In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors. If you want to keep property like a home or a car and are behind on the mortgage or car loan payments, a chapter
Chapter 7 is called “liquidation” bankruptcy because filers may lose some of their property, with some important exceptions. Chapter 7 is reserved for individuals and businesses with little or no ability to repay debts in the future. So those who file Chapter 7 may lose non-exempt assets in exchange for having most debts erased. Chapter 13 is called “reorganization” bankruptcy because it allows consumers to reorganize their debt burdens and payment schedules. Anyone filing for Chapter 13 must also propose a repayment plan showing your income and how you will pay off your debts. Working with the court, your plan
What About My Car? When you file Chapter 7 bankruptcy, you have options with your car. You can KEEP IT – or – REPLACE IT, and save thousands in the process! 722 Redemption is a section of the United States Bankruptcy Code that empowers a debtor with the statutory right to redeem their vehicle for what the vehicle is worth – NOT what they owe. Let’s say you owe $30,000 on your car note but the market value of your car is only $15,000. You can use the 722 Redemption process to refinance the vehicle at $15,000. That means you
Chapter 7 bankruptcy erases virtually ALL of your debt except student loans. You’ll receive a Discharge Order from a Bankruptcy Judge which will erase ALL of your credit cards, medical bills, personal loans, payday loans, and utility bills. You’ll be debt free. In 2017, almost 1 million people filed bankruptcy. It’s the quickest and most effective path to regaining financial security. I’ve perfected the process at Dunne Law Offices to get it done in 98 days from start to finish. In 98 days, you’ll be debt free. Call me for a free consultation at (215) 551 7109.
How to Save Your Home from Foreclosure Please tune into the Hope Matters Radio Show this weekend with James Hope on Saturday, August 2nd at 10.00 AM. Ways to Listen to Hope Matters Radio Radio: 990 AM WNTP Website: Hope Matters Radio Show iTunes Audio Podcast Mobile App: tunein Defensive Strategies to Save Your Home Make sure you’re doing everything possible to prevent losing your home to the bank. Step 1. Arrange a meeting with your lender as soon as you realize you’re having problems making your monthly mortgage payments. Discuss repayment plans that will allow you to stay