Did you receive a Notice of Default on your home? Are you denied a Loan Modification? If this is your situation then your home is in danger of being foreclosed and you must have a plan of action to keep your home. Below are some...
Q. What will happen to my properties after I file bankruptcy? A. When you file your bankruptcy papers, a bankruptcy estate is created that is administered by the trustee designated by the U.S. Department of Justice. The trustee is the representative of all your creditors in...
In a Chapter 7 bankruptcy, the debtor must submit to the court a schedule (Schedule D- Creditors Holding Secured Claims) indicating all of their secured debts (mortgages, vehicle loans, and purchase money loans for furniture, jewelry, or household goods, as well as any other debt...
The Automatic Stay in bankruptcy is one of the fundamental debtor protections provided by the Bankruptcy Code. If creditors have been harassing you, this is the provision in the bankruptcy code that will give you immediate relief. Whether you are filing Chapter 13 or Chapter...
When you file for Chapter 7 bankruptcy, the goal is to discharge of your debts. The worst-case scenario is not only getting your case dismissed, but having it dismissed for abuse. The bankruptcy court can dismiss your case if it finds that the granting of relief...
It is possible that a creditor could obtain a court order to garnish your wages. In other words, they can take money right out of your paycheck to pay your debts. In some cases, wage garnishments may take more than half of your...
Chapter 13 Bankruptcy is a reorganization of your debt while paying back your outstanding debt to creditors. Chapter 13 is Bankruptcy intended for an individual or family with a regular income. The first and main requirement to file for Chapter 13 bankruptcy is...
Unpaid income taxes may be discharged in bankruptcy if certain requirements are met. Most people mistakenly believe that taxes are never dischargeable in a bankruptcy. This myth is absolutely wrong! Although there are certain criteria that must be met, bankruptcy relief is often the...
Many people believe bankruptcy as a last resort to save an unsuccessful financial aspect of life. However, financial problems necessitating bankruptcy are not the result of poor decisions. Sometimes people are not financially prepared for a major life change such as unemployment, divorce or...
Most personal properties are exempt from being taken by the creditors if you file bankruptcy. This includes retirement accounts and social security income. Question: How much property can I keep if I file bankruptcy? Answer: If you are filing Chapter 13 bankruptcy, you keep...
Did you receive a Notice of Default on your home? Are you denied a Loan Modification? If this is your situation then your home is in danger of being foreclosed and you must have a plan of action to keep your home. Below are some...
If you received Form 1099c from your lender because of foreclosure, short sale, loan modification or debt settlement, the general rule is it is a reportable income. There are however few exceptions that may apply. The exceptions are Home Affordable Loan Modification Program reduction of...