Many Americans unfortunately find themselves having difficulty paying their mortgages. When a family falls behind on their mortgage payments, there are a number of ways to deal with the situation. Houses go into foreclosure for a variety of reasons. Loss of employment, divorce, injuries, illnesses and disabilities. In this situation, you have a … [Read more...]
Waiting Period for Receiving Another Bankruptcy Discharge
If you have already completed your Chapter 13 payment plan or Chapter 7 bankruptcy proceeding, and have received a discharge, you will hopefully be in good shape to begin a new financially unencumbered life. You will hopefully have taken our advice and attained financial health. But life does not always cooperate with our plans and so you may need … [Read more...]
Can A Creditor Pursue a Debtor’s Co-Signor After Discharge?
Many people have loans or debts where a friend or relative has guaranteed or co-signed a loan. In these situations, individuals considering filing for Bankruptcy are often concerned whether any discharge of indebtedness would absolve co-signors of their responsibility for the debt. Generally, Bankruptcy discharge does not absolve a co-signor or … [Read more...]
How Do I Rebuild My Credit After Bankruptcy?
Many individuals who file for bankruptcy already have heavily damaged credit due to late payments, repossessions, foreclosure proceedings and judgments. In this case, one of the factors that has driven down that person’s credit is a very high debt-to-income ratio. A bankruptcy may actually help such a person raise his or her credit score by … [Read more...]
Chapter 13 Bankruptcy
If you have a regular income and, after paying off all of your necessary expenses, you have some money left over to pay down your debts, the court will “restructure” your debts over a 5 year payment plan with little or no interest. The major advantage of this type of bankruptcy is that you will be able to keep all of your assets and will not be … [Read more...]
Chapter 7 Bankruptcy
In order to qualify for Chapter 7 Bankruptcy, you must pass the “means test.” That means that if your income is less than the median income in your county, you qualify to apply for bankruptcy protection. In order to find out if your income is above or below the median income for your area, please contact our office and one of our experienced … [Read more...]
Who Should File for Bankruptcy?
Generally, if you do not have enough money to pay your other debts after you pay the bills for your necessary expenses each month, you may file for bankruptcy. Most people who file for bankruptcy are either unemployed, have large medical expenses, have seriously over extended credit, or encounter large unexpected expenses. In order to qualify … [Read more...]
