Many Homeowners file a Chapter 7 Bankruptcy who are current on their mortgage and want to keep their home. The question is “Do I reaffirm my mortgage?” The answer, almost always, is a big fat NO. REAFFIRMATION GENERALLY In a Chapter 7 secured debts (like a car note* or mortgage) are generally treated one of […]
Should I Reaffirm My Mortgage In A Chapter 7? Read Post »
Chapter 7 Mortgage Video
Sadly the Supreme Court of the United States in a unanimous decision held that a Chapter 7 Debtor cannot wipe out an underwater second mortgage. The case is Bank of America, N.A. v Caulkett, 575 U.S. _ (2015)(June 1, 2015) An example of an underwater 2nd mortgage would be as follows: This case did not change anything
Can You Eliminate An Underwater 2nd Mortgage In A Chapter 7? Read Post »
Chapter 7 Mortgage VideoWhen you have a great deal of debt that cannot be managed the best solution is to file a Chapter 7 bankruptcy. There are, however, situations where filing a Chapter 7 is not possible or is not in a person’s best interest: filing a Chapter 13 is the best path for you. This article is
How Does A Chapter 7 Bankruptcy Compare To A Chapter 13? Read Post »
Bankruptcy Chapter 13 Chapter 7 VideoSURPRISING BENEFITS OF CHAPTER 13 Personal income tax debts that are older than 3 years may be discharged. For a fuller discussion see: Can I Discharge IRS Taxes In Bankruptcy? After Chapter 7 discharge there are 2 types of tax that remain: WHAT TO DO? A Taxpayer may be able to deal with the IRS outside
Dealing with IRS Debt that Can’t Be Discharge in Chapter 7 Read Post »
Chapter 7 IRS VideoCan you get rid of parking tickets in Chapter 7? Chapter 13 still available if it works out best for you. Can you convert a current Chapter 13 to get the benefit of the new law? Probably not. Because the 3 years back would be from the date of filing the Chapter 13. Dismiss Chapter 13 and refile?
Beep! Beep! Parking Tickets And Chapter 7 Read Post »
Chapter 7 Parking tickets VideoBankruptcy, it’s a word that most people find repugnant, but should it be so maligned? The fact of the matter is—bankruptcy provides significant relief to many Americans annually. If you’re drowning in debt and see no way out, bankruptcy may be the only way for you to start over with a clean slate. Many Americans
What Is A Chapter 7 Bankruptcy Case? How Does It Work? Read Post »
Bankruptcy Chapter 7 VideoPeople file Chapter 7 bankruptcy to get a discharge of debts. At the end of the Chapter 7 you don’t owe the money anymore. Of course, not all debts are dischargeable. For instance: Also, creditors can file a complaint to except a debt from discharge. This is rare. A competent lawyer looks for problem areas and can
What Is A Chapter 7 Bankruptcy How Do I Get Started Read Post »
Bankruptcy Chapter 7 VideoOften times a person who files Chapter 7 has a home mortgage. Sometimes a first and second mortgage. The client is current on the monthly mortgage. They ask: “Should I reaffirm my mortgage”? Lawyers who represent Chapter 7 individuals say “No”. This includes my firm, Robert J. Adams & Associates. In the final analysis the choice is
Should I Reaffirm My Mortgage In Chapter 7 Bankruptcy? Read Post »
Chapter 7 Mortgage VideoBankruptcy can disrupt your life. It can bring about changes that you never planned on. And for many people who live outside major cities with excellent public transportation options, a car is their connection to food and work. Giving up your car in a bankruptcy can be a difficult decision, but you do have choices.
Should I Reaffirm My Automobile Debt In Chapter 7? Read Post »
Automobile Car Chapter 7 VideoEach of these is a common question I am asked. First, spouses may join in Chapter 7. It is called a joint case. Second, spouses are not required to join in Chapter 7. SHOULD SPOUSES JOIN TOGETHER IN CHAPTER 7? It is a good idea if each spouse has a lot of debts, especially joint debts.
Can My Spouse File A Joint Chapter 7 With Me? Read Post »
Chapter 7 Spouse Video