start to rebuild your credit. It doesn’t take nearly as long as most people think. In fact, you can rebuild credit with 6-18 months in many cases.
Do you know if you are at a high risk of foreclosure? Are you struggling to make your regular mortgage payment? Have you already fallen behind and are trying to work a deal with your mortgage company? You have legal rights that they may not want you to know. We can help.
If you are behind on your mortgage payments and looking to save your home, Chapter 13 could be the answer. Under Chapter 13 bankruptcy you can repay your mortgage arrears over a 3-5 year period while being allowed to make your regular mortgage payment going forward.
You can keep your car and change the payment terms through Chapter 13. You can also get a car back under Chapter 13 provided that it has not yet been sold at auction. Contact my office to see if you can be helped.
Your credit score will drop after filing for bankruptcy. However, you should be able to rebuild credit within 6 months to 18 months after filing. Contact me to learn more about the right way to do it.
If you are hiding your car because you can’t afford the payments, consider filing Chapter 13 to reorganize the debt over the next 3-5 years. You may find that you can pay less total per month and reduce the amount of interest owed over the life of the repayment plan.
Filing Chapter 13 can stop a repossession. It also allows you to recover your vehicle if it has been taken and not yet sold at auction. Pay the loan back over a 3-5 year period at a reduced interest rate. Don’t let your auto lender dictate the monthly payment going forward.
Co-signed debt is tricky in bankruptcy. In a Chapter 7 case, a non-filing, co-signer is still liable for the debt. In a Chapter 13, a non-filing co-signer can be protected if the debt is a consumer debt and the plan provides for 100% repayment of that debt.
You can likely protect your retirement account when in debt. It will depend upon the type and nature of the retirement account. If the account is ERISA qualified, then it should be protected, even through a bankruptcy process.
The bankruptcy means test is a mathematical formula that helps determine whether or not a person has the ability to repay either all or a portion of debt over time. Although not absolute, the means test is a critical factor in consumer bankruptcy.
The one court appearance for bankruptcy is being held on Zoom video. There is no need to physically appear at the courthouse anymore. This saves time and money for those that are already struggling to make ends meet.
You will need some paperwork to get out of debt. This will include proof of income for the most recent two months, two years of Federal tax returns and a list of who you owe.
You can rebuild credit after filing for bankruptcy. You want to establish several trade lines that will report positively to the bureaus. Additionally, make certain that you do not incur any negative credit after your filing.
A bankruptcy filing will stay on a credit report for up to 10 years for a Chapter 7 case and up to 7 years for a Chapter 13 case. However, you should be able to regain credit long before the bankruptcy filing is removed from your report.
If you have co-signed for someone, you can be affected if that other person files for bankruptcy. Depending upon the Chapter, you may be the only person left from which a creditor can collect. Be careful when thinking about co-signing for another person’s debt.
It is true that a bankruptcy filing will stay on a credit report for either 7 years or 10 years. However, that does not mean that you will not be able to credit again. Most forms of credit can be obtained within two years after a bankruptcy filing. Forget about credit and get out […]
Why worry about your credit score when you are drowning in debt? I would rather have a lower credit score and be debt free. Your credit can improve after filing for bankruptcy. I have seen this happen thousands of times over the past 33 years while helping people under the U.S. Bankruptcy Code.
You can keep property while getting out of debt. The amount of property that you can keep will depend upon your State. Talk with a bankruptcy attorney to find out what you can keep.
There are huge differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy. One is the fresh start and the other is a consolidation or repayment plan. Contact me to learn which is best for you.
Facing overwhelming debt can be incredibly stressful and challenging. If you’re struggling with persistent financial issues, filing for bankruptcy might offer the relief you need. Bankruptcy provides a legal mechanism to manage or eliminate debts, halt collection activities, and pave the way to financial recovery. Here’s how bankruptcy can assist […]
Filing for bankruptcy when you have a co-signer on a loan introduces additional concerns and responsibilities. Protecting the co-signer from negative repercussions is essential to maintain their financial health and preserve personal relationships. This guide provides a comprehensive look at how you can protect a co-signer during bankruptcy and explores various strategies to mitigate potential […]
The timeframe to receive a discharge in bankruptcy depends on the type of bankruptcy filed. Here’s a detailed breakdown of the timeframes for Chapter 7 and Chapter 13 bankruptcies: Chapter 7 Bankruptcy Discharge Timeline 1. Filing the Bankruptcy Petition (Day 0) Immediate Effect: Filing the Chapter 7 petition initiates the bankruptcy process and […]
Receiving a discharge order in a Chapter 7 bankruptcy case is a critical step that signifies the completion of the process and the elimination of certain debts. The timeline for receiving a Chapter 7 discharge order typically ranges from three to six months from the date of filing. Here’s a detailed look at the […]
Are you struggling to keep up with your mortgage payments or facing the threat of foreclosure? Filing for Chapter 13 bankruptcy might be the solution you need to save your home and get your finances back on track. This guide will walk you through how Chapter 13 can halt foreclosure proceedings, provide a manageable […]
Chapter 13 bankruptcy offers a powerful tool for individuals facing foreclosure or struggling with mortgage payments. It provides a structured way to reorganize debt and create a repayment plan that can allow you to keep your home. Here’s a detailed guide on how Chapter 13 bankruptcy can help save your home from foreclosure and […]
Have you recently faced the gut-wrenching experience of having your car repossessed? The good news is, filing for Chapter 13 bankruptcy could be your ticket to reclaiming your vehicle and getting your finances back on track. In this blog post, we’ll delve into how Chapter 13 can help you retrieve your repossessed car […]
Reaffirming your car loan during bankruptcy can be a strategic choice to keep your vehicle and maintain financial stability. This process involves committing to continue paying your car loan under its existing terms despite the bankruptcy discharge. Below, we explore the intricacies of reaffirmation, including its benefits, risks, and practical steps. What is Reaffirmation? 1. […]
Chapter 13 bankruptcy offers a structured way to repay your debts over three to five years while allowing you to keep your property, including your car. One of the significant benefits of Chapter 13 is the ability to modify the terms of your car loan, potentially reducing your monthly payments and the total amount […]
When filing for bankruptcy, many people worry about whether they will be able to keep their car. The good news is that there are several options and strategies available that can help you retain your vehicle, depending on whether you file for Chapter 7 or Chapter 13 bankruptcy. Below is a detailed guide on […]
Filing for bankruptcy can indeed stop the enforcement of a judgment through the automatic stay provision, which immediately halts most collection activities and legal proceedings against the debtor. However, the effectiveness of bankruptcy in stopping the enforcement of a judgment depends on several factors, including the type of debt, the nature of the judgment, […]
Filing for bankruptcy can provide a powerful tool to stop a pending lawsuit and other collection activities against you. This is achieved through an automatic stay, a legal provision that halts most legal proceedings and actions by creditors once a bankruptcy petition is filed. Here’s a detailed explanation of how this works, what types […]
Filing for bankruptcy to address overwhelming credit card debt is a significant decision that can provide relief but also has serious implications. Here’s an in-depth analysis of when it might be appropriate to file for bankruptcy due to credit card debt, the benefits and drawbacks of doing so, and alternative options to consider. Assessing Your […]
Deciding to file for Chapter 7 bankruptcy is a major decision that can have lasting implications on your financial future. It’s crucial to thoroughly understand the process, evaluate your financial situation, consider alternatives, and seek professional advice. Below is an expanded and detailed guide on how to make the decision to file for Chapter 7 […]
Qualifying for bankruptcy involves meeting specific criteria and understanding the different requirements for each type of bankruptcy. The most common types for individuals are Chapter 7 and Chapter 13 bankruptcy. Each type has distinct qualifications, processes, and implications. Here’s an in-depth guide on how to qualify for each type and important considerations. Qualifying for Chapter […]
One of the most common questions for individuals considering bankruptcy is whether filing will eliminate all their debts. The answer is nuanced, as bankruptcy can discharge many types of debt, but not all. The types of debts that can be discharged depend on the chapter of bankruptcy you file under, either Chapter 7 or […]
Choosing the best chapter of bankruptcy for your situation depends on various factors such as your income, assets, type of debts, and long-term financial goals. Below is an expanded and comprehensive guide on the different types of bankruptcy chapters available and the factors to consider when making a decision. Chapter 7 Bankruptcy Overview: Chapter […]
Filing for bankruptcy can provide significant relief from debt, but it does not eliminate all types of debt. The types of debts that can be discharged depend on the kind of bankruptcy filed (Chapter 7 or Chapter 13) and specific legal provisions. Here’s a detailed breakdown of what debts are typically eliminated and what […]
When filing for bankruptcy, certain personal property can be protected from creditors through exemptions. These exemptions vary by state and, in some cases, you can choose between federal and state exemption systems. Here’s a comprehensive overview of the types of personal property that can be protected and how these exemptions work: Types of Personal […]
Whether you can keep your home when filing for Chapter 7 bankruptcy depends on several factors, including the amount of equity in your home, your ability to keep up with mortgage payments, and the specific bankruptcy exemptions available in your state. Here’s a detailed look at how these factors play a role: Factors Affecting […]
Filing for bankruptcy, particularly Chapter 7, has a significant impact on your credit report and score, but it can provide a way out of overwhelming debt. Whether this trade-off is worth it depends on individual circumstances, financial goals, and the alternatives available. Here’s a balanced analysis to help you decide if filing for bankruptcy […]
Filing for bankruptcy can significantly impact your credit report and score. Here’s a comprehensive look at how bankruptcy affects your credit, what to expect during and after the process, and steps you can take to rebuild your credit over time. Impact of Bankruptcy on Your Credit Report Credit Score Impact: Initial Drop: Filing for […]
Background Sarah is a 35-year-old single mother working as a retail manager. Over the years, she accumulated various debts, including credit card balances and medical bills, after an unexpected medical emergency. Despite working full-time, Sarah found it increasingly difficult to manage her monthly payments due to high-interest rates and the sheer volume of her debt. […]
Secured debt is debt that is backed by collateral, which gives the lender the right to take possession of the asset if the borrower defaults on the loan. In the context of bankruptcy, secured debts are treated differently from unsecured debts. Here are some common examples of secured debt that you might encounter in […]
Unsecured debt is a type of debt that is not backed by any form of collateral. This means that, unlike secured debt where an asset (such as a house or car) serves as security for the loan, unsecured debt relies solely on the borrower’s creditworthiness and promise to repay. If the borrower defaults on an […]
Filing and completing a Chapter 7 bankruptcy case involves several steps and timelines. Here’s a detailed breakdown of each phase, with examples to illustrate the process: Preparation Phase Gathering Financial Documents Duration: Typically takes a few days to a few weeks. Documents Needed: Income statements, tax returns, bank statements, credit card bills, loan documents, and […]
Carrying $20,000 in credit card debt can be overwhelming for many individuals. Here’s an in-depth look at why this level of debt can be too much to handle and the steps you can take to address it. Financial Strain High-Interest Rates: Credit cards often come with high-interest rates, typically ranging from 15% to 25%. This […]
Carrying $30,000 in credit card debt can be an overwhelming burden, significantly affecting your financial stability and overall well-being. This article explores why such a level of debt is challenging and provides detailed calculations on how long it could take to pay off the debt under various scenarios. Additionally, it outlines strategies to […]
Carrying a large amount of credit card debt, such as $40,000, while making only minimum payments can be a challenging and costly situation. Here’s an outline of what you might face and steps you can take to address it: Financial Implications Interest Costs: Credit card interest rates are typically high, often ranging from 15% to […]
Paying off $50,000 in credit card debt can vary significantly based on the interest rate, the minimum payment amounts, and your financial strategy. Here are different scenarios to illustrate how long it might take to pay off this debt under various conditions: Scenario 1: Minimum Payments Assumptions: Interest Rate: 18% Minimum Payment: Typically 2% of […]
Waiting to file for bankruptcy can be a significant mistake for several reasons. Delaying this decision often exacerbates financial difficulties and can lead to further complications. Here are some key reasons why waiting to file for bankruptcy can be detrimental: 1. Accumulation of Debt and Interest Increased Debt: As you delay filing for bankruptcy, interest […]
If you find yourself struggling to make even the minimum payments on your credit cards, it might be time to consider bankruptcy as a viable solution. Bankruptcy is designed to help individuals overwhelmed by debt regain financial control. Here’s why bankruptcy could be the right choice if you’re unable to manage your credit card debt: […]
If you’re struggling to save even $100 per month, it might be time to consider bankruptcy as a viable option to regain control over your finances. Here’s why bankruptcy could be a practical step toward financial freedom when you’re overwhelmed by debt and unable to save. Understanding the Struggle High Debt Burden: Many individuals face […]
Struggling with debt can be overwhelming, but it’s important to remember that you have the power to make a significant financial change. Filing for bankruptcy is a legal tool designed to help individuals regain control over their finances and achieve a fresh start. Here’s how bankruptcy can be the key to your financial freedom. Understanding […]
Filing for Chapter 7 bankruptcy is a significant decision and often a last resort for individuals facing insurmountable debt. While it offers a fresh start by discharging many unsecured debts, there are valid reasons why some may hesitate to pursue this option. Here are key reasons for such hesitation: 1. Impact on Credit Score Severe […]
When filing for Chapter 7 bankruptcy, certain property can be kept through the use of exemptions. These exemptions protect specific types of property from being sold by the bankruptcy trustee to pay creditors. The property you can keep depends on federal and state exemption laws. Here’s a detailed overview of the types of property commonly […]
Filing for Chapter 13 bankruptcy can be a strategic move to save your home from foreclosure. The timing of your filing is critical to ensure the best chance of success. Here are key considerations and tips for determining the best time to file Chapter 13 to prevent foreclosure: Key Considerations for Timing 1. Automatic Stay […]
The 341 meeting of creditors, also known as the creditors’ meeting, is an essential step in the bankruptcy process where the debtor must appear and answer questions about their financial situation and the bankruptcy documents they have filed. Due to the COVID-19 pandemic, many courts have shifted these meetings to a virtual format using video […]
Liquidating your 401(k) to pay down credit card debt is generally considered a poor financial decision for several reasons. Here are some of the key reasons why you should avoid this strategy: 1. Tax Implications and Penalties Early Withdrawal Penalties: If you withdraw funds from your 401(k) before the age of 59½, you will typically […]
Why “Robbing Peter to Pay Paul” Won’t End Your Debt The phrase “robbing Peter to pay Paul” describes a situation where you take resources from one area to cover expenses in another, often leading to a cycle of debt that never truly resolves the underlying financial problems. This approach to managing debt is unsustainable and […]
When consumers consider filing for bankruptcy, they typically have two main options: Chapter 7 and Chapter 13. Each type of bankruptcy has its own process, eligibility requirements, advantages, and disadvantages. Here’s a detailed look at both options: Chapter 7 Bankruptcy Overview: Chapter 7 bankruptcy, often referred to as “liquidation bankruptcy,” involves the discharge of most […]
Filing for Chapter 7 bankruptcy can provide significant relief from overwhelming debt, but not all debts are discharged in the process. Certain obligations remain, and it’s important to understand these exceptions to manage expectations and plan accordingly. Domestic Support Obligations Child Support and Alimony: These obligations are not dischargeable under Chapter 7 bankruptcy. Debtors must […]
Filing for bankruptcy can have a significant impact on your credit score, but understanding this impact and how to rebuild credit post-bankruptcy can help you navigate the process with more confidence. Here’s a detailed look at how bankruptcy affects your credit score and what steps you can take to recover financially. Immediate Impact on Credit […]
Credit card debt is a significant financial burden for many individuals, often leading to stress and anxiety as balances grow and minimum payments become harder to manage. High-interest rates and aggressive collection tactics can make it feel like there’s no way out. However, bankruptcy can provide a viable solution for those struggling with unmanageable credit […]
Filing for bankruptcy can be a challenging decision, especially when you’re concerned about losing essential assets like your home and car. Fortunately, both Chapter 7 and Chapter 13 bankruptcies offer provisions that can help you retain these crucial possessions under certain conditions. Here’s a detailed guide on how you can keep your home and car […]
In bankruptcy cases, understanding the difference between secured and unsecured debt is crucial, as it affects how each type of debt is treated and managed during the bankruptcy process. Here’s a detailed overview of both types of debt: Secured Debt Definition: Secured debts are loans or credit for which the borrower pledges collateral to the […]
Understanding the Chapter 7 Bankruptcy Timeframe Filing for Chapter 7 bankruptcy can be a daunting process, but understanding the timeline and steps involved can help alleviate some of the stress. Chapter 7 bankruptcy is designed to provide a fresh start for individuals overwhelmed by debt, allowing them to discharge most of their obligations and move […]
Filing for bankruptcy triggers an automatic stay, a powerful tool that immediately stops most creditor collection activities. Here’s how the automatic stay works and how it affects various types of creditor actions: How the Automatic Stay Works Immediate Effect: Once you file a bankruptcy petition, the automatic stay goes into effect instantly. This legal order […]
The shift of bankruptcy court hearings to Zoom video conferencing has brought several benefits, enhancing accessibility, efficiency, and safety. Here are the key advantages: 1. Health and Safety Minimized Risk of COVID-19 Transmission: By holding hearings online, courts reduce the need for in-person gatherings, which helps minimize the risk of spreading COVID-19 and other infectious […]