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The Cosigner Stay: How Filing a Chapter 13 can also Protect the Cosigners on your House, Cars and Other Debts
Tue, 13 May 2008 10:59:21 -0500

One of the many invaluable benefits of filing a Chapter 13 bankruptcy is what’s referred to commonly as the “Cosigner Stay”. From my experience, not many of my Chapter 13 clients realize when their case is filed that the cosigners on many of their debts are also protected from creditor collection.  Chapter 13 federal bankruptcy law protects individual cosignors on consumer debts where applicable.  So, in the common situation where you have a cosigner on your mortgage, car payment, credit card, and personal loans – the filing of your Chapter 13 bankruptcy often prevents and stops any collection activity by these creditors against your cosigner.   The protection begins as soon as the case is filed, and lasts as long as the case is open and running.  Cosigner protection will stop however if the bankruptcy court grants relief from the stay.  Two basic requirements must be met for the Cosigner Stay to apply: First, the “stay”, or protection created by the filing of the Chapter 13 bankruptcy, does not apply to all types of debt.  The debt must be what’s called and classified as a “consumer” debt. In all instances, car payments, credit cards, and personal loans fall into this definition and the cosigners on these debts will always be protected. Tax debts and debts for professional services, such as attorney fees are not considered consumer debts and therefore won’t receive Chapter 13 cosigner protection. Depending on where you live (more specifically, what jurisdiction your Chapter 13 is filed in) will determine whether your mortgage debt is considered a “consumer” debt and whether the Cosigner Stay applies. The second requirement that must be met is that the cosigner must be an “individual”. This simply means businesses or business entities do not qualify for cosigner protection.  Keep in mind that cosigner protection stops and ends if the bankruptcy court, in favor of the creditor, grants relief from the stay, or the Chapter 13 is closed, dismissed, or converted to another bankruptcy chapter.  The Cosigner Stay applies only to Chapter 13 bankruptcies and never to Chapter 7 or Chapter 11 bankruptcies.  Click here for more information on the Cosigner Stay or to speak with an experienced bankruptcy attorney.   Attorney Andrew PartridgeBankruptcyHQ.com Bookmark or rate this blog: | | | |
850,912 Bankruptcies and Counting…
Thu, 17 Apr 2008 17:17:52 -0500

850,912 – That’s the number of personal and business bankruptcy filings in 2007. When put in context of a nation of 300 million people operating thousands of businesses, that might not seem like a large number. But, when measured versus 2006, that is a 38% increase. I find this very interesting because wasn’t it not too long ago that the Feds enacted some bankruptcy reform legislation which was intended to stem the tidal wave of mainly personal bankruptcy filings in the USA? We’ve heard this story before from the Federal government regarding the alarming rise in consumer bankruptcy filings and the need to legislate a way out of it. Late in 2005 they did legislate their way out of it with the . In all fairness the bankruptcy filing rate did decline following this legislation from previous years, but primarily due to the rush in filing the 2005 law change incited. However, probably just about the time the Feds were conjuring up this new bankruptcy reform legislation, did you notice how hot the housing market was in the USA? It was smoking hot around that time. Rates were low, inventories were high, sellers were selling and the buyer’s buying. But the Feds were making it more difficult for the American consumer to file bankruptcy. I’ve read that some in the Congress today are considering pushing more bankruptcy reform legislation to help with the current sub-prime crisis. I find that very interesting. The housing market is not so hot these days. Bankruptcy filing rates are predicted to rise by staggering rates the next year or so. Foreclosures are at all time highs. Ordinary folks cannot keep up with their mortgage payments and even worse, many properties are losing value. People’s equity in their homes is less than what is owed on their loans these days. That is not a good situation to be in. Those consumers who were duped into loans too large for their budget have every right to be livid with both the greed driven lenders who perpetrated these shams, and the government for being too lax on the regulations. People, many people, have and are going to continue to lose their homes because of this crisis. The bottom line is, the economic situation is grim and bankruptcy is an option for many people to help with tough times. Before the Feds make it more difficult for you to file, consider speaking with an attorney today. Bookmark or rate this blog: | | | |
Bankruptcy and Income Tax Refunds
Tue, 29 Jan 2008 13:13:09 -0600

Tax refunds are generally considered to be assets and can be taken by the bankruptcy trustee and distributed to your creditors. However, in many States it is possible to exempt all or a portion of the refund and protect it from your creditors. The Earned Income Credit portion of your refund can also be completely exempted in some States. Another strategy often to protect your income tax refund is to “spend-down” your refund on necessities prior to the filing of the bankruptcy. Since the money is spent, it is no longer considered an asset, and the purchase of necessities generally does not create any new assets. But be careful, some states take a pro-rated portion of your income tax refund as a matter of practice and you'd find yourself owing the trustee even if you spent down your refund on necessities. In Chapter 13 bankruptcies, some jurisdictions require that you turn over a portion of your income tax refund each year. In other jurisdictions, you are allowed to keep your income tax refund each year. As you can see, the laws in each state do vary significantly in this area of bankruptcy law, so be sure to consult with a bankruptcy attorney familiar with the local laws before receiving your refund. Bankruptcy Laws in Your StateMany bankruptcy attorneys often see a large rush in filings during the 1st Quarter, when people receive their tax refunds and are able to pay their bankruptcy attorneys to get their cases filed. This is a legitimate way to spend-down the refund and a good way to pay for a bankruptcy filing. I expect that the anticipated economic aid package that will give most working Americans between $600 and $1200 will also cause a boost in bankruptcy filings. - Richard J. Waplehttp://www.bankruptcyhq.com  Bookmark or rate this blog: | | | |
Good Debt vs. Bad Debt: The Pizza vs. Your Mortgage
Tue, 04 Dec 2007 14:15:08 -0600

Admit it, you’ve all been there.  It’s midnight, you spent all your cash on the $2 special at the pub, and you and your crew are starving.  “No problem,” you declare, “I got it on my card.”  Problem solved, you’re a hero, end of story, right?  Right, if you understand the responsibilities which accompany carrying debt.  There’s good debt and there’s bad debt.  Good debt gets paid on every month and is very clean.  Credit card debt, when handled responsibly, provides you, the owner of that debt, a convenient line of credit which was managed proactively, affords you some additional freedom. It’s important to understand the different types of debt one can carry.  There are large debts, like mortgages and car loans, which are often budgeted for.  They are substantial payments which a logical person wanting to keep a roof over their head and wheels under their feet would plan for.  They are fixed costs.  For most people, only by going into debt can one afford to acquire them.  They are risky if you over extend your financial viability on your purchase or make a bad decision in regards to negotiating your loan, but inherently they are good debt.  Prior to the current sub-prime debacle going on in the US mortgage industry, one needed relatively minimal established credit history to get a loan to buy a house.  Those who responsibly planned for such loans were afforded good debt.  Paying your mortgage every month is a great way to carry good debt and establish a firm credit history.  Regardless of the type of good debt you carry, if you continue to be in good standing with that debt, it’s generally considered a positive move. Bad debt though is constantly lurking around the corner!  Don’t think it’s so easy to be in debt and be OK.  Credit cards are really great, and really bad.  For example, my story above about the late night pizza and the ability to follow through on something like that is a real life example.  Do that a few times a month.  Next thing you know you don’t have any cash at the pub, and you end up buying rounds of drinks for your mates.  You use your credit cards as cash, and figure one of two things.  You say to yourself, “I’ll pay it all off next month.”  Or, “This is great; I get all this stuff for $50 a month!”  If you’re the first person, you pay off all your credit card balances every month, with all the cash you would have spent in lieu of using that credit card.  The card is a tool in making your life convenient.  You only qualify as that person though if the balance on your cards is $0.00 most every month.  If you’re the second person, who is as naïve as to think that anything in this world is free, you’re cruising for some bad debt bruisn’.  Balances carried more than 30 days on average carry an interest rate.  The average consumer credit card interest rate is somewhere around 14.5%.  Add in a late payment, and that rate goes through the roof, oftentimes more than doubling.  The late payment fee is a killer too.  Minimum payments don’t work.  At some point, the interest compounded each month is more than the minimum payment you’ve been making and next thing you know; you’re looking into filing bankruptcy to help deal with the debt.  That’s bad debt. The moral of the story is this.  Work hard to establish good debt and stay current on it!  Be very wary of the lures of credit card utopia and bliss unless you are sure you can pay it off in full all of the time.  Debt doesn’t have to be a bad four letter word! -DPearlman Bookmark or rate this blog: | | | |
Are Mortgage Lender’s to Blame For Increasing Bankruptcy Filings?
Thu, 29 Nov 2007 14:57:06 -0600

There’s been a lot of talk lately about how bankruptcy filings are increasing again, after a short period of stagnation due to more stringent bankruptcy filing laws.  I’m sure there are a myriad of reasons for this happening.  I’ve heard some pundits call it the perfect storm!  I can’t help thinking to myself though, that one of the large causes of the current crisis in the US mortgage industry is the mortgage lenders themselves.  I chuckle to myself when I think of the hole large financial institutions find themselves in now, and the explanations they come up with trying to explain what happened.  I don’t have much sympathy for executives who make risky decisions, live high on the hog for a few years, and then suddenly can’t understand why they are being asked to resign their position from the board.  The fact of the matter is that these decisions by predatory lenders to engage eager buyers in risky mortgages, to make a buck and accelerate growth numbers have led to a record number of foreclosures the past few months.  These foreclosures are more than numbers for the CNBC anchor’s and Bloomberg experts to chat about 24/7; these foreclosures are real people’s lives being turned upside down because mortgage lenders went nuts with greed for a few years.  A few years ago when the housing market was booming with low interest rates and other various sub-prime deals du jour, all you could see on T.V. was stories about how it was the best time ever to buy a new house, or flip that condo you just bought.  The onslaught of infomercials hocking videotapes teaching you how to scour the classifieds and buy cheap houses, then go on to sell them for a quick profit was intense.  There were dozens of them.  And I guess these schemes worked for a few years too.  Now they’re not working and people are feeling the pain.  The pain translates into higher bankruptcy filings to deal with the mounting crisis.  Talk to an attorney if foreclosure has pushed you to the brink, they’ll be able to guide you in the right direction, more so than you can say about you lenders. -DPearlman  Bookmark or rate this blog: | | | |
Can Chapter 13 Save My House?
Mon, 19 Nov 2007 12:09:27 -0600

Many people are concerned about the mortgage crisis so widely reported in the news today. Foreclosures are nationally at a record-high. Unfortunately refinancing is not an option for most because they do not have enough equity in their home, so a good alternative can be filing a Chapter 13 bankruptcy.  Filing chapter 13 bankruptcy can be used to stop an imminent foreclosure and keep a roof over one's head. Filing a Chapter 13 bankruptcy places an automatic stay on all collection proceedings, including stopping all pending or upcoming foreclosure proceedings and/or foreclosure sales.     Filing Chapter 13 bankruptcy, however, does not mean a foreclosure sale goes forever by the wayside. You are responsible to make your current monthly mortgage payments after the filing of the Chapter 13 bankruptcy.  If these post-filing payments aren't made, your mortgage company can reinstitute foreclosure proceedings if they obtain approval from the bankruptcy court.   Chapter 13 works best for a homeowner who has a source of income, can make their mortgage payments under the repayment plan, and has not exceeded statutory limits on debt allowed under Chapter 13 (your attorney will explain this all).       Again, filing Chapter 13 is not a fool-proof end to a possible foreclosure.  Miss payments now and your lender is free to begin foreclosure proceedings again.  But, provided you make on-time payments under your repayment plan, you have a good chance of getting back in your lender’s good graces and, more importantly, keeping your house.   Click here to contact an experienced Chapter 13 bankruptcy attorney for help. Attorney Adam CerzaBankruptcyHQ.com Bookmark or rate this blog: | | | |
Am I going Bankrupt? - Sure Fire Signs You’re Headed For Chapter 7
Mon, 19 Nov 2007 10:03:24 -0600

Am I going Bankrupt? - Sure Fire Signs You’re Headed For Chapter 7 It should be pretty obvious if your financial health is sick enough to warrant filing bankruptcy, but sometimes a multitude of factors just end up occurring at the same time which can easily cloud what should be a clear situation. Here’s a quick list of red flags which signal a path towards bankruptcy: 1. Creditors are calling your consistently - If you are a chronic late payer or non-payer, you will probably receive calls from your creditors, or their hired hands, wanting to know what the deal is with your debt. These calls can range from professional to intimidating. Depending on the amount you owe and the lateness of the payment, the creditor might be willing to strike a deal with you regarding a plan to pay. Be wary and consult an attorney before agreeing to any deal. 2. You have rising credit card debt – If you find your credit card statement and bill growing each month, despite your sincere effort to pay it down, you’re headed for trouble. Making minimum payments and realistically expecting to payoff your credit card balances is silly. The way interest is calculated these days and the associated fees with late or missing payments virtually eliminate any value to making minimum payments on this debt. Also, if you’re using your credit cards on purchases for everyday items in place of cash, be careful. Balances can add up very quickly and if not managed proactively, they can become unmanageable before you know it. 3. You do not have much of a nest-egg in the bank – If you are living week to week or month to month, chances are you have not had the opportunity or luxury of socking away a few bucks every time you get paid. Many folks live entire lives like this, always vulnerable to happenstance when things might go wrong. One such negative happenstance can mean financial disaster. If you find yourself in this position, you could be on the road to bankruptcy. Talking to an attorney might be a good way to make a move forward. If your financial health has been consistently challenged despite your best efforts to find a cure, you might be on the road to bankruptcy. Be aware of your situation, don’t ignore it. Speaking to an attorney can be the first step towards solving the problem. -D Pearlman Bookmark or rate this blog: | | | |
Oklahoma Chapter 7 & Chapter 13 Bankruptcy Filings on the Rise
Wed, 14 Nov 2007 11:36:07 -0600

More Oklahomans are filing Chapter 7 bankruptcy and Chapter 13 bankruptcy again. Total statewide Oklahoma bankruptcy filings are up a total of 11.5 percent so far for 2007 compared to 2006. In fact, many Oklahoman bankruptcy court officials and bankruptcy attorneys believe that bankruptcy filings will eventually return to the pre-2005 bankruptcy law change numbers. (In October, 2005, Congress passed the Bankruptcy Abuse and Consumer Protection Act making Chapter 7 bankruptcy income-dependent and more difficult to file for individuals and married couples). These Oklahoman bankruptcy attorneys and officials believe Chapter 7 & Chapter 13 bankruptcy filings will continue to rise for several reasons. First, the economy continues to remain sluggish, with no real end of the downturn in sight. Secondly, many people are able to obtain much more credit than they can repay, often at outrageous interest rates. Lastly, due to the sub-prime mortgage industry fallout, foreclosures are at a record high. While people have the ability to save their homes from foreclosure by filing Chapter 13 bankruptcy, many individuals and married couple have come to the realize that they can not afford their monthly mortgage payments on a going-forward basis and have decided to turn in or “surrender” their property by filing Chapter 7 bankruptcy. Other states have also seen notable increases as well, most notably Michigan and Georgia. Click here for a free evaluation with a qualified bankruptcy attorney and see if Chapter 7 or Chapter 13 bankruptcy is right for you. Attorney Andrew PartridgeBankruptcyHQ.com Bookmark or rate this blog: | | | |
30 Percent Interest? Thoughts on the Credit Card Quagmire
Mon, 12 Nov 2007 13:52:38 -0600

Those of us who are or have been in debt know the drill. Money gets a little tight so we rely on the credit card. Maybe we even splurge on a couple nights out to feel like a normal person. Then the minimum payments get a little out of reach but, what’s this? I can get another card at 8%? Great, I’ll transfer the balance and buy some time. Now we have two balances and the minimums aren’t getting any easier to pay. Suddenly a cash advance looks really attractive. Well, needless to say these stopgap measures are exactly that. Soon the dam breaks, we miss a payment or two and the credit card companies take advantage immediately. Our APR’s skyrocket and the late fees add up, making next months payments impossible. Our credit cards have us over a barrel, but before we debate this modern-day usury, here are a couple tips to manage the insanity. Be Assertive! I know this might sound like a waste of time, but if you know you’re going to miss a payment date, call your credit card company and ask for an extension. There’s a good chance you’ll get it. At least you buy some time and hopefully avoid another late fee. And while you’re at it, take a stab at negotiating a lower APR. Credit card companies make money off you. If you can take your business elsewhere, they might make concessions here and there to keep you. DO NOT, no matter how tempting, no matter how much it makes sense at the time, no matter what your friends say, DO NOT open new lines of credit or take cash advances to pay higher interest cards. If you’re struggling to pay one card, don’t double the stress of adding another bill each month. Worse yet, cash advances carry ridiculous interest rates. Chances are if you’re taking an advance, you won’t be able to pay it back right away, so in the long run you’ll end up paying five times the amount you take in advance. Certainly not a long-term solution, but a couple things to consider shy of filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy.   Attorney Adam CerzaBankruptcyHQ.com   Bookmark or rate this blog: | | | |
I Just Filed Bankruptcy. Can My Employer Fire Me?
Mon, 12 Nov 2007 10:11:56 -0600

Employers can dismiss employees for many reasons. A bankruptcy filing cannot be one of them. If you’re worried about taking the next steps to filing bankruptcy because you are worried you might lose your job if your employer finds out, don’t fret. You cannot be let go because you file bankruptcy. It is considered discrimination, not different than racial or religious discrimination, and it’s against the law for any employer, private or governmental, to fire you only because you file for bankruptcy. Also, an employer cannot take any other negative action against you, such as demoting you, or reducing your pay, just because you file for bankruptcy. Such actions are discriminatory and you have legal remedies available to you if you find yourself in that position. Conversely, if you’re fired due to general incompetence, corruption, or you like to take long 3 martini lunches, filing bankruptcy will not spare you. It cannot be used as a shield against legitimate disciplinary action including termination. Employers typically will not find out about your bankruptcy filing unless your wages have been garnished or you enter into a Chapter 13 repayment plan that is paid directly out of your paycheck. If you file bankruptcy, the wage garnishment will stop, so your employer, or at least the payroll department, will know of the filing. They’ll find out, but that is not a reason not to take the first step to restoring your financial viability. If you’re looking for a job and you’re thinking about filing bankruptcy, the affect of the filing depends on if you are looking for a government job, or a job in private industry. No federal, state or local government agency can take your bankruptcy into account when making a hiring decision about you. However, that same protection does not exist in the private corporate world because private employers will often require a credit check prior to offering to you a new job. If you refuse to consent to the credit check, employers do not have to offer you a position. It’s certainly not the end all of any potential job, so if you’ve filed for bankruptcy, it’s best to be honest with the people you speak to in the interview process about how your financial problems are behind you now, and you’re excited to move forward with a new opportunity. Don’t be scared to take the steps required to restore your financial health. If you’ve got a good job that you like, and you’ve developed strong relationships, and you’ve run into some hard times, most likely your employer will embrace helping you out. Not look to throw you out on the street. Filing bankruptcy shouldn’t mean giving up your career, and you have the law behind you to ensure your protection. Consult an attorney if you think you’re a victim of bankruptcy discrimination and protect that job of your dreams. Bookmark or rate this blog: | | | |


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