I talk to people everyday that tell me that a creditor has offered to settle their debt for less than what they owe. unfortunately these creditors rarely tell the whole truth about how much settling their debt will actually cost. When a creditor cancels a portion of a debt, they report the amount of the […]
Can I Keep My Car If I Am In Bankruptcy Proceedings?
If you are considering filing for bankruptcy, you likely have certain assets that you want to keep during and after the proceedings are completed. Most states allow bankruptcy exemptions. Exemptions are those assets that are allowed under state and/or federal law to be withheld from the bankruptcy estate, and therefore are untouchable by the creditors. […]
CHAPTER 13 BANKRUPTCY: WHEN IS MY FIRST PAYMENT DUE?
Under the Bankruptcy Code, your first payment is due “not later than 30 days after the date of the filing of the plan or the order for relief.” 11 U.S.C. § 1326(a)(1). This means that once a case is filed, the trustee must have a payment in hand within 30 days. A payment mailed on […]
CHAPTER 7 BANKRUPTCY: REDEEMING SECURED PROPERTY
One of the benefits of filing Chapter 13 bankruptcy is that you can sometimes cram down secured debt on vehicles. This means that you can force a creditor to accept repayment of a loan by paying the value of the vehicle rather than the entire claim. Chapter 7 bankruptcy has a similar tool available to […]
Credit Repair Companies – Are They A Scam??
Every time the economy cycles down, businesses taking advantage of the downturn arise. The recent recession (or what some economists have actually labeled, “Depression”) and resulting credit crunch have resulted in credit issues for many consumers, and a related dip in their credit scores. Here come Credit Repair companies to the rescue, right? They can […]