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Deciding to File Bankruptcy

Questions to Ask

  • Are you receiving annoying calls from bill collectors at home or work?

  • Have you been sued because of unpaid bills or received a foreclosure notice?

  • Are you worried that your wages will be garnished?

  • Are most of your debts unsecured (such as credit cards or medical bills)?

  • Are you afraid your car will be repossessed?

Filing a Chapter 7 Bankruptcy

Eliminate Your Debts

In a Chapter 7 bankruptcy, a bankruptcy trustee will liquidate (convert to cash) your non-exempt assets, if any, to pay, to the extent funds are available, your outstanding debts. The effect will be to eliminate most of your unsecured debts such as credit card debt, medical bills, personal loans, and deficiencies on repossessed vehicles.

Filing a Chapter 13 Bankruptcy

How a Chapter 13 Works

If you can’t pass the Means Test, you will need to file a Chapter 13 bankruptcy. When the Chapter 13 bankruptcy petition is filed, an automatic stay goes into effect prohibiting creditors from taking any further action against you while the bankruptcy case is pending, unless they come into court and get relief from the stay.

Protecting Your Property

Property That Is Exempt

You can keep certain property subject to certain dollar limitations (and the amounts are doubled for spouses filing jointly.) Such property includes:

  • $750 on any one item of property and not to exceed a total value of $7,500 for household furnishings, household goods, appliances, wearing apparel, animals, books, and musical instruments;

Obtaining a Loan Modification

How a Loan Modification Works

A loan modification is an agreement between you and your lender to modify the terms of your mortgage to make your payments more affordable. But while it’s certainly promising, a loan modification can be extremely frustrating to obtain. We see client after client with horror stories about their experiences with their lenders.

Stopping Foreclosure

You should definitely have an experienced foreclosure attorney review your loan documents as the lender may to see if there may be a defect in the documentation that gives you a defense to the foreclosure. In my experience as a bankruptcy attorney, I have reviewed countless foreclosure documents and believe most are defective.

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