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Chapter 13

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Carl Gustafson's picture
Submitted by crg on Thu, 05/13/2010 - 1:34pm

In my office I increasingly see clients come in for consultations after having completed a mortgage modification.  I wish that I saw it much more frequently.

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Carl Gustafson's picture
Submitted by crg on Thu, 05/13/2010 - 1:24pm

One of the most exciting areas of bankruptcy law is the ability to discharge or remove a second mortgage.  For years the ability to remove a second mortgage was largely irrelevant as property values rose year after year.  Now the power of the bankruptcy court has become one of the most powerful consumer protection laws on the books.  It is important for every home-owner to know his right to adjust his home mortgage through the bankruptcy law.

How can bankruptcy help discharge my debts?

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Unexpected debts from medical bills can happen to anyone.

Medical Bills Debt in Northern California

If you are struggling with medical bills, you are not alone. In fact, the average out-of-pocket medical costs for all medically bankrupt families was $17,943 (American Journal of Medicine, 2009).

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Credit card debt can happen to anyone.

Credit Card Debt in Northern California

If you are struggling with credit card debt, you are not alone. In fact, the average American household has $8,329 in credit card debt (Nilson Report, April 2009). With the unemployment rate at 9.5%, many Americans are using their credit cards to help make ends meet.

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After the current bankruptcy law went into effect in 2005, many people were left with the impression that bankruptcy relief was no longer available or too difficult to obtain. Nothing could be further from the truth.

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Like most formidable situations, bankruptcy has earned its reputation based on very few truthful facts and too many false embellishments. The majority of the myths about bankruptcy have begun since the current bankruptcy laws went into effect in 2005. But have no fear, once you know the facts, filing for bankruptcy is not nearly as terrifying as it first appears. Here are some of the most common myths about bankruptcy and what you need to know before you clean your slate.
 
Myth #1: It is difficult to file for bankruptcy.
 

FAQ

You should find out the experience level of your perspective attorney. How many bankruptcy cases do they deal with a year and how long have they been practicing bankruptcy law. They should be honest, efficient, and have a great reputation.

FAQ

Once someone has decided to file for bankruptcy, there are several pitfalls they often fall into. Some decide they want to accumulate debt in hopes of having it restructured in bankruptcy. Others ignore their current situation and pay back family and friends or ignore lawsuits against them. Others make the mistake of trying to save money and represent themselves in bankruptcy or aren’t completely honest about their financial situation with their lawyer. All are costly mistakes.

FAQ

The answer to this question primarily depends on whether or not you would like to keep your home. If you are fine with your home being sold to reconcile your debt with the mortgage company, Chapter 7 is probably the right choice for you. If you would like to remain in your home, then Chapter 13 is your desired filing status.