Category: Chapter 7 Archive
Converting Chapter 13 to Chapter 7 Due to Divorce
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, ...
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Converting Your Bankruptcy: Chapter 13 to a Chapter 7?
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 ...
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The Bankruptcy Process: Chapter 13, Foreclosure & Chapter 7
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 ...
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Southern California Bankruptcy: How Exactly Does this Work?
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 ...
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Your Credit Union and Your Bankruptcy
Credit unions are allowed special circumstances in regards to a member filing a bankruptcy. If debt to a credit union is included in a Chapter 7 bankruptcy there is no hope for continuing current or future association with them or any other branch whatsoever. Eliminating debt during a bankruptcy with ...
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Personal Bankruptcy: How Does it Affect a Trust?
When a trust is thrown into the mix, a personal bankruptcy can take on a whole different appearance. First and foremost, it is essential that you are aware of who is in control of the trust assets. Although you are able to file bankruptcy on your own, having an attorney ...
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Who Can Collect on My Home Loans Post-Bankruptcy?
After filing for Chapter 7 bankruptcy, you receive a discharge of debt. Many who do so, continue to pay their mortgage payments (and second mortgage payments) even though they did not reaffirm the debt during their bankruptcy. This means that they did not agree to continue paying according to the ...
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Are Homeowners Eligible to File Chapter 7 Bankruptcy?
The two most common bankruptcy options are: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Many individuals worry about filing bankruptcy for fear that they will lose their house. Others, who have learned they don’t have to lose their house when they file for bankruptcy, still think that they have to ...
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Can You File for Bankruptcy on a House that Your Ex Got in the Divorce?
Sometimes the FINAL divorce decree isn’t quite as final as we would have liked. In many instances, what seems cut and dry at the time of the divorce isn’t as simple as you thought. For instance, your ex may get the house in the divorce, but if it isn’t specified ...
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Your Ex Gets a Bankruptcy Discharge, Are You Still Responsible for Paying as Agreed in the Divorce Decree?
You got divorced. Your final divorce decree separated your assets and your debt between you and your ex. Your ex removed your name from your joint accounts. The final divorce decree states that you need to pay your ex a certain amount per month or until the debt is paid ...
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