Understanding how chapter 13 bankruptcy works: Creating a plan for. dealing with unique financial challenges.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Understanding how chapter 13 bankruptcy works: Creating a plan for. dealing with unique financial challenges."

Transcription

1 24725 W. 12 Mile Rd., Ste. 304 Southfield, MI T (248) E W maxwelldunnlaw.com Understanding how chapter 13 bankruptcy works: Creating a plan for dealing with unique financial challenges. I am often asked if a chapter 13 bankruptcy is better than a chapter 7 for getting out of debt. My response is that it depends on their particular circumstances. A chapter 13 bankruptcy allows you to keep the things you own and pay back all or a portion of the debt that you have based on what you can actually afford. Anyone who has a regular source of income - whether from employment, self-employment, government or family assistance - is eligible to file a chapter 13 bankruptcy case. If your income is irregular or if it s not enough to pay your basic and necessary bills (i.e. rent, insurance, mortgage, utilities, etc.), a Chapter 13 bankruptcy is probably not the right type of bankruptcy for you.

2 The idea behind a chapter 13 bankruptcy is pretty simple and is based on your household budget. We look at your budget and figure out what you have left over each month after paying all of your basic and necessary bills. We then take what you have left over each month and use that number to build a repayment plan. The plan allows you to pay a portion of your debt over time. You can have up to five years to pay back a portion of what you owe and when you finish paying your repayment plan, anything that hasn t been paid back is discharged. As long as you make all of your plan payments on time you won t owe anything else after your case is over (except for things that you agree to continue paying after the case such as a mortgage). There are a few types of debt that can t be discharged, but if you have that kind of debt your attorney will tell you before you ever file your case. As you can see, a chapter 13 bankruptcy requires you to pay back at least a portion of what you owe. This is certainly different from a chapter 7 bankruptcy that does not require any repayment. Sometimes, paying back some of what you owe is actually better than discharging all of your debt in a chapter 7 bankruptcy. To understand why, you need to know that there are ways of adjusting the debt in a chapter 13 bankruptcy case that you simply cannot do in a chapter 7 bankruptcy.

3 For starters, let s assume that you actually qualify to file either a Chapter 7 bankruptcy case or a chapter 13 bankruptcy. Not everyone qualifies to file a chapter 7 bankruptcy. When the bankruptcy law was re-written in 2005, it became much more difficult for people to qualify to file a Chapter 7 bankruptcy. This is especially true if you own anything that has a lot of equity or if your income is higher than average (bonuses and consistent overtime could disqualify you). For our purposes we will assume that you could file either type of case. Below are a few examples of what you can do in a Chapter 13 that you wouldn t be able to in a Chapter A chapter 13 bankruptcy IS A GUARANTEED WAY TO STOP A FORECLOSURE. If you are in danger of having your home foreclosed by your mortgage company or the treasurer for nonpayment of real estate taxes, a chapter 13 bankruptcy will prevent the foreclosure from happening. 2. If you have a car note with a high interest rate, you can modify the interest rate on your loan to a reasonable rate of interest (we usually are able to modify the rate from anywhere between 3.5% and 6.5%). This could mean HUGE savings for you. 3. If you have more than one mortgage on your house and your home is worth less than what you owe on the first mortgage, we can literally get rid of your second mortgage in a chapter 13.

4 4. If you owe taxes to the IRS (or State), we can discharge older taxes through the chapter 13 bankruptcy plan of reorganization and stop additional penalties from accruing. The Chapter 13 plan can also result in the elimination of huge penalties from your tax debt. 5. If any of your creditors have filed liens on property you own, a Chapter 13 plan can result in removing liens and payoff of the liens through the plan at a reduced amount. 6. Any garnishments or that may have been placed by the IRS or by the State of Michigan are immediately stopped and the tax obligation is dealt with through the chapter 13 plan. 7. If you are behind on your rent, you can use a chapter 13 bankruptcy to prevent an eviction and catch up the past due rent over time. 8. A chapter 13 bankruptcy does not have as great an impact on your credit score as a chapter 7 bankruptcy does. Generally speaking, a chapter 7 bankruptcy results in around a point drop in your FICO score whereas in a chapter 13 bankruptcy the drop in your credit score is usually less than 60 points. Also, a chapter 13 bankruptcy case is only reported for 7 years as opposed to a chapter 7 bankruptcy case, which is reported for up to 10 years. 9. During the course of your bankruptcy case, your creditworthiness will improve and you will qualify for car loans during the case. 10. A chapter 13 bankruptcy can be adjusted to fit your lifestyle. If you lose a source of income or your income decreases, the plan can be

5 adjusted. If you suddenly get an increase in your income, we are able to adjust your budget and possibly amend your plan to allow you to finish your case sooner. 11. Student loans can be consolidated through a chapter 13 bankruptcy plan. If you are behind in your student loan payments, the payments can be brought current and can actually be paid off through a chapter 13 bankruptcy plan. 12. If a family member or friend has co-signed for a secured debt (mortgage, car loan, etc.), a chapter 13 bankruptcy can also protect the co-signer from any collection efforts by the creditor. 13. For business owners that have personally guaranteed the obligations of their businesses, a chapter 13 can help you keep your business open while restructuring some of the obligations of your company through a personal bankruptcy. This includes dealing with trust fund recovery taxes as well as other priority 941 tax issues that you may have. Always keep in mind is that a chapter 13 bankruptcy is based on your budget. It is designed to allow you to reorganize your debt by using the money you have available each month to pay back what you can afford. Your chapter 13 plan uses your disposable monthly income to repay your creditors as opposed to the equity in any assets that you may own.

6 When deciding which type of bankruptcy case you should file, also consider the amount of debt that you actually have. If you only need relief from high interest rates and the high monthly payments required on your credit cards, a chapter 13 plan can immediately reduce those high monthly payments and possibly allow you to REPAY ALL OF YOUR CREDITORS AT 0% INTEREST. In certain instances, we don t recommend bankruptcy at all. We have several programs that allow you to create a plan outside of bankruptcy that allows you to repay your debts without ever having to file a case. Business owners may find that a chapter 13 bankruptcy case will allow them to keep their business open while using the bankruptcy to restructure loans and other obligations that the owner has guaranteed for the business. This includes changing interest rates on loans, repaying certain vendors, and paying past-due taxes. The bottom line is that there are certain circumstances when a chapter 13 bankruptcy is simply the better option. It gives you more effective debt relief than a chapter 7 ever could. Call Maxwell Dunn Law today for your risk-free assessment and see what options may be available to you.

WHAT BANKRUPTCY CAN T DO

WHAT BANKRUPTCY CAN T DO A decision to file for bankruptcy should only be made after determining that bankruptcy is the best way to deal with your financial problems. This brochure cannot explain every aspect of the bankruptcy

More information

Bankruptcy may make it possible for you to:

Bankruptcy may make it possible for you to: A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This brochure cannot explain every aspect of the bankruptcy

More information

The Goodman Law Firm, P.A. 1 Dana Street, 4th Floor P.O. Box 7523 Portland, ME 04101

The Goodman Law Firm, P.A. 1 Dana Street, 4th Floor P.O. Box 7523 Portland, ME 04101 The Goodman Law Firm, P.A. 1 Dana Street, 4th Floor P.O. Box 7523 Portland, ME 04101 Fax: (207) 772-2778 www.goodmanlawfirm.com Tel: (207) 775-4335 joseph@goodmanlawfirm.com What Is Bankruptcy? ANSWERS

More information

NYC Bankruptcy Assistance Project

NYC Bankruptcy Assistance Project NYC Bankruptcy Assistance Project A Project of Legal Services for New York City Answers to Common Bankruptcy Questions A decision to file for bankruptcy should be made only after determining that bankruptcy

More information

Common Questions of Personal Bankruptcy

Common Questions of Personal Bankruptcy Common Questions of Personal Bankruptcy Here are a few common questions many have asked with the answers from our experienced bankruptcy attorneys. If you have any common questions, please call Amicus

More information

Bankruptcy FAQ. What Can Bankruptcy Do for Me? What Is Bankruptcy? What Bankruptcy Can Not Do. Bankruptcy may make it possible for you to:

Bankruptcy FAQ. What Can Bankruptcy Do for Me? What Is Bankruptcy? What Bankruptcy Can Not Do. Bankruptcy may make it possible for you to: What Can Bankruptcy Do for Me? Bankruptcy may make it possible for you to: Eliminate the legal obligation to pay most or all of your debts. This is called a discharge of debts. It is designed to give you

More information

K.2 Answers to Common Bankruptcy Questions

K.2 Answers to Common Bankruptcy Questions Adapted from Consumer Bankruptcy Law and Practice, 10 th Edition, National Consumer Law Center, copyright 2012. Used by permission. K.2 Answers to Common Bankruptcy Questions A decision to file for bankruptcy

More information

BANKRUPTCY WHAT IS BANKRUPTCY?

BANKRUPTCY WHAT IS BANKRUPTCY? BANKRUPTCY Most military personnel and their families handle their financial affairs in a responsible and timely manner. Those who have problems usually seek timely assistance from financial counselors.

More information

ANSWERS TO COMMON BANKRUPTCY QUESTIONS

ANSWERS TO COMMON BANKRUPTCY QUESTIONS Wayne Howell, PLLC ANSWERS TO COMMON BANKRUPTCY QUESTIONS A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This

More information

BANKRUPTCY. What is the difference between a Chapter 7 and a Chapter 13 bankruptcy?

BANKRUPTCY. What is the difference between a Chapter 7 and a Chapter 13 bankruptcy? BANKRUPTCY Bankruptcy means you ask the court to excuse you from your duty to repay your creditors. A person or business you owe money to is called a creditor. Bankruptcy allows you to discharge (get rid

More information

BANKRUPTCY SOME FREQUENTLY ASKED QUESTIONS AND ANSWERS

BANKRUPTCY SOME FREQUENTLY ASKED QUESTIONS AND ANSWERS BANKRUPTCY SOME FREQUENTLY ASKED QUESTIONS AND ANSWERS 1 You should file for bankruptcy only after carefully deciding that bankruptcy is the best way to deal with your financial problems. This pamphlet

More information

Answers to Common Bankruptcy Questions 1

Answers to Common Bankruptcy Questions 1 Answers to Common Bankruptcy Questions 1 A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This handbook can

More information

A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems.

A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This booklet cannot explain every aspect of the bankruptcy

More information

For more in-depth information about Chapter 7 and how it can help you, please contact our

For more in-depth information about Chapter 7 and how it can help you, please contact our Introduction This Ebook gives you an overview of Chapter 7 bankruptcy and how it can help you eliminate debt. We hope that you find this Ebook useful and informative. For more in-depth information about

More information

Bankruptcy Guide for Beginners

Bankruptcy Guide for Beginners Bankruptcy Guide for Beginners Answers to 20 common bankruptcy questions We hope you find this guide useful and informative. We look forward to helping you eliminate debt and get a fresh financial start.

More information

Foreclosure Guidelines. Do s and Don ts for fending off foreclosure. Compliments of

Foreclosure Guidelines. Do s and Don ts for fending off foreclosure. Compliments of Foreclosure Guidelines Do s and Don ts for fending off foreclosure. Compliments of 2 Foreclosure Guidelines CONTENTS: Introduction. 3 Foreclosure. What is it? What happens next?... 3 7 Possible Do s when

More information

Ron Holmes Bankruptcy Attorney Realtor and Qualifying Broker for Stetson Realty

Ron Holmes Bankruptcy Attorney Realtor and Qualifying Broker for Stetson Realty Ron Holmes Bankruptcy Attorney Realtor and Qualifying Broker for Stetson Realty University of New Mexico B.S. in Economics and Political Science double major 1991 University of New Mexico School of Law

More information

Answers to Common Bankruptcy Questions

Answers to Common Bankruptcy Questions Mailing PO Box 9440 Naples, FL 34101 Naples 5470 Bryson Court, Suite 103 Naples, FL 34109 Telephone 239-642-1485 Facsimile 239-642-1487 Email info@patrickneale.com Marco Island 950 North Collier Blvd.

More information

MANDATORY BANKRUPTCY DISCLOSURE

MANDATORY BANKRUPTCY DISCLOSURE 2418 Main St. Vancouver, WA 98660 www.mcaleerlaw.net Telephone: (360) 334-6277 Facsimile: (360) 356-1920 MANDATORY BANKRUPTCY DISCLOSURE IMPORTANT INFORMATION ABOUT BANKRUPTCY ASSISTANCE SERVICES FROM

More information

What You Should Know About Bankruptcy What Is Bankruptcy?

What You Should Know About Bankruptcy What Is Bankruptcy? FACTS FOR National Consumer Law Center What You Should Know About Bankruptcy What Is Bankruptcy? Bankruptcy is a process under federal law designed to help people and businesses get protection from their

More information

COMMON QUESTIONS ABOUT BANKRUPTCY

COMMON QUESTIONS ABOUT BANKRUPTCY SCUDDER G. STEVENS, P.A. ATTORNEYS AT LAW A PROFESSIONAL ASSOCIATION 120 North Union Street P.O. Box 1156 Kennett Square, PA 19348 (610) 444-9840 (800) 294-4242 FAX (610) 444-9841 COMMON QUESTIONS ABOUT

More information

COMPLETING THE CREDITOR INFORMATION SHEET

COMPLETING THE CREDITOR INFORMATION SHEET COMPLETING THE CREDITOR INFORMATION SHEET The Creditor Information Sheet lists everyone you owe money to, everyone you might owe money to, everyone who might have a claim against you, and everyone you

More information

Thinking About Bankruptcy? Things You Need to Know.

Thinking About Bankruptcy? Things You Need to Know. Thinking About Bankruptcy? Things You Need to Know. In this handout, you will: Learn about Chapter 7 Bankruptcy. Find out what help is available. IMPORTANT: This handout is not legal advice. It is for

More information

JUDGE LAW FIRM 2123 E. GRANT ROAD TUCSON, ARIZONA 85712 (520) 388-5665

JUDGE LAW FIRM 2123 E. GRANT ROAD TUCSON, ARIZONA 85712 (520) 388-5665 JUDGE LAW FIRM 2123 E. GRANT ROAD TUCSON, ARIZONA 85712 (520) 388-5665 ARIZONA BANKRUPTCY REPORT A decision to file for bankruptcy should be made only after careful consideration of your financial situation

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 BANKRUPTCY. Your Trustee is: Locke D. Barkley 601-355-6661. www.barkley13.com. Your Case Number is:

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 BANKRUPTCY. Your Trustee is: Locke D. Barkley 601-355-6661. www.barkley13.com. Your Case Number is: WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 BANKRUPTCY This booklet contains some basic, general information about your Chapter 13 bankruptcy. Read this pamphlet completely to understand your obligations

More information

CONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS

CONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS CONSULTATION AGREEEMENT and ACKNOWLEDGEMENT OF RECEIPT OF DICLOSURES AND INSTRUCTIONS This agreement is entered on this day between the undersigned (hereinafter referred to as "Client") and ADRIAN M. LAPAS,

More information

8 Ways to Avoid or Stop Foreclosure...

8 Ways to Avoid or Stop Foreclosure... Free Special Report 8 Ways to Avoid or Stop Foreclosure... Dear Homeowner, If you are headed toward foreclosure, or are already in foreclosure, you need to know the rights and options available to you

More information

TYPES OF BANKRUPTCY There are three main types of bankruptcy cases. These are referred to by their chapter number in the Bankruptcy Code.

TYPES OF BANKRUPTCY There are three main types of bankruptcy cases. These are referred to by their chapter number in the Bankruptcy Code. SOME INFORMATION ABOUT BANKRUPTCY People who are having trouble paying their debts sometimes consider bankruptcy as a remedy for this situation. An individual, called a debtor, usually files bankruptcy

More information

NOTICE NO. 1 Notice Mandated by Section 342(b)(1) and 527(a)(1) Of The Bankruptcy Code:

NOTICE NO. 1 Notice Mandated by Section 342(b)(1) and 527(a)(1) Of The Bankruptcy Code: Mandatory Bankruptcy Disclosures The following mandatory disclosures are required under Section 527 and 342 of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005. NOTICE NO. 1

More information

Bankruptcy: What You Need to Know in Maryland

Bankruptcy: What You Need to Know in Maryland Bankruptcy Bankruptcy: What You Need to Know in Maryland MLA :: 1-color logo :: PMS 1807c Advancing Human Rights and Justice for All in Maryland since 1911 Maryland Legal Aid: Who We Are This brochure

More information

Money! Money! Money! Why economic issues are important. Economic Empowerment. Is Power! Catherine T. Martin

Money! Money! Money! Why economic issues are important. Economic Empowerment. Is Power! Catherine T. Martin Money! Money! Money! Catherine T. Martin Economic Empowerment Knowledge Is Power! Why economic issues are important Economic self-reliance supports independence Ensure stability necessary to maintain custody

More information

LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214

LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214 LAUREN ROSS Attorney at Law 2550 N. Hollywood Way Suite 404 Burbank, CA 91505-5046 Tel.(818) 847-0211 Facsimile (818) 847-0214 INITIAL CONSULTATION AGREEMENT AND REQUIRED NOTICES Please Note: These documents

More information

How do I get good credit?

How do I get good credit? Slide 1 Credit The information provided in this e-course is intended for educational purposes only and does not constitute specific advice for you as an individual. When evaluating your particular needs,

More information

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 CASES 1. What is a chapter 13 bankruptcy case and how does it work? A chapter 13 bankruptcy case is a proceeding under federal

More information

QUESTIONS & ANSWERS What You Absolutely MUST Know Before Filing for Bankruptcy in Colorado Attorney Bob Doig

QUESTIONS & ANSWERS What You Absolutely MUST Know Before Filing for Bankruptcy in Colorado Attorney Bob Doig QUESTIONS & ANSWERS What You Absolutely MUST Know Before Filing for Bankruptcy in Colorado By Attorney Bob Doig Anyone considering implementing the information contained in this book is advised to seek

More information

Dealing with a Drop in Income

Dealing with a Drop in Income Dealing with a Drop in Income February 2009 Peggy Olive, Family Living Agent Richland County UW-Extension 1100 Highway 14 West Richland Center, WI 53581 (608) 647-6148 peggy.olive@ces.uwex.edu When your

More information

Using Credit to Your Advantage

Using Credit to Your Advantage Hands on Banking Using Credit to Your Advantage Credit Reports, Credit Scores and Dealing with Debt The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the

More information

Chapter 13 Bankruptcy. What You Need to Know

Chapter 13 Bankruptcy. What You Need to Know Chapter 13 Bankruptcy What You Need to Know What is Bankruptcy is the legal way to discharge debts. Discharge means once the bankruptcy is finished, creditors listed on the bankruptcy papers can t contact

More information

Life After Bankruptcy. By Jason Amerine

Life After Bankruptcy. By Jason Amerine Life After Bankruptcy By Jason Amerine Bankruptcy: A Fresh Start for You Every day I have clients ask me about what life might be like after bankruptcy, and perhaps you re feeling that way, too. Sure,

More information

According to the United States Bankruptcy Code there are 6 types of bankruptcies, called chapters :

According to the United States Bankruptcy Code there are 6 types of bankruptcies, called chapters : FAQ Bankruptcy What does bankruptcy mean? Bankruptcy is a legal procedure that allows people to legally avoid their debts or reorganize their financial obligations through a payment plan. How many bankruptcy

More information

CHAPTER 13 INSTRUCTIONS TO DEBTORS

CHAPTER 13 INSTRUCTIONS TO DEBTORS CHAPTER 13 INSTRUCTIONS TO DEBTORS Ladies and Gentlemen: My name is Ross W. Krumm. I am the Chief Judge of the United States Bankruptcy Court for the Western District of Virginia. There are two other judges

More information

Providing legal help for low-income and disadvantaged people in Missouri. How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006.

Providing legal help for low-income and disadvantaged people in Missouri. How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006. Missouri Legal Aid Programs Providing legal help for low-income and disadvantaged people in Missouri www.lsmo.org Home Foreclosures How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006.

More information

Coping with a Money Crunch Dealing with Creditors

Coping with a Money Crunch Dealing with Creditors Chapter 4: After the Disaster Coping with a Money Crunch Dealing with Creditors Outstanding bills and no money to pay creditors can be very frightening. Unemployment, death, illness, divorce or accident

More information

3. Required Questions (for each debtor), write your answer to each question. Did you meet with your attorney in person before you signed the form?

3. Required Questions (for each debtor), write your answer to each question. Did you meet with your attorney in person before you signed the form? 341 Meeting of Case Number Date 1. Introductory Statement My name is, I represent the Chapter 13 Trustee assigned to your case. Today you will be answering questions about your bankruptcy petition under

More information

Always Ask Questions Before you Retain a Bankruptcy Attorney

Always Ask Questions Before you Retain a Bankruptcy Attorney Always Ask Questions Before you Retain a Bankruptcy Attorney Deciding to file bankruptcy is a stressful time. You're about to turn your life upside down in order to eliminate debt that you can't pay. Because

More information

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13

WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 (Revised January, 2002) This booklet was prepared to help you understand how your Chapter 13 case works and answer most questions that arise during your Chapter

More information

Filing Bankruptcy: General Information. Debts

Filing Bankruptcy: General Information. Debts Filing Bankruptcy: General Information The Big Picture The Big Picture when it comes to Bankruptcy is this: the person or entity that owes money and needs relief from creditors (the debtor ) is making

More information

What is a Short Sale?

What is a Short Sale? What is a Short Sale? A Short Sale is used to describe the sale of a home in which the homeowner owes the bank more than the home is worth. The bank agrees to allow the home to be sold for less than what

More information

5 Minute Cheat Sheet Chapter 7, Chapter 13, and Non-Bankruptcy Options

5 Minute Cheat Sheet Chapter 7, Chapter 13, and Non-Bankruptcy Options 5 Minute Cheat Sheet Chapter 7, Chapter 13, and Non-Bankruptcy Options Filing Bankruptcy in General Filing bankruptcy is a difficult but important decision. Even if it's very clear that you need to file

More information

Bankruptcy in Florida

Bankruptcy in Florida Bankruptcy in Florida SOME INFORMATION ABOUT BANKRUPTCY People who are having trouble paying their debts sometimes consider bankruptcy as a remedy for this situation. An individual, called a debtor, usually

More information

PIKE CREEK MORTGAGE SERVICES, INC.

PIKE CREEK MORTGAGE SERVICES, INC. FINANCING PACKET Thank you for inquiring about Please take a minute to read this helpful information about our company, staff and the process to get started! Pike Creek Mortgage Services has been open

More information

NOTICE NO. 1. Notice Mandated By Section 342(b)(1) and 527(a)(1) of the Bankruptcy Code PURPOSES, BENEFITS AND COSTS OF BANKRUPTCY

NOTICE NO. 1. Notice Mandated By Section 342(b)(1) and 527(a)(1) of the Bankruptcy Code PURPOSES, BENEFITS AND COSTS OF BANKRUPTCY NOTICE NO. 1 Notice Mandated By Section 342(b)(1) and 527(a)(1) of the Bankruptcy Code PURPOSES, BENEFITS AND COSTS OF BANKRUPTCY The United States Constitution provides a method whereby individuals, burdened

More information

10 Questions to Ask a Bankruptcy Attorney Before Hiring Them. Bankruptcy Law Professionals. of Colorado. Declare Your Freedom

10 Questions to Ask a Bankruptcy Attorney Before Hiring Them. Bankruptcy Law Professionals. of Colorado. Declare Your Freedom 10 Questions to Ask a Bankruptcy Attorney Before Hiring Them Bankruptcy 1. How quickly can my case be filed? Can I file it today? A good bankruptcy attorney will know that filing your bankruptcy case in

More information

Foreclosure Prevention Guide

Foreclosure Prevention Guide Foreclosure Prevention Guide 8 Ways to Stop Your Foreclosure in Today s Challenging Economy About Foreclosure Foreclosure begins when a Homeowner is unable to make their mortgage payments on the scheduled

More information

DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY

DAVID M. OFFEN PHILADELPHIA BANKRUPTCY ATTORNEY FIVE KEY CONSIDERATIONS BEFORE FILING BANKRUPTCY IN PHILADELPHIA Examine These Five Details and Discuss Your Situation with an Attorney to Ensure that You are Comfortable Moving Forward and Confident that

More information

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options?

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options? FORECLOSURE When you borrow money to buy a house or land, the creditor usually takes a security interest in the property you buy. This means that if you don t pay, the creditor can foreclose upon (or take

More information

Bankruptcy/Debt Collection

Bankruptcy/Debt Collection Bankruptcy/Debt Collection [ADVOCATE: Give caller advice per script. Check case acceptance list and refer to appropriate offfice for more services.] I. Explain Judgment Proof Judgment proof means you have

More information

Coping with debt. Self-help. Dealing with debt collectors. Managing your auto and home loans. Developing a budget. Contacting your creditors

Coping with debt. Self-help. Dealing with debt collectors. Managing your auto and home loans. Developing a budget. Contacting your creditors Coping with debt Having trouble paying your bills? Getting collection notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

More information

Consumer Bankruptcy in Florida

Consumer Bankruptcy in Florida Consumer Bankruptcy in Florida SOME INFORMATION ABOUT BANKRUPTCY People who are having trouble paying their debts sometimes consider bankruptcy as a strategy for resolving this situation. An individual,

More information

CLIENT INFORMATION OFFICE USE ONLY. TODAY'S DATE: Name: Any other names you may be known by: INFORMATION ABOUT YOU: SS#

CLIENT INFORMATION OFFICE USE ONLY. TODAY'S DATE: Name: Any other names you may be known by: INFORMATION ABOUT YOU: SS# CLIENT INFORMATION INFORMATION ABOUT YOU: TODAY'S DATE: Name: Any other names you may be known by: SS# Date of Birth Physical Address Mailing (if different) City State Phone #s Hm Cell Wk E-mail address

More information

LOCKHART & BRITTON. Admitted to the California Bar - 1977 Western State University College of Law Juris Doctor 1977

LOCKHART & BRITTON. Admitted to the California Bar - 1977 Western State University College of Law Juris Doctor 1977 LOCKHART & BRITTON Attorneys at Law, specializing in representing individuals and small businesses in bankruptcy proceedings. Picture Thomas M. Lockhart, Sr. Admitted to the California Bar - 1975 University

More information

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court.

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. Terminology adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. assume - An agreement to continue performing duties under

More information

Names of all Co-owners w/ Address (if different)

Names of all Co-owners w/ Address (if different) Foreclosure Prevention Intake Form I. CLIENT INFORMATION Date: Name(s) Address Home Phone Work Phone Best Times to Reach Marital Status Spouse (if any) Children (names and ages) Others in Household: II.

More information

Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code

Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code A Publication of the Law Office of Richard L. Williams Williams Bankruptcy A Debt Relief Agency helping people eliminate debt and obtain relief under Chapter 7 of the Bankruptcy Code Tips for Questionnaire

More information

Everything You Need to Know About Bankruptcy

Everything You Need to Know About Bankruptcy Everything You Need to Know About Bankruptcy Raymond J. Sallum Bloomfield, Michigan http://bloomfieldlawgroup.com/chapter-7-bankruptcy B l o o m f i e l d L a w G r o u p R a y m o n d J. S a l l u m (

More information

Table of Contents. Who Is Eligible 4 The End Result 4. Filing Bankruptcy 5 Costs 5 Assets 5 Debts Included 6 How it Affects Credit 6

Table of Contents. Who Is Eligible 4 The End Result 4. Filing Bankruptcy 5 Costs 5 Assets 5 Debts Included 6 How it Affects Credit 6 Table of Contents Introduction 2 Consumer Proposals 3 What is a Consumer Proposal? 3 How Does a Consumer Proposal Work? 3 Filing a Consumer Proposal 3 Acceptance or Rejection 3 Costs 4 Debts Included 4

More information

Getting out from under debt

Getting out from under debt NET GAIN Scoring points for your financial future AS SEEN IN USA TODAY APRIL 18, 2003 Getting out from under debt Consider your options before diving into bankruptcy By Christine Dugas USA TODAY Even if

More information

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1

ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1 ADJUSTMENT OF DEBTS UNDER CHAPTER 13 QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES What is a Chapter 13 bankruptcy case and how does it work? A chapter 13 bankruptcy case is a proceeding under federal

More information

BANKRUPTCY The Bankruptcy and Insolvency Act

BANKRUPTCY The Bankruptcy and Insolvency Act 1 BANKRUPTCY Bankruptcy, not a nice word. It conjures up all sorts of bad impressions. However, on the other hand, it may be the start of a new life. How can that be? Read on. It might be just what you

More information

Presented by: Randy Roach of North American Realty of Nevada. A Guide To Understanding The Process

Presented by: Randy Roach of North American Realty of Nevada. A Guide To Understanding The Process Presented by: Randy Roach of North American Realty of Nevada A Guide To Understanding The Process What Is A Short Sale? It s a Real Estate transaction where two unique events must occur together. (1) Net

More information

SOUTH CAROLINA BAR. Bankruptcy and the Law

SOUTH CAROLINA BAR. Bankruptcy and the Law SOUTH CAROLINA BAR Bankruptcy and the Law There are two kinds of bankruptcy that are commonly used for individuals Chapter 7 and Chapter 13. CHAPTER 7 A Chapter 7 bankruptcy is a liquidation bankruptcy,

More information

Important Information for Chapter 13 Participants

Important Information for Chapter 13 Participants Important Information for Chapter 13 Participants Keep this book for reference thoughout your plan. INTRODUCTION. Chapter 13 is one way under the Bankruptcy Code to obtain relief from your creditors while

More information

AVOIDING. Foreclosure. Learn What Steps You Can Take to Save Your Home

AVOIDING. Foreclosure. Learn What Steps You Can Take to Save Your Home AVOIDING Foreclosure Learn What Steps You Can Take to Save Your Home Don t Give Up Until You ve Explored Every Option Without a doubt, foreclosure is one of the scariest words in the financial dictionary.

More information

CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET

CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET Please provide us with the following information to help us serve you better (please print). Name: Social Security Number: Date: DOB: Address: City, State,

More information

Bankruptcy Questions. FAQ > Bankruptcy Questions WHAT IS CHAPTER 7 BANKRUPTCY?

Bankruptcy Questions. FAQ > Bankruptcy Questions WHAT IS CHAPTER 7 BANKRUPTCY? FAQ > Bankruptcy Questions Bankruptcy Questions WHAT IS CHAPTER 7 BANKRUPTCY? Chapter 7 bankruptcy is sometimes called a straight bankruptcy or a liquidation proceeding. The number one goal in an individual

More information

Credit Workshop. What I need to know about credit and lending products of financial institutions. Financial Education Supported by:

Credit Workshop. What I need to know about credit and lending products of financial institutions. Financial Education Supported by: Credit Workshop What I need to know about credit and lending products of financial institutions. Financial Education Supported by: Concept Checklist What will I learn today? [ ] What is Credit? [ ] Advantages/

More information

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account.

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account fee the amount charged by a financial institution for the

More information

MOUNTAIN POST LEGAL BRIEF. A Preventive Law Service of The Office of the Staff Judge Advocate. Headquarters, Fort Carson

MOUNTAIN POST LEGAL BRIEF. A Preventive Law Service of The Office of the Staff Judge Advocate. Headquarters, Fort Carson REVISED APRIL 2010 MOUNTAIN POST LEGAL BRIEF A Preventive Law Service of The Office of the Staff Judge Advocate Headquarters, Fort Carson Keeping You Informed On Personal Legal Affairs BANKRUPTCY MATTERS

More information

Why File Bankruptcy?

Why File Bankruptcy? Why File Bankruptcy? You are trying to keep debts current, but are borrowing from one card to pay the other. You are trying to keep debts current by using your savings. You are trying to keep debts current

More information

5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.

5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About. Lewis Adams & Associates Utah Bankruptcy Attorneys Personal Reliable Professional (801) 396-0856 www.utah-bankruptcy.org 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.

More information

Instructions Bankruptcy Forms for Individuals

Instructions Bankruptcy Forms for Individuals Instructions Bankruptcy Forms for Individuals U.S. Bankruptcy Court December 2015 (Rev. April 2016) About this Booklet of Instructions... 1 About the bankruptcy forms and filing bankruptcy... 2 Understand

More information

Consumer Credit Counseling. Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy

Consumer Credit Counseling. Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy Consumer Credit Counseling Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy Part 1 Overview You are contemplating bankruptcy and probably have a number of questions. Is bankruptcy

More information

Bankruptcy Q&A. When filing a bankruptcy there are several different chapters under which you can file:

Bankruptcy Q&A. When filing a bankruptcy there are several different chapters under which you can file: Bankruptcy Q&A Chapter 7: What types of bankruptcy are available? When filing a bankruptcy there are several different chapters under which you can file: This is the most basic bankruptcy and is available

More information

When life happens... Avoiding Foreclosure: How to Save Your Home. Finding the Right Help for Your Needs to Save Your Home & Salvage Your Credit

When life happens... Avoiding Foreclosure: How to Save Your Home. Finding the Right Help for Your Needs to Save Your Home & Salvage Your Credit When life happens... Avoiding Foreclosure: How to Save Your Home Finding the Right Help for Your Needs to Save Your Home & Salvage Your Credit Taking Steps to Save Your Home Not only is your home where

More information

Living the Dream -Live E-Seminar / Conference Call

Living the Dream -Live E-Seminar / Conference Call September 15, 2010 Living the Dream -Live E-Seminar / Conference Call Fighting Battles: Partners, Potential Foreclosure and The IRS Host: Mat Sorensen, Attorney at Law Special Guests: Mark Kohler, CPA,

More information

Wealth Strategies. www.rfawealth.com. Debt Management: Getting Started The Basics. www.rfawealth.com

Wealth Strategies. www.rfawealth.com. Debt Management: Getting Started The Basics. www.rfawealth.com www.rfawealth.com Wealth Strategies Debt Management: Getting Started The Basics Part 4 of 12 Debt Management: The Basics WEALTH STRATEGIES Page 1 What is Debt Management? As a consumer in today s world,

More information

Preparing for Homeownership

Preparing for Homeownership Preparing for Homeownership Homeownership Homeownership is a dream for many people. Purchasing a home can be exciting, but it can also be an intimidating process. Educating future homebuyers will help

More information

YOUR CONCERNS ABOUT FILING BANKRUPTCY IN NEW JERSEY

YOUR CONCERNS ABOUT FILING BANKRUPTCY IN NEW JERSEY YOUR CONCERNS ABOUT FILING BANKRUPTCY IN NEW JERSEY TRAVIS J. RICHARDS SOUTH NEW JERSEY BANKRUPTCY ATTORNEY When I meet with a person for the first time to discuss bankruptcy, he or she usually has several

More information

Financial Hardship Application Real Estate Loans (PLEASE KEEP A COPY FOR YOUR RECORDS)

Financial Hardship Application Real Estate Loans (PLEASE KEEP A COPY FOR YOUR RECORDS) Financial Hardship Application Real Estate Loans (PLEASE KEEP A COPY FOR YOUR RECORDS) Required Documentation Completed PenFed Financial Hardship Application and PenFed Financial Statement Income Verification

More information

Debt Management. Dealing with Personal Debt

Debt Management. Dealing with Personal Debt Debt Management Dealing with Personal Debt Apprisen. All rights reserved. 8/24/2015 1 Setting Financial Goals Building a Strong Foundation Conduct a realistic self-assessment-think about what you want

More information

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The foreclosure process is perplexing, even for those experienced in real estate. Real estate agents, attorneys, mortgage

More information

What to Expect During Your Bankruptcy

What to Expect During Your Bankruptcy What to Expect During Your Bankruptcy Table of Contents: Why Choose Bankruptcy? Chapter 7 vs. Chapter 13 Steps to Take Before Bankruptcy During Your Bankruptcy Life After Bankruptcy Why Choose Bankruptcy?

More information

Understanding Credit. Megan Stearns, Credit Counselor

Understanding Credit. Megan Stearns, Credit Counselor Understanding Credit Megan Stearns, Credit Counselor Obtaining your free credit report will lower your credit score. Closing old accounts can help your credit score. Paying off the balances on your credit

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information

Tired of the Foreclosure Threat?

Tired of the Foreclosure Threat? Y o u r R e a l E s t a t e S t r e s s R e l i e f Tired of the Foreclosure Threat? Learn about the 6 options available to you when you are facing foreclosure Loan Modification Foreclosure Prevention

More information

FTC Facts. For Consumers Federal Trade Commission. Having trouble paying your bills? Getting dunning. Knee Deep in Debt. Self-Help

FTC Facts. For Consumers Federal Trade Commission. Having trouble paying your bills? Getting dunning. Knee Deep in Debt. Self-Help FTC Facts For Consumers Federal Trade Commission For The Consumer November 2003 Knee Deep in Debt www.ftc.gov 1-877-ftc-help Having trouble paying your bills? Getting dunning notices from creditors? Are

More information

CONSUMER BANKRUPTCY. Q: What is bankruptcy? Q: How does someone know whether to file a Chapter 7 or 13? Q: How is an action filed in bankruptcy court?

CONSUMER BANKRUPTCY. Q: What is bankruptcy? Q: How does someone know whether to file a Chapter 7 or 13? Q: How is an action filed in bankruptcy court? CONSUMER BANKRUPTCY R. Michael Drose * Thomas M. Fryar * Ann U. Bell * Certified Bankruptcy Specialist Q: What is bankruptcy? A: Bankruptcy laws are federal laws and are the same in every state, although

More information

Chapter 13: Repayment of All or Part of the Debts of an Individual with Regular Income ($235 filing fee, $39 administrative fee: Total fee $274)

Chapter 13: Repayment of All or Part of the Debts of an Individual with Regular Income ($235 filing fee, $39 administrative fee: Total fee $274) B 201A (Form 201A) (12/09) WARNING: Effective December 1, 2009, the 15-day deadline to file schedules and certain other documents under Bankruptcy Rule 1007(c) is shortened to 14 days. For further information,

More information

Answers to the Top Bankruptcy FAQs

Answers to the Top Bankruptcy FAQs Answers to the Top Bankruptcy FAQs 4 th Edition Bill White Attorney at Law 4695 MacArthur Court, Suite 1430 Newport Beach, CA 92660 Office: 4 th Edition Copyright 2013 by the Author Attorney Bill White

More information

QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1

QUESTIONS AND ANSWERS ABOUT CHAPTER 13 BANKRUPTCIES 1 QUESTIONS AND ANSWERS ABOUT CHAPTER 7 BANKRUPTCIES What is a Chapter 7 bankruptcy and how does it work? A Chapter 7 bankruptcy case is a proceeding under federal law in which the Debtor seeks relief under

More information