How is a Chapter 13 Plan Payment Calculated?
If a debtor’s household income exceeds the median for their state, they will need to file under chapter 13 in most cases. There are some rare exceptions which I won’t discuss in this article. Your monthly chapter 13 plan payment...
Foreclosures vs. Short Sales
Both a short sale and a foreclosure may result in a deficiency balance owed to the lender. However, if you have just one loan on your residence, many lenders will forgive the remaining balance and report the debt as settled...
Debt Settlement vs Bankruptcy
Debt Settlement vs Bankruptcy You may have heard commercials from debt settlement companies promising to settle debts for pennies on the dollar or for low monthly payments. You should be skeptical about these claims. Many national debt settlement companies do...
How Does Bankruptcy Affect Credit?
How Does Bankruptcy Affect My Credit? Your credit rating is one of the factors lenders use to determine if you are a good risk. A good credit rating can make the difference between being approved or rejected for a home...
How Often Can I File Bankruptcy?
Repeat Bankruptcy Filings: How Often Can you file? An attorney will look-up your previous bankruptcy filing to verify the date. The timelines start with the date of filing not the date of discharge. Waiting Periods Apply to Discharge First, some...
What does the bankruptcy trustee do with funds in an asset case?
Some cases result in the surrender or liquidation of non-exempt assets. There are known as asset cases. In an asset case, the trustee sends notice to creditors advising them that they must file a claim by a certain deadline. In...
7 Ways to Rebuild Your Credit After Bankruptcy
Rebuilding Credit After Bankruptcy Sometimes people make mistakes when it comes to business decisions, resulting in debts that are simply impossible to repay. This forces them to make the uncomfortable decision of filing for bankruptcy. Doing so is never an...
Will I lose my home if I file bankruptcy?
What happens to your home when you file bankruptcy depends on how much equity you have in the home and which chapter of bankruptcy you file. In a chapter 7 bankruptcy, your home is at risk of being liquidated if...
What Debt Collectors Can And Can’t Do
The repeated phone calls and letters from debt collectors can be enough to drive you up a wall. Just because you owe a creditor money does not give them the right to do whatever they want. The law recognizes this...
Bankruptcy Myths
Bankruptcy Myths Collection agencies and creditors will often call debtors and allege that unsecured debts that have been reduced to judgments and credit card bills are no longer dischargeable in bankruptcy. These and other similar allegations made by debt collectors...