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Redeeming Secured Loans in Chapter 7

July 08, 2013  |   Posted by :   |   Ch7 bk   |   0 Comment

In Chapter 7 bankruptcies, you need to decide what you want to do with your secured debts. The Statement of Intent offers your 3 choices, surrender, reaffirm or redeem (there is also a so called “fourth option” but we’ll skip … Continue reading

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$1000 Judgement-Proof Special

June 13, 2013  |   Posted by :   |   Ch7 bk   |   0 Comment

Are you judgment-proof and still want to file bankruptcy? If you do, I offer a $1000 all inclusive (filing fee, credit counseling and credit report included) special for chapter 7 bankruptcy. To qualify, you must be: 1. Judgment-proof (no secured … Continue reading

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Converting Your Bankruptcy Case

November 05, 2012  |   Posted by :   |   Ch13 bk,Ch7 bk   |   0 Comment

If your situation has changed since you filed your bankruptcy, the bankruptcy code does allow you to switch between different chapters. The most common situation is converting from Chapter 13 to Chapter 7. If you lost income after filing or … Continue reading

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Getting Back Your Driver’s License

April 30, 2012  |   Posted by :   |   Ch13 bk,Ch7 bk   |   0 Comment

If you were involved in a car accident and didn’t have insurance, often the other person’s insurance company will try to have your driver’s license suspended. Usually, you can only get back your license by paying the judgment to the … Continue reading

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N is for No Asset Report

January 13, 2012  |   Posted by :   |   Ch7 bk   |   10 Comments

In a Chapter 7 bankruptcy, the bankruptcy trustee is responsible for reviewing your case and seeing if there are any assets that can be used to pay creditors. In most cases, there are no nonexempt assets (See my previous post … Continue reading

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M is for Mortgage Arrears

January 12, 2012  |   Posted by :   |   Ch13 bk,Ch7 bk   |   11 Comments

You’ve been out of work for a few months and collecting unemployment. Since unemployment only replaces a portion of your income, you fell behind on your mortgage. Now the mortgage company is demanding you come current immediately, or they will … Continue reading

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L is for Lien Stripping

January 11, 2012  |   Posted by :   |   Ch13 bk,Ch7 bk   |   11 Comments

Lien stripping, in a nutshell, is converting a secured debt to an unsecured debt. The most common place to find this is in stripping a second mortgage in a Chapter 13. In a down market, there are ample opportunities to … Continue reading

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K is for Keeping Secured Loans

January 10, 2012  |   Posted by :   |   Ch13 bk,Ch7 bk   |   9 Comments

A secured loan is one where you have pledged something as collateral on the loan. The most common secured loans are car loans and mortgages. What you want to do with the property securing the loan will affect how you … Continue reading

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Back taxes in bankruptcy: Part 2

September 13, 2011  |   Posted by :   |   Ch13 bk,Ch7 bk   |   0 Comment

The last post, I discussed about discharging your back taxes in bankruptcy.  This post, I will discuss what to do if you can’t discharge your taxes. If you have non-dischargeable taxes and can’t pay them back, you many want to … Continue reading

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Business bankruptcies

September 05, 2011  |   Posted by :   |   Ch7 bk   |   0 Comment

One of the justifications for having bankruptcy as Federal law is to encourage entrepreneurship.   The thought is that more people will be willing to start their own small business if there was a way to get out of debt if … Continue reading

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