One of the major advantages to filing a Chapter 13 Bankruptcy is that you may be able to “strip” your second mortgage. This means that in your Chapter 13 Bankruptcy you may be able to convert your second mortgage to unsecured debt and when you complete your Chapter 13 Bankruptcy and receive your discharge your second mortgage will be complete eliminated! This could save you tens of thousands of dollars!
Read MoreAre you considering filing bankruptcy, but concerned some of your personal possession could be taken by a creditor? There are lots of companies that offer you quick loans in return for a “security interest” in your personal possessions, like your TV or your computer. These companies will threaten to take the property if you don’t pay them. Can bankruptcy help?
Read MorePerhaps you’ve received a large tax refund, inheritance, or personal injury settlement. Although you may have a large sum of money, it may not be enough to pay off your creditors. If you find yourself in this situation you should speak with an experienced bankruptcy attorney about your options, and the availability of pre-bankruptcy exemption planning.
Read MoreIn short, if you’ve been garnished more than $600.00 in the 90 days prior to filing a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, you disclose the garnishment to your Trustee and have exemptions available to protect the garnished wages, we can get those funds back for you.
Read MoreThe Trustee is attempting to find any assets which he or she can liquidate for the benefit of your creditors. The hearing is generally very short, about five to ten minutes. Your attorney will have already asked you the same questions that the Trustee will ask, so there should not be any surprises. As long as you have been completely honest with your attorney, the meeting of creditors is almost certain to be a quick and simple meeting. Make sure that you bring your license or ID card and your Social Security Card! The Trustee must examine these items to verify your identity. Failure to bring these items will result in your case being continued.
Read MoreWhen 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 MoreFiling bankruptcy prior to divorce will save you money. We’ve already discussed the cost associated with addressing debts in bankruptcy, but if you’re both headed towards filing, it will be cheaper to file together, before the divorce. By filing together, you will only have to pay one attorney and one court filing fee. Even if you and your spouse are no longer living together, you may still file a joint bankruptcy if you are still legally married.
Read MoreIf you have filed bankruptcy, you will not include the discharged debt in your gross income. The section further explains that if you have not filed bankruptcy, you may still exclude this amount from income if you were insolvent at the time the case was filed. This simply means that if your liabilities exceed your assets, you will not have to recognize any forgiven debt as income. You would be surprised at how many tax preparers do not know this.
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