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What to Do If You Can’t Pay Bills Due to the Coronavirus
Conserve funds and prioritize debts using a COVID-19 financial action plan.
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What Happens to Mortgages in Bankruptcy
A major concern for most homeowners who are contemplating Chapter 7 or Chapter 13 bankruptcy is how the bankruptcy will affect their mortgage. Although your mortgage company cannot raise your interest rate or change other terms of your loan, some homeowners filing for Chapter 7 bankruptcy will lose their homes if they’re behind on payments or have too much equity to protect with a bankruptcy exemption. Chapter 13 helps filers bring homes out of foreclosure by providing a way to catch up on missed mortgage payments.
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Student Loans in Bankruptcy: The Brunner Test
Getting student loans discharged in a Chapter 7 bankruptcy case is very difficult. For the most part, you must show that repayment would cause you "undue hardship."
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Debt Discharge in Bankruptcy: Nondischargeable Debts
The point of filing for bankruptcy is to give yourself a clean slate by getting out from under your debts. Whether you file for Chapter 7 or Chapter 13 bankruptcy, many types of debt will be discharged (wiped out) at the end of your case. This isn't true of all debts, however.
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Will Filing For Chapter 7 Bankruptcy Remove A Tax Lien?
Although you can get rid of some tax debts in Chapter 7 bankruptcy, if a tax lien has been recorded against your property, you are unlikely to be able to remove it in Chapter 7 bankruptcy. There are a few exceptions, however. Read on for details.
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How Medical Bills Are Treated in Chapter 13 Bankruptcy
Although you must repay some of your medical debts in Chapter 13 bankruptcy, you do this through the protection of your Chapter 13 repayment plan.
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Will I Lose My Checking or Savings Account if I File Bankruptcy?
If you file for Chapter 7 or Chapter 13 bankruptcy, will you be able to keep your savings, checking, or other bank accounts? The answer depends on what you mean by "keeping." While most banks won't close an account in good standing, you'll have to cover the balance with a bankruptcy exemption. Otherwise, you'll likely lose it. Other bankruptcy checking and savings account issues include losing funds to setoff and difficulties opening new accounts after a bankruptcy filing.
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Can You Keep Your Retirement Accounts in Bankruptcy?
Under most circumstances, you can keep your retirement accounts, such as 401ks and IRAs, if you file for Chapter 7 bankruptcy. However, for some accounts, the protected amount may be capped.
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Will Chapter 7 Bankruptcy Prevent a Car Repossession?
If you are not making timely car loan payments, Chapter 7 bankruptcy cannot permanently prevent a car repossession. However, Chapter 7 can temporarily delay the lender from repossessing your car and allow you more time to negotiate or cure your default.
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Is Bankruptcy a Good Option for Struggling Small Businesses
Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.
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What Is a Plan of Reorganization in Chapter 11 Bankruptcy?
Chapter 11 bankruptcy can be a good option for debtors who want to reorganize their debt in order to keep their assets. A key part of any Chapter 11 case is the debtor’s plan of reorganization. The plan of reorganization outlines how the debtor will pay back creditors over time. In order to move forward
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The Chapter 7 Bankruptcy Process
A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.
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Typical Lawyer Fees in Chapter 7 Bankruptcy
Although attorney fees vary significantly, the average bankruptcy lawyer charges $1,200 to $2,000 for Chapter 7 bankruptcy services. The actual cost you'll pay a Chapter 7 attorney to prepare your bankruptcy will depend on three primary factors: the area you live in, the complexity of your case, and the experience level of the lawyer you hire.
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If you want to file for Chapter 7 bankruptcy, you must pass the means test. The means test looks at your income, and perhaps your expenses and debts, to determine whether could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7; instead, you will have to use Chapter 13 if you want to file for bankruptcy.
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Debts You Can Wipe Out in Chapter 13 Bankruptcy
Many debtors file for Chapter 13 bankruptcy to reorganize their debts and catch up on their missed mortgage or car loan payments through an affordable repayment plan. If you successfully complete your repayment plan, you will receive a bankruptcy discharge that wipes out your personal liability for
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How to Calculate a Chapter 13 Monthly Payment
If you file for Chapter 13 bankruptcy, you'll have to propose a repayment plan. Through the repayment plan, which lasts either three or five years, you pay a set amount to the bankruptcy trustee each month.
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If you want to file for Chapter 7 bankruptcy, you must pass the means test. The means test looks at your income, and perhaps your expenses and debts, to determine whether could afford to pay back at least some of your debts. If so, you won't be allowed to use Chapter 7; instead, you will have to use Chapter 13 if you want to file for bankruptcy.
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The Chapter 7 Bankruptcy Process
A typical Chapter 7 bankruptcy case is relatively straightforward. You will spend most of your time completing the bankruptcy petition, schedules, and other forms, which will require you to list your debts, assets, financial transactions, and so on. Once you've filed your paperwork, the bankruptcy trustee takes over your case.
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Is Bankruptcy a Good Option for Struggling Small Businesses
Each bankruptcy chapter offers unique benefits that will differ depending on whether you or your company files for bankruptcy. Understanding these dynamics will help you choose the best solution for your small business needs during the coronavirus pandemic.
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A judgment lien is a type of security interest that a judgment creditor can obtain against your property. Below you can learn how a creditor gets a judgment lien, what property the lien can affect, and more.
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When Is My Bankruptcy Case Over?
Most debtors file for bankruptcy relief to discharge (wipe out) their debts. But your bankruptcy doesn’t end when you receive your discharge. Your case is not officially over until the court closes it by entering a final decree or order. Until your case is closed, you must continue to cooperate with the bankruptcy trustee appointed to oversee your bankruptcy case.
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California Bankruptcy Exemptions
Like all states, California has its own set of exemptions you can use when filing for Chapter 7 or Chapter 13 bankruptcy. California bankruptcy exemptions help you keep the property you'll need, like a home, car, instrument, retirement account, and furnishings. You'll use California bankruptcy exemptions to help you determine the property you can keep in a Chapter 7 bankruptcy, and how much you'll pay to creditors in Chapter 13 bankruptcy.
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New York Bankruptcy Exemptions
Like all states, New York has its own set of exemptions you can use when filing for Chapter 7 or Chapter 13 bankruptcy. New York bankruptcy exemptions help you keep the property you'll need, like a home, car, instrument, retirement account, and furnishings. You'll use New York's bankruptcy exemptions to help you determine the property you can keep in a Chapter 7 bankruptcy, and how much you must pay to certain creditors in Chapter 13 bankruptcy.
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Like all states, Florida has its own set of exemptions you can use when filing for Chapter 7 or Chapter 13 bankruptcy. Florida bankruptcy exemptions help you keep the property you'll need, like a home, car, instrument, retirement account, and furnishings. You'll use Florida bankruptcy exemptions to help you determine the property you can keep in a Chapter 7 bankruptcy, and how much you'll pay to creditors in Chapter 13 bankruptcy.