I CAN’T FILE BANKRUPTCY UNTIL I’VE FALLEN BEHIND ON DEBT PAYMENTS. There is no problem with filing bankruptcy even if you are current on monthly payments but can no longer continue to make them. I WILL LOSE MY HOUSE IF I FILE BANKRUPTCY. As long as you remain current on any and all mortgage […]
THE BANKRUPTCY CREDIT COUNSELING REQUIREMENT By: Tracy Perez
For individual bankruptcy debtors, there are two separate courses that you must take – one before you file the bankruptcy petition and one after the filing. Pre-Bankruptcy Credit Counseling The pre-filing credit counseling course is designed to help you determine if you truly need bankruptcy, or whether a budget that enables you to repay […]
STUDENT LOAN DEBT: THE TIMES THEY ARE A-CHANGIN’ By: Tracy Perez
Back in 1964 when Bob Dylan released this meaningful song, student loans were dischargeable in bankruptcy just like any other consumer debt. But in 1976 Congress began imposing restrictions to erode the student loan discharge, first by requiring the debt to have been in repayment for five years prior to filing bankruptcy. Then […]
Should I Reaffirm My Mortgage in a Chapter 7?
More frequently than ever mortgage lenders are asking Chapter 7 bankruptcy debtors to sign reaffirmation agreements. A reaffirmation agreement, if signed by the debtor’s bankruptcy attorney or approved by a bankruptcy judge, reinstates your personal liability on a debt. On the other hand, when a debt is not reaffirmed, your personal liability goes away upon […]
Filing Chapter 7 Bankruptcy With a Terminally Ill Spouse
Serious illness often leads to mounting medical and credit card debt. If you need a Chapter 7 bankruptcy and you or your spouse are terminally ill, then you may be wondering what might happen in the event of death before the bankruptcy case is over. A question that often comes up is can the Chapter […]
Does Bankruptcy Help or Hurt Your Credit Score?
Many people do not consider bankruptcy because they know that the bankruptcy will show up on their credit report for ten years following the discharge of their debts. However, in certain situations, it is worth taking a hit on your credit to gain control of your finances and, for many Americans, bankruptcy actually helps their […]
Common Reasons People File for Bankruptcy
Americans face financial difficulties for many different reasons. While some financial hard times are temporary and resolve themselves, in other situations people require legal solutions to get back on their feet. The following are six of the main reasons why individuals or couples file for bankruptcy in the United States, as reported by our bankruptcy […]
What Happens if I Can’t Pay my Chapter 13 Payment Plan?
Many people who are experiencing financial problems and make a consistent monthly income can benefit from filing for Chapter 13 bankruptcy1. Under Chapter 13, a debtor’s debts are reorganized under a court approved plan and monthly payments are made to the bankruptcy trustee who distributes the money amongst various creditors. While payments are being made, […]
Which Debts are not Dischargeable in a Chapter 7 Bankruptcy?
Most American households have several different kinds of debts and unfortunately, many people struggle to make timely payments on all of them. If you are struggling financially, you should not hesitate to contact the Ellett Law Offices, P.C. in Phoenix to discuss whether Chapter 7 bankruptcy can help you. We offer free consultations, so please […]
Can a Bankruptcy help with my Small Business in Phoenix?
Almost everyone is aware that individuals who are struggling financially can seek relief by filing for personal bankruptcy under the United States Bankruptcy Code. Additionally, headlines regularly feature huge corporations, such as General Motors or American Airlines, that have filed for bankruptcy due to significant losses. However, many small business owners often wonder how bankruptcy […]
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