Stop Debt Collection Calls No, you don’t need to file bankruptcy in order to put a stop to harassing phone calls from debt collectors. It is important to know that there are federal laws in place to protect you from harassmentthrough phone calls, letters, e-mails and the like. Under the Fair Debt Collection Practices Act [...]
What Bankruptcy Cannot Do: The Limitations of Chapter 7
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What Chapter 7 Cannot Do: The Limitations Of Personal Bankruptcy When people discuss personal bankruptcy, they are usually referring to chapter 7, which is a powerful and efficient debt relief tool. In most cases, credit card debt and medical bills are wiped out entirely. Pending foreclosure sales are temporarily stayed or “frozen.” Your creditors are prohibited [...]
Do I Have To Reaffirm My Mortgage To Keep My Home?
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When you file for bankruptcy protection, you must identify your intention with regard to secured property. When it comes to real property, it can be surrendered, redeemed or reaffirmed. Surrendering is self explanatory. Redemption occurs when a debtor purchases the property for the amount of the secured claim. When you “reaffirm” a mortgage, you are [...]
Student Loans, Co-signers and Undue Hardship
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As a general rule, student loans are “non-dischargeable” debt, which means the debt will remain after a Chapter 7 or Chapter 13 bankruptcy. This applies to both the original debtor and any co-signor. If you cosign on a student loan, filing for bankruptcy protection will not eliminate the debt. As with any debt involving a [...]
Garnishments and Bankruptcy
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What is a garnishment? A garnishment is basically a legal collections tool where a creditor obtains a court order compelling an employer to withhold a portion of an employee’s wages. The amount that can be withheld is capped at 25%, however, the percentage may vary depending on the state issuing the garnishment and the type [...]
How Bankruptcy Can Give You Time To Catch Up On Mortgage Payments
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Chapter 13 bankruptcy can allow a homeowner time to get caught up on past due payments You’ve fallen behind on your mortgage. The bank is demanding payment of the arrearages immediately. You don’t have the money but want to stay in your home. What can you do? First of all this is a common problem. Borrowers [...]
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