The friendly financial professionals at Kostopoulos Bankruptcy Law are ready to assist if you’re facing wage garnishment, repossession, foreclosure, or another distressing economic situation.
Chapter 7 bankruptcy provides an avenue for eligible applicants to have their unsecured debts dismissed. However, there are certain conditions, like selling off non-essential assets.
Instead of completely dismissing unsecured debts like Chapter 7, Chapter 13 bankruptcy offers an easy payment plan to consolidate your debts and bring them current.
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Most likely, yes. In fact, many lenders cater to people who have recently completed bankruptcies because they understand that they don’t want to mess up their credit again.
In essence, Chapter 7 bankruptcy completely dismisses unsecured debts. The typical prerequisite is that the applicant must liquidate non-essential assets, like a luxury yacht, for instance.
Yes. Chapter 7 bankruptcy has all unsecured debts dismissed while Chapter 13 bankruptcy reorganizes the debts with an easy-to-afford payment program that lasts up to 60 months.
It’s likely that you can. However, you will have to be very specific about all debts that you list in a Chapter 7 bankruptcy application. If you forget to list a certain creditor, that debt may not be discharged.
If the foreclosure is already pending when you file for Chapter 7 bankruptcy, the foreclosure process may be temporarily halted. However, you may still lose possession of the property.
In most cases, it’s possible to modify or reduce your mortgage loan through Chapter 13. These modifications are fairly typical, and allow applicants to enjoy lower interest rates and longer repayment periods.
In addition to Chapter 7 bankruptcy and Chapter 13 bankruptcy, there’s also Chapter 9 bankruptcy, Chapter 11 bankruptcy, Chapter 12 bankruptcy, and Chapter 15 bankruptcy.
Yes, you will most likely be able to retain possession and ownership of your home. However, understand that the final decision will largely depend on the amount of your home’s equity.
You’ll have to pass a means test to be eligible for Chapter 7 bankruptcy. The test reviews your financial situation and compares its relevancy to those of others in your same demographic group.