|Posted on July 17, 2013 at 5:50 PM|
The short answer is yes, you will need to go to a hearing at the courthouse at least once no matter which type of bankruptcy that you file. Every individual who files bankruptcy is required to attend a hearing known as the First Meeting of Creditors (otherwise known as the creditor hearing, or a 341 hearing). This is a hearing presided over by the trustee, not your bankruptcy judge.
This hearing is generally going to take place about a month after you file your bankrupt...Read Full Post »
|Posted on June 24, 2013 at 3:40 PM|
If you have fallen behind on a car payment, chances are that you have either heard from your lender or you soon will. When times are as tough as they are now, you sometimes find yourself in the unfortunate situation of not being able to pay all of your bills every month. Sometimes you have to decide whether to pay the power company or the water bill, the furniture company or your car company. The only problem with falling behind on your car payment is that, unlike with the furniture in you...Read Full Post »
|Posted on June 10, 2013 at 5:35 PM|
If you have been served with a complaint and are being sued by a creditor you need to decide on a course of action pretty quickly. Depending on what court you are being sued in here in Alabama, you may have as little as 14 days to get a timely answer filed in the lawsuit before the creditor can take a default judgment against you.
The first thing you need to ask yourself is if you actually ever incurred the debt in the first place. You may not remember incurring the debt,...Read Full Post »
|Posted on May 25, 2013 at 12:30 AM|
As discussed in the last entry concerning a deed in lieu for delinquent mortgage situations, a short sale is another commonly contemplated resolution for homeowners looking for a fresh start. A short sale on one’s primary residence when behind on the mortgage can be a welcome alternative to a foreclosure. This occurs when you seek to sell your property to a willing buyer for less than what you owe on the property. There are several potential issues to keep in mind though before proce...Read Full Post »
|Posted on May 21, 2013 at 4:35 PM|
In my last entry in this blog, I discussed how you can use a Chapter 13 bankruptcy to stave off a foreclosure and keep your house if you can afford to keep up the payments on it in the long run. However, there are many circumstances where you the homeowner may not want to keep the property. You may owe much more than the property is worth. Or you cannot afford to make the mortgage payments and cannot successfully get a mortgage modification. Or you just may not want to keep fighting for ...Read Full Post »
|Posted on May 9, 2013 at 12:10 AM|
Yes. If you are like most people you have found that it has been a struggle to make mortgage payments over the past few years. Depending on your mortgage company (or more likely its servicer), you may have several months or a year or more of missed or partial payments.Read Full Post »
|Posted on April 24, 2013 at 4:10 PM|
Chances are that you have had no shortage of experience in dealing with creditors and their debt collectors. While some individuals you deal with may be understanding and simply "doing their job," there are many instances of collectors being abusive and downright dishonest. The fact of the matter is, debt collectors are bound to some standards and they cannot legally cross some lines. While you have the right to not be contacted by these collectors following written notice t...Read Full Post »
|Posted on April 10, 2013 at 10:40 PM|
In the vast majority of cases, yes, you get to keep all or nearly all of your property when you file for bankruptcy protection. Federal bankruptcy law allows each state to decide what property may be exempted (or protected from creditors) and how much of each category may be protected based on its value. In Alabama, each person may exempt $5,000.00 of their homestead's equity or $10,000.00 per couple if a home is owned jointly by husband and wife. As far as personal property...Read Full Post »
|Posted on April 9, 2013 at 6:00 PM|
Since everybody's situation is unique, there is no simple answer for what filing a bankruptcy can do for you. But there are some frequent benefits which many people seeking relief receive. I can give you a general idea of what you can (and cannot) accomplish by filing a bankruptcy. Some of these apply to both Chapter 7 and Chapter 13 bankruptcy, while others are specific to one chapter or the other.
One of the greatest benefits afforded to those seeking re...Read Full Post »