BANKRUPTCY BLOG


Informative articles on bankruptcy

How much does it cost to file bankruptcy? Chapter 7 – The legal fee, court costs, reaffirmations, and credit counseling combined is $1200.00. Chapter 13 – To file a Chapter 13, all you need is $310.00. The attorney fees are paid through monthly payments to the Trustee. Debtors have an
Chapter 13 bankruptcy You are making too much money under the means test to qualify for a chapter 7 You have equity in your home and you would lose it were you to file chapter 7 Your car was seized and you want to get it back so you can
Can a debtor protect his property in a bankruptcy? In a Chapter 7 bankruptcy, the debtor is allowed to keep certain “exempt” assets such as most household items, clothes, retirement accounts, property used in business, and $35,000 in equity in the debtor’s home. However, if the debtor has mortgaged the
What is a bankruptcy discharge? Under the federal bankruptcy statute, a discharge is a release of the debtor from personal liability for certain specified types of debts. In other words, the debtor is no longer required by law to pay any debts that are discharged. The discharge operates as a
What debts cannot be discharged in a bankruptcy? In a Chapter 7 bankruptcy (liquidation), the Bankruptcy laws will not allow a debtor to “discharge” certain types of debts. The most common “nondischargeable” debts are taxes, student loans, child support obligations, and criminal fines. However, there are exceptions to this basic
Credit Repair Information What is a credit bureau? There are three major credit bureaus in the United States: Trans Union, Equifax, and Experian. Credit bureaus are private, profit-making companies that gather and sell information about a person’s credit history. The bureaus sell the information to banks, credit unions, credit card
How long does a bankruptcy stay on a debtor’s credit report? Can co-signers be protected if bankruptcy is filed? Yes. The filing of bankruptcy creates an “Automatic Stay” in favor of the debtor and any co- signers or guarantors of the debtor’s bills. In order to protect the co-signer after

February 23, 2014

Debt and the Elderly

Debt and the Elderly Meager cash flow, usually just Social Security. Too many of our elderly are enduring continuing stress and scrimping on food, medical treatment and prescriptions, and emergency cash reserves. It is important to know that Social Security payments and pension payments are exempt from seizure by creditors.
What are my rights against debt collectors? What are my rights against debt collectors? Creditors typically start their collection efforts with a series of form letters, then graduate to phone calls, and then to repossession or referral to a collection agency or to an attorney for suit. Collection agencies, attorneys,
Can co-signers be protected if bankruptcy is filed? Can co-signers be protected if bankruptcy is filed? Yes. The filing of bankruptcy creates an “Automatic Stay” in favor of the debtor and any co- signers or guarantors of the debtor’s bills. In order to protect the co-signer after the filing of