Chapter 7 with a Current Mortgage But Other Liens

Wasson and ThornhillHome Mortgages

Chapter 7 with a Current Mortgage But Other Liens

Here are 3 more Chapter 7 scenarios when you are current on your home mortgage but have other liens on your home.   Our last blog post was about situations in which Chapter 7 works well enough in the following 3 debt situations: Second or third mortgages Property taxes Income tax with a lien recorded on your home In general, … Read More

When Your Mortgage is Current in Chapter 7

Wasson and ThornhillHome Mortgages

When Your Mortgage is Current in Chapter 7

There are certain scenarios when your home mortgage is current and you’re dealing with other home-related debts that Chapter 7 works well.   You’re current on your home mortgage payment, although you’ve been struggling mightily to keep it that way. You’re thinking very seriously about getting some financial help through bankruptcy. But you absolutely want to keep the home that … Read More

Your Home Mortgage Affecting Your Choice between Chapter 7 and 13

Wasson and ThornhillBankruptcy Options

Your Home Mortgage Affecting Your Choice between Chapter 7 and 13

Bankruptcy helps—often tremendously—with your home mortgage and other home-related debts. Here’s a list how Chapter 7 & 13 each do so.   If you’re buying a home, your mortgage and other home-related debts are probably your most important ones. That’s especially true if you want to keep the home. So the choice between filing a Chapter 7 “straight bankruptcy” and … Read More

Dealing with Simple and Difficult Debts in Chapter 7 and 13

Wasson and ThornhillBankruptcy Options

Dealing with Simple and Difficult Debts in Chapter 7 and 13

Overall, Chapter 7 deals with simple debts as well or better than Chapter 13 does, which deals with more difficult debts better.   Debts in Bankruptcy When deciding between Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” you look at many factors. You have to meet certain qualifications (usually easy to meet) to file either one. The amount … Read More

The Same but Very Different Automatic Stay in Chapter 7 and 13

Wasson and ThornhillAutomatic Stay

The Same but Very Different Automatic Stay in Chapter 7 and 13

Both Chapter 7 and 13 have the same automatic stay to stop creditor collection actions. But how they each use that tool is very different.   Last time we focused on how you can use the Chapter 7 and Chapter 13 options to your time advantage. Chapter 7 “straight bankruptcy” is very fast. If all or most of your debts can be … Read More

Chapter 7 is Quick. Chapter 13 Buys More Time.

Wasson and ThornhillAutomatic Stay

Chapter 7 is Quick. Chapter 13 Buys More Time

Both kinds of bankruptcy can use time to your advantage. Chapter 7’s advantage is it’s quick. Chapter 13 is it buys you much more time.   A Key Distinction-Treatment of Time We’re starting a series of blog posts about the practical differences between Chapter 7 and Chapter 13 bankruptcy. Before getting down into the details let’s look at a difference … Read More

An Example Why to Keep an Open Mind about Chapter 7 or 13

Wasson and ThornhillBankruptcy Options

An Example Why to Keep an Open Mind about Chapter 7 or 13

Why should you keep an open mind about filing under Chapter 7 vs. Chapter 13? Here’s an example why.   Last time we introduced some of the main differences between Chapter 7 and Chapter 13. We suggested that you learn about them but also keep an open mind when you go see a Louisville bankruptcy lawyer. At that meeting you will always hear … Read More

Be Willing to Be Surprised between Chapter 7 and 13

Wasson and ThornhillBankruptcy Options

Be Willing to Be Surprised between Chapter 7 and 13

Chapter 7 is much shorter and usually has lower fees than Chapter 13. But Chapter 13 can be much more powerful. Be willing to be surprised.   Chapter 7 and Chapter 13 Chapter 7 “straight bankruptcy” is usually, but not always, for simpler situations. It’s often the right choice if your income is relatively low, your assets are modest, and your … Read More

Prevent Judgment Liens against Your Home with Chapter 7

Wasson and ThornhillCreditor Lawsuits

Prevent Judgment Liens against Your Home with Chapter 7

Filing a Chapter 7 case buys you time and can permanently stop judgment liens from hitting your home.   Recently we went through a list of ways Chapter 7 buys you time when dealing with debts affecting your home. Included was that filing a Chapter 7 case can “stop a lawsuit from turning into a judgment lien.” That judgment lien … Read More

Chapter 7 Buys You Crucial Time to Move before Foreclosure

Wasson and ThornhillForeclosure

Chapter 7 Buys You Crucial Time to Move before Foreclosure

Every month you can put off foreclosure buys you crucial time to get money together to make your move to your next housing.     Last week we went through a list of ways Chapter 7 buys you time when dealing with a home foreclosure. Included was that filing a Chapter 7 case “can give you time to surrender your … Read More

Get Some Time to Change to Another Vehicle with Chapter 7

Wasson and ThornhillVehicles & Bankruptcy

Get Some Time to Change to Another Vehicle with Chapter 7

When you’re facing a vehicle repossession, a Chapter 7 case prevents that and gives you a  few weeks of peace to get another vehicle.   A week ago we went through a list of ways Chapter 7 buys you time with your vehicle lender. Included was that it “gains you some time to get another vehicle before surrendering your present … Read More

Chapter 7 Gives You Time to Redeem Your Vehicle

Wasson and ThornhillVehicle Loans

Chapter 7 Gives You Time to Redeem Your Vehicle

Prevent repossession and then redeem your vehicle by paying what it’s worth instead of what you own, so that you own it free and clear.   Two blog post ago we went through a list of ways Chapter 7 buys you time with your vehicle lender. Included was that it buys “time to gather funds to redeem your vehicle for … Read More

Chapter 7 Stops Repo for Lapsed Vehicle Insurance

Wasson and ThornhillVehicles & Bankruptcy

Chapter 7 Stops Repo for Lapsed Vehicle Insurance

Chapter 7 prevents repossession for lapsed vehicle insurance, but only briefly. You still have to insure your vehicle again quickly.     Our last blog post went through a list of ways Chapter 7 buys you time with your vehicle lender. Included in that list was that it gives you “a very limited time to reinstate required vehicle insurance.” This … Read More

A List of Ways Chapter 7 Buys Time for Your Vehicle or Home

Wasson and ThornhillChapter 7

A List of Ways Chapter 7 Buys Time for Your Vehicle or Home

If you get behind on payments on your vehicle or home, in many different situations Chapter 7 buys you the time you need.   In the last several weeks of blog posts we’ve given many examples of how bankruptcy can buy you time for your vehicle and for your home. Here’s a summary how a Chapter 7 “straight bankruptcy” filed … Read More

Defeating a Recorded Tax Lien with Chapter 13

Wasson and ThornhillIncome Taxes

Defeating a Recorded Tax Lien with Chapter 13.jpg

Use Chapter 13 to defeat the leverage that a recorded tax lien on your home gives the IRS/state. Buy valuable time and flexibility.   Stopping Tax Liens by Filing Bankruptcy In our last blog post we showed how Chapter 13 can buy you more time and flexibility than Chapter 7. We showed an example how that’s especially true if you … Read More