Category: Chapter 7 Archive
Forced to File Chapter 7 Bankruptcy: To Reaffirm or Not to Reaffirm?
Justin Harelik
July 22, 2015
If you are underwater on your house and find yourself past due on your mortgage, you may feel that your hand is being forced. You might feel that you have no other choice, but to file for bankruptcy. Feeling forced to file for Chapter 7 bankruptcy isn’t the best situation, ...
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Are Retirement Funds at Risk When Filing for Chapter 7 Bankruptcy?
Justin Harelik
July 20, 2015
If you find yourself retired, and looking towards a future on a fixed budget, you will probably be more wary of making large payments towards overwhelming credit card debt. Many in this situation waver back and forth over the decision of whether or not to use their retirement funds to ...
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Filing for Chapter 7 Bankruptcy and Keeping Your Vehicle
Justin Harelik
July 15, 2015
If you have recently filed for Chapter 7 bankruptcy, you may be wondering what’s going to happen to your car. It’s the most common concern after real estate ownership. If you’d like to keep your vehicle, you simply have to know the details regarding your car’s worth and how that ...
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Protecting Your Home Equity and Bankruptcy
Justin Harelik
May 13, 2015
Many who find themselves in financial straits worry about the fact that they have worked hard to purchase a home and pay substantial sums of money towards paying off the loan so they could own outright. When the time comes that you realize that you are about to be sued ...
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Statement of Intentions for Chapter 7 Bankruptcy
Justin Harelik
May 7, 2015
On the Chapter 7 bankruptcy paperwork, filers will see four options on the “Statement of Intentions” form: Surrender, Redeem, Reaffirm or Other. This is your declaration of intention regarding the secured debts in your name. Secured debts include items such as: mortgages, vehicle loans, jewelry loans, timeshares, furniture/appliance loans, etc. ...
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Student Loan Debt Leading to Bankruptcy
Justin Harelik
May 4, 2015
Many college students end up with major debt when they step out of their commencement ceremonies. Out-of-control student loan debt is a major problem with rising tuition costs. Many parents of college students are even taking out parent loans to pay for their children’s college education. As an experienced southern ...
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Bankruptcy and Property: Allowing a Home Included in a Chapter 13 Bankruptcy to Foreclose
Justin Harelik
March 27, 2015
If you filed for Chapter 13 bankruptcy, included your home, successfully completed a few years of the agreed upon repayment plan, but now find yourself unable to make your modified loan payment, can you walk away from the home? Can a lender foreclose on a home included in a Chapter ...
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Home Equity and Filing for Bankruptcy: Limited Protection for the Equity in Your Home
Justin Harelik
March 25, 2015
Before filing for bankruptcy, you’ll want to educate yourself on the laws concerning home equity and filing for bankruptcy. Due to the limitations on how much of your home’s equity can be protected through Chapter 7 bankruptcy (limitations vary by state), some bankruptcy petitioners find themselves in need of some ...
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If I Don’t Make My Minimum Monthly Credit Card Payment Will I Get Arrested?
Justin Harelik
March 5, 2015
There are so many people that are struggling with overwhelming debt. Many of those who find themselves in an impossible situation financially attempt to “do what they can” to stay in good standing. Doing what they can usually means sending in as much money as possible, but not meeting the ...
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Bankruptcy and Taxes
Justin Harelik
January 7, 2015
It seems that anything you do nowadays is going to have tax consequences, so it shouldn’t surprise anyone that bankruptcy will have a few tax consequences of its own. Make sure you are informed about the laws regarding bankruptcy and taxes starting with noting down the difference between the consequences attached ...
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