Tag Archives: chapter 13

Can You File Chapter 13 After Completing Chapter 7 Bankruptcy?|Washington DC Bankruptcy Attorney Demystifies Chapter 20

Filing for a Chapter 13 bankruptcy after completing a Chapter 7 bankruptcy, commonly referred to as a Chapter 20 bankruptcy, is one way to take care of debts not cleared by the Chapter 7. To clarify, a Chapter 7 bankruptcy will often leave the debtor with certain debts still intact. While credit cards payments may have been forgiven, unaddressed car and mortgage payments will still remain after a Chapter 7. A Chapter 20 bankruptcy helps the debtor put those unaddressed debts into an easily payable order. The following are common reasons for filing for Chapter 20 bankruptcy: Behind on Mortgage or Car Payments – Even though the debt for a mortgage or car payment has been discharged by the Chapter 7, the creditor’s liens remains in effect. As such, your house can be foreclosed and car repossessed if you fail to make payments. Priority Debts – Certain priority debts cannot…
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Consumer Group Says National Mortgage Settlement Not Helping

The Maryland Consumer Rights Coalition recent said that the National Mortgage Settlement is not reaching enough homeowners and is not effective in keeping people in their homes. The Baltimore Sun reported that between March 1, 2012, and the end of 2012, about 14,200 homeowners received assistance through the settlement. During the same nine-month period, notices of intent to foreclose were sent out to nearly 131,000 homeowners. In February 2012, 49 state attorneys general and the federal government announced the settlement with Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo, after the banks knowingly sold defective mortgages to people. “The number of Maryland families facing new foreclosures continues to dwarf those getting help under the settlement,” Marceline White, the Coalition’s executive director said in a press release. Save Your Home Struggling homeowners should know that they could be able to save their homes through Chapter 13 bankruptcy. A bankruptcy generates…
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You Can Convert a Chapter 13 Bankruptcy to a Chapter 7 if You Meet Eligibility Requirements

On Monday, we discussed the bankruptcy case of Idaho State Rep. Phil Hart-R, who may have to convert his Chapter 13 bankruptcy to a Chapter 7 bankruptcy because his debts are too high. A bankruptcy conversion is not an uncommon occurrence. In Hart’s case, he discovered that he was carrying too much debt to successfully complete the repayment plan associated with his Chapter 13 bankruptcy. Sometimes people discover their financial situations have changed and they can no longer make payments toward the repayment plan they agreed to during a Chapter 13 bankruptcy. If you choose to convert your Chapter 13 bankruptcy to a Chapter 7 bankruptcy, you will need to meet eligibility guidelines, including passing the bankruptcy means test, which determines your income and expenses. You will also need to make sure you have not filed for a Chapter 7 bankruptcy during the last eight years. Occasionally, bankruptcy courts will…
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