bankruptcy blog

When you are filing your paperwork to the Federal bankruptcy court, you will need to follow the same procedures. Each district may want different forms, and in different orders, so you will want to ask your bankruptcy attorney or contact your local district to get the most up to date information. You can find the  … Read more

The cornerstone of Chapter 13 bankruptcy is your repayment plan. This type of bankruptcy allows you to keep your possessions while giving you time to catch up on your debt such as your home or your vehicle. The basic rules are the same for making a plan in its simplest form, how much you make,  … Read more

Bankruptcy falls under Federal law instead of the state you live in. So you will go to the federal court in your district. The federal court system is divided into judicial districts there will be at least one judicial district is in each state. You can file in whichever district: where you live and maintain  … Read more

Consumers that file bankruptcy are allowed by law to keep a certain amount of their property while going through the bankruptcy process. Both the state and federal exemptions allow some property to be exempt no matter what the value is. Most states allow you to keep your furniture, clothing, and wedding rings. In Texas and  … Read more

When determining what your basic living expenses are in bankruptcy, you will list your expenses plus any dependent expenses you incur on a form to be submitted to the court. Rent or mortgage payment Utilities Gas Heating fuel Electricity Tv Cell phone Internet Home maintenance Food Clothing Laundry and dry cleaning Medical and dental expenses  … Read more

Classifying your debt to determine what category they fall into will help you, and your bankruptcy lawyer determine which type of bankruptcy will suit your needs the best. Secured Debt Secured debt is tied to a specific property. If you have a mortgage, the house will be the collateral. Your car will be the collateral  … Read more

For most of us in the united states, we need a reliable vehicle to get to and from our jobs, schools, and grocery stores. A car payment is one of the most common loans in the united states. The loan is often secured by the vehicle itself. If you get behind in your payments, they  … Read more

A mortgage lender can use a process called foreclosure to take a property from a homeowner that defaults on the loan. The foreclosure process can take anywhere from one to seven months, depending on the state you live in. By filing bankruptcy, all legal actions against you, including foreclosures will be stopped. Friendly Reminders A  … Read more

Your credit rating takes a hit every time you are late or miss payments. These marks stay on your credit report for up to seven years in some cases. If you are hopelessly behind in your payments, you can file bankruptcy, which will stay on your credit report for up to ten years. The significant  … Read more

If you are behind in your debt and are getting phone calls and letters from your creditors demanding payments and threatening to take you to court, you may want to consider bankruptcy to eliminate your debt and get a fresh start. Fast and Effective Chapter 7 bankruptcy is easy to file, fast, and an effective  … Read more