Quite often people who are considering bankruptcy are worried that they will lose everything if they file. The answer is “no” you will not lose all of your belongings if you file a bankruptcy. Whether you file a Chapter 13 or Chapter 7 bankruptcy you are still allowed to keep most to all of your
Will My Medical Debt Affect My Bankruptcy? Anyone who has experienced a serious medical problem knows that the medical charges can be insurmountable. This is especially the case for families that are barely meeting their current monthly expenses. It’s nearly impossible for such a family to be able to manage thousands of dollars in medical debt.
If you do not owe your bank any money when you file a bankruptcy, then there should be no problem with you continuing to bank with your current bank. Consider the different ways you could owe your bank. Do you have a balance on an overdraft? Do you owe fees due to unpaid checks, etc?
A loan modification is when you and your mortgage company agree change the terms of your mortgage loan. It could entail any of the following changes: a reduction of interest, reduction of principal, or putting the arrears on the back end of the loan. A lot of people are concerned that if they file a
How to determine if you can file another bankruptcy after previously having filed a chapter 7 or 13 If you have previously filed a Chapter 7 case? Chapter 7: You must wait 8 years from when you filed your prior Chapter 7 case in order to be able to file Chapter 7 again. The 8-year
No. There is no minimum amount of debt required for an individual to file a bankruptcy. The ability to pay back debt is completely relative. I may have a client whose debt only totals $4,000, but yet he has no source of income. I may also have a client whose debt totals $100,000. Yet the
If you have gotten behind on your mortgage payments and fear that you may lose your home to a foreclosure, filing for bankruptcy may help. In many situations, filing a Chapter 7 bankruptcy can give you some more time to move or sell your house. If you want to avoid foreclosure and keep your home,
Filing for bankruptcy is an important step for people who are overwhelmed by debt. Credit card debt is often the culprit, and both Chapter 7 and Chapter 13 bankruptcies can help to rid your life of these burdens. However, do you know what happens if you are current on payments or if you have a
Five Things You Shouldn’t Do Right Before Filing for Bankruptcy: If you are considering filing for bankruptcy, there are certain actions that you should avoid in the months and years leading up to your filing. It is also recommended that you meet with an attorney if you are considering bankruptcy, as legal representation can help
Robert A. Eder, Jr. is an attorney and a debt relief agency and helps people file for relief under the bankruptcy code.