Some people have severe financial crises due to a variety of life events. Just because you have a lot of debt doesn’t mean you can sell everything and pay your creditors. Some programs and bankruptcy alternatives may be suitable for your needs. If you don’t want to liquidate all of your assets and have some…
If you have secured debt and you’re filing a Chapter 13 bankruptcy plan, it’s important to understand what it means to “surrender” property.
I frequently hear clients say things like, “I don’t want to file bankruptcy on my car.” You “file on” all debts, but you need to understand what that means. As I tell clients, you must list all your debts when you file bankruptcy under any Chapter of the Bankruptcy Code. That does not, however, mean…
Chapter 13 is known as a “payment plan” or “reorganization” bankruptcy for individual debtors. The purpose of a Chapter 13 is to repay as much to creditors as you can over a three to five-year period. The big picture answer First, think big picture. You have income, and you have expenses. The difference between the…
Getting a mortgage modified can be a daunting process–like a root canal, only involving paper, yet almost as painful. You send required documents only to be told by the mortgage servicer that they never got them. The modification request then gets denied. In many cases the mortgage company doesn’t appear to be acting in good…
Chapter 13 is about one thing: payments. As I tell my clients, “pay early and pay often.” If you fail to make payments, your case gets dismissed and then you’re in trouble again. Dismissal could mean losing cars, your home, or facing renewed interest from the IRS–never good things. 1325(c) to the rescue That section…
If you have second mortgage on your home and have already filed Chapter 7 bankruptcy, filing a Chapter 13 to strip (wipe out) your second mortgage may be a viable option. This strategy (7 followed by 13) is commonly referred to as a “Chapter 20.” But I thought I had to wait several years before…
Guest post written by Atlanta Bankruptcy Lawyer, Peter Bricks I recently read a story in the Newnan Times Herald about a struggling Coweta, Georgia mother of three teenagers who won a quarter-million dollars in the Georgia lottery. She talked about how she was going to use the money to save for her kids college and…
Written by Charleston Bankruptcy Lawyer, Russell A. DeMott Once we decide a Chapter 13 bankruptcy is in your best interest, the next question you’ll probably ask is, “how much will my Chapter 13 payment be?”
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