Category: Chapter 7
What it Means to File Bankruptcy on a Car Loan
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There are a lot of people who mistakenly believe that if they file for bankruptcy, they’ll wipe out their car loan and still keep their vehicle. Unfortunately, this isn’t true. While bankruptcy unwinds your obligation to pay back your car loan, you still need to make payments if you want to keep your vehicle. Here…
5 Tips When Preparing To File for Bankruptcy
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Filing bankruptcy could be one of the biggest financial decisions you ever take. It can have significant implications for your finances and your personal life over the next few years and beyond. Therefore, it’s important to consider what is involved with filing bankruptcy and what you can do in order to prepare better for this…
The Pros And Cons Of Filing For Bankruptcy
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There are many pros and cons of filing for bankruptcy. One of the biggest cons to doing so is that when you file for either a Chapter 7 or a Chapter 13 bankruptcy, it’ll show up on your consumer credit report for anywhere up to the 10 years of your life. Another thing that you’ll…
Options Besides Bankruptcy
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When you’re struggling with debt, filing for a Chapter 7 bankruptcy or Chapter 13 bankruptcy may be a good option. However, before doing so, you should take some time to see if there are any alternatives available because these could be your best remedy. Negotiate With Your Creditors If you either have some disposable income…
Buying A Car After Chapter 7 Bankruptcy
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A Chapter 7 bankruptcy may be on your credit report for as long as 10 years after when it was filed. You may need to get a car loan during this time. While it’ll be more difficult, it’s still doable if you make a larger down payment or you’re willing to pay the lender a…
FORECLOSURES 2022
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The last few years have been rough for Americans and the entire world. Stocks have been very volatile, inflation is up, and political unrest seems to be dividing the country even more than ever. To make matters even worse Foreclosures have been increasing over the past few months. In this article, we will discuss the…
DOES DISMISSAL OF A BANKRUPTCY DISMISS ANY ADVERSARY PROCEEDINGS?
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If a debtor files Bankruptcy, whether a Chapter 7 or Chapter 13 Bankruptcy, does an adversary proceeding filed against the debtor, subsequently result in the dismissal of the adversary proceeding? Some debtors who file a consumer form of bankruptcy, such as a Chapter 7 or Chapter 13, may expectantly or unexpectantly find themselves a defendant…
How Bankruptcy Can Affect Your Spouse
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One of the more common questions received by the bankruptcy lawyers is, ” How filing for bankruptcy will affect my spouse?” This question comes up frequently when just one of the spouses is planning to file for bankruptcy. Several people have a wrong impression that if they are married the spouse will also be responsible…
TREATMENT OF CHILD SUPPORT ARREARS OWED TO BANKRUPTCY DEBTOR
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How may the Bankruptcy Court treat child support arrears owed to a Debtor who files Bankruptcy? In such an instance, the Debtor or the Bankruptcy Attorney, on behalf of the Debtor, may engage in an analysis of two important concepts in Bankruptcy. The first question is whether child support or child support arrears are even…
Relationship With Credit Card Companies After Bankruptcy
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One of the common myths circulating about bankruptcies is that after you have filed for bankruptcy, it will not be possible to use the services of credit card companies again. But keep in mind that there are thousands of credit card users out there, that filed for bankruptcy. Yet they are getting new offers. You…
Reasons Why People File For Bankruptcy
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Why people file bankruptcy suits in the U.S. these days have been reported by the media citing the reason as medical problems in most cases. It is believed the people that file for bankruptcy in most cases have medical debts. However, oddly almost all the households are dealing with medical debts of some sort. It…
EFFECT OF CONVERSION OF CHAPTER 13 BANKRUPTCY TO CHAPTER 7 BANKRUPTCY
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Bankruptcy Code Section 348(f) states when a Chapter 13 Bankruptcy is converted to a Chapter 7 Bankruptcy, the Bankruptcy Estate does not include property acquired by the Debtor after the original Chapter 13 Bankruptcy was filed. This is an interesting element of Bankruptcy Law because in a Chapter 13 Bankruptcy the Bankruptcy Estate can include…