Posts Tagged ‘bankruptcy protection’
Personal Bankruptcy Laws For Dummies
September 3rd, 2009
If you're considering bankruptcy, you need straightforward answers and reliable advice. This handy guide covers it all -- so you can get your finances in line and your life back on track. This updated new edition covers everything you need to know about the new bankruptcy law and includes even better resources. Don't get desperate -- get out of debt instead!
Discover how to
- Weigh the consequences of bankruptcy
- Manage your spending
- Find professional help you can trust
- Decide on the right type of bankruptcy
- Pass the means test
- Keep more of your stuff
Buy Personal Bankruptcy Laws For Dummies
If you want to find a lawyer to help you, here is a service where you can find a lawyer for free.
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Posted in Bankruptcy | 
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How Filing Chapter 13 Bankruptcy Can Save Your Home
September 2nd, 2009
Although it is not an attractive option to think about, filing for Chapter 13 bankruptcy can actually help you save your home and avoid foreclosure. Unlike filing Chapter 7 bankruptcy, with Chapter 13, you can set up a repayment plan that will allow you to pay missed mortgage payments over a long period of time such as three to five years. As soon as you file for bankruptcy protection, the lender has to stop the foreclosure process immediately until the bankruptcy case is heard in court. When the case is heard, you will work out a repayment plan that is acceptable for to the lender and you. Therefore, the lender will stop the foreclosure effort and you can keep staying in your home.
Avoid paying unsecured debts
The repayment plan will outline what you have to pay and when. If you have unsecured debts, you may end up paying very little towards them or pay nothing at all. That means, you will have money left to pay your missed mortgage payments.
Contest the foreclosure
Sometimes, you can contest the legality of the foreclosure on your home in the bankruptcy court. You can also contest any claims for costs and fees that are added to missed mortgage payments. A lot of the time, these costs are significantly reduced or eliminated when contested.
Get rid of other liens on your home
If you have a second mortgage lien or third mortgage liens on your home, you can usually get rid of them by filing bankruptcy. Most liens that are wholly unsecured can usually be dismissed.
Bear in mind, though, that filing for bankruptcy protection has lots of consequences so you should think carefully about your situation to make sure that it is what you want to do and what you need to do. If you need help or advice from a lawyer, you can use the service below to find one. The service is free and confidential.
Posted in Bankruptcy, Ways to Avoid Foreclosure |
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