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The Top Two Ways To Change Your House Payment

Many Americans bought into the “American Dream” of home ownership only to be staring down large house payments years after signing on the dotted line. And for many, the monthly house payment is the single largest expense to pay every 30 days, leaving very little money left over for other necessities and bills. If your house payment is too high, there are things you can do to get some relief. Knowing where to look is the first step, and then deciding what will work for your family comes next.

The top two ways to change your house payment, and get on a more affordable repayment plan are to:

• Ask your lender to rewrite the note. This is done by modifying the mortgage, and the rewrite typically includes lowering the interest rate. Once the interest rate is lower, the payment will go down and become more manageable.
• Refinance your note with a new lender. If your current lender is not willing to help by modifying your mortgage, a different lender may be willing to refinance the note on your behalf.

This will require an approval for a new loan, which means you need to provide income verification and possibly have an appraisal of your home done. Most refinanced loans are only made if there is sufficient equity in the home to cover the refinance, as many lenders only offer refinance options for around 80% of the home’s value. So if your home has a lot of equity in it, meaning it is worth significantly more than you owe, you may be able to use that equity to your advantage by refinancing your existing mortgage.
When neither of these work, you can also consider filing for bankruptcy. While you still have to make your house payment if you want to keep your house, even if you file bankruptcy, what bankruptcy does is eliminate or reduce your other bills so your house payment is no longer out of reach. When you have fewer things on your plate to pay each month, a once unaffordable house payment suddenly becomes within your budget. Whatever your need or circumstances, we can help.

For more information about how to manage debt, contact us at We will help by coming up with solutions that work for you.

Two Ways To Prevent Foreclosure

Foreclosure is your mortgage lender’s way to take back your house if you become delinquent on your mortgage note. Some lenders act more quickly than others, while some take a while to start the foreclosure process. In either case, you need to know that there are things you can to do prevent a foreclosure and save your house. If you are in this situation, let us help by explaining your options and putting a plan in action that will keep your family under the same roof they’ve enjoyed for years.

Two good ways to prevent a foreclosure are:

• Negotiate with your lender for a lower interest rate, or for more manageable payment options. You can do this by asking to have your mortgage loan modified, and you can also do this by working out solutions that defer past due payments until the end of the loan term or by some other creative financing option. The key thing to keep in mind here is that lender negotiations take on many different forms. You have no doubt heard of mortgage modifications, and the HARP or HAMP programs, but it is important to remember that these are not the only options. It is also important to know having a trained legal professional engage in negotiations for you gives you an edge over trying to take on the bank by yourself.
• File for the protection of bankruptcy, which puts an automatic stop to any foreclosure efforts your lender has undertaken. And, if your lender has not yet initiated foreclosure, filing bankruptcy will prevent the lender from doing so. Do keep in mind though that bankruptcy is not a way to keep your home without paying, so you will have to develop a repayment plan through your bankruptcy. The benefit of filing for bankruptcy is that you get an immediate reprieve from collection and foreclosure efforts, which gives you the time to come up with a plan you can handle.

There may be other options for you as well, depending on the specific facts of your case. To find out what will work best for you, a careful analysis of your situation is required. Our team of legal professionals is dedicated to helping you get out of crisis mode, and into a stable financial condition. We can help you save your home, your car, and stave of garnishment proceedings from overwhelming credit card debt.

For more information about how to handle overwhelming debt, contact us at We will help by coming up with solutions that work for you.

Three Ways To Get Out Of Debt For Good!

Finding a way to ease your financial burden is a tough order. But once you take the time to explore your options and put a plan in place, you will begin to feel better about your financial future immediately. There is no better feeling than knowing you are able to pay all of your bills, and that the collection calls and letters have finally stopped. As with most things in life, there is more than one way to get to this point, and we are here to help you figure out which one works best for your circumstances.

Three ways to get out of debt, for good, include the following:

• Refinancing your house (or modifying the mortgage) and using the extra money each month to pay off other debt such as credit cards and car loans. When your house payment is lower, you have more money on hand each month and can put it towards other debts that are weighing you down. The key is to pay off these other debts, and not allow them to be charged up again. Once you pay off one debt, add that extra money to what you are paying towards something else, and pretty soon you will see a snowball effect as your balances decrease.
• Consolidate your debt into one loan, so you only have to make one payment each month. Many consolidation loans have a lower interest rate than what you are paying, if you average all of the rates on all of your loans. This saves you interest and lets you pay things off faster. Again, the key here is to pay off the debt and then establish a savings account so you don’t have to rely on credit when a need arises.
• File for bankruptcy, which will eliminate most if not all of your unsecured debt and leave you with only secured obligations to pay.

For most of us, the majority of the debt load we carry is credit card debt. Filing for bankruptcy is a good way to reduce or wipe out this type of debt. If you are not able to pay all of your bills, or are barely getting by, let us help you find a solution.

For help with your questions about finances and how to get out of debt, contact us at We will help by coming up with solutions that help get you back on your feet.

Three Benefits To Reaffirming A Debt

When you file for bankruptcy you get to make certain choices about what debts you still want to pay. Most people decide to continue making their house and car payments, so they don’t have to move or find another mode of transportation. But when you make this decision, you need to know how you will be expected to continue paying. Prior to the change in bankruptcy laws in 2005 you could simply keep paying certain debts without having to take any other action in your case. But that is not necessarily the case now, and many lenders will require you to sign a reaffirmation agreement for the debt.

A reaffirmation agreement is like a new contract, and signing a new loan while in bankruptcy is scary for many people. But here are three benefits to reaffirming a debt:

• Your lender will still communicate with you, so if you ever need to postpone a payment or ask for a late fee to be removed you will be able to get someone on the line at your bank. This is because a reaffirmed debt is not discharged, so the prohibition on lenders from talking to you about the loan does not apply.
• You may be able to negotiate a lower interest rate for the reaffirmation. This can save you money and it is worth your time to reaffirm if you are going to get a lower rate and payment.
• Your credit will reflect that you have reaffirmed and are paying the loan as agreed. This helps to boost your credit score, which comes in handy after your case is over and you begin working to rebuild and repair your credit.

We understand the decision to file bankruptcy is not one you’ve made lightly, and that the choices you have to make during your case can be hard. It is our job to explain the process, the benefits, and any consequences of decisions you make along the way. For help with bankruptcy and getting out of debt, call our office today. We will discuss the facts of your case with you and give you personalized assistance so you get the most out of your case.

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Two Ways To Know If Bankruptcy Is Right For You

Finding a solution to money troubles is a personal and private matter for most people. It can be embarrassing to be turned away at a cash register because your debit or credit card is not accepted, but it happens to more people than you might think. The number of people who have more than enough money to pay all the bills and live a lavish lifestyle is pretty low, and the need for some form of financial relief is something most people encounter at least once during their life. One of the most popular ways to get out of debt is to file for bankruptcy. But the process can be scary, so before you make this decision it is important to make sure this is the right choice for you and your family.

Two ways to know if bankruptcy is right for you are to:

• Keep track of what you are spending each month versus how much money you are making each month. If you spend more than you make, you need financial help. Bankruptcy will eliminate some of your debts, so your monthly income will cover your monthly expenses. If you fall into this category, bankruptcy is a good option for you.
• Keep track of how much your balances are decreasing with each payment you make. If you are only making the minimum payments on most debts, chances are the balances are not budging. So you are basically spinning your wheels and making no progress on getting the debt paid in full. The longer you remain in this cycle, the more you will end up paying. Bankruptcy can eliminate or reduce debts, so you do not get stuck in a never ending cycle of payments that get you nowhere.

It is also a good idea to sit down with a legal professional who has experience handling bankruptcy cases. The process can be not only scary, but also somewhat complex. There are certain requirements to filing certain types of cases and if you want the most benefit out of filing a case, you need to make sure your case is handled properly. We have experience in bankruptcy and can put our experience to work for you.

For more information about how bankruptcy can help you, contact us today at We will go over the facts of your case and let you you’re your next step.

Five Things To Expect After You File Bankruptcy

Being prepared for what to expect during a bankruptcy case make it easier to decide whether to file. We all like to know what lies ahead, so we can plan for the things that need planning. But it is also nice to know what to expect after you have gone through a life changing event. And filing bankruptcy can be life changing, for the better!

Here are five things you should expect after filing for bankruptcy:

• Creditors will stop calling and asking you to pay past due debts. The instant you file a case it is against the law for your lenders to contact you about payment.
• If you have any active collection, repossession, foreclosure, or garnishment cases pending; those have to stop as well.
• You will have to go to Court, but probably only one time. A few weeks after your case is filed you will go to an initial meeting called a 341 meeting, or meeting of creditors. Your attorney will ask you a few questions about why you filed, and if any of your lenders want to ask questions this is their chance. Questions from lenders usually relate to whether you are going to keep making payments to them and keep the collateral for the loan, and are usually only asked by your mortgage and car lenders.
• You will not have to pay your unsecured debts, or at least not in full. This puts more money in your pocket, which allows you to stick to a budget and stay current on your bills.
• You will start receiving offers of credit soon after your case ends. Only take out a new loan or credit card if you are able to repay it without struggling.

Bankruptcy has been the answer to financial distress for years, and it can be your answer too! The relief you feel at not being able to pay all of your bills is immeasurable, and can give you a much needed break from the stress of having too little funds on hand. If bankruptcy sounds like the answer you have been looking for, call us to find out more.

If you are considering filing bankruptcy to help eliminate debt, or want information on other options, contact us at

Three Things To Do Before You File For Bankruptcy

When tough times hit financially it can be hard to know where to turn, or what solution to try. There are all kinds of ways to get in debt, but getting out of debt does not seem to be as easy. You can try different approaches to managing your debt, like refinancing your house or taking out a credit card consolidation loan, but sometimes the best answer is to file for bankruptcy. Bankruptcy is a way to get rid of or at least greatly reduce your debt load, and it provides an instant lift from financial and collections pressures.

There are two types of bankruptcy chapters, and you will need to lay out your finances to a legal professional to find out what type of case you qualify to file. But before you do that, here are three things to do before you file a case:

• Gather all of your debt information and add up what you owe. It can be surprising to see your total debt figure on paper, but once you have the amount in front of you the decision to file will make more sense.
• Look at areas of your budget where you can cut back, because it is possible you may have to change your spending habits after your bankruptcy case ends. Being prepared for this change now will make the transition smoother.
• Decide what pieces of personal property you need to keep. Nearly everyone needs to keep their car, and you are allowed to do this during a bankruptcy provided you keep making the payments. But there may be other things you can live without, like a motorcycle or boat, and eliminating these expenses will help make your budget more manageable.

Having a good handle on what your finances look like before you file bankruptcy, and how they will look after is the first step to having a successful case. When you can see that the change in monthly expenses is a decrease in what you spend each month, saving money for an emergency becomes a possibility rather than a dream. If you are not able to pay all of your bills, if you have been hit with an unexpected expense that you can’t pay, or if your income has gone down drastically, call us for help. We will let you know if bankruptcy is right for you, and what you can expect from filing a case.

For more information about bankruptcy, contact us at

Is The Paperwork Different For A Chapter 7 Versus A Chapter 13?

There are two types of consumer bankruptcy cases; a Chapter 7 and a Chapter 13. A Chapter 7 is a total liquidation of all of your debts, expect the ones for things you want to keep. Most people need to hang on to at least their home and their car, even in bankruptcy, and so these loans still have to be paid. On the other hand, a Chapter 13 is a reorganization of debts, where you pay back less than the full balance for some things and the full balance for others. What you decide to pay in full is partially up to you, as you do have the ability to pay less for certain types of collateral than others in a Chapter 13. Again, it may hinge on your decision of what to keep and what to give back to the lender and we can help you come up with a plan that meets your needs.

In order to file either type of case though you will have to fill out certain forms and file things with the bankruptcy Court. Here is what you can expect to need, for both types of cases:

• Pay stubs for the past six months.
• Bank statements, including checking and savings accounts, for the past six months.
• Any investment statements, showing what assets you have saved or invested. These types of statements usually come out quarterly, and you should have the last two quarters’ worth of statements.
• Car titles and mortgages/deeds to any real property you own.
• If you own any boats or other recreational vehicles (like an ATV or motorcycle), you will need to provide copies of the title to those as well.
• A list of all creditors, with account numbers and balances due as well as an address for payment.

Once you have gathered all of this data, it is time to sit down with a professional and find out what chapter of bankruptcy you qualify to file. We will look over the documents you provide and perform a mathematical test required by the Court to determine if you are eligible to file a Chapter 7 or a Chapter 13 case. Once a determination as to what chapter of case you can file is made, we will explain the entire process so you can make an informed decision. If you are having difficulty making ends meet, call us today for help.

For more information about how to get out of debt, contact us at We will help by coming up with solutions that work for you.

What Can I Do If My Chapter 13 Plan Payments Are Too High?

Most people who file bankruptcy don’t have a lot of extra money each month. For this reason a Chapter 7 case is usually preferred, because a Chapter 7 will get rid of all of your unsecured debt while a Chapter 13 will require repayment of at least a portion of unsecured balances. The amount of unsecured debt you have to pay back in a Chapter 13 bankruptcy depends on the amount of income you have as it compares to the amount of secured debts you are paying each month. But a safe rule of thumb for the most distressed borrower is that unsecured debt is paid back at pennies on the dollar in a Chapter 13 case. When you add this amount to the secured debts you are paying over the life of your Chapter 13 Plan, which can last up to five years, a total monthly payment is calculated and paid to the Chapter 13 Trustee.

But what can you do if the Chapter 13 Plan payment is too high, and you are still struggling to make the payment? Bankruptcy is supposed to help a struggling consumer get out of debt, not make it more difficult to make ends meet. So here are your options if your Chapter 13 Plan payment is calculated at an amount you cannot afford:

• Surrender a piece of secured collateral. Maybe your family can get by with one car instead of two for a while, and when you agree to give one vehicle back to the lender you no longer have to pay for it through your Chapter 13. Surrendering collateral will remove the need for repayment and lower your overall plan payment.
• Ask the Court to modify your plan, to terms that fit within your budget.
• Seek conversion of your case from a Chapter 13 to a Chapter 7, so the unsecured debts are not part of your repayment total and you only have to pay back what you actually keep.

These choices can work, but do depend on the particular facts of your case. Not every case will qualify for a modification or conversion, and we can tell you what will work for you. Your success and financial recovery is our priority, so call today to find out more.

For more information about bankruptcy, contact us at

What Happens After My Chapter 13 Plan Gets Confirmed?

A Chapter 13 bankruptcy is like a reorganization of your debts. In a Chapter 13 you put together a repayment plan, and the Court approves the terms. Once the Court approves the terms of your plan, you will be required to abide by those terms and make the payments you proposed. This is done by making a payment each month to the Chapter 13 Trustee assigned to your case, and the Trustee then pays your lenders whatever portion of the payment they are entitled to receive pursuant to the terms of your Plan. It sounds simple enough, but there are some things to watch out for so you are able to successfully complete all of the payments required under the Plan.

Here is what you can expect to happen after your Chapter 13 bankruptcy plan gets confirmed:

• The Trustee will expect your payment by a certain date each month. This is so your lenders can get paid as they expect. If you do not make the payment, the Trustee or creditors (or both) might ask the Court to dismiss your case.
• Things that are not included in your plan, such as daily living expenses like car insurance and your cell phone bill, will still have to be paid by you directly to the creditor.
• If all of your payments are made on time, your case will end as scheduled.

Once your plan payments are complete, you will get a discharge of debt. The discharge is the official entry in your case that the debts you included in your plan are no longer due. This applies to credit cards, medical bills, your car payment and any other bill you provided for repayment of over the life of your plan. If you had some debts that were not able to be paid off over the course of your bankruptcy case (most typically a house payment), you will be required to continue making the payments on that debt directly to the lender. Bankruptcy is a beneficial tool for helping you get your debts in line, but there are a lot of rules to follow if you want to have a successful case. Let us help you decide what is right for you, so you are certain to get out of debt without adding to your stress load.

For more information about bankruptcy, contact us at We will help by coming up with solutions that work for you.

ARTICLE: 4 of 10 DATE: September 15, 2017