Archive for category: Bankruptcy

When is it a good idea not to file Bankruptcy?

Benefits of filing Bankruptcy Perhaps the best way to start this post is to lay out the reasons why one would want to file bankruptcy.  In a Chapter 7 the benefits are discharging all of your unsecured debt and in a Chapter 13 the benefits can range from saving your house from foreclosure and your […]

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What to do when your Chapter 13 has been dismissed.

Call your attorney A Chapter 13 bankruptcy lasts anywhere from three to five years and as most of us know-alot can happen in three to five years.  The majority of debtors’ budgets are tight because pursuant to the statute they should be, so if you or your spouse lose your job, your income gets reduced, […]

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Are fines associated with criminal convictions dischargeable in a bankruptcy?

Non-dischargeable debts Although the purpose of a Chapter 7 bankruptcy is to provide the debtor a fresh start by discharging your unsecured financial obligations, there are some debts that are non-dischargeable under the bankruptcy statue.  Those debts include, domestic support obligations, most student loans, some tax debts and criminal fines and court ordered restitution. Section […]

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Can you Refinance Your Home After Filing for Bankruptcy?

Many homeowners who have filed bankruptcy and retained their homes wonder if they can take advantage of the current low interest rates and refinance their homes.  The short answer to that question is it depends.  If you have filed a Chapter 13 and you are still paying on your 13 your option would be to […]

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Are your check cashing loans dischargeable in bankruptcy?

What is a check cashing loan? A check cashing loan is a short-term, high interest loan that is secured by a post-dated check.  More and more people are turning to check cashing loans as a means to stay afloat with their bills between paychecks.  Because these loans are issued at such a high interest rate […]

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Surrendering your home in a Chapter 13

Why would you want to surrender your home in a Chapter 13 bankruptcy? A lot of people file a Chapter 13 to prevent their home from being foreclosed on, but that doesn’t mean that you can’t surrender your home in a Chapter 13 bankruptcy just as you could in a Chapter 7 bankruptcy.  If your income is […]

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Tax Implications of Debt Settlement

How Debt Settlement Works A debt settlement company acts as a middleman to help you negotiate your debt.  The first thing that a debt settlement company will likely instruct you to do is to stop paying your credit cards.  The debt settlement company will then contact the creditor and negotiate a settlement for your outstanding […]

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Are You Eligible for a Mortgage Modification?

HAMP Calculator The HAMP, Home Affordable Modification Program, calculator was designed to determine a homeowner’s eligibility for a loan modification.   HAMP sets forth the process for borrowers who are in default, at risk of immediate default, or in foreclosure to modify their mortgage payment targeted at about 31 percent of their gross monthly income.   The […]

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Telling Your Creditors You are Filing for Bankruptcy

Should you or Shouldn’t you tell? In general telling your creditors you are filing for bankruptcy should help you.  Once you have retained an attorney you can tell your creditors that you have done so and that they need to contact your attorney regarding any debt you may own.  The Fair Debt Collections Practices Act […]

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Identity Theft and your Credit

How to protect your identity from being stolen The easiest way to protect your identity from being stolen is to continuously monitor your credit and protect important information such as account numbers, creditor information, and your social security number.  Many credit monitoring companies offer low monthly fees to pull your credit at any time and […]

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