How Secured Creditors are Different from Unsecured Creditors in Bankruptcy When a debtor files for bankruptcy, most of their debts will be held by either secured or unsecured creditors.  Understanding these types of creditors and how they are treated is important for successfully completing one’s bankruptcy. A “secured creditor” is a person or business that loaned…

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Some debt stays with you no matter what… The list below sets out the most common types of debt which are not dischargeable under a Chapter 7 bankruptcy filing, with each type requiring a thorough examination in light of your particular financial circumstances.  The information provided here is to be viewed as a general overview which may…

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What happens if I don’t sign a reaffirmation agreement on a secured debt? Typically when a debtor does not sign a reaffirmation agreement for a mortgage in a Chapter 7 bankruptcy, the creditor will not repossess the property as long as the debtor continues to make payments.  However, the creditor will cease sending monthly billing statements…

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How to Avoid Bankruptcy through Good Use of Credit Cards One of the most preventable causes of consumer bankruptcy is the misuse of credit cards.  One client said it felt like they were being squeezed by an anaconda and every move they made just made the snake squeeze tighter.  At our office we understand how…

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Foreclosure Options Outside of Bankruptcy Homeowners that can no longer afford their mortgage payments face several choices in how to deal with their debt.  The options of deed in lieu of foreclosure or short sale are available to some homeowners, allowing bankruptcy to be an option of last resort.  Although these options are similar, there are…

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Bankruptcy Can’t Stop Criminal Asset Forfeiture If you are facing asset forfeiture for a criminal act you have committed, don’t look to bankruptcy to take care of your problems.  Under the well-established relation-back doctrine, the Government’s interest in property vests at the time of the offense giving rise to the forfeiture, and the property subject…

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The Effect of Filing Bankruptcy on Cosigners Many times when a person is seeking to obtain a loan a cosigner is required.  Many times these cosigners are either a friend or family member who signs a legal document or contract and promises to pay your loan in the event that you default on your payments.  This cosigner becomes legally…

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  How often can I receive a discharge of debts through bankruptcy? Although you can file bankruptcy as many times as you want, you can only obtain a discharge – wiping your debts away – periodically based on what chapter you have filed. CHAPTER 7:  If you have received a discharge in a Chapter 7…

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When filing bankruptcy, always tell the truth! When filing for bankruptcy protection, a debtor must be honest and accurate in dealing with the court or face serious consequences, including being charged with a crime.  The court requires debtors to divulge all assets and debts to insure the protection of creditors.  By signing your petition, you…

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“Secured Creditor“ Sounds important, maybe scary, but remember –knowledge is power. A secured creditor is a creditor with a valid mortgage or lien against the property of a debtor, such as a mortgage, home equity loan, or car loan.  Property of the debtor that is encumbered by a valid mortgage or lien is called secured property. A secured…

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