I wrote earlier about 12 tips to better understanding the Chapter 13 plan payment calculation process. Here’s some more insight into just how your Chapter 13 payment might be increased during your plan term. And please remember that Western Pennsylvania has a “conduit trusteeship” which means that all secured loan payments are to be made through the Chapter 13 plan. … Read More
12 Tips to Understanding Your Chapter 13 Plan
Here in the Western District of Pennsylvania, we have “conduit” Chapter 13 plans, which mean that all of your secured loan payments are made inside the Chapter 13 plan. As I’ve written before, don’t draw conclusions about the way that the Chapter 13 process is handled from State to State (or even within your State). It helps to first recall … Read More
Beware of Payday Loan Telephone Scam
A follow up on the recent post on payday loans. I’m finding a lot of my clients with old payday loans are getting threatening phone calls from debt collectors. These collectors will call cell phones or at home or at work. They use highly-aggressive tactics. For example, they may pose as a police investigator or court official. These callers will … Read More
P is for Payday Loans in Bankruptcy
P is for Payday Loans in the Bankruptcy Alphabet. I love it when clients tell me that they have payday loans. Why? Because bankruptcy is a great tool with which to fight back against these lenders. Recently, Pennsylvania legislators chose not to permit payday loans in Pennsylvania. However, folks in Pennsylvania can still go to the Internet to enter into … Read More
3 Questions to Ask At Your First Bankruptcy Consultation
This video talks about the 3 questions to ask at your first meeting with a bankruptcy attorney: 1) will my bankruptcy case be approved by the Court? 2) will the Bankruptcy Court permit me to keep all of my property? 3) how will bankruptcy affect my credit rating? https://www.youtube.com/watch?v=QF1aq_t4vPM&feature=g-upl [bws_related_posts]
O is for Obligations in Bankruptcy
O is for Obligations in the Bankruptcy Alphabet. When you file any type of bankruptcy, your biggest obligation is to tell the truth. When you sign your bankruptcy petition and schedules, you do so under penalty of perjury. You disclose your assets and their worth along with all of your debts, even those that you intend to repay. If telling … Read More
N is for No Asset Case
N is for No-Asset Case in the Bankruptcy Alphabet. Basically, this refers to a Chapter 7 case in which the debtor will retain all of his or her property. I’m not talking about any property that is secured (let’s say a mortgage or a car loan), because you can decide, if you wish, to surrender an unwanted house or vehicle … Read More
M is for Mortgage Arrears in Bankruptcy Court
M is for Mortgage Arrears in the Bankruptcy Alphabet. Today, I’m talking mostly about Chapter 13 cases where folks want to save their home from foreclosure. Let’s say that you’re 6 months behind on your mortgage, and you’re facing a potential sheriff’s sale. You’ve got two choices. You can apply for a mortgage modification through your mortgage company. But good … Read More
L is for Lien Avoidance in Bankruptcy
L is for lien avoidance actions in Bankruptcy Court. In order to truly get a fresh start after bankruptcy, it’s best to get rid of all judgment liens. Last week, I discussed “judgments” in the bankruptcy alphabet. There, I talked about the need to file a “suggestion of bankruptcy” in any pending civil cases in which you are a defendant. … Read More
K is for 4 Reasons to Keep your 401k
K is for keeping your 401k if you have debt problems. In other words, don’t take out money from your 401k to pay your creditors. And there are four big reasons for my advice: You can fully protect your 401k or IRA if you file bankruptcy. Neither the Bankruptcy Trustee nor your creditors can get access to your retirement funds. … Read More