By Jeff Field | Published October 15, 2021 | Posted in Bankruptcy | Tagged Tags: chapter 13, chapter 7, medical bills, medical debt | Leave a comment
How Heavy Medical Debt Can be Relieved Through Bankruptcy
If you’ve had a serious illness or injury requiring extensive treatment, bills can quickly add up. In addition, you may be unable to work during the course of your recovery, which can compound your financial woes. If you cannot make the minimum payments on your medical bills and they continue to accumulate, you might consider Read More
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Ways to Reestablish Your Credit Rating After Bankruptcy
Bankruptcy is intended to offer a fresh start, which includes restoring your ability to obtain credit. Your credit score will take a hit after you file for bankruptcy, but this setback need not be long-term. Although bankruptcy can remain on your credit report for up to 10 years, it may be possible to decrease the Read More
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When Can Bankruptcy Be Used to Discharge Tax Debts?
Overdue taxes can be a huge burden for people who are trying to cope with other mounting debt. If you are considering bankruptcy, you may be able to be relieved of some or all of your tax debt, depending upon how long it has been owed. While current tax debt is generally nondischargeable, meaning that Read More
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Obtaining a Mortgage Loan Modification as Part of Chapter 13 Bankruptcy
Lear how to obtain a mortgage loan modification as part of Chapter 13 Bankruptcy Chapter 13 bankruptcy may be used as an effective means of preventing foreclosure, allowing you to keep ownership of your home while repaying mortgage arrears over time. However, the mortgage remains in force, so you will be required to continue making Read More
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Using Chapter 13 Lien Stripping to Reduce Secured Debt
One of the chief benefits of a Chapter 13 bankruptcy is the ability to shield your home from mortgage foreclosure. But what if you have a second or third mortgage or a home equity lien on the same property? Through a process known as lien stripping, you may be able to reduce or eliminate those Read More
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Common Reasons for Bankruptcy Petition Denials and Discharge Denials
The U.S. Bankruptcy Court where you file for Chapter 7 or Chapter 13 has the power to deny your petition at any stage of your case. A judge can also prevent you from obtaining a debt discharge at the conclusion of the bankruptcy process, even for a debt that is normally considered to be dischargeable. Read More
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How Are Chapter 13 Plans Structured and How Are Payments Calculated?
If you’re experiencing burdensome debt but are skittish about declaring bankruptcy, Chapter 13 is an alternative that may be right for you. Unlike a Chapter 7 bankruptcy — in which many of your debts may be discharged but at the cost of losing much of your property — Chapter 13 allows you to pay off Read More
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Should a Chapter 7 Debtor Ever Sign a Debt Reaffirmation, and Why?
Chapter 7 bankruptcy can offer you a fresh start by relieving you of the financial obligations you had to your creditors. Although most of your non-exempt property is liquidated during the process to pay off your debt, there may be some property you want to keep, such as real estate or a vehicle. Consequently, there Read More
Read MoreHow Chapter 13 Can Save Your Home from Mortgage Foreclosure
Foreclosure of your family home can be devastating. If you’re struggling to keep up with mortgage payments or the lender sent you a foreclosure notice, you may be able to save your home by filing a petition for Chapter 13 bankruptcy. Critically, once a Chapter 13 petition has been filed, an automatic stay goes into Read More
Read MoreHow Chapter 7 Can Provide a Fresh Start During the Pandemic
The coronavirus pandemic has had devastating financial effects on many families as a result of widespread job losses, business curtailments and company closures. If you have become burdened with overwhelming debt during these harsh times, a Chapter 7 bankruptcy may offer you the fresh start you need to move forward. If you are suffering loss Read More
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