Making the decision to file bankruptcy should not be taken lightly. They call it the 10-year mistake because it will take that long for your financial life to return to normalcy. How “normal” is determined by your credit or FICO score. Every time you take out a credit car, car loan, mortgage loan or even [...]
Boston Bankruptcy Attorney Answers Chapter 7 & 13 Bankruptcy Questions
Monthly Archives: November 2009
What Happens To Your Credit Card Debt in Bankruptcy?
In Chapter 7 bankruptcy (liquidation of your non-exempt property, if there is any), whatever credit card debt cannot be paid from your non-exempt property is discharged, in other words, eliminated.
In a Chapter 13 bankruptcy (reorganization), part of your credit card debt will be paid from your income over a 3 to 5 year period. The [...]
What Property Can You Keep In Bankruptcy
The property you own becomes your ”bankruptcy estate.” This includes property you own that is in someone else’s possession, for example, a car you own that your mother drives. Also included is property you are entitled to but haven‘t received yet, for an example, life insurance proceeds or an inheritance.
Because the purpose of bankruptcy is [...]
Do You Need Bankruptcy Protection?
Do You Need Bankruptcy Protection?
If a lost job, illness, marital separation, or other problem has caused your debt to spiral out of control, Bankruptcy may allow you to:
• Eliminate most or all debts and make a fresh financial start.
• Stop foreclosure on a home or recover a home already foreclosed on.
• Prevent repossession of an [...]
