Monthly Archives: June 2010

Mortgage Reaffirmation and Bankruptcy

Mortgage companies will attempt to have a debtor sign a reaffirmation agreement during a Chapter 7 Bankruptcy case. Most of the time, it is not advisable to sign a Mortgage Reaffirmation agreement. Think about it. When a debtor files a … Continue reading

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Can I eliminate tax debt in bankruptcy?

Can I eliminate tax debt in bankruptcy? YES. The bankruptcy law allows debtors to eliminate tax debt in bankruptcy. HOWEVER, the debtor’s taxes must satisfy a few tests to qualify for discharge. GENERAL RULE: The debtor must have filed his/her taxes and must … Continue reading

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What are the advantages of Bankruptcy?

There are several advantages to filing for bankruptcy. By far the most important advantage is that debtors may obtain a fresh financial start. Here is a list of the possible benefits that bankruptcy can bring: Allows for the “discharge” of … Continue reading

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Bankruptcy Stops Your Creditors by Virtue of: The Automatic Stay

What is the “automatic stay”? The automatic stay is one of the most important aspects of the bankruptcy process. Once you file a bankruptcy petition, the automatic stay stops all collection efforts and proceedings against you, all harassment, lawsuits, and … Continue reading

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What is Chapter 13 Bankruptcy?

A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments … Continue reading

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What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy wipes out (“discharges”) your debts. Chapter 7 is the bankruptcy provision most frequently used by individuals. It involves the complete liquidation of a debtor’s property to pay creditors and wipes out the remaining debts, giving the debtor … Continue reading

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What is Bankruptcy?

Bankruptcy is intended to give people a fresh start – free of debt.  The bankruptcy laws provide an opportunity for a fresh start to those individuals whose financial difficulties have left them unable to pay their bills and have put … Continue reading

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