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All’s Not Forgiven When Debts Are “Forgiven”
/0 Comments/in Bankruptcy Basics, Chapter 7 Bankruptcy, Credit /by Russ B. CopeDebts discharged in bankruptcy are not taxable events.
What Is The Difference Between Surrendering A Home And Foreclosure?
/1 Comment/in Chapter 7 Bankruptcy /by Allan BloomfieldTaking real estate vs. giving it back What is the difference between surrendering a home in bankruptcy and losing a home to foreclosure? Many consumers are confused by the interplay between surrendering a home in bankruptcy and foreclosure. When you file bankruptcy and surrender a home, you give the property back to the lender. When a […]
What is a Homestead Exemption? Can My Creditors Take My Home?
/0 Comments/in Bankruptcy Basics, Chapter 7 Bankruptcy /by Allan BloomfieldThe Homestead Exemption Homestead exemption laws prevent the sale of a borrower’s home by their creditors in satisfaction of a debt. In many states, whether your home may be subject to forced sale is a function of how much home equity you have. A Homestead is Your Primary Residence. Investment Property Does Not Qualify A […]
I’m Not Current on My Car Payments, Do I Have Options in Chapter 13?
/0 Comments/in Chapter 7 Bankruptcy /by Stephen TrezzaCan Bankruptcy Help When You’re Behind on Your Car Payments? When money is tight, and you are considering bankruptcy, you have often been behind on payments for months. You have run up credit card debt, and missed payments on your car and mortgage. And now, perhaps your lender is threatening to repossess your car. What […]
What Property Can I keep In A Bankruptcy?
/0 Comments/in Chapter 13 Bankruptcy, Chapter 7 Bankruptcy /by John O'ConnorFiling bankruptcy doesn’t have to mean losing all of your property People considering bankruptcy often have the misperception that they will lose all of their property if they decide to file. Fact is, only non-exempt property will be eligible for sale in a chapter 7 bankruptcy. What does this mean? As a matter of public […]