Recently on our bankruptcy forum a user asked, “I have over $35,000 in credit card debt. I have $50,000 in medical bills. I also have an outstanding student loan. I am wondering if I can file Chapter 7 bankruptcy. If so, what will Chapter 7 do for me and how does the court determine whether I qualify? I have heard it’s gotten more difficult to file over the last ten years or so.”
Recently on our bankruptcy forum a user asked, “I am in a financial crisis. My spouse has divorced me, I need to find a job, and I am suffering from a severe medical condition. I have not worked in years, and I am scared. Additionally, I have over $50,000 in medical debts. I am thinking that my only option might be to file Chapter 7 bankruptcy. Do you have any bankruptcy tips for me or things I need to consider before I file?”
Recently on our bankruptcy forum a debtor asked, “What are our options if my spouse and I have been making $1,000 payments on our Chapter 13 debt repayment plan, but my husband recently suffered a job loss and this is no longer possible?”
Recently on our bankruptcy forum we had a user ask the following question, “My wife and I are attempting to restructure our home mortgage. However, the bank says that we do not qualify for their restructuring program. But with the downturn in the economy, our income has decreased significantly and we are considering filing bankruptcy.”
When you are filing bankruptcy, whether it is Chapter 7 or Chapter 13, you must follow a defined process as defined by the bankruptcy laws of each state. There are specific forms you must fill out accurately and completely, fees that you must pay, and court appearances that you or your attorney must attend. It can be a lot to keep up with. But did you know that it is possible that your bankruptcy filing could be thrown out through a motion to dismiss, and if this happens you do not get to walk away from or reorganize your debts as you hoped to do? Read on to find out how this happens, what it means, and what you can do if it happens to you.
As the opportunity to purchase a home using a traditional mortgage has become more difficult at times over the past several decades, various non-traditional means of obtaining financing have been created. One such non-traditional means of financing the purchase of a home is a contract for deed.