Yes! You can still file for bankruptcy even if you are behind on alimony or child support. However, be aware that child support and alimony payments are non-dischargeable in a bankruptcy. In other words, these debts cannot be wiped out in bankruptcy. If you are paying child support or alimony, you may get behind on … Read more
A cramdown in bankruptcy is when the debtor only pays the value of the item they have financed. In reality, it is a court approved way to get out of some of your contractual obligations. The court replaces the value that you are contracted to pay on a certain item with an approved current value … Read more
This is a common asked question, and a great one! With the downturn of the housing market, many people understandably want to know if they have the right to sell their property when they are in a bankruptcy. While in a Chapter 13 bankruptcy, you can indeed sell your home while you are in an … Read more
Almost all Chapter 13 bankruptcy cases are set for a period of anywhere from 36 to 60 months. As you can imagine, a lot change in a person’s life during a three to five-year time frame, particularly in a somewhat unstable job market. Although a person may have a well-paying, stable job at the time … Read more
If you are like many people, your home is not worth what it was a few years ago. With the downturn of the economy, the value of your house has decreased. Suddenly, you are “upside down” on your home and the sales price is not enough to pay off the first, second and sometimes third mortgage on your home. Bankruptcy may help you get rid of the second or third mortgage.
The Short Answer Yes, in many cases you can buy a car while you are in a Chapter 13 bankruptcy. But there is an important step. You almost always need permission from the court or your Chapter 13 trustee before you take out a new car loan. This is because you are repaying your debts … Read more
Your payments are usually increased when you have failed to make payments to the Trustee, the mortgage company increases your house payments due to a change in your interest rate or escrow and/or you have additional claims filed in your bankruptcy. Additional claims may be for taxes you have failed to pay to the city, county, state or Internal Revenue Service after filing your bankruptcy.
This is a general and approximate timeline. Each and every case will be different depending upon your individual situation. Some cases may take less time and others may take more time. To get a more definitive timeline, review the contract you sign with an attorney at Duncan Law at the time of your free initial consultation.
The court may dismiss your Chapter 13 bankruptcy if you fail to make payments to the Trustee or if your debts exceed your ability to pay. If your bankruptcy is dismissed by the court you will be responsible for all your debts and the creditors may proceed with collection actions against you as well as proceed with foreclosure and/or repossession.
We answer calls 24 hours a day. A free phone consultation takes 20–30 minutes and leaves you with a clear picture of your options — no obligation whatsoever.
