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Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for September 19, 2013 Detroit Residents to Voice Pension Fears to Bankruptcy Judge Rapper Young Buck Fresh Out Of Bankruptcy Devonshire PGA Files Bankruptcy With Restructuring Plan
Some debtors may get confused about the aspect of listing all debts when you file your petition. You are required by the bankruptcy court to submit all details in relation to outstanding debts, including creditors that are owed and their outstanding balances. But, what happens when more than one collection agency gets a hold of [...]
In our previous post we discussed the bankruptcy petition, the Schedule A listing of real estate/property and the Schedule B listing of personal property. In this post we will discuss property exemptions (Schedule C). Under federal and state bankruptcy laws, there are categories and amounts of property that are exempt from the bankruptcy process. […]The post Bankruptcy Filing – Property Exemptions and Schedule C appeared first on Tucson Bankruptcy Attorneys Trezza & Associates.
A recent revision to Oregon’s mediation requirements has set off an anvalanche of requests for face-to-face meetings between lenders and borrowers with delinquent mortgages. This recent amendment to the Oregon Legislature’s Foreclosure Avoidance Mediation Program requires all lenders to meet with distressed homeowners before foreclosing on delinquent mortgages. This change has recently resulted in 500 new requests for mediation.
Over the last two years and for a variety of reasons, more and more lenders had been opting for judicial foreclosure in Oregon. Until recently, lenders who commenced judicial foreclosures were able to avoid mediation, but that exemption has now been removed. Here’s hoping that the initial spike in mediation requests will continue and that getting lenders and borrowers together at the same table will help ward off foreclosures and keep Oregonians in their homes.
The original post is titled Change in Oregon Mediation Law Aids Consumers in Foreclosure , and it came from Oregon Bankruptcy Lawyer | Portland, Salem, and Vancouver, Wa .
Tony Sutton, 46, former chairman of the Minnesota GOP has filed for Chapter 7 bankruptcy protection. Along with his wife Bridget, the couple claims to have outstanding liabilities totaling over $2 million. During his political career as state Republican Party chairman, Sutton pushed aggressively for republican legislators to stay in line with spending based on [...]
Sometimes what begins as a Chapter 13 bankruptcy ends up as a Chapter 7. Here are some reasons why.
You go into bankruptcy with a clear sense of what you want to accomplish. Whether it’s to handle a mortgage problem, taxes, or simply because you’ve got the ability to repay some of your debts, Chapter 13 can be a big win.
See also:
But 36-60 months is a long time, and fortunes change.
Here are some of the reasons why your Chapter 13 bankruptcy may be better off as a Chapter 7 bankruptcy.
Convert To Chapter 7 If You Can’t Make The Chapter 13 Payments
When you file for Chapter 13 bankruptcy, you put together a Plan for the repayment of some or all of your debts over a 36-60 month period.
If your income goes down or your other expenses rise, you may not be able to make those payments. Rather than having the Chapter 13 trustee dismiss your case, consider whether converting to a Chapter 7 is a good idea.
See also:
Convert If The Arrears Keep Building
If you filed your Chapter 13 bankruptcy case to catch up on car or mortgage payments, you know you’re responsible for making all new payments on time.
Failure to make those post-petition payments on time will cause the lender to ask the court for permission to foreclose or repossess the car.
This would make a Chapter 13 bankruptcy less useful. If you’re going to lose the house or car anyway, consider converting to Chapter 7. This will allow you to wipe out any shortage or deficiency that might otherwise arise.
Convert If You Want It Finished
Chapter 13 bankruptcy takes up 3-5 years of your life, during which it’s difficult to take on new debt or build up your savings for the future.
If you want to just get on with your life and are willing to give up any non-exempt assets, conversion may not be a bad idea.
See also:
- Options For Keeping Your Home Or Car After Chapter 7 Bankruptcy
- California Homestead Exemption
- California Bankruptcy Exemptions
- New York Homestead Exemption
Understand The Power Of Conversion
Your rights and responsibilities differ significantly under Chapter 7 as opposed to under Chapter 13. By weighing the pros and cons, you’ll understand which remedy gives you a better deal.
Conversion isn’t for everyone, nor it is appropriate in all situations. But for the right person at the right time, converting your Chapter 13 to Chapter 7 can be a powerful way to achieve your financial goals in bankruptcy.
3 Powerful Reasons To Convert Your Chapter 13 Bankruptcy Case To Chapter 7 was originally published on Consumer Help Central. If you're seeing this message on another site, it has been stolen and is being used without permission. That's illegal, a violation of copyright, and just plain awful.
This is the case of Barb from Chicago, Illinois. Barb comes to my office with medical bills, credit card bills and most importantly, a home that she really cannot afford. She has an equity loan on her home which matures in approximately 2 years. She is considering Chapter 7 bankruptcy to eliminate her debt but+ Read MoreThe post Bankruptcy Analysis For Barb T. From Chicago appeared first on David M. Siegel.
Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for September 17, 2012 Green company files for bankruptcy after 115M stimulus funding granted Bridge contractor files for bankruptcy KV Pharmaceutical emerges from bankruptcy
The owner of the Catalina Corsino Italina restaurant and other eateries located in Manhattan, Jason Denton, bit off more than he could chew by opening too many restaurants leading up to bankruptcy. His lawyer states the restaurateur opened too many eateries at a time when the economy was struggling due to the Great Recession. Denton, [...]
A Wonder Lake, Ill man admits he committed fraud when he filed bankruptcy protection in 2008. James Grossmayer, 51, was charged with bankruptcy fraud after admitting he intentionally left out details about interest he had ownership of from an annuity totaling thousands of dollars. He also admits paperwork submitted to the bankruptcy court was incorrect. Grossmayer [...]
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