Homeowners’ association debts are dangerous. Chapter 7 may help, but Chapter 13 protects you better by giving you lots of time to catch up. Filing bankruptcy gives you limited, but potentially very useful protection from your homeowners’ association liens and debts. A Chapter 13 “adjustment of debts” filing could especially help. Your Homeowners’ Association Is a Particularly Dangerous Creditor … Read More
Bankruptcy can reinstate your suspended driver’s license. Depends. Can likely if it was suspended for an unpaid debt from an accident. We’re continuing a series of blog posts about the powerful but less obvious benefits of bankruptcy. Bankruptcy gives you immediate and long-term relief from your debts. But it can do other very important things you may not know … Read More
Bankruptcy gives you immediate and long-term relief from your creditors. But there are many other unexpected benefits of bankruptcy. The next 12 blog posts will be about some of the most powerful and surprising benefits of bankruptcy. You’re likely considering bankruptcy because you need financial relief. You need immediate relief from debt collection pressures. You need long-term relief from having to pay … Read More
Reaffirming a secured debt, like a vehicle loan, can be a good way to keep that collateral/vehicle. But Chapter 13 is sometimes better. The last 5 blog posts in December were about keeping the collateral you want by “reaffirming” the debt. “Reaffirmation” applies only to Chapter 7 “straight bankruptcy”cases. (We’ve focused mostly on reaffirming a vehicle loan.) Today we … Read More
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
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
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
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
When deciding between Chapter 7 and 13, if you choose a Chapter 13 payment plan realize that converting later to Chapter 7 is an option.
Your domicile, and sometimes your residence, determines whether you can file bankruptcy, where to file, and what property you keep.
Almost all consumer bankruptcies are voluntary. Involuntary ones are mostly for businesses. Joint cases with your spouse save time and money.
You file bankruptcy most likely under Chapter 7 or 13, or possibly 11. Ch. 12 is for farmers and fisherman, Ch. 9 for governmental entities.
Bankruptcy gives you options for taking charge of your financial life.
Think about filing bankruptcy in early 2016 if you had some extra source of money in mid-2015.
Most homeowners contemplating bankruptcy have their home equity protected by their homestead exemption. If not, consider Chapter 13.