It’s tax time and the hunt goes on for tax deductions to lower your income tax hit. Tax deductions lurk in the most unlikely places. If your Chapter 13 plan is catching up home loan arrears, look at your trustee’s annual report for some deductible mortgage interest. Most likely, the lender’s filed proof of [...]
Chapter 13 Bankruptcy
One of the most stubborn myths about bankruptcy is the one which says that chapter 13 requires full payment of all your debts over 60 months. If true, this would indeed rule out chapter 13 for most consumers. After all, what good would come from being granted 60 months to pay off all your debts? If you can’t [...]
It is a real accomplishment to complete your Chapter 13 case. In an environment where jobs come and go, unexpected expenses can pop up and more than two-thirds of all Chapter 13 plans fail, anyone who fulfills the terms of his Chapter 13 plan should take pride in this milestone. Be aware, however, that making [...]
Bankruptcy! I don’t want to file bankruptcy! Hey, if you do want to file, there is something wrong with you. But you want to keep your house? Avoid foreclosure? Which option hurts more: losing your home, or, filing bankruptcy? We humans make decisions based on our emotions: we shy away (or run, if you are [...]
When a creditor obtains a court judgment against a debtor, wage garnishment can be soon to follow. Most persons subjected to wage garnishment will consult a lawyer to see if it can be stopped, and many of those will file either chapter 7 or chapter 13 bankruptcy to stop the wage garnishment. While stopping a garnishment through [...]
You want to save your home. Which is the best way to stop a foreclosure, get caught up on your monthly payments, and save your home? Is it loan modification? A workout? Or a bankruptcy? A recent article, “The Home Ownership Experience of Households in Bankruptcy” by Professor Sarah W. Carroll, of the University of [...]
