The homestead exemption protects the equity you have in your home. If you don’t have too much equity, consider Chapter 7 bankruptcy. Our last two blog posts outlined 15 separate ways that bankruptcy can protect your home now and/or in the future. We’ll be explaining each one of these ways in 15 separate blog posts. Here is the first … Read More
Your No-Asset Chapter 7 Case
Most individual consumer Chapter 7 cases are “no asset” ones. This means that the Chapter 7 trustee doesn’t liquidate any debtor assets.
Keeping Property in a Spendthrift Trust
If you are the beneficiary in a spendthrift trust, most likely a bankruptcy trustee can’t touch whatever property is in that trust.
Special Considerations for Shared Assets
Property and possessions that you have a shared interest in can be the kind you don’t think of as yours for bankruptcy purposes.
Clearing Up Unpaid Home Property Taxes
Catching up on property taxes benefits both you and your mortgage lender. Chapter 13 helps you pull this off under much less pressure.
A Fresh Start on Unpaid Property Taxes
Having unpaid property taxes is dangerous, and violates the contract with your mortgage lender. Bankruptcy addresses both issues. Is Chapter 7 “Straight Bankruptcy” Enough Help? It possibly can give you enough of a fresh start with your other debts so that you can catch up on your property taxes. But doing so while keeping your mortgage lender also satisfied is difficult to pull … Read More
More Thanks for Chapter 13
We’re lingering in the Thanksgiving spirit by appreciating what Chapter 13 has to offer.
Chapter 7 vs. Chapter 13–Too Much Home Equity
Most homeowners contemplating bankruptcy have their home equity protected by their homestead exemption. If not, consider Chapter 13.
Chapter 7 vs. Chapter 13–Property Tax Debt
Bankruptcy helps with your property taxes either by writing off your other debts or by buying you more time to catch up.
How Bankruptcy Handles Back Property Taxes on Your Home
Being behind on property taxes is usually a breach of your mortgage. Chapter 13 protects you from your mortgage lender so you can catch up.
October Tax Season: What Happens to My Income Tax Refund If I File a Chapter 7 “Straight Bankruptcy” Case?–Part 1
You can usually keep your tax refund(s), although doing so may take some maneuvering.
Crucial Question: How Can I Protect a Non-Exempt Asset with a Chapter 13 “Adjustment of Debts”?
Protect your otherwise unprotected asset(s) by flexibly paying to do so under Chapter 13. Maybe you wonât even need to pay anything extra.
Crucial Question: How Can I Protect an Asset that is Not “Exempt”?
Most people can file Chapter 7 and not lose anything because everything they own is “exempt.” But what if something of yours isn’t?
Good Reason to Delay Bankruptcy until Now: To Allow Time for “Pre-Bankruptcy Planning”
By filing your bankruptcy after applying appropriate asset management strategies, you can save your assets and pay the right creditors.
Practical Bankruptcy: Keeping an Important Asset in Chapter 7 Even If It’s Not Exempt
You don’t necessarily need Chapter 13 to protect an exposed asset. The bankruptcy trustee in Chapter 7 is usually willing to do a deal.