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"Chapter 13"
Many debtors and even many bankruptcy attorneys are surprised to find out that the IRS kept a tax refund to pay the debtor’s tax debt notwithstanding the fact that the debtor filed chapter 13 bankruptcy. This situation typically arises for chapter 13 bankruptcies filed between February and May; reason being, most debtors have just filed, [...]
Continue Reading →Chapter 13 bankruptcy is the most powerful debt relief tool. Clients are often shocked to hear that because they think they are under the control of a trustee for 5 years and cannot live a normal life. That is not true. Sure, chapter 7 bankruptcies can wipe out debt, but chapter 7 bankruptcy can only [...]
Continue Reading →Underwater mortgages (house is worth less than the amount owed) are hovering around 25% of all homeowners; yet individuals, and debtor advocates, are perplexed by the rules surrounding inferior mortgages on primary residence in chapter 13 bankruptcy. Chapter 13 bankruptcy allows a debtor to remove the 2nd mortgage (or 3rd, or 4th mortgage) so long as the [...]
Continue Reading →A chapter 13 bankruptcy is a payment plan to get back in control of your debt. A chapter 13 is not necessarily designed to pay back your debt in full, you only pay back what you can really afford; also, you can save a home from foreclosure and deal with other debts such as tax [...]
Continue Reading →In short, the answer to this question is yes. However, I must ask whether your drop in income is definite and/or whether it may be documented? If so, a bankruptcy court does have discretion to consider changes in a Chapter 13 Plan if a debtor’s income or expenses are known or virtually certain at the [...]
Continue Reading →Question:
I filed for chapter 13 bankruptcy last year, but did not get a good advice from my attorney. Now I`m more stressed out working double to be able to pay my trustee, which is a big amount. However, now cannot get a place to live, a car for my daughter who will be attending [...]
Continue Reading →New decision out of Colorado Bankruptcy Court (Judge Sid Brooks) says that you can strip a second mortgage in a Chapter 13 Bankruptcy that is not eligible for discharge. In re Waterman, 10-35794-SBB
Why does this decision matter? In general, a chapter 13 bankruptcy allows a debtor to remove (strip) the second mortgage from their [...]
Continue Reading →That question, “should I lien strip…” may sound odd at first glance; the answer is obviously yes if you are able. However, the question is not asking “can you”, but “should you.” I am challenging you to ask whether you should save your home using chapter 13 bankruptcy. I am fond of developing objective rules [...]
Continue Reading →Question:
I filed chapter 13 bankruptcy, now paying the trustee, but surrendered the house; I have now changed my mind in staying in the house, what should I do?
Answer
For a very short question, the answer is exceedingly complex. First, if you want to now try to save a house you intended to surrender, [...]
Continue Reading →Question:
Is Chapter 13 bankruptcy a viable option since I already received a Chapter 7 bankruptcy discharge 3 years ago (April 2007)? So far I have been unsuccessful in modifying my mortgage. My bank has come back and said that I can either cure the missed payments by making my regular mortgage payment plus an [...]
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