Your mortgage lender is demanding that you “reaffirm” a mortgage note on your residence in your bankruptcy case. Should you agree to do so? First the basics: There are two parts to your agreement with the mortgage lender regarding your residence. The first part is the note, your promise to repay the amount of money [...]
Bankruptcy law is complex, it can be overwhelming for the consumer researching the subject to read technical, legal jargon, which is why we created the bankruptcy basics section of the site. At National Bankruptcy Forum, or goal is to provide readers with useful information about bankruptcy and debt that can be easily understood. In this section of the site, we have published over 100 articles that focus on the basics of bankruptcy, such as exemptions, property issues, filing deadlines and costs. Please browse the library of articles below and follow-up by asking a question in our QA forum if you don't find what you're looking for.
Filing a bankruptcy case is the first step in stopping a foreclosure on your home and the imposition of the “automatic stay” on collection activity stops the mortgage lender dead in their tracks, but for how long? Not long enough unless you do what the Bankruptcy Code requires. Make your post petition mortgage payments on [...]
Sometimes in a Bankruptcy case, timing is everything There are lots of numbers in the Bankruptcy Code: numbers that limit filing under Chapter 13 consumer reorganizations based on the amount of debt that you owe; numbers that determine the amount of your exemptions; and numbers that determine your eligibility for a Chapter 7 filing based [...]
According to Aurora bankruptcy attorney David Siegel, the meeting of creditors is provided pursuant to this Section 341 of the United States Bankruptcy Code. The meeting is often referred to as the 341 meeting of creditors or your bankruptcy court date. At the meeting of creditors, you along with your attorney are going to be [...]
Joliet bankruptcy attorney David Siegel states that the automatic stay is created immediately upon the filing of your bankruptcy case whether it be a Chapter 7 or a Chapter 13 case. The automatic stay is a one-page document that gets sent to creditors notifying them of your bankruptcy and prohibiting them from taking certain actions. [...]
Collection Efforts Prohibited by Bankruptcy Discharge Once you file for bankruptcy and receive your discharge order from the court, creditors are prohibited from attempting to collect on debts that were included in your bankruptcy, period. Section 524(a)(2) of the Bankruptcy Code explains that a bankruptcy discharge “operates as an injunction against the commencement or continuation [...]