After Bankruptcy

How Can You Get Rid Of Second Mortgages When You File For Bankruptcy Under Chapter 13?

Call: 888-297-6203 If your home value has gone down since you purchased it, you can still get rid of the second mortgage by filing for bankruptcy under chapter 13. Under chapter 13, by using the benefits of Lien Stripping, you can get rid of your second mortgage lien on our house. Understanding Lien Stripping Lien Stripping is a tool that can be used under chapter 13 bankruptcy, in situations where your mortgage value exceeds your House value. In such situations, with the jurisdiction of the court, the second and the third mortgage can be stripped off (removed) preventing [...]

2023-07-03T07:51:18+00:00
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How To Reaffirm Secured Debt In Chapter 7 Bankruptcy?

Call: 888-297-6203 While getting rid of your debts through bankruptcy, you might want to keep some loans. This happens when you wish to keep the associated property (car or home) with you. You need to reaffirm the loan for this to occur. This means that you agree to be responsible for the debt as you wish to keep the collateral associated with it. The reaffirmation agreement is a new contract submitted to the bankruptcy court. However, you need to be current on your debt for this to occur. Apart from this, you must be able to protect all [...]

2023-04-14T08:48:58+00:00
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Want To Reapply For Bankruptcy Again?

Call: 888-297-6203 If you have already filed for bankruptcy once, it is possible to reapply for bankruptcy again. However, there are time limitations for getting rid of debts after you receive a discharge under either chapter 7 or 13 bankruptcy. Time Limitation to apply for Discharges There is no time limit for filing for bankruptcy a second time. However, if you do so within a very short period of time, you will not be eligible to get a discharge – forgiveness from a debt. Also filing for bankruptcy will end up being a waste of time and money. [...]

2023-04-19T09:36:42+00:00
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All That You Need To Know About Debts That Can Be Discharged Under Chapter 13 Bankruptcy

Call: 888-297-6203 Compared to Chapter 7, debts discharged under Chapter 13 are broader since they even wipe out nondischargeable debts of Chapter 7. Post the completion of the Repayment Plan, you will receive a discharge order which will clean off all balance of the qualifying debts. Debts that are covered under Chapter 13 The basic deciding factor for dischargeability of the debt is whether it is a Secured debt or an unsecured debt. Unsecured debts are further sub-divided into Priority  (These are not dischargeable and paid before the non-priority debts) and Non-priority Debts ( These are dischargeable and [...]

2023-04-19T09:39:46+00:00
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An Overview of Chapter 13 Bankruptcy

Call: 888-297-6203 If you are looking for a way to get rid of your financial debts, you can opt to file for bankruptcy. Chapter 7 bankruptcy allows you to wipe out all your qualifying dates in 4 to 6 months without repaying your creditors. However, this chapter is available to people with very little disposable income. People who earn a significant income and wish to protect their valuable property can file for bankruptcy under chapter 13. In this case, their disposable income is used to pay their creditors throughout a 3- to 5-year repayment plan. Chapter 13 bankruptcy [...]

2023-04-14T08:46:49+00:00
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What Do You Mean By A Bankruptcy Discharge?

Call: 888-297-6203 For individual debtors, the most important part of the Chapter 13 bankruptcy case is the bankruptcy discharge – an order that eliminates and makes you free from all previous dues and debts that you owed – credit cards, utility bills as well as medical bills. Once you get the discharge, no creditors can harass or trouble you for any outstanding dues or debts, neither can they file a lawsuit against you for non-payment nor can they take any other course of action to collect the debt amount. When should you expect the discharge? If all your [...]

2023-06-01T13:37:45+00:00
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The Exemptions That Fall Under Federal Bankruptcy

Call: 888-297-6203 As per the rules of a few states, you are permitted to use the Federal Bankruptcy exemptions rather than the States exemptions. This completely depends on the state that you belong to- Bankruptcy This article will guide you – Name of states that allow you to select federal bankruptcy exemptions The permissible limit under federal exemptions Where to look for your States Exemptions Can you use the Federal Bankruptcy Exemption? At present, only a few states permit the filers to choose between state or federal bankruptcy exemptions. However, you must select only 1 and not both. [...]

2023-04-19T09:34:08+00:00
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All That You Need To Know About Types Of Creditor Claims In Bankruptcy

Call: 888-297-6203 It is important to understand your creditors and under what categories which debts will go when you file for bankruptcy. Since this is the basic foundation when you file – you need to disclose as well as classify all your debts. Classification is generally as Secured debts and unsecured debts. The unsecured debts are further classified into priority and Non-priority. How to List Creditors Claims Once you file and complete the official paperwork, your bankruptcy case is registered in court. The official paperwork comprises of – Cover document also called the petition. It is in the [...]

2023-04-14T08:57:06+00:00
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What Is A Bankruptcy Discharge?

Call: 888-297-6203 Most people who have filed for bankruptcy are looking forward to the order that wipes out their qualifying debts such as utility bills, credit card balances, personal loans, and medical debt. This order, known as bankruptcy discharge, specifies that you are no longer responsible for the discharged debts. As a result of this order, the creditor can no longer pursue you for non-repayment of debt, report you to credit reporting agencies, or file a lawsuit against you. In order to get a bankruptcy discharge, you need to officially file the petition provide the court with accurate [...]

2023-04-14T08:47:39+00:00
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Is Bankruptcy Filing Possible If I Have Equity In My Home?

Call: 888-297-6203 Bankruptcy filing is possible even if you have equity in your house. However, if you cannot protect it through exemption, you might end up losing it. There are various factors that determine what will happen to the equity. These include the bankruptcy chapter, the duration of ownership, and the state of federal exemption you are using. Both Chapter 7 and chapter 13 allow you to exempt certain equity in your home. However, the non-exempt equity is treated differently in both these chapters. In Chapter 7 bankruptcy, any non-exempt property is handed over to the bankruptcy trustee [...]

2023-04-14T09:01:48+00:00
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