Category archive for ‘Chapter 13 Bankruptcy’ 
I Can’t Complete My Chapter 13 Plan, Can I Still Get Debt Relief?
by Drew Broaddus on 8/26/10 | 0 Comment(s)
As I have discussed previously at the National Bankruptcy Forum, a Chapter 13 Bankruptcy is also called a wage earner’s Plan. It enables people with jobs to develop a plan to repay all or part of their debts when they’re having trouble. Under chapter 13, debtors propose a repayment plan to make installments to creditors over [...]
Tax Refunds and Chapter 13
by Drew Broaddus on 8/18/10 | 0 Comment(s)
On January 27, 2010, the U.S. Bankruptcy Court for the Eastern District of Michigan (which covers Detroit, Bay City, and Flint) posted a notice on its website (available here) regarding the treatment of tax refunds in Chapter 13 cases, in light of the Eastern District of Michigan’s holding in United States v. Carroll , __ B.R.__, 2010 WL 338040 [...]
Are you leaving thousands of dollars on the table? Why you need to know about lien stripping in Chapter 13
by Tara Gaschler on 8/17/10 | 0 Comment(s)
What if I told you you could get rid of your 2nd mortgage? That’s right – never make another payment and have the lien on your house completely removed! You would probably think that is too good to be true – right? Wrong! It is possible to do exactly what I have outlined above utilizing [...]
Do I Have Too Much Debt To File Chapter 13 Bankruptcy?
by Moderator on 8/12/10 | 0 Comment(s)
It is certainly possible to have too much disposable income to qualify for chapter 7 bankruptcy thanks to the means test. Is it also possible to have too much debt to then file for chapter 13 bankruptcy? Often referred to as a wage earner’s plan, chapter 13 bankruptcy enables individuals earning a living but hampered by excessive [...]
How can I prove “undue hardship” to discharge my student loans?
by Stephen Trezza on 8/10/10 | 0 Comment(s)
Proving the “undue hardship” requirement to discharge your student loans is a very difficult task. But while this one exception for discharge is reserved for extreme of economic situations, in some situations your student loans may be partially discharged. For instance, a 62 year old man with no dependents who could not find public or [...]
What is a “reaffirmation agreement”?
by Stephen Trezza on 8/06/10 | 0 Comment(s)
A reaffirmation agreement is a type of relief agreement that allows you to keep your property even after discharge of your debt after bankruptcy. However, under a reaffirmation agreement you still agree to be liable for the debt owed on the property you wish to keep. You can think of it as a new contract, [...]
How To Force Your Lender To Lower Your Car Payments
by Cary on 8/02/10 | 0 Comment(s)
Force Your Lender To Lower Car Payments Using Chapter 13 Bankruptcy Who doesn’t want to lower their car payments? Let’s face it, the second you drive your car off the lot, its going down in value. A Chapter 13 bankruptcy can be used to in effect reduce a car loan balance to the current value of [...]
I think that my Debt Collector is Harassing me. What can I do?
by Stephen Trezza on 7/13/10 | 0 Comment(s)
In case you have filed for bankruptcy under any chapter, you are protected by the “automatic stay” provision which stops creditors from forms of collection action, including the continuation of a court case against you. Think of the “automatic stay” as a firewall that is supposed to stop debt collectors from trying to collect debt [...]
Credit Scores and Bankruptcy Bump
by John C. Colwell on 7/13/10 | 0 Comment(s)
Today, the AP is reporting a general downturn in the all important FICO score, which score is used primarily to determine loan eligibility. http://www.google.com/hostednews/ap/article/ALeqM5g74qg6iCDzFlCHhjsiBGFIHAiJPQD9GT9T580 Many, if not all of our clients will, at some point, consider the impact an impending bankruptcy will have upon this score. Oddly enough, credit scores after bankruptcy, notwithstanding this report, [...]
More on the Brink of Homelessness in Kentucky, Study Finds
by John Rogers on 7/12/10 | 0 Comment(s)
The Bluegrass Politics blog has a recent post on the increasing trend in Kentucky of folks losing their homes. This has primarily been a problem in other areas of the country, but as the economy worsens, is hitting closer to home. This is a very disturbing trend, that I do not see slowing down soon. [...]
