Chapter 7 Bankruptcy
Eligible for Relief? In order to file for Chapter 7 bankruptcy, you must pass two budget-based tests. First, the Court looks at your current income and living expenses as listed…
Debt Settlement Options
Debt settlement may be a viable option under certain circumstances. First, the stage of a collection on the debt. Has the account been turned over to a collection company? Such…
House being foreclosed?
Chapter 13 may be the answer. Chapter 13 is a repayment plan over a period of 3-5 years. Reinstating your mortgage loan may seem hopeless because the mortgage company wants…
Behind on car payments? Chapter 13 could be the answer.
When a Chapter 13 Bankruptcy case is filed all creditors must stop any and all debt collection efforts. Debtor collection efforts include attempts by a lender to repossess a car.…
What is a reaffirmation agreement?
A reaffirmation agreement makes you personally liable for a particular debt after the bankruptcy. It is as if you didn’t file Bankruptcy with respect to the debt reaffirmed. If you…
Can I Repay Family and Friends Before Filing Bankruptcy?
Is okay to pay back family and friends I owe money before filing bankruptcy? No. Family members and friends are insiders. Payments to insiders within 1 year of filing bankruptcy…
What are exemptions? Why do I care?
Bankruptcy exemptions are the Federal and/or State laws which permit you to protect certain property in a Bankruptcy case. A Chapter 7 Bankruptcy case is technically a liquidation of property…
Does Bankruptcy stop a car repo?
If you fall behind on car payments, the lender could repossess the car. Does Bankruptcy prevent the lender from repossessing the car? Yes and no. It depends on what type…
Is my house protected in a Chapter 7 Bankruptcy?
People often ask me, “Will I lose my house if I file Chapter 7 Bankruptcy?” First, you must be current on your mortgage payments when your Bankruptcy case is filed. …
Will I Lose My Tax Refund If I File Bankruptcy?
A tax refund is just another asset which must be protected in order to keep in a Chapter 7 case. While the Earned Income Credit portion is protected, the rest…