Recently on our bankruptcy forum a user asked, “I have lived in my house five years. I lost my job six months ago. Despite my best efforts, I have not been able to make my mortgage payments. The bank notified me that they are going to start home foreclosure proceedings. I am wondering if there are certain steps I can take to save my house?”
Recently on our bankruptcy forum a user asked, “I know that when I file Chapter 7 bankruptcy there is a good chance that some of my assets will be liquidated. A friend told me, however, that under bankruptcy laws some of my assets might be protected. He called these exempt assets. My question is what assets are nonexempt assets and what am I likely to lose if I decide to file Chapter 7 bankruptcy?”
Recently on our bankruptcy forum a user asked, “I feel really overwhelmed. I am considering filing bankruptcy but everything I read online seems so complicated. Can you just give me the basics of what I really need to know about bankruptcy and the bankruptcy process?”
Recently on our bankruptcy forum a user asked, “I am about to lose my house through a bank foreclosure. If they end up selling my house but the sale price is less than the mortgage will I have to pay the difference? I have heard something about some states having anti-deficiency laws. What do I need to know about a deficiency?”
Close to one million people file bankruptcy last year. Although this number was substantially lower than the number a few years ago, it is clear that the U.S. economy has not improved for everyone. Although filing bankruptcy still has a negative connotation for some, many people who have struggled with unemployment, high medical bills, foreclosures, lawsuits, or delinquent debt may not have another option and may be considering whether or not it is right for them.
Can I discharge my payday loans and medical bills with Chapter 7 bankruptcy?
When deciding whether or not to file Chapter 7 or Chapter 13 bankruptcies there are several considerations. The first is whether or not you will qualify for Chapter 7 bankruptcy. Unfortunately, bankruptcy law changes have made it more difficult to file Chapter 7, and many debtors will now be required to file Chapter 13 and repay a portion of their debt over a 3 or 5 year repayment plan. Recently on our bankruptcy forum a user asked, “Can I discharge my payday loans and medical bills with Chapter 7 bankruptcy?”
Filing bankruptcy can be complicated, especially if you are not familiar with bankruptcy laws. Recently on our bankruptcy forum a user asked what they needed to do to get the bankruptcy process started?
A recent USA Today article lamented the fact that many Americans were too strapped for cash to file bankruptcy, and with the up-front costs of hiring a lawyer and paying the bankruptcy fees hitting an average of $1,500 this is not hard to believe. Experts warn that not only has filing Chapter 7 bankruptcy become more expensive, it has also become more complicated, forcing many debtors to seek ever increasing legal services from a bankruptcy lawyer. So how do you save money when filing Chapter 7 bankruptcy? There are several suggestions discussed below.
Filing Chapter13 bankruptcy may have seemed like a good idea a few years ago, but three years into a five year Chapter 13 bankruptcy plan and your financial situation may have drastically changed. So what do you do if you cannot pay your Chapter 13 bankruptcy payments? Can you save your bankruptcy or can you simply ask the court to dismiss your case?
It really doesn’t matter what your disposable monthly income is if you have enough non-consumer debts. You don’t have to take the Means Test to file for a Chapter 7 bankruptcy. Continue reading