BANKRUPTCY VIDEOS
- Introduction to Bankruptcy
- Types of Bankruptcy
- Limits of Bankruptcy
- Filing for Bankruptcy
- Meeting of Creditors
- Bankruptcy Court Hearings
- The Bankruptcy Discharge
- The New Bankruptcy Law
- The Credit Damage Myth
- Chapter 7 Bankruptcy Explained
- Chapter 13 Bankruptcy Explained
Blog
- Will Filing Bankruptcy, Cause Me To Lose My Recreational Vehicle(s)?
- Am I Better Off Trying to Work with a Credit Counseling Agency?
- Will I Loos My Retirement Account If I File Bankruptcy?
- Will Filing Bankruptcy Ruin My Credit?
- Will The Bankruptcy Trustee Take All My Belongings?
Assuming you own the recreational vehicle free and clear or have substantial equity in it, the answer as to whether you will be able to keep it depends... Read more
Honestly, I cannot think of any situation where working with a credit counseling agency would be better than filing bankruptcy. I would suggest pursuing... Read more
In nearly all bankruptcy cases, you will not lose your retirement account. The bankruptcy code specifically provides certain exemptions. These bankruptcy... Read more
The truth is, if you are contemplating filing bankruptcy, the chances are your credit has already been ruined. Bankruptcy will negatively affect your... Read more
The answer to this is absolutely not. The government views bankruptcy as a way to give citizens a fresh start. It does this by eliminating debt legally... Read more
How Bankruptcy Law Protects You
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Stop Foreclosure
That’s right, you can stop the bank’s foreclosure sale dead in its tracks! Although not recommended, you can file a bankruptcy petition on the eve of a foreclosure sale and prevent the sale the next day. We recommend not waiting so long but, it still may be done.
Once you file your bankruptcy petition, and notify your bank’s lawyer that you bankruptcy has been initiated, the bank cannot proceed with a foreclosure sale. It becomes illegal for the bank to sell your home. This can buy you some extra time to save your home or to move out of your home under a more dignified time line. It basically takes the control away from the bank.
The only way the bank can resume foreclosure proceedings is to get permission from the Bankruptcy Court to lift the Automatic Stay and proceed with the foreclosure process. In a Chapter 7 Bankruptcy Case, foreclosure can be resumed only with the Bankruptcy Court’s permission and only if you are unable to bring the loan current within a reasonable amount of time. For example, if you are $3,000 past due, you will need to come up with that arrearage within a reasonable time and resume making your normal monthly payments.
In a Chapter 13 Bankruptcy case, you can take as long as five years to bring the arrearage current. However, you will have to resume the regular monthly payments on your home usually within 30 days. For example, if you are $7,000.00 in arrears, you can pay that amount spread out over the next 60 months at the rate of $116.67 per month. You would pay that amount, $116.67 per month in addition to your regular monthly payment.