Garnishment, Bankruptcy & Foreclosure
In a bankruptcy filing, you have a say in what you’d like to do with the debts you’ve listed in your filing. You must list all your debts, since the trustee needs to get an accurate picture of your financial obligations in order to do his or her job properly. You must list all your debts in bankruptcy, but you…Read More
There are 2 obvious reasons: A Chapter 13 is a great solution to stop wage garnishments. A Chapter 13 is a great solution to stop foreclosure on your house, save the house and cure the missed payments over time. There are four main factors that influence whether an individual can or should file Chapter 7 or Chapter 13 bankruptcy: your…Read More
Filing for bankruptcy can be a huge relief. The automatic stay protects you from collections activities, and you get a break from stressing out about debt and how to get all your bills paid every month. The creditors finally stop calling. You can keep your utilities on. The one thing that can wreck your calm in this moment is making…Read More
Whether you should file for Chapter 7 bankruptcy or a Chapter 13 bankrupcy depends on a lot of things: your income level, the type of debt you owe, how much property you own, and if you are at risk of losing vital services, like power, shelter, or transportation. Chapter 7 bankruptcy is total liquidation bankruptcy. That means you give up…Read More
A discharge is a court order that eliminates debt. When you receive a discharge after filing a bankruptcy case, that means that the debts that you brought to the court have been eliminated. Either the court has liquidated all your non-exempt assets to pay them off, your debt was reorganized into a payment plan and paid off, or you were…Read More
When you file for bankruptcy, creditors are prohibited from calling you or pursuing collection activities such as repossession or foreclosure thanks to something called the “automatic stay.” The automatic stay is a kind of legal pause button while you go through the bankruptcy process. It’s needed because in bankruptcy, the bankruptcy trustee needs time to prioritize your creditors and your…Read More
The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BACPA) changed many aspects of how bankruptcy works. It created the means test, tax-based proof of income requirements, credit and debt counseling requirements, and curtailed some of the powers of the automatic stay. The Means Test is a calculation of income based on household income and household size. If your income is…Read More
You decide to buy your first car with your first real paycheck out of college, because that’s what people do, right? You meet all the requirements, except you don’t have much credit history, so you beg your dad to co-sign for you. After all, it’s just a formality, right? Fast-forward three years later: You’re barely staying afloat paying off school…Read More
There are Five main factors that influence whether an individual can or should file Chapter 7 or Chapter 13 bankruptcy: Are you getting your wages or bank account garnished, your income level, the type of debt you owe, how much property you own, and if you are at risk of losing vital services, like power, shelter, or transportation. First, your…Read More
In bankruptcy, you can make good on a secured debt by surrendering the property. Surrendering the property means that you notify the court of your intent to return the item to the creditor. When you surrender the property, a few things happen. Surrendering property means that the creditor no longer has a lien against you for the item, and the…Read More