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
In a Chapter 7 “straight bankruptcy” you can usually “assume” your lease agreement. But you have to get current fast and keep current.
During the last 13 blog posts we’ve covered the automatic stay–crucial protection that filing bankruptcy gives you. Here’s a helpful summary.
Don’t jeopardize an indispensable benefit of filing bankruptcy–immediate protection from your creditors.
A creditor might want to pursue your co-debtor, protect itself from violating the stay, or take some other action other than collect money.
A creditor might ask to pursue an insurance-paid claim or to finish a lawsuit determining if you incurred the debt through fraud.
Creditors sometimes have good reasons to ask for permission to finish resolving an ongoing dispute outside of bankruptcy court.
Creditors sometimes ask the bankruptcy court for permission to take certain collection action against you or the collateral. In our last blog post we talked about the “automatic stay.” It’s one of the most important benefits of filing bankruptcy. It’s certainly the fastest, going into effect immediately when you or your Louisville lawyer files your bankruptcy case. The automatic … Read More
Chapter 13 stops both mortgage and property tax foreclosures. Then you have up to 5 years to catch up on the property taxes.
It’s much safer than under Chapter 7 because the protection lasts for years instead of just a few months, and is more flexible.
Chapter 7 doesn’t stop a co-signed creditor from chasing your co-signer. Chapter 13 does. Now and forever.
How to avoid getting tripped up in a trap set by Congress supposedly to prevent bankruptcy abuse.
Chapter 13 protects you while you catch up on your vehicle loan, or you may not need to catch up on that loan at all.