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…
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…
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…
Stop – if you are thinking of filing bankruptcy – do not do any of these transactions until you have spoken with me. Waiting a few days will not matter. “Better to be safe than sorry.” There is a right way to do things before you file bankruptcy, but there…
Mississippi is not a community property state and in most cases, a husband and wife are not responsible for each other’s debts. There are some exceptions, but they usually would only come up in a divorce or action between the husband and wife, not in a situation between the husband…
If you are considering filing bankruptcy, you need to think about your savings and checking accounts. There are a couple of important reasons to change credit unions or banks before you file bankruptcy: First of all, many banks will freeze accounts that have your name on them as soon as…
Can you pay your credit cards after filing bankruptcy? Of course. You can pay anyone you want to pay. But should you? Let’s explore whether first of all you can keep them, and second if you have anything to gain by paying debts that were wiped out by the bankruptcy…