Archive for June, 2011
How Does Bankruptcy Affect My Credit?
Tuesday, June 28th, 2011Red Hill Law Group, PC Announces Enhanced Internet Presence Through New Video
Thursday, June 23rd, 2011What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
Friday, June 17th, 2011“Trying to figure out whether to file Chapter 7 or Chapter 13 can be difficult,” says Bert Briones, an Irvine, CA bankruptcy attorney at Red Hill Law Group, PC. “Making the wrong decision can be disastrous to your particular situation.”
A Chapter 7 bankruptcy is often called a “straight bankruptcy” or just “bankruptcy”. A Chapter 13 is sometimes termed a “wage earners” plan.
Important features of a Chapter 7 bankruptcy include:
- Quick results, usually 3 – 4 months to complete
- If you pass the “means test“, you can still file Chapter 7 even if your income is higher than the average
- You have to give up any non-exempt property, and depending on your case, that can vary
- You can keep your exempt property (varies by state)
- You will not have to make monthly payments to a trustee
- You may get to keep your house and car as long as you pay your loans on time
Important Features of a Chapter 13 bankruptcy include:
- A home foreclosure can be stopped through an “automatic stay“
- You must have a steady income
- A monthly payment plan for up to five years is paid to a trustee
- A possible lien strip may be done, eliminating a second mortgage on a home
- Repay some or all of your debts
- If your income is higher than average, a Chapter 13 filing is more probable than a Chapter 7
If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced personal finance/bankruptcy attorney.
We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.
Download our Free E-Book, “Seven Bankruptcy Mistakes That Will Keep You Chained to Your Debt” here:
http://bankruptcyattorneyirvinesite.com/
ShareThree Alternatives When a Chapter 13 Plan Becomes Difficult
Thursday, June 9th, 2011Are you having trouble making your Chapter 13 monthly payment? “If you find you cannot make the monthly payment in a confirmed Chapter 13 plan, there are choices for you,” says Bert Briones, Principal Attorney at Red Hill Law Group, PC, and Irvine, CA bankruptcy law office.
Financial Hardship
A hardship discharge may be an option if there has been a decrease in income without an indication of improvement. All debts, except for those that would have been non-dischargeable under Chapter 7 are discharged. In addition, the debtor will have to prove that the plan cannot be completed due to unforeseen occurrences, and that the creditors have received as much repayment as would have been received if filed under Chapter 7.
Modification
The debtor is allowed to modify the terms of the Chapter 13 plan according to the Bankruptcy Code, or even apply for a discharge before completing the payments. Because of the flexibility of Chapter 13, the time span of the plan may be shortened or lengthened (to not more than 5 years) and/or the plan payments may be increased or reduced. The flexibility of Chapter 13 can be beneficial for those people who have experienced an unplanned expense.
Conversion
Converting a Chapter 13 to Chapter 7 can be helpful if the debtor is now willing to surrender a home that the he or she was previously trying to keep while in Chapter 13. Protection against creditors is still in effect as well.
Be proactive and do not wait for a motion for case dismissal! If you have questions regarding Chapter 7, Chapter 11, or Chapter 13 bankruptcy, lien stripping, wage garnishment, cram down, foreclosure, asset protection, or related issues, please call Red Hill Law Group PC, to schedule a no-charge face-to-face or phone consultation with an experienced personal finance/bankruptcy attorney.
We can be reached at 877-343-3289, or please use our contact form and you will be contacted within the next business day.
Download our Free E-Book, “Seven Bankruptcy Mistakes That Will Keep You Chained to Your Debt” here:
http://bankruptcyattorneyirvinesite.com/
Share
