Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.

 

Author: Jay Fleischman, Esq.

28 Aug 5 Things You Need To Know About Bankruptcy Exemptions Before Your Case Is Filed

When you file for Chapter 7 bankruptcy, there are some things you get to keep and other things you can't protect. Knowing the ground rules makes the process easier for all involved. The bankruptcy laws recognize that when you're in debt, you shouldn't be penalized by having all of your stuff carted away and sold for your creditors. It's not all for your benefit, however. If you were rendered penniless, it would be difficult for you to keep from becoming a burden on the government in the form of housing, clothing, and public assistance benefits. Rather than having to give up your stuff when you file for bankruptcy, you can claim what's called an exemption on certain property up to specified dollar limits. But all exemptions are not created equal. Here's what you need to know.
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26 Aug Beware Of This Person When Trying To Wipe Out A Second Mortgage In Chapter 13

You can get rid of a second mortgage in a Chapter 13 bankruptcy, but beware the opposing expert. We've talked about dealing with a second mortgage in a Chapter 13 bankruptcy. It can be a simple exercise so long as your first mortgage eats up all of the equity in the home. If the first mortgage eats up the equity, the second mortgage can be treated the same way as any other unsecured debt in your Chapter 13 bankruptcy. If you're paying (for example) $0.10 on the dollar to your credit card companies, you pay that same percentage to your second mortgage through your Chapter 13 Plan. At the end of the case, the balance of the second mortgage gets wiped out. That is, unless there's a battle.
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22 Aug Our Best Tips For Filing For Bankruptcy Without Your Spouse

If you're thinking of filing for bankruptcy without your spouse, follow these steps to avoid pitfalls. Filing for bankruptcy means disclosing your assets, property, debts, and household income. For most people, that's a fair trade-off for getting out of debt. But if you're married, you may not be comfortable with the impact on your spouse. Thankfully, the bankruptcy laws reflect the fact that in the real world, you and your spouse may not share everything with one another. Here are our best tips for filing for bankruptcy without your spouse.
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