Archive for May, 2010|Monthly archive page

How can bankruptcy help me?

In Uncategorized on May 27, 2010 at 1:41 pm

Bankruptcy is very good at:
getting rid of credit card and other unsecured debt;
stopping creditor harassment and lawsuits;
eliminating judgment liens on real estate;
cleaning up your credit history.

Some things bankruptcy can’t do:
letting you keep real estate and vehicles that you don’t want to pay for;
wiping out student loans;
eliminating alimony and child support;
getting rid of recent tax debts.

Chapter 13 can help you:
catch up house and vehicle payments;
pay debts based on your monthly income and expenses.


School Transcripts And The Bankruptcy Code

In Uncategorized on May 20, 2010 at 10:24 am

The Bankruptcy Code contains an anti-discrimination provision. It protects your right to a school transcript if you file a bankruptcy case. The school cannot withhold your transcript from you even if you list them as a creditor in your case. Bankruptcy gives you to discharge tuition debts but not student loans.

Walking Away From Mortgage

In Uncategorized on May 11, 2010 at 10:41 am

60 Minutes had a recent segment on people who choose to walk away from their homes due to negative equity. Doing so requires careful consideration of tax consequences and the effect on credit scores. The mortgage company can pursue you on the debt. The video is at

Get rid of second mortgage in chapter 13

In Uncategorized on May 5, 2010 at 7:54 am

Chapter 13 allows some people to get eliminate second mortgages. For example, let’s say you have a first mortgage of $100,000 and a second mortgage of $25,000. If the appraised value of of your house is $95,000, the $25,000 second mortgage can be eliminated. Chapter 13 bankruptcy permits “stripping” the second mortgage in this case. The reason is that the amount of the first mortgage, $100,000, is greater than the value of the home, $95,000.