Posts

Can I file bankruptcy without my husband/wife, or do both spouses need to file bankruptcy?

A married person can file bankruptcy either jointly with their spouse, or individually without their spouse. Each spouse has their own credit history, and one spouse's bankruptcy will not affect the other's credit report, although there may…

What happens at a Creditor’s meeting?

After your bankruptcy case is filed, you will need to make one appearance at what is called a meeting of creditors, or 341 meeting. This is supposed to be within 20-40 days after filing, and while it’s usually pretty close to about a month,…

Will Bankruptcy Stop Repossession of a Car?

Yes. There is an automatic stay that protects you the moment your case is filed, and nobody can take your assets while the stay is in effect. But keep in mind, in a chapter 7, the ten word rule covers most of what you need to know, and that…
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I did not file taxes for 2007, and I need to file bankruptcy soon to end a garnishment. Can I file bankruptcy before the taxes are filed?

The failure to file 2007 taxes does not preclude bankruptcy relief. However, you are required to be law-abiding, and the law requires you to file tax returns with certain limited exceptions for very low-income people, and even then the IRS sometimes…
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What should you do when your car gets repossessed?

Well, first of all, keep your stuff that you need, out of your car, particularly garage door openers etc. Presuming the car is not worth as much as you owe, you still might try to do a short sale, get your best offer on craigslist, take it…
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Can an individual be held liable for post separation debts incurred by the other spouse?

Yes. Debts are the same as negative assets, and the presumptive date for dividing a marital estate is the date of your pretrial, which is often many months after separation. There are two exceptions, which is that the parties can agree on a…
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Creditors are trying to garnish my wages, how can I prevent this from happening?

Filing bankruptcy is the short (and best) answer. Of course, sometimes creditors will threaten to garnish, but they can only do so if they have gotten a judgment, and know where you work. So if that’s the case, you are running out of time. If…

If I file chapter 7 or 13 will this stop the judgments that have been filed against me by creditors?

A bankruptcy filing stops collection, and the discharge makes judgments void, but they will stay on your credit report for 10 years from when the judgment was entered.  There is an additional procedure you can go through under state law, after…
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How long after a bankruptcy does it take to qualify for a mortgage?

The answer is “it depends”.  It depends on what type of mortgage you are seeking, which chapter of bankruptcy, and perhaps most importantly, it depends on what the underwriting requirements are at the time you are actually seeking a mortgage. …
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How to Maximize Your Time in a House That is Going into Foreclosure by Filing Chapter 7 Bankruptcy

Part 4 in a series on how we help people in underwater homes When I talk to someone who is going into foreclosure, I ask them if they want to save their house, and 9 out of 10 people say “yes.” So usually the best way to do that is by way…