Generally retirement savings are protected in bankruptcy, provided you made your contributions in the normal way.

Contact us now to inquire about our bankruptcy related legal services.

You’re not serious are you?! Of course not. Your house serves as collateral to secure payment of your mortgage loan. If you don’t pay, the mortgage company can foreclose. If you have more than one mortgage and there is not enough equity in the house to secure full repayment of the first mortgage, then the second mortgage would in fact be wholly unsecured. In that case, the loan is really unsecured. However, the Bankruptcy Code does not allow stripping off of second mortgages secured by one’s primary residence in a Chapter 7 case. But, if you file for bankruptcy relief under Chapter 13, the wholly unsecured second mortgage may be stripped off. There are pros and cons to doing this, which can be better evaluated in the course of a professional Rights and Options Consultation.

Contact us now to inquire about our bankruptcy related legal services.

That depends. Cash advances usually are red flags to creditors when someone files bankruptcy. Modest amounts might go by unchallenged. All debt incurred in the 90 days prior to filing is presumptively non-dischargeable on the grounds of fraud. In such cases, the creditor will provide notice of its assessment and make a settlement proposal. Your lawyer should review the claim carefully. The burden of proof shifts to the creditor for debts older than 90 days before filing. If the issue cannot be resolved, the creditor will likely file a Complaint to Deny the Dischargability of Debt. In most cases, your lawyer should be able to guide you to a sensible resolution and avoid a trial.

Contact us now to inquire about our bankruptcy related legal services.

That is the reason for having a co-signor. They guaranteed payment if you default. However, if they continue to make the required payments the loan balance will not be accelerated. You can protect a co-signor by filing under Chapter 13. That way, your unsecured creditors are treated equally in your repayment Plan, and the creditor has to accept the amount offered in the Plan and may not take any action against your co-signor as long as your maintain your Plan payments.

Contact us now to inquire about our bankruptcy related legal services.

Generally no, but there are exceptions. For instance, if you have filed your income tax return, owe taxes and haven’t heard from the IRS regarding your tax debt for more than three years, this debt may be dischargeable.

Contact us now to inquire about our bankruptcy related legal services.

Although the general rule is that unsecured debt can be wiped out in Chapter 7 bankruptcy, there are a number of exceptions, which include obligations arising from a divorce settlement, taxes, and fines.

Contact us now to inquire about our bankruptcy related legal services.

No. However, your spouse’s income and contribution to household expenses are factors the court considers. There can be many factors that have to be weighed to determine whether it is best for spouses to file jointly.

Contact us now to inquire about our bankruptcy related legal services.

In most cases it makes sense to give up the card and wipe out the debt. There are better ways to rebuild your credit and maintain access to emergency credit. Your lawyer can explain how. If you have a credit card with a small balance, you may be able to keep it and continue to make the monthly payments.

Contact us now to inquire about our bankruptcy related legal services.

A reaffirmation agreement is an agreement you sign confirming that you wish to keep the asset, that you will continue to make the payments. The effect is that the subject debt will not be wiped out in your bankruptcy case. If you do not reaffirm, you will no longer be liable for the debt to the extent such debt is unsecured. Thus, if you need to to In the case of vehicles, a number of creditors are taking the position that of you do not reaffirm, they will repossess your car.

Contact us now to inquire about our bankruptcy related legal services.

You cannot pick and choose what to include in your bankruptcy. But don’t be confused. You While you need to fully disclose all your assets, all your creditors, and other information required under the bankruptcy laws, that does not necessarily mean you won’t be able to keep them. In most Chapter 7 cases, there is no excess equity in the filer’s home and car and so keeping the car is usually not a problem. Married couples enjoy an additional very valuable exemption. However there are exceptions . Obviously, the amount of your equity and whether all your equity is protected, needs to be determined on a case-by-case basis. Your bankruptcy lawyer knows which questions to ask you and can explain to you how the law applies in your case.

Contact us now to inquire about our bankruptcy related legal services.