By Jeff Field | Published September 26, 2023 | Posted in Bankruptcy | Tagged Tags: automatic stay, equity, foreclosure, secured creditor | Leave a comment
The day you file a Chapter 7 or Chapter 13 case with the bankruptcy court, an automatic stay is imposed that requires your creditors to cease their collection practices. The stay prohibits phone calls, letters, lawsuits, wage garnishments and executions on property, such as mortgage foreclosures. The court can impose penalties such as attorneys’ fees, Read More
Read MoreChapter 13 is a form of bankruptcy that allows you to restructure your outstanding debts for repayment over an extended period of time. This includes defaulted home mortgage loans that are in the process of foreclosure. If you meet the eligibility requirements for Chapter 13, you can put a hold on the foreclosure, buy yourself Read More
Read MorePeople with unmanageable debt loads often turn to bankruptcy for relief. Most of them proceed using either Chapter 7 or Chapter 13 of the bankruptcy code, which set out different paths for discharging the individual’s debt. One notable difference is that Chapter 13 requires partial repayment of outstanding debt. However, an advantage of Chapter 13 Read More
Read MoreBankruptcy provides a fresh financial start for people faced with insurmountable debt. Although the bankruptcy trustee has authority to seize and sell the debtor’s assets to pay off creditors, there are federal and state laws that allow debtors to keep certain property or its equivalent value. These are called exemptions, and one of the most Read More
Read MoreChapter 7 is often the preferred form of bankruptcy relief for individuals, but not everyone qualifies. Most debtors must satisfy the “means test,” which is used to demonstrate that they have insufficient income to repay any portion of their debt. However, debtors who hold a large amount of business debt are exempt from the Chapter Read More
Read MoreA Chapter 13 bankruptcy allows individuals to restructure their consumer debts and to repay them over an extended period of time. Many debtors choose this form of bankruptcy in order to save a home from foreclosure or a vehicle from repossession. However, not every type of loan can be restructured under Chapter 13. People in Read More
Read MoreIf you fall behind in paying debts, you may be subject to a wage garnishment. A creditor might obtain a court order requiring your employer to impound a portion of your wages or salary each pay period and to send it to the creditor. Garnishments can be devastating as they can leave you with insufficient Read More
Read MoreChapter 7 is the simplest type of consumer bankruptcy, since it usually results in a discharge of most or all debt. It’s also the quickest. Cases are typically completed in four to six months, compared with a Chapter 13 loan, which takes years. That said, there are scenarios and circumstances that might result in your Read More
Read MoreMany people in financial distress are behind on their home mortgages. Debtors who have missed payments are at risk of losing their homes to foreclosure. One of the most effective strategies for saving a home from foreclosure is a Chapter 13 bankruptcy. This type of bankruptcy is also called a wage earner’s plan, because it Read More
Read MoreBankruptcy law generally allows debtors to discharge obligations that accrued prior to the filing of the bankruptcy petition. There are, however, exceptions, such as when a debt is obtained by fraud. Though this is generally understood to mean fraud by the debtor, the United States Supreme Court recently ruled that actions by other people can Read More
Read MorePlease fill out the form below and one of our attorneys will contact you.