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The first two parts of this series explored a number of reasons to consider filing Chapter 13 instead of Chapter 7. Here are a few more to ponder: Getting straight with the IRS Some taxes are non-dischargeable in bankruptcy. So instead of the fresh start they had hoped for post-bankruptcy, Chapter 7 debtors are often […]
Last week, I wrote Part One of this article, where I explained some of the reasons that I find myself recommending Chapter 13 more often than Chapter 7 these days. Here are some more: Florida bankruptcy exemptions are woefully inadequate Although bankruptcy is governed by federal law, bankruptcy exemptions vary from state to state. Exemptions […]
Five years ago, we only filed one Chapter 13 for every four or five Chapter 7’s. These days, I find myself recommending Chapter 13 far more often than Chapter 7. Why the turnaround? There are many reasons. Here are some of them: Assets It has never been harder to protect assets in Chapter 7 in […]
This is one of the questions I encounter most frequently during my consultations with prospective new clients. While some people realize that Chapter 13 involves a payment plan, most don’t fully understand how either the commitment period or the monthly repayment figure is calculated. Many believe that the repayment is based on how much debt […]
Applying for a loan modification can be a time-consuming, frustrating process. You mail or fax a huge package of completed forms or documents to your mortgage servicer, only to be told they never received them. You resend them, often multiple times. To follow up, you call the servicer, speaking to a different person every time. […]
If you’re an adult living in the United States, you’ve probably dealt with debt collectors at least once. Even the most responsible people get behind on payments, especially when medical bills and loans come into play. If you’ve dealt with debt collectors before, it’s also likely that you’ve run across at least one that steps […]
Foreclosures and evictions seem to run rampant in the land of the free and the brave. There have been a large number of news stories talking about foreclosures and what it has done on the housing market as well as the people that are losing their homes. Does class have something to do with it? […]
People who have filed for bankruptcy or have been the subject of property foreclosures get a negative effect on their credit ratings. While this negative effect is not as critical a hit as in the 90’s, it can still hamper a person’s ability to buy a new home. Lenders are understandably wary of potential borrowers […]
A lot of people think that they can pull one over on the law by transferring properties before filing for bankruptcy. Their purpose is to hide these assets so that they cannot be liquidated and will be out of reach from the trustee, and thus the creditors. The problem with that approach is that you […]
Last February 2015, David Cassidy announced that he is going through bankruptcy proceedings. The former Partridge family star stated that he needed this “to reorganize my life as I go through divorce and to restructure my finances.” Cassidy’s bankruptcy filing came just about a year after being arrested for his third drunken driving charge last […]