Date archive for October, 2009
Drafting the Chapter 13 Plan
by Drew Broaddus on 10/30/09 | 5 Comment(s)
A Chapter 13 Bankruptcy is also called a wage earner’s Plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the Debtor ‘s current monthly income is [...]
Exemptions: What can I keep if I file bankruptcy?
by Drew Broaddus on 10/23/09 | 5 Comment(s)
The bankruptcy code allows each individual who files bankruptcy to keep basic assets deemed necessary for the debtor’s ‘fresh start’ after bankruptcy. That property is the debtor’s ‘exempt property.’ The debtor claims property as exempt in the schedules that are filed to initiate the case. If no objections are filed to the exemptions, they become [...]
Choose a Ch. 7 or Ch. 13 strategically with the assistance of your attorney
by John C. Colwell on 10/23/09 | 0 Comment(s)
Video blog of Attorney John C. Colwell, from the Debt Relief Legal Clinic of San Diego County, who is in the Charlotte, NC airport on his way to attend a Vanderbilt football game; and is inspired to suggest that it is imperative to consult an attorney to assist in strategically planning to file a Ch. [...]
Can RESPA speed up your Mortgage Modification?
by John O'Connor on 10/20/09 | 0 Comment(s)
Sending your lender a “qualified written request” may speed up your mortgage modification.
Homeowners Association Dues and Foreclosure
by Jay Jump on 10/16/09 | 1 Comment(s)
One of the many things we advise clients about when they come in to see us is whether or not they should walk away from their home. Often we get client’s who are underwater with negative equity or their Adjustable Rate Mortgage is going to increase drastically and the monthly payment will no longer be [...]
Should I Repay Debts to My Family Before Filing Bankruptcy?
by Drew Broaddus on 10/16/09 | 2 Comment(s)
You shouldn’t try to repay insiders like your parents, siblings, close friends or others before you file for Bankruptcy because the Bankruptcy Court has the power to “avoid” or reverse the payment. In other words, if you repay your friends or relatives within one year of filing bankruptcy, they may have to give back the [...]
In-Kind Exemptions and the ‘Super’ Schedule C
by John O'Connor on 10/15/09 | 1 Comment(s)
Under normal circumstances, a debtor claiming and exemption is limited by the statutory dollar amount that their jurisdiction imposes on the type of asset they are seeking to protect. For instance, North Carolina law allows a married couple filing a joint case to protect up to $37,000 of equity in their home. A couple who [...]
Eliminating Credit Card Debt: Credit Card Discharge Issues
by Drew Broaddus on 10/09/09 | 0 Comment(s)
Nearly all of the individuals who visit our office have concerns about credit card debt. While this type of debt can typically be wiped away or discharged through a chapter 7 bankruptcy, it is important to tread with caution. Credit card issuers sometimes challenge the Discharge of their debt in Bankruptcy by filing an adversay [...]
Will I Owe Money After Foreclosure?
by John O'Connor on 10/02/09 | 1 Comment(s)
A common misconception among consumers is that after foreclosure they will not owe their mortgage lender. Many homeowners who go through foreclosure are surprised to learn that they still owe money on their house, even though they no longer own it! Most mortgage lenders require borrowers to personally guarantee the amount of the note, leaving [...]
Chapter 13: Making the Plan Work
by Drew Broaddus on 10/02/09 | 1 Comment(s)
A Chapter 13 Bankruptcy is also called a wage earner’s Plan . It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the Debtor ‘s current monthly income [...]
