Under water?!? When your mortgage is more than the value of your home, you can feel like you are drowning. Contact Bankruptcy Lawyer David J. Smith about obtaining a mortgage loan modification.  Mortgage modifications allow you to stay in your property while reducing your monthly payments to a livable rate.  This fresh start that can also…

Read More

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…

Read More

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…

Read More

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…

Read More

“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…

Read More

Lien Stripping in Chapter 13 : Is it For You? The process known as lien stripping is the opportunity to strip an unsecured second or third mortgage, or home equity line of credit from real property, and is one of the most beneficial aspects of filing a chapter 13 bankruptcy, as opposed to a chapter 7,…

Read More

Pre-Bankruptcy Do’s and Don’ts If your bills are pilling up and creditors are continually harassing you, but you are not sure that you will have to file bankruptcy, there are some Do’s and Don’ts which may protect some of your property if you do eventually file. DO Continue making payments on vehicles which you intend…

Read More

A Quick Review of Chapter 13 Bankruptcy Chapter 13 bankruptcy is part of the bankruptcy code under which a debtor may repay all or a portion of their debts under the supervision and protection of the bankruptcy court.  During this time, creditors are prohibited from contacting the debtor and the debtor is protected from foreclosure, just as…

Read More

Got a bankruptcy question?  – I got answers! What is bankruptcy? Bankruptcy is a federal law designed to provide a fresh start to debtors.  A fresh start including freedom from harassing creditor phone calls, lawsuits, repossessions and garnishments. It is a privilege granted to you under the United States Constitution. It is a very powerful law because…

Read More