One of the most frustrating things about finding yourself in a difficult financial situation are the constant harassing phone calls from creditors. While your creditors do have a right to do what they can to collect payments on debts that you owe, if you are unable to make any payments the never-ending barrage of phone calls can be overwhelming and leave you feeling hopeless. If you have been considering filing for Chapter 13 bankruptcy, it is important to note that this will not only give you a chance to take control of your finances once again but the process will also put an end to harassing phone calls from creditors.
If you own a home and you are in financial turmoil, you may be wondering what will happen to your home if you file for bankruptcy. For many, the primary concern that they have when entering the bankruptcy process is that their home is protected. This blog will explore the implications of filing for personal bankruptcy in a chapter 7 or chapter 13 on an individual’s residential real property.
As an aside, in either chapter 7 or chapter 13 a debtor would need to continue to pay their mortgage and property taxes in order to avoid an eventual foreclosure.
Chapter 13 bankruptcy is often the best choice of debt relief for individuals and families who don't qualify under another bankruptcy chapter or would be unable to completely eliminate their unsecured debt under the new bankruptcy laws of 2005. Chapter 13 can also be an excellent way to prevent foreclosure and repossession while restructuring your monthly debt payments into a supervised installment agreement.
When most people hear the word bankruptcy they immediately think of Chapter 7 bankruptcy, which eliminates the obligation to pay back the majority of their debts. However, there is another type of bankruptcy available for those who are looking for additional options to take care of their outstanding debts. Chapter 13 bankruptcy can be useful for anyone who may be behind on large debts like car or house payments and wants to find a good way to get caught up. While filing for Chapter 13 bankruptcy isn’t for everyone, it is worth taking a closer look when considering how to properly take control of your financial future.
One of the unsettled areas of bankruptcy law at this moment is whether a debtor has an absolute right to voluntarily dismiss a Chapter 13 bankruptcy case. Decisions are varying on this issue depending on where the cases are being heard. This blog will explore this issue and the arguments in favor of each side.
Most people assume that if you file for bankruptcy, you must liquidate virtually everything you own to pay your creditors. While this is true under some circumstances, you actually have more than one option when you file for bankruptcy.
Not all debts go away in a bankruptcy. Certain types of debt are nondischargeable. Potentially nondischargeable debts, those for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by false pretenses, a false representation, or actual fraud are dischargeable until the bankruptcy court determines otherwise. Similarly, a debt resulting from willful and malicious injury by the debtor. These types of debts (which are the most commonly litigated in bankruptcy proceedings) are dischargeable until a bankruptcy court rules that it is not dischargeable pursuant to Bankruptcy Code §523(a), §523(c), and Fed. R. Bankr P. 7001 (6).
You should always investigate and look to see whether bankruptcy is the best option for you. There are various helpful websites that provide information on bankruptcy and can be helpful in making a decision. You should always consult with an attorney before making that final decision, but along with our website's comprehensive bankruptcy information, these sites are helpful in educating yourself on the process.
Changes in Chapter 13 Bankruptcy Law Treatment of Condominium Association Liens
Over the past year, New Jersey bankruptcy law concerning condominium association liens and their treatment under a Chapter 13 plans of reorganization has dramatically changed.
Many fears surround bankruptcy. One common worry is that it is impossible to keep a car after filing bankruptcy. It is true that in some cases it makes more sense for a bankruptcy filer to allow a creditor to repossess a car rather than continue to make payments. If the filer does want to keep his or her car, however, there are ways to do so. What assets a person keeps after bankruptcy depends on individual circumstances and the desires of the bankruptcy filer.