Americans are in record debt – for the first time ever, credit card debt passes $1 trillion! Along with the skyrocketing of the country’s national deficit, a debt crisis is hovering over the private sector. New information shows Americans are more in debt now than at any point in history.…
As a result of legislation enacted by Congress, the student loan payment freeze is ending. Student loan interest will resume Sept 1, 2023. For most, payments will be due in October 2023. It is expected that nearly half of borrowers are unable to begin making payments again. Many people are…
Yes! First of all, you can buy anything for cash, no permission is needed – but – you need written permission from the court to get a new loan or new credit while you are in a chapter 13 bankruptcy. The court wants to make sure you are not doing…
If you are in a chapter 13 bankruptcy and are paying for an older vehicle, sometimes the vehicle (or one of them) that you are paying for just isn’t worth keeping anymore. It may have completely stopped running or require repairs to continue running that are more expensive than the…
If you are in a bankruptcy chapter 13 case and are involved in a car accident, it is so important for you to follow the proper steps required by the Bankruptcy Court. It doesn’t matter if your vehicle was totaled or not, there are steps we must take to handle…
Is your Chapter 13 plan paying mortgage payments that were delinquent when you filed bankruptcy? Is your Chapter 13 plan paying the current mortgage payments through the bankruptcy? If so, you are missing out on your mortgage interest tax deduction. Your mortgage company often won’t send the IRS or the…
A Chapter 13 bankruptcy will work wonders on your debts and help to place you in control of the creditors. Chapter 13’s help manage your debt obligations for a period of 3-5 yrs by a repayment plan. You work with your bankruptcy attorney to submit a plan on restructuring your…
Possibly, but first you need to understand that a Chapter 13 plan is not based on your income. It does not fluctuate depending upon how much you make. The Chapter 13 plan amount depends upon what you plan on keeping and/or what creditors you plan on paying through the bankruptcy. …
First you should understand that when we talk about “cramming down” a debt, it is referring to a secured debt (such as debts for vehicles, furniture, household goods and appliances). Referring to a debt as secured means there is some type of collateral attached, which you would lose if you…
First of all, discuss your situation with a competent and knowledgeable bankruptcy attorney, preferably one who only represents consumers. Do it before you do anything thing else, before you pay any creditors or relatives, before you give any property away, before you let the house go, before you take on…