Chapter 13 Bankruptcy and impact on your Foreclosure

If you are facing foreclosure, filing a Chapter 13 bankruptcy can help. To begin, it will allow you to make up mortgage arrears through your Chapter 13 bankruptcy plan (something you cannot do in Chapter 7 bankruptcy). Additionally, you can remove second mortgages, when applicable. Filing Chapter 13 Bankruptcy may be an option to help save your home. If you are in foreclosure, the automatic stay provided by the Read More

Filing for Bankruptcy: What NOT to Do

Filing for bankruptcy involves more than just an avalanche of paperwork. Your actions (or lack thereof) prior to bankruptcy can have a major impact on its success. Certain financial transactions, for example, can have serious and irreversible consequences for your bankruptcy filing. Below are mistakes you need to avoid at all cost. Supply incorrect, incomplete, or fraudulent information: When you fill out the Read More

Are You Exempt from the Chapter 7 “Means Test”?

Nearly all debtors who file for Chapter 7 bankruptcy have to pass the “means test” which determines whether or not they are eligible for this type of bankruptcy. There are some instances, however, when a debtor may bypass the test and still file successfully. The means test was added to Chapter 7 bankruptcy eligibility requirements in 2005. Its purpose is to keep higher-income debtors from qualifying for Chapter 7, Read More

Miami Bankruptcy: The Benefits of Chapter 7 Bankruptcy

When bankruptcy becomes inevitable, most people prefer filing Chapter 7 if they are eligible for it. A Chapter 7 bankruptcy case is typically opened and closed within three to six months, and the person generally comes out of it debt-free except for car payments, a mortgage, and certain types of debts such as student loans and unpaid child support. In this blog entry, we’ll look at several advantages of filing Read More

Bankruptcy Basics: Understanding Chapter 7 Bankruptcy

Chapter 7 is the most common form of bankruptcy in the US. In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property and all of his or her unsecured debt is usually discharged. What property is exempt varies from state to state. Non-exempt property is theoretically sold to pay creditors. In practice, there usually isn’t any significant property to be liquidated. For debtors with significant Read More

Bankruptcy Basics: Should I Declare Bankruptcy?

Bankruptcy is a scary word. Most people think of bankruptcy as something to avoid at all costs. The truth is, if you’re in financial distress, bankruptcy often represents the way out. If you are facing overwhelming debt, you need to evaluate your situation and consider whether bankruptcy might offer you the fresh start that you need. Ask yourself: Are you using credit cards for necessities? Are you missing payments Read More

Seven Bankruptcy Mistakes to Avoid

If you are struggling financially, bankruptcy can be a wonderful opportunity for relief. But filing for bankruptcy can be difficult, and to help you achieve the best results for your future, here are several mistakes to avoid: Putting off the problem until it’s too late If you are in danger of losing your house or your car, don’t delay. It’s better to address your financial challenges sooner rather than later. It’s Read More

Miami Bankruptcy: Understanding Chapter 13 Bankruptcy

Chapter 13 is a commonly used form of consumer bankruptcy. Almost all consumer bankruptcies in the US are either Chapter 7 or Chapter 13.  Chapter 7 bankruptcies account for about 70% of bankruptcies, with Chapter 13 accounting for the other 30%. There are many differences between the two bankruptcies, and today we’re going to dig into Chapter 13 bankruptcy in depth. Income level and the level of assets determine Read More

Bankruptcy Basics: Four Ways to Begin Rebuilding Your Credit after Bankruptcy

Bankruptcy will have a negative effect on your credit, but you can start repairing it right away. In fact, depending on your situation before you filed for bankruptcy, bankruptcy may not make things significantly worse. Bankruptcy will stay on your credit record for ten years, but you can do things during that time to improve your score. Here are some steps to take right away to get started on the path to financial Read More

Filing for Bankruptcy: First Steps

Filing for bankruptcy is a difficult decision, but it is often the first step toward getting your finances in order. If you’re considering bankruptcy, here are some things you can do to get the process started properly. If at all possible, discuss your bankruptcy with a lawyer. Other options may work better for you than filing for bankruptcy; sometimes debt consolidation or loan refinancing are good choices, and a Read More

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