Homeowners often wonder whether a mortgage may be maintained upon filing for bankruptcy. The answer to this question depends on the type of bankruptcy that is declared. Below is an overview of the ways in which home mortgages are affected by Chapter 7 and Chapter 13 bankruptcy.
Chapter 13 BankruptcyChapter 13...
If you are considering filing for bankruptcy, there are numerous rules governing how your property can be handled. In particular, it is crucial to understand the laws regarding fraudulent conveyance before transferring any property.
What is fraudulent conveyance?In a bankruptcy proceeding, a fraudulent conveyance involves transferring property out of the name of the debtor who...
In the wake of the Great Recession in 2008, many Americans were pushed into bankruptcy. While the number of personal filings is now steadily declining, many individuals still struggle with managing their debts. In fact, the top five reasons people file for bankruptcy include:
Medical Expenses Job Loss Creditor Debt Divorce ...When a debtor files for Chapter 7 or 13 bankruptcy, the primary objective is typically the discharge of some or all of his or her outstanding debt. When such debt is discharged, creditors are no longer permitted to seek collection of the discharged debt. However, filing for Chapter 7 or 13 bankruptcy...
Credit and other types of debt can serve as useful methods of attaining one’s financial goals. However, debt sometimes gets out of control and leaves borrowers wondering if they’ll ever get their finances back on track. Luckily, there is a legal method available that relieves qualified individuals of the burden of repaying many...
When an individual files for personal bankruptcy, a trustee is appointed to manage the case. In short, a bankruptcy trustee is tasked with a number of important duties which are ultimately determined by whether the bankruptcy is a Chapter 7 or Chapter 13 filing.
In a Chapter 7 filing, for example, the trustee...
Although a Chapter 7 filing can eliminate your debts and help you regain your financial footing, a bankruptcy discharge will remain on your credit report for ten years. This will make it hard for you to obtain a loan in the future. However, there are steps you can take to restore your creditworthiness.
Although the recession of 2008 is long behind us, many Floridians continue to face insurmountable debts, particularly expensive mortgage payments. Although some lenders may be willing to modify a mortgage loan or agree to a short sale, homeowners who default on their mortgage run...
