One of the great benefits of this kind of bankruptcy is reorganization which can help you avoid losing your home to a foreclosure especially if you are behind on your mortgage payments. You can come up with an affordable repayment plan to keep your home even if your lender is unwilling to work with you.
Tag: repayment plan
How will bankruptcy affect my pending divorce?
Bankruptcy and divorce – both can be sticky situations – combined them and you may have a real mess on your hands. Usually a bankruptcy takes precedence over a divorce. If you file a bankruptcy during a divorce you may delay the distribution of assets and debts until the bankruptcy case is completed. In other… Continue reading How will bankruptcy affect my pending divorce?
New Chapter 13 Bankruptcy Plan
Chapter 13 bankruptcy is the type of bankruptcy that allows for a reorganization of debts. Chapter 13 can be a very useful tool to allow a debtor the opportunity to keep a home through bankruptcy even if they are behind on their mortgage payments at the time they file bankruptcy. Many times this is not… Continue reading New Chapter 13 Bankruptcy Plan
Bankruptcy to clear all debt
Had someone send me a question about a bankruptcy to clear all debt. What they were talking about was filing for Chapter 7 bankruptcy. A Chapter 7 bankruptcy is designed to wipe out most if not all of your unsecured debts (debts that are not somehow tied to property). Where a Chapter 13 bankruptcy can… Continue reading Bankruptcy to clear all debt
Why declare bankruptcy
There are several indicators that its is a good idea to declare bankruptcy. Why declare bankruptcy? For example when you’re paying for every day necessities with a credit card, your interest rates are rising because of missed payments, one credit card is paying off debt of another credit card, you have multiple jobs and it… Continue reading Why declare bankruptcy