Car Loans and Bankruptcy If you're filing for bankruptcy, it's important to understand that car loans are treated differently in Chapter 11 bankruptcy than they are in Chapter 13 bankruptcy . If you're a high income debtor you may need to file Chapter 11 bankruptcy; but one of the benefits of Chapter 11 bankruptcy is [...]
When a debtor files Chapter 13 bankruptcy , he/she is has a bankruptcy trustee appointed to their case. The bankruptcy trustee is responsible for collecting payments from the debtor and distributing that money to creditors involved in the bankruptcy case. So How Does The Chapter 13 Bankruptcy Trustee Get Paid? But what many debtors don't know [...]
While in most cases filing for Chapter 7 bankruptcy will not impact your mortgage, Chapter 13 bankruptcy in another matter. When a debtor files for Chapter 13 bankruptcy and has a second mortgage he/she just may be able to win a bankruptcy discharge for the second mortgage on their home if it is considered unsecured [...]
In most parts of the country having a car can mean the difference between being able to keep your job or becoming unemployed. That's why it is important that debtors considering bankruptcy understand the options available to them if they want to keep their car after filing for bankruptcy. Options available to debtors filing Chapter [...]
Bankruptcy offers debtors the chance at a fresh financial start. But what does a debtor do once their debt has been discharged and their bankruptcy case closed? Tips every post bankruptcy debtor should follow: Live within your means. Debtors exiting bankruptcy must learn to rely less on debt and more on the real income they [...]
In troubled times many people turn to debt to make ends meet, take care of emergencies or just to relieve the stress of everyday life by charging shopping sprees to their credit card. But more and more Americans are not only become more indebted, they are choosing to rack up large amounts of debt secretly. [...]
Is the Making Home Affordable Modification Program Working? When the Obama administration launched the Making Home Affordable Modification Program (HAMP) many homeowners thought they would finally have access to modification tools that would help them avoid foreclosure . However, HAMP has failed to deliver on its promises and many view the $75 billion invested in [...]
One of the most insidious myths about bankruptcy is that debtors who file bankruptcy will lose all of their personal property. For the umpteenth time, this myth is simply not true. A matter of fact, most debtors who file Chapter 7 bankruptcy do not lose any of their property. Every state, plus the federal bankruptcy [...]
The bankruptcy code allows the bankruptcy trustee to demand the return of assets that were transferred before a debtor filed bankruptcy under certain circumstances. The debtor made payments on a debt that gave that creditor preferential treatment over other creditors. For example, if a debtor repaid a relative while not paying on their other debts, [...]
Steps to conquering debt: The first step to conquering debt that has gotten out of control is to get honest with yourself. Take the time to find out how much you owe, how much you earn and what the real gap is in between. One of the biggest shockers debtors experience when they file bankruptcy [...]