When you file a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy all of your assets become property of the bankruptcy estate. You may then protect your property by claiming the correct exemptions. Doing so will keep your property from being taken in a Chapter 7 Bankruptcy and will make your payment lower in a Chapter 13 Bankruptcy.
Read MoreBankruptcy can serve as an excellent retirement planning tool. By eliminating your unsecured debt, you are freeing up money that can be used to contribute to retirement savings. If you are uncertain about your retirement and struggling with overwhelming debt, contact us today for a free consultation. Bankruptcy just may be your key to a successful and happy retirement.
Read MoreBottom line, if you receive a call from a creditor that you forgot to list on your bankruptcy schedules and the debt was incurred prior to the date your case was filed, you will not be obligated to pay that debt if your case was a no asset Chapter 7. Inform the creditor of your filing, and you will be fine to carry on your new life with the peace of mind that filing for bankruptcy can give you.
Read MoreWhen you reaffirm the debt, you are telling the creditor and the Bankruptcy Court that you will continue to honor the mortgage and be legally liable for that debt. If you are unable to pay in the future, your home may be foreclosed. Additionally, if you live in a recourse state, the creditor may seek recovery against you if the home sells for less than is owed against it.
Read MoreAllied Bankruptcy has updated their website! Please take a second to head on over to www.alliedbankruptcy.com and give it a once over, then if you would like, leave us some feedback at the bottom of this blog, or on Facebook. Send any bankruptcy related questions to andrew@magdylaw.com, or call us at (314) 802-8328.
Read More11 U.S.C. § 722 allows you to “redeem” a vehicle. This means you pay the fair market value of the vehicle at the time of filing instead of the outstanding balance. If you have a car that has greatly depreciated or a loan with a high interest rate, you may be able to keep your and save hundreds of dollars per month by performing a redemption.
Read MoreWill I lose all of my property? The answer is a simple no. In fact, most Chapter 7 Bankruptcies are “no asset” cases, meaning the Trustee is not going to take any property or money from you. You won’t lose any property if you can claim an exemption. An exemption is simply a mechanism that protects your property from your creditors and the Bankruptcy Estate.
Read MoreAlthough a bankruptcy will eliminate your personal liability regarding the judgment, unless your attorney takes additional steps to remove the judicial lien it will continue to encumber the property until it is paid.
Read MoreThe Means Test determines whether an individual or couple is eligible to file a Chapter 7 Bankruptcy. However, there are limited circumstances where the Means Test may not be applicable.
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