If you owe money to a creditor (credit card, loan, or medical debt, etc.) and you are delinquent on payments, the creditor can sue you in civil court and get a judgment against you. If the creditor can prove that you owe the debt (which it usually can), the creditor will get a judgment from
If you file a Chapter 7 bankruptcy case, you may need to turn over some or all of your tax refund to your Chapter 7 Trustee, depending on when you file your case. A tax refund is an asset in a bankruptcy case, and the trustee will take your tax refund if it is large
No, you don’t have to show up in person to court or a meeting with a trustee. Before COVID, everyone had to attend a Creditors’ Meeting in person (which meant driving downtown, finding somewhere to park, sitting around in a crowded meeting room waiting, etc.). But, ever since COVID, the Court changed its procedures and
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: If you filed a previous Chapter 7 bankruptcy case, you must wait 8 years from the date when you filed your previous Chapter 7 to file
Quite often people who are considering bankruptcy are worried about losing everything they own. Fortunately, most people do not lose any belongings when filing bankruptcy. There are exceptions, of course, if you own things like expensive vehicles that are paid off, but these exceptions don’t apply to most people. If you do have an expensive
Will Bankruptcy Take Care of My Medical Debt? Anyone who has experienced an unforeseen medical problem knows that the medical bills can be insurmountable. This is especially hard if you’re just barely covering your current monthly expenses. If you then add thousands of dollars in medical debt, it becomes impossible. This is one of the most
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
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
Robert A. Eder, Jr. is an attorney and a debt relief agency and helps people file for relief under the bankruptcy code.