Currently Browsing:Chapter 7

Liquidation. Discharge unsecured debt for Fresh start

Liens on my Home, will they be removed in Bankruptcy?

In brief, the liens will almost certainly delay or prevent the sale of your home. As well, while it may be possible to remove the liens, you will need to hire a lawyer. The main thing to understand is that liens survive the bankruptcy process unless special action is taken with the court. In a […]

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Modifications and the Discharged Mortgage Loan Dilemma

Mortgage borrowers who are granted Chapter 7 bankruptcy discharges and do not reaffirm their mortgages present unique issues for their lenders and mortgage servicers (collectively, mortgage lenders). When a loan secured by a mortgage on the borrower’s principal residence (the mortgage loan) is discharged in bankruptcy, the borrower’s personal liability on that loan is removed. […]

Bankruptcy Reform Act 10 Year Review

Bankruptcy Reform Act 10 Year Review By Sam Turco on October 26, 2015Posted in Chapter 13, Chapter 7, Foreclosure, Student Loans Ten years ago this month the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) became effective. The act was designed to make filing bankruptcy more difficult by requiring filers to provide more information to court […]

Chapter 7: The 99% Solution

Chapter 7: The 99% Solution By Sam Turco on November 17, 2015Posted in Chapter 13, Chapter 7, Debt Settlement What is the most effective solution to a serious debt problem?  Without a doubt, Chapter 7remains the single most effective way to eliminate debt.  What is the success rate of chapter 7 cases? In reviewing 172 […]

Bankruptcy Filers Beware: Con-Artists Posing As Attorneys

Bankruptcy Filers Beware: Con-Artists Posing As Attorneys Dan LaBert | Latest News | October 14, 2015 Telephone-Scam Soliciting Wire Transfers Prompts NACBA and Vermont Attorney General to Issue Consumer Warning Across the country, consumers are falling prey to a new scam targeting people who have filed for bankruptcy and others just getting started with the […]

Frequently Asked Questions

What is bankruptcy? Bankruptcy is a set of federal laws and rules that can help individuals and businesses who owe more debt than they can pay. Federal courts have exclusive jurisdiction over bankruptcy cases. This means that a bankruptcy case cannot be filed in a state court. Bankruptcy laws help people who can no longer […]

Chapter 7 – Bankruptcy Basics

This chapter of the Bankruptcy Code provides for “liquidation” – the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. Alternatives to Chapter 7 Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole […]

Process – Bankruptcy Basics

Process – Chapter 11, entitled Reorganization, ordinarily is used by commercial enterprises that desire to continue operating a business and repay creditors concurrently through a court-approved plan of reorganization. The chapter 11 debtor usually has the exclusive right to file a plan of reorganization for the first 120 days after it files the case and […]

13 Horrifying Facts About Midland Funding You Need To Know

On September 9, 2015, the Consumer Financial Protection Bureau entered into a Consent Order with Encore Capital Group as well the companies it owns –  Midland Funding, Midland Credit Management, and Asset Acceptance Capital – to refund millions to consumers who were subjected to illegal debt collection tactics by the companies. According to the Consent Order, Encore […]