Bankruptcy gives you a fresh start by writing off debts. But it can also free up your home by getting rid of or “avoiding” judgment liens. Writing off debts is good. But if a creditor got a judgment against you, and you own a home, most likely that debt has also turned into a judgment lien on the title of your … Read More
Watch out for this scam: a phone call seemingly from somebody you should trust, giving reliable sounding information, requesting money. You Wouldn’t Be Fooled by This If you get an email written in imperfect English from somebody saying she needs your help to move a huge amount of money out of her African country, and that you’ll get a healthy … Read More
Bankruptcy happens. No matter how you get there—sudden job loss, medical emergency, financial crisis, lack of knowledge about debt management—you’re not alone. In fact, it’s a lot more common than you might think. In 2014, Indiana processed 30,000 personal filings from Hoosiers, and Kentucky’s records hovered right around 17,500. Country-wide that year, just over 910,000 people filed for bankruptcy. Still … Read More
Adjusting your mortgage and other home-related debts under Chapter 13 can often give your home the very best fresh start.
Whether you’re about to fall behind on your mortgage or have already done so, a forbearance agreement avoids foreclosure while you catch up.
Mortgage modification may reduce your monthly payments but not likely reduce your balance owed. So it costs less short-term, not long-term.
If you are behind on your home mortgage & want to keep your home, do a mortgage modification, a forbearance agreement, or a Chapter 13 plan.
If your vehicle is worth less than you owe, Chapter 13 “cramdown” can reduce your monthly vehicle payment and the total you pay on the loan.
You may be able to keep your vehicle for less money by “redeeming” itâpaying its present fair market value instead of the full debt.
A reaffirmation agreement makes you still liable on your vehicle loan so you can keep your car or truck after writing off your other debts.
As of January 1, 2016 you can include any taxes you owe for the 2015 tax year in your Chapter 13 payment plan.
With Chapter 13 you may have to pay some part of the taxes that you could just discharge under Chapter 7, but it may be worth it.
You know bankruptcy gives you an overall fresh financial start. But it can provide special fresh starts you may not know about.