Here again, the main benefit of Chapter 13 over Chapter 7 is that the petitioner will be able to keep his properties that would or else be sold off to repay the unsecured creditors whom you owe money. A debtor who will file Chapter 7 can only retain the non-exempt properties by paying the trustee with the cash value of the property. You can repay your debt according to the new repayment plan that will be set by the Bankruptcy court. You can even feel satisfied about paying back a portion of your debt through this type. You can classify your creditors according to the priorities but only if this is accepted and allowed by the court. The automatic stay that will be imposed on the debtor will also be extended to the co-debtors who have even guaranteed the loan on behalf of the debtor.
Source: thestudentappeal.com
Video: Law Videos – Bankruptcy Law – Chapter 13
Chapter 13 Bankruptcy Time Bomb: Mortgage Modifications Revisited
So the foreclosure is stopped and your plan of payment has been confirmed by the Bankruptcy Court. But those payments are huge because they are designed to reinstate your mortgage by making up all your back payments and foreclosure costs as well as your current payments in the limited time of three to five years. You are struggling, but you will do anything to save your home. And then one day after about a year or so, the clouds break, the rainbows appear, and miraculously a mortgage modification arrives in the mail where the lender agrees to lower your payment and reinstate the mortgage as current if you just make your new payments on time. No back payments to be made up. Hallelujah!!! Salvation has arrived!
Source: bankruptcylawnetwork.com
In Connecticut, Is Chapter 13 Obsolete?
Mortgage mediation can save your home, preventing foreclosure if you are eligible. If your home goes into ‘official foreclosure’, a state marshal will serve you foreclosure papers which are then taken to the Connecticut Superior Court. In your foreclosure papers are official forms were you can request Mortgage Mediation through the Connecticut State Superior Court. But you have to be very careful. You have to request mediation within 15 days after the state marshal returns the papers to Court. Connecticut is leading the nation with this concept. In other words, before the foreclosure can be granted, the parties have to mediate in order to determine if the homeowner can receive a reduction in his/her monthly payment. And many times, this works! Now that’s the good news. But there are pitfalls to this solution.
Source: actionadvocacy.com
Atlanta man pleads guilty to foreclosure scheme
Specifically, court documents allege, the man was convinced by the leader of the sovereign citizen group to illegally use the quit claim process to transfer the deed of his former home, which he had previously lost to foreclosure, back into his own name. The other members of the group went through this and similar processes in order to gain possession of more than a dozen other homes in Gwinnett, DeKalb and six other Georgia counties.
Source: atlantabankruptcylawattorney.com
What is Chapter 13 Bankruptcy?
All individuals interested in filing for Chapter 13 bankruptcy must undergo credit counseling with an agency that is approved by the United States Trustee’s office prior to filing for bankruptcy, as well as a 341 meeting, and financial management course. In addition to paying a fee for these services, you will also be required to pay a 281 dollar court filing fee. It is important that you have a stable income as well as a disposable income—or your net monthly income minus any reasonable monthly living expenses—in order to ensure you can fund your Chapter 13 repayment plan.
Source: milwaukee-waukesha-bankruptcylaw.com
Eliminating your debt problems with small business bankruptcy law
Are you thinking to establish your small business? If yes, then it is essential that you make yourself aware about the right strategies of setting up a successful business. With several big businesses in the market, you may find it difficult to get good number of customers for your business. You usually make less investment to set up small business and so, you will not be able to make huge profit with this business. Make sure you sell quality products and services to your customers. You need to know that only when your customers feel satisfied with them, you will be able to get a suitable chance to increase your probable customers. It is important that you know the small business bankruptcy laws properly before you may decide to start your own business.
Source: chrislehnes.com
Are there new bankruptcy laws in Virginia?
This entry was posted in Bankruptcy Law and tagged bankruptcy forms, bankruptcy law, bankruptcy law attorney, bankruptcy law attorneys, bankruptcy laws chapter 7, bankruptcy laws in virginia, bankruptcy lawyers, business bankruptcy laws, chapter 11 bankruptcy law, chapter 13 bankruptcy, cheap bankruptcy, declaring bankruptcy, federal bankruptcy law, file bankruptcy online, filing chapter 7, how to file for bankruptcy, new bankruptcy laws, personal bankruptcy law, top bankruptcy law firms, when to file bankruptcy. Bookmark the permalink.
Source: russellraylaw.com
Chapter 7, Chapter 13 bankruptcy: What Phoenix filers can keep
Filers are also able to keep things like a stove, refrigerator, and a table and chairs which all benefit cooking for and feeding a family. They can also keep a washer and dryer, a television, a radio alarm, and other items that can help an individual maintain a productive daily life. For Phoenix residents, a Chapter 7 or Chapter 13 bankruptcy doesn’t have to be the end, and these exemptions can assist in seeking a new beginning. Further, under a Chapter 13 proceeding, the goal is to keep significant assets by proposing a plan for the court’s approval to repay creditors over a stipulated time period.
Source: ellettlaw.com
Crown Point developer files for Chapter 13
The 49-year-old developer and his wife have been embroiled in controversial development claims in connection with the Stillwater subdivision in Crown Point, along with the Silverstone Crossing development in Hobart. Residents of those facilities sued the city of Crown Point, along with the developer and some of his partners, because of alleged negligence that led to the homes’ flooding. Protection from future flooding was sought in connection with the lawsuit.
Source: affordablebankruptcychicago.com