Can Filing for Bankruptcy Stop Repossession?

Bankruptcy
bankruptcy8_600x400_preview

Filing for bankruptcy may stop repossession, but it depends on the type of bankruptcy you file and how far into the repossession you are. If you are being threatened with repossession and you want to keep your vehicle, speak with a bankruptcy attorney immediately. The sooner you file for bankruptcy, the easier it might be…

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Should You Tell Creditors You Are Filing for Bankruptcy?

Bankruptcy
Chapter 7 bankruptcy

While you can tell creditors you are filing bankruptcy, doing so may not stop them from continuing to call and try to collect on a past due debt. The only way to stop them from harassing you for payment, legally, is to file for bankruptcy and receive your automatic stay. Also, telling a creditor you…

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What Is Considered Disposable Income for Chapter 13?

Bankruptcy
gavel and wallet

When you file for bankruptcy, no matter which option you choose, the courts look at your disposable income and compare it to your monthly debt obligations. Disposable income is that which you can use to pay down debts, and if you have too much disposable income, the court might deny your request for Chapter 7….

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What Debts Are Not Dischargeable in Bankruptcy?

Bankruptcy
bankruptcy

October 10, 2019 One common misconception among consumers is that you can discharge all debts and be 100 percent debt-free if you file for Chapter 7 bankruptcy. While you could discharge a vast majority of your debtors, the belief that you can remove 100 percent of them is untrue. There are a vast number of…

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What Is Relief from Automatic Stay?

Bankruptcy

When a relief from the automatic stay is filed, it is done by a creditor. The creditor is asking the court to remove the automatic stay protection issued in bankruptcy so that they can continue collection efforts. Typically, the creditor does so when they need to repossess a car or foreclose on a home, but…

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How Much Should You Be in Debt before Filing for Bankruptcy?

Bankruptcy

A common question on consumer minds is whether or not they have enough debt to justify filing for bankruptcy. The answer is not as simple as “X dollars” is the threshold. Instead, it comes down to your unique financial situation, the type of debts you have, and your means to pay them off (if any)….

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How Much Debt Do You Have to Have to File Bankruptcy?

Bankruptcy
chapter 7 bankruptcy

Technically, there is no minimum debt amount required to file for bankruptcy, but there are limitations on how high your debts can go. For example, if you want to file for Chapter 13 bankruptcy, your secured debts cannot exceed $1,257,850, and your unsecured debts cannot total more than $419,275. Your debt load, however, is only…

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Is It Better to File Chapter 7 or Chapter 13 Bankruptcy?

Bankruptcy

While most assume that filing Chapter 7 is the best route for bankruptcy, not all cases qualify for it and not all debtors would benefit the most from this type of bankruptcy. Consumers have two primary choices: Chapter 7 and Chapter 13. And before you assume one is better than the other, you should consult…

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