A simple Chapter 7 case 1) protects you from all collections, 2) discharges all your debts, 3) lets you keep or surrender collateral and 4) keep all your other assets. Chapter 7 Is the Most Common Kind of Bankruptcy Consumers file significantly more Chapter 7 bankruptcy cases than ... Read More »
Search Results for: foreclosure
Protection from Creditors through the Automatic Stay
The moment you file bankruptcy you and your property are protected from almost all collection attempts by your creditors. The part of federal bankruptcy law called the “automatic stay” protects you from your creditors during a bankruptcy case. The Law on Automatic Stay The ... Read More »
Escaping a Chapter 13 Case Filed Jointly with Your Spouse
If you filed a Chapter 13 adjustment of debts case jointly with your spouse but are now considering divorce, how do you get out of the case? When a Chapter 13 Case Outlasts a Marriage A Chapter 13 “adjustment of debts” case usually lasts three to five years. A lot can happen in that time. If ... Read More »
Chapter 13’s Tools for Your Home Mortgage
Chapter 13 gives you many tools to help you manage your home mortgage. Chapter 7 vs. Chapter 13 in General Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” give you two very different ways of attacking your debts. This includes your home mortgage. Chapter ... Read More »
Chapter 7 if You’re Behind on Your Home or Vehicle
Chapter 7 may or may not give you enough help if you are behind on your home mortgage and/or vehicle loan. Last week we got into two possible complications for Chapter 7 cases: if you have relatively high income, or if you have non-exempt assets—those that are not protected from ... Read More »
Chapter 7 vs. Chapter 13 and Your Home Mortgage
Here are 7 ways filing a Chapter 7 case can help you deal with your home lender and 8 ways filing a Chapter 13 one can. If you’re buying a home, your mortgage and other related debts are probably your biggest and most important ones. So it’s no surprise that the choice ... Read More »
When File a “Chapter 20”?
If you need more help on payment terms with debts that can’t be discharged, filing Chapter 13 right after Chapter 7 may be your best option. Last week we introduced the so-called “Chapter 20”—filing a Chapter 13 case right after completing a Chapter 7 one. The focus ... Read More »
Be Careful About a Recently Dismissed Bankruptcy Case
Don’t get tripped up in a rule designed to prevent bankruptcy abuse. Don’t Lose the Precious “Automatic Stay” One of the most important benefits you get from filing bankruptcy is protection from your creditors. That legal protection is called the “automatic ... Read More »
Chapter 7 Can . . . Help You Close Your Business But Keep Business Assets
Protect your business assets right away with the “automatic stay,” and then permanently with property exemptions. Often, by the time you are ready to file a personal bankruptcy, your business has no meaningful assets that you could sell. That simplifies your situation because then ... Read More »
Chapter 7 Bankruptcy Can . . . Help You Walk Away from Your Business
Closing down a failing business can be much easier and safer with the benefits of a Chapter 7 “straight bankruptcy” case. Closing down a failing business can be a very challenging and stressful task. Most likely you have a bunch of creditors beating at your door to get paid. ... Read More »
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