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.…
I’m speaking mainly to those who know that they need to file a Chapter 7 bankruptcy case. If you wait until you are back to work for several months and everything is going well again (except for what is now the older debt), you run the risk of becoming ineligible…
Not unless you would like to! It is understandable to be concerned about your home when thinking about filing bankruptcy to deal with other debt concerns. As long as you are current on your payments, the mortgage company cannot and will not foreclose. They will send out a Reaffirmation Agreement…
Filing a chapter 7 bankruptcy can eliminate unsecured debts such as credit cards or credit accounts, all medical bills, any payday loans or other types of signature loans, etc. It stops lawsuits, no matter what stage the lawsuit is in. It stops wage garnishments. It stops harassing phone calls and…
Most unsecured debts will be wiped out in a Chapter 7 bankruptcy. Unsecured means that the debt does not have any property pledged as security. This includes credit cards, medical bills, lines of credit, payday loans, overdraft protection, signature loans, and personal loans. There are certain types of unsecured debts…
Secured debts are debts that have some sort of property pledged as security. When you get a loan to buy a car or a house, you take out a secured loan. The car or the house is the security or collateral for the loan. Secured debts can either be wiped…
In chapter 7 bankruptcy cases you may be asked to sign a reaffirmation agreement for a loan, secured by collateral, that you wish to keep such as a vehicle, furniture, etc. A reaffirmation agreement is an agreement that says you want to keep the vehicle or the furniture and you…
Not unless you want to! It is unusual for someone to lose a car or any other property that they do not want to lose in a bankruptcy case. It’s common for people to file bankruptcy in order to get rid of a vehicle. They lose it because they want…
Yes and No. In most cases as long as you are up to date on your house payments you can keep your home. If you are not current, the bankruptcy filing protects the home from foreclosure and this could give you the time you need to get caught up, if…
Yes and No. In most cases as long as you are up to date on your vehicle payments you can “reaffirm” the debt and keep your vehicle. The finance company has to agree to allow you to keep the vehicle and they will always agree if you are current. If…