Category Archives: Newsletters

Newsletters about bankruptcy and issues related to bankruptcy, such as bankruptcy laws, seeking bankruptcy exemptions and the truth about filing for bankruptcy.

What to Expect When Filing for Bankruptcy

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. However, filing for bankruptcy is often the best option to reset your finances and move forward into the future without the burden of mounting debt. For individuals considering bankruptcy for the first-time, here is some important information that will prepare you for the process. The Difference Between Chapter 7 and Chapter 13 Bankruptcy Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, then you may be able to keep some of your assets. However, you will most likely have to give up the majority of your non-exempt assets. On the other hand, Chapter 13 bankruptcy involves creating a payment plan to pay creditors over a period of time. Chapter…
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Republican Tax Modifications Aim to Make It More Difficult to Take on Debts

The American debt crisis has gotten way out of hand. According to government data cited in a recent LA Times article, US consumer debt has reached 12.58 trillion, topping the amount of debt in 2008 which led to the recession. Data indicates that borrowers are more responsible in repaying their debts now, but the amount of debt is still very alarming. Legislators are now aiming to pass legislation that would make business have to pay taxes on debts that they take out. New Tax Modification Explained The new modification is the elimination of the ability for businesses to write off debt interest as a tax deduction. Republican lawmakers propose that this new tax revision will generate about 1.5 trillion in government revenue over a decade. Private equity companies and wall street companies who have debt-oriented business models would be most affected. This change is designed to limit the amount of…
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What is Lien Stripping in Bankruptcy?

Bankruptcy Attorney Explains Chapter 13 for Maryland and Washington DC The United States Supreme Court is reviewing two Bank of America appeals. The bank is hoping that they can convince the court to overturn two rulings, Bank of America v. Caulkett and Bank of America v. Toledo-Cardona, which allow stripping of a lien. In both cases, Bank of America is not the primary lender. Chapter 13 bankruptcy lien stripping helps heavily indebted people find some semblance of relief. In addition, they can keep their house and possibly discharge part of their debt after they fulfill their Chapter 13 payment plan. What Are the Requirements for Lien Stripping? Lien stripping is applicable in Chapter 13 bankruptcy throughout the United States. Additionally, the value of your house must be less than your mortgage and you must have multiple mortgages or lines of credit on the house. Suppose you have a house with…
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