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March 2015 Archives

What is the maximum debt limit for Chapter 13 bankruptcy?

One debt relief option out there is Chapter 13 bankruptcy. Whether a Chapter 13 bankruptcy is a good fit for a given person who is facing difficulties related to debt depends on a great range of factors. One is whether they would be eligible for this type of bankruptcy.

Real-estate-related debt troubles not limited to just mortgages

Troubles with real-estate-related debts can lead to a person facing some major financial troubles, including the possibility of foreclosure. Thus, a person can have some pretty big concerns when they are experiencing struggles with a real-estate-related debt. Will I lose my home? Will I have to leave my community? Will I be ruined financially? Will I be able to financially recover from this?

U.S. seeing bigger and bigger credit card debt increases

It appears that, lately, U.S. consumers are turning more and more to credit card debt in their financial actions. A recent study, issued by CardHub, contained statistics regarding consumer credit card debt in the country in 2012, 2013 and 2014. The statistics indicate that, over this three-year period, there has been quite a bit of growth in credit card debt.

Drawbacks of short sales

One of the mortgage-debt-related difficulties some homeowners face is having negative equity. A homeowner has negative equity if their home is worth less than the mortgage debt they have on the home. According to RealtyTrac estimates, having mortgage debt that exceeds their home's value by at least 25 percent is a situation that around 7 million homeowners here in the U.S. are in.

What things does an automatic stay not stop?

As we discussed in our previous post this week, the automatic stay in a bankruptcy can put a halt to quite a few different types of proceedings. There are, however, some proceedings that an automatic stay has no effect on. Today, we will point out some of the things that an automatic stay is not able to stop.

What does an automatic stay do in a bankruptcy?

There are several reasons why a person who is struggling with high debt could find a personal bankruptcy helpful. For one, a bankruptcy sometimes significantly reduces a person's overall debt load through debt discharges. Also, a bankruptcy sometimes give an individual a chance to restructure their debt so it is easier for them to make their payments. Today's post will be focused on another feature of bankruptcy that can be a very big help to debtors: the automatic stay.

Treating medical debt problems

Sometimes, an individual suffers an accident or illness that requires significant medical treatment. Unfortunately, in some instances, a medical treatment a person needs to help get themselves back on track health-wise ends up derailing them financially. This is because, sometimes, the expenses of medical treatments leave a person facing massive bills and problems with medical debt. 

What could endanger a Chapter 7 debt discharge?

Generally, when a person files for a Chapter 7 bankruptcy and meets the qualification requirements for this type of bankruptcy, one of the things they will receive in the bankruptcy is a discharge of debt. Now, this discharge may not apply to all of a person's debts, as there are certain debts which generally are unable to be discharged in a bankruptcy. Also, there are certain things that could jeopardize a person's ability to receive a discharge altogether. In today's post, we will cover some of the things that could lead to a bankruptcy court deciding to not grant a person a debt discharge in a Chapter 7 case.

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