All of your debts are included in the bankruptcy, but some of them are treated a little different than the others. The bankruptcy removes any personal liability you have for the mortgage accounts. The lender still has a lien against the property, but their only option if you fall behind on the payments is to [...]
Debts that continue to be reported incorrectly or are listed as due after discharge can harm your fresh start. This guide discusses how to verify that the discharge is correctly reflected in your credit reports and how to challenge inaccurate information.
1) Obtain copies of your credit reports after you receive your discharge.
You should [...]
What is a reaffirmation?
When you reaffirm a debt you agree to be liable for that debt even though it would otherwise be discharged in your bankruptcy case. You can reaffirm the debt under the original contract terms, or in some cases you may be able to negotiate a different interest rate or principal amount.
Reaffirmation agreement [...]
Step One – Can you afford your car?
You may want to reaffirm a secured debt if the creditor offers you better terms or you want to keep the property and you believe you will be able to make the payments. You should only reaffirm a debt if you can afford to pay it without creating [...]
Filling out the agreement
The official forms for a reaffirmation agreement can be confusing, and there may be additional local forms required in your area. Your attorney or the lender will usually provide you with a copy of the required forms and an explanation of the areas you need to complete. If you are representing yourself, [...]
Around this time of year, many of you are preparing your taxes. You may have received 1099-C forms from your lenders. Form 1099-C reports income due to the cancellation of debt. Normally, any debt that is cancelled or forgiven is reported as income for income tax purposes. However, debt discharged through bankruptcy is one [...]
The National Association of Chapter 13 Trustees (NACTT) holds their annual seminar every summer in different locations. This summer it will be in Anaheim, California on August 3 – 6, 2011. This seminar is open to anyone who has anything to do with Chapter 13 work. It is also an excellent opportunity [...]