Bankruptcy

Call: 888-297-6203 Making the choice to file for bankruptcy can be challenging. Almost everyone who is faced with this choice oscillates between "Fight" and "Flee": fight to pay off the debts vs escape the ongoing strain and start afresh. Our judgement. Various bankruptcy options To make a choice, you must be aware of your options. On your own, are you able to prevent bankruptcy: Make a budget for your actual, monthly living expenses before exploring non-bankruptcy options. Include mortgage and auto payments, but disregard any other outstanding debt. Can you pay off your obligations other than your mortgage [...]

Call: 888-297-6203 People who file for Chapter 13 bankruptcy are given a repayment plan that is under court supervision. Depending on the debtor's means and objectives, the amount paid to creditors might range from nothing to 100%. The plan shields the debtor from collection efforts throughout the legal proceeding and dismisses any remaining balance of dischargeable debts at its conclusion. Why claim bankruptcy in order to pay? In Chapter 13, the debtor may order creditors to adhere to a debt management plan. All creditors are required to follow the plan once the court rules that it is compliant [...]

Call: 888-297-6203 Your initial creditors' meeting will be held in court?  Users think, "What are they going to ask me?" In their minds, most bankruptcy clients take a test on the information in their bankruptcy documents.  Or even worse, asking them why they felt the need to declare bankruptcy.  That's something improbable. It is much more likely that the initial creditors' meeting will be a boredom. A very thorough list of inquiries that a Chapter 7 trustee could make at your bankruptcy hearing is listed below: Pay attention to the query Listen to the trustee's inquiry all the way [...]

Call: 888-297-6203 Lien stripping in Chapter 13 bankruptcy offers a special chance to permanently remove voluntary mortgage liens on real estate. The general norm in bankruptcy is that liens pass through bankruptcy unaffected by the bankruptcy discharge. Lien stripping is an exception to this rule. The exemption for house mortgages If there is absolutely no value to which the lien links during a period of declining real estate values, Chapter 13 gives debtors the opportunity to permanently discharge mortgage liens on their houses. It is illegal to alter or change a lien when it relates to a mortgage [...]

Call: 888-297-6203 A foreclosure is stopped in its tracks by bankruptcy. The petition initiates the automatic stay, which halts all collection efforts by creditors, including foreclosing on properties. However, the length of the stay varies across bankruptcy chapters.  Chapter 7 In Chapter 7, the stay only applies for as long as the trustee does not relinquish the property by declaring it exempt, worthless to the estate, or both, or until the matter is resolved. If there is a chance that the secured claim may increase during the bankruptcy to the point that it exceeds the value of the [...]