The purpose of filing Chapter 7 bankruptcy is to discharge debt. However, discharging debt doesn’t remove liens on secured property, so although your liability for repaying a debt may be discharged, if you don’t continue making payments to secured creditors, they will likely enforce their lien through foreclosure or repossession. Debtors who wish to keep […]
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 […]
Cities Filing Bankruptcy
The CEO of JP Morgan has recently stated that municipality bankruptcies (cities filing bankrutpcy) are on a rise. This is yet another effect of the recession – with income on the decline and foreclosures on the rise, cities are losing precious tax revenue and having to cut necessary services. Analysts are looking to these cities […]
Dallas Bankruptcy 101: Chapter 7 vs. Chapter 13
An individual filing for bankruptcy in the Dallas area has two types of bankruptcy available to them. First, Chapter 7 bankruptcy allows the filer to discharge many types of debt, often with no repayment to creditors. Second, Chapter 13 bankruptcy allows the filer to reorganize their debt through an affordable payment plan which lasts three […]
DEAR BANKRUPTCY PROCRASTINATOR,
I understand what it means to be a procrastinator. I have been one most of life. My mother will tell you I was late being born. My wife could share with you how we dated for six years before I asked her to marry me. I like to think of myself as a reformed procrastinator. […]