As the price of housing has increased in the past 10 years and access to even more extraordinary amounts of credit have opened up to consumers (until recently), many debtors have found themselves drowning in hundreds of thousands or even millions of dollars in debt. Unfortunately, large amounts of debt can close off certain types [...]
In the bankruptcy case of (Moffitt, Donald E. and Phyllis J.; In re (Mof¬fitt v. America's Servicing Co.)), the bankruptcy court allowed the debtor to file a claim against a mortgage servicer because of undisclosed fees and charges. The details of the bankruptcy case: In this Chapter 13 bankruptcy case the debtor's bankruptcy plan included [...]
According to an article in Bloomberg, consumer bankruptcies are on the rise and show no sign or decreasing. Experts predict that consumer bankruptcies will hit a high of 1.4 million by December 31st as more people face job losses and find it difficult to refinance debt. Last month along 126,000 consumers filed bankruptcy, a 34 [...]
In the Chapter 13 bankruptcy case Borgens, Charlotte P.; In re (Wells Fargo Bank Minn. v. Borgens), the bankruptcy court extended a stay of relief, giving a debtor more time to save her home from foreclosure despite the mortgage lender's protests. The details of the bankruptcy case: "The debtor filed for Chapter 13 bankruptcy on [...]
The current economic downturn has many debtors scrambling to pay off credit card debt, personal loans and even their mortgage while they still have an income to do so. But many debtors are finding that no matter how hard they try, their debt load just seems to increase or decrease by very little. The reality [...]
Most homeowners who file for bankruptcy are at least a few months behind on their mortgage payments and are struggling to pay other essentials such groceries and utilities. When filing for bankruptcy a debtor needs to decide if they want to or even if it is financially feasible to retain their home. These are the [...]
In the Chapter 13 bankruptcy case of two Texas debtors, the bankruptcy court dismissed the debtors' repayment plan because it made special provisions for a "special class" of creditors. These special class creditors would receive their payments in full at the expense of the other creditors. The bankruptcy case said: "The debtors' plan is a [...]
If you're an expectant working mother and will take medical leave from your job during your Chapter 13 bankruptcy , you may be able to reduce payments based on your reduced income for that time period. A debtor's Chapter 13 payments are determined by the means test which looks at a debtor's average monthly income [...]
Many people considering bankruptcy who are often worried that they may not qualify for a Chapter 7 bankruptcy discharge don't realize that Chapter 13 bankruptcy actually discharges more "types" of debt than Chapter 7 bankruptcy. A matter of fact, Chapter 13 bankruptcy may be the best solution for certain types of debts that simply cannot [...]
Many debtors considering bankruptcy worry that they will be forced to continue their Chapter 13 bankruptcy plan even if they can no longer work because of an injury or other valid reason. If for some reason a debtor in Chapter 13 bankruptcy is unable to continue his/her bankruptcy repayment plan, he/she may be eligible for [...]