Chapter 7 strengthens your hand with your secured debts. But Chapter 13 can be much stronger. Starting with a more potent “automatic stay.”
Stop secured creditors from taking your property, unsecured debts from turning into secured ones. Keep or surrender collateral as you wish.
The recording of an income tax lien turns your home into collateral on the tax you owe. Stop the IRS/state from getting that huge advantage.
Catching up on property taxes benefits both you and your mortgage lender. Chapter 13 helps you pull this off under much less pressure.
If you have a child or spousal support lien on your home because you’re behind on support payments, with Chapter 13 you can safely protect the home. If you are behind on your support payments, your ex-spouse and support enforcement agencies have tremendous tools to use against you to try to force you to catch up. And if you own a … Read More
You know bankruptcy gives you an overall fresh financial start. But it can provide special fresh starts you may not know about.
It’s way past Thanksgiving but Chapter 13 has many features that make you take notice and appreciate what they can accomplish.
Chapter 7 has many important features deserving appreciation.
Unpaid support is the highest priority of the “priority” debts. Chapter 7 frees up money to pay it. Chapter 13 buys you time to do so.
Before deciding that you have to sell your home to pay your ex-spouse, find out your legal options. You may be pleasantly surprised.
Stopping a foreclosure through Chapter 7 or 13 while addressing your whole financial picture can be much better than hurrying a home sale.
Don’t let a creditor get a judgment against you. File a bankruptcy case before that can happen.
“Credit counseling” has to be done shortly before filing bankruptcy, “debtor education” shortly after. The latter may even be worthwhile.
Employee withholding taxes can’t be written off in bankruptcy. But still, either Chapter 7 or 13 may provide your best solution.
A tax lien may attach to assets worth more than the amount of the underlying tax. That could make either a small or a huge difference.