Latest on the Bankruptcy Blog

Filing bankruptcy can be a daunting task: so many rules and regulations to follow. And hanging over your head is if you make a mistake, you could lose valuable property, or get your case dismissed. Here are a few suggestions to make it faster and easier to fill out your bankruptcy forms. Make Copies of  … Read more

When you start a bankruptcy case, the court considers all of your property to be part of your estate. Any property you get after you start your case will not be included in the estate, and you will not need to inform the trustee. The property you own and have possession of regardless if you  … Read more

When you file Chapter 13 bankruptcy, you will submit a plan to the courts outlining how you intend to make the payments to catch up on your debt. Certain debts will need to be paid in full during your case. Priority debts are debts that are unsecured like back child support and taxes Secured debt  … Read more

The automatic say stops creditors from contacting you to collect on a debt. As soon as you file bankruptcy, the automatic stay goes into effect. Phone calls, letters, foreclosures, evictions, and garnishments are some of the actions that must stop. Not Everything Stops The stay does not stop all actions. Congress determined that some debts  … Read more

When you are deciding if filing for bankruptcy is an option for you, there are a few things that you need to take into consideration. If your monthly income for the six months before filing is above your state’s median, you will probably not be able to file Chapter 7. Instead, you will file Chapter  … Read more

When the bankruptcy laws changed in 2005, the credit counseling agencies changed from helping set up a budget and financial planning to be a mandated step before your bankruptcy can be completed. Scams Not all credit and debt counseling agencies are legitimate. Some will take your payments and leave you worse off than before you  … Read more

When you fall too far behind in your home payments, the mortgage lender starts a process called foreclosure. If you default on your loan, the lender can take possession of your home and sell it to get back some of the amount due on loan. The foreclosure process can be anywhere from one to seven  … Read more

When you start missing payments on your debt, you will probably begin receiving phone calls and letters reminding you to make a payment. The more payments you miss, the more aggressive the phone calls can become. Bill collectors may become overly aggressive and abusive in their practices. Because of these practices, congress passed a law  … Read more

If you are behind on your debt and considering bankruptcy, you may want to file Chapter 7 bankruptcy. The means test is a requirement to be able to file chapter 7 bankruptcy as part of the bankruptcy abuse and prevention act f 2005. If your income is lower than your state’s median, you can file  … Read more