Bankruptcy

Catching up on payments when the dust settles.

Posted in Bankruptcy, Chapter 13

I received a call today from a banker. His office is overwhelmed with phone calls from people who have been laid off in the past week, and who are facing the difficult situation of possibly not being able to make their next mortgage payment. While many banks and lenders are offering financial assistance to get through these trying times the US is facing with the Covid19 shut downs, sometimes that may not be enough. What options do you have once the dust settles, you are back to work, but you have fallen behind on your car and/or mortgage payments? One option may be a Chapter 13 bankruptcy....

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I have a creditor that is going to sue me. What should I expect?

Posted in Bankruptcy

Once your creditor has filed the lawsuit, you have the right to defend the case and try to avoid having a judgment issued against you by the court. A judgment is a court order that says you owe the money and empowers the creditor to collect against you. Once the judgment is issued, your creditor has several tools at their disposal for collecting the money owed. Here are some of the options: Debtor’s examination: Your creditor can obtain a court order that requires you to come to a court to answer questions about your assets under oath. You must attend the examination. If you fail to,...

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