Category: Chapter 13 Archive
Converting Chapter 13 to Chapter 7 Due to Divorce
Justin Harelik
April 11, 2016
If you are in the midst of a Chapter 13 bankruptcy plan and you find yourself facing a divorce, you don’t want to add to the emotional stress with financial stress that can be avoided. Divorce typically comes with some major financial changes: two households instead of one, spousal maintenance, ...
Read More →
Reducing a Chapter 13 Payment Due to Divorce
Justin Harelik
April 8, 2016
When in the midst of a Chapter 13 bankruptcy plan, filing for a divorce will mean revisions that have to be accepted by the bankruptcy trustee. Since many Chapter 13 bankruptcy plans are very strict and leave very little “extra” cash, many feel as if they are left in an ...
Read More →
Receiving a Tax Refund During Chapter 13 Bankruptcy
Justin Harelik
March 23, 2016
There’s not really a specific time that is all around “bad” for filing Chapter 13 bankruptcy. The best timing to file really depends upon your specific situation. It can depend upon the timing of personal events, the date of the last large credit transaction, major financial crises, etc. One thing ...
Read More →
Converting Your Bankruptcy: Chapter 13 to a Chapter 7?
Justin Harelik
February 22, 2016
Talking to a bankruptcy attorney is imperative when considering converting a Chapter 13 to a Chapter 7. There are many different issues you need to be aware of before you make this decision. If you are in a Chapter 13 Bankruptcy there is a possibility that converting to a Chapter 7 ...
Read More →
The Bankruptcy Process: Chapter 13, Foreclosure & Chapter 7
Justin Harelik
February 1, 2016
There are several things you must consider before walking away from your home after filing Chapter 13. In a Chapter 13, your mortgage payments are rolled back into the loan, making the mortgage current. This is called a loan modification – eliminating any past due payments. The bankruptcy trustee assigned ...
Read More →
Southern California Bankruptcy: How Exactly Does this Work?
Justin Harelik
January 18, 2016
Filing bankruptcy is intended as a protection for consumers from overwhelming debt. It seems simple at the outset, but it’s like having a house built. If you’ve never done it before, it seems like a simple concept. You look at them and then decide which one you like best and ...
Read More →
Chapter 13: Involved with Credit Unions for Home Loans
Justin Harelik
November 26, 2015
Working with credit unions when you are in good standing is great, however it is very difficult when you are behind on your loan payments. They take it personally when a customer defaults on a payment agreement or the debt becomes discharged during a bankruptcy. They have lost money when ...
Read More →
Property Loan Modifications
Justin Harelik
November 10, 2015
There has been an evolution of the mortgage crisis. During the time of this crisis, many lenders were rejecting all loan modifications. Many clients were forced to file Chapter 13 bankruptcy in order to attempt to save their homes and pay toward delinquent mortgages. Many could not afford the bankruptcy ...
Read More →
Obtaining a Loan Modification After Filing Chapter 13 Bankruptcy
Justin Harelik
May 6, 2015
If you are in the midst of financial crisis and your main goal is to stay in your home, the first step is often to file for a loan modification. If you have approached your lender regarding a modification for your mortgage to no avail (possibly multiple times) it may ...
Read More →
How Long Is a Chapter 13 Repayment Plan?
Justin Harelik
April 15, 2015
When considering a Chapter 13 bankruptcy, you might wonder if it’s better to get a 3 year pay back in order to get the recovery process started. Being on a fixed budget is an unpleasant prospect for many and thinking of the inconvenience may lead you to desire a shorter ...
Read More →