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
Most individual consumer Chapter 7 cases are “no asset” ones. This means that the Chapter 7 trustee doesn’t liquidate any debtor assets.
If you are the beneficiary in a spendthrift trust, most likely a bankruptcy trustee can’t touch whatever property is in that trust.
Property and possessions that you have a shared interest in can be the kind you don’t think of as yours for bankruptcy purposes.
Catching up on property taxes benefits both you and your mortgage lender. Chapter 13 helps you pull this off under much less pressure.
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
We’re lingering in the Thanksgiving spirit by appreciating what Chapter 13 has to offer.
Most homeowners contemplating bankruptcy have their home equity protected by their homestead exemption. If not, consider Chapter 13.
Bankruptcy helps with your property taxes either by writing off your other debts or by buying you more time to catch up.
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.
You can usually keep your tax refund(s), although doing so may take some maneuvering.
Protect your otherwise unprotected asset(s) by flexibly paying to do so under Chapter 13. Maybe you wonât even need to pay anything extra.
Most people can file Chapter 7 and not lose anything because everything they own is “exempt.” But what if something of yours isn’t?
By filing your bankruptcy after applying appropriate asset management strategies, you can save your assets and pay the right creditors.
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.