Here are 7 ways filing a Chapter 7 case can help you deal with your home lender and 8 ways filing a Chapter 13 one can. If you’re buying a home, your mortgage and other related debts are probably your biggest and most important ones. So it’s no surprise that the choice between filing a Chapter 7 “straight bankruptcy” and a Chapter 13 “adjustment of debts” so often turns on how each would handle your home-related debts. Here’s how each one … [Read More...]
A Chapter 7 case makes sense if you want to keep your vehicle and don’t need much help doing so. Chapter 13 provides much more help. In deciding between Chapter 7 and Chapter 13, for your vehicle loan is concerned, think about the two sentences above. First, you don’t need as much help keeping your vehicle if you are current on its loan payments. Chapter 7 will “discharge”—legally write off—all or most of your other debts. That should make keeping … [Read More...]
Chapter 7 is quick. It’s usually best when it discharges most of your debts. Chapter 13 gives you time to address debts Chapter 7 doesn’t. A Big Difference—Time There are many practical differences between Chapter 7 and 13. Today we focus on how these two options provide very different advantages and disadvantages when it comes to time. Chapter 7 A Chapter 7 case is usually very fast. Most of the time within about four months after filing, the bankruptcy court … [Read More...]
Can you solve your debt problems by settling, consolidating, or just not paying the debts? What are the advantages/disadvantages of each? You deserve knowing all their options, including ones other than bankruptcy. Today we look at three of them. 1. Settling Your Debts Debt settlement may be an option is the right circumstances. If you don’t pay an ordinary debt timely, at some point the creditor sells the debt to a debt collector. Generally, the further the debt is in … [Read More...]
To make this decision well, accept that you need help, become well-informed about your options, then with good counsel make the best choice.
How can you make a good decision about something as personal and complicated as whether to file bankruptcy?
First, understand your options. This is mostly a task in which you use the rational part of your brain. You’re gathering information about your situation, thinking about problems that you’d like to solve, … [Read More...]