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…
As long as a bankruptcy court has not barred you from filing, you can file bankruptcy again pretty much right away. However, you may not be eligible to receive a discharge. There would be no point to filing a Chapter 7 unless you are eligible for a discharge, but there…
One of the first questions that comes to mind when you are considering options is “Do I qualify to file for bankruptcy?” Let’s look at the eligibility requirements for the two most common types of bankruptcy, a chapter 7 and a chapter 13. Am I eligible to file a Chapter…
How does bankruptcy affect my credit? Bankruptcy has a negative impact on your credit, but it’s the road to credit recovery, not a death sentence to your credit. Think for a moment – if you are already behind on payments and debts – your credit couldn’t get much worse than it…
Whether you are doing a debt consolidation, debt management, debt settlement, credit counseling, or bankruptcy, all negatively affect your credit. The secret they don’t want you to know: your credit will suffer if you are not paying creditors exactly like you agreed or exactly like they want. Debt consolidation, debt…
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…
Secured creditors are creditors that have some type of property (ie. security) or collateral for the loan you owe. They have a lien on your property, which is an interest in property that allows a creditor to repossess that property if you don’t pay. Your mortgage company has your house…
As soon as you file bankruptcy, an “Automatic Stay” goes into effect and stops all collection activity against you. This happens automatically the second your bankruptcy is filed. All creditors must stop trying to collect from you. They must stop doing anything to get money from you; this includes making…
Commonly asked questions of married individuals needing to file bankruptcy: Do married couples have to file bankruptcy together? If you are married there are three options for filing bankruptcy: 1) file together, 2) file alone, or 3) both file separately. There are several factors to consider when deciding if you…