If you file for Chapter 7 bankruptcy, your cosigner won't receive any protection from creditors. They'll still be on the hook during and after bankruptcy. All collection activities against you must stop because of the bankruptcy's automatic stay. However, the automatic stay doesn't extend to...
In Chapter 7 bankruptcy, your "estate" consists of all assets that are subject to seizure by the court-appointed trustee, who will sell these assets to repay your creditors. In a Chapter 13, the trustee sets up a repayment schedule, which will allow you to discharge your debts after paying...
Bankruptcy is a legal process that eliminates some — or all — of a person’s debt. The two most common types of consumer bankruptcy — Chapter 7 and Chapter 13 — address specific debts such as credit card and medical debt. Student loans, back taxes and child or spousal support pa...
In a Chapter 7, the bankruptcy discharge eliminates your responsibility to repay the mortgage, which means the mortgage company cannot file a lawsuit against you to obtain the remaining balance on the loan. However, since the mortgage is a secured debt, meaning the home is collateral for t...
As soon as you file a bankruptcy petition, the credit reporting agencies are required to report it. If the court dismisses the case before discharge, the bankruptcy still appears on your credit report for as long as 10 years in the case of a Chapter 7 bankruptcy. Even if you voluntarily ...
Chapter 7 bankruptcy discharges most unsecured debts, including credit card balances. Chapter 13 bankruptcy, on the other hand, allows you to repay your debts over a three- to five-year period under a court-approved plan. The bottom line Falling behind on credit card payments can feel ...
If you fall behind on your second mortgage payments, you might file either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy requires you to give up all of your nonexempt assets to pay your creditors. On the other hand, Chapter 13 lets you hold on to your assets; you enter into...
What Happens if Conn’s Sues You?Depending on your situation, you may have various legal options to resolve the Conn Appliances lawsuit against you. These options may include the following:Defense Negotiation BankruptcyIt is essential to understand that all of these options start with action. ...
Here’s everything you need to know about what happens to a HELOC in bankruptcy. Does a bankruptcy affect an existing HELOC? When it comes to a home equity line of credit (HELOC) and bankruptcy, two types of filings come into play for individuals. Chapter 7 involves liquidating assets to...
The foreclosure process is a lengthy one, which works in favor of the homeowner. You'll have time to take the steps to save the home. This includes the few weeks leading up to a scheduled auction. You can file Chapter 13 bankruptcy, negotiate with the le