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Mortgage

Bankruptcy and Personal Injury Claims / Modifying a Chapter 13 Plan / Joint and Several Liability

February 5, 2017 By TomScottLaw

Bankruptcy and Personal Injury Claims

If you have a pending personal injury claim when you file for Chapter 7 bankruptcy, you relinquish to your trustee all control of the settlement of the case, but you retain some control with a Chapter 13 bankruptcy. In rare Chapter 13 cases, the cram-down method of reducing debt for an automobile can be used […]

Filed Under: Chapter 13, Chapter 7, Marriage & Divorce, Mortgage, Non-Dischargable Debt, Trustee, Vehicles Tagged With: Deficiency Balance, Joint and Several Liability, nondischargeable debt, Rash Decision, Wholly-unsecured Second Mortgage

Being Discharged From Bankruptcy

June 7, 2016 By TomScottLaw

When a Chapter 13 bankruptcy plan has been completed by a debtor, a few steps remain before the bankruptcy is officially discharged. The discharge process includes the filing of the Notice of Plan Completion by the trustee, along with the filing of two forms by the debtor: the Debtor’s Certification of Eligibility for Chapter 12/13 […]

Filed Under: Chapter 13, Mortgage, Trustee Tagged With: Debtor’s Certification of Eligibility for Chapter 12/13 Discharge, Motion for Entry of Chapter 12/13 Discharge, Notice of Final Cure Payment, Notice of Plan Completion

Foreclosure, Second Mortgage, and Bankruptcy

September 4, 2015 By TomScottLaw

Avoid Foreclosure and Keep Your House

When foreclosure of a house is a threat, many homeowners seek debt relief through bankruptcy. A fairly common theme in this type of situation is the presence of a second mortgage. Another common aspect in this scenario is that homeowners are unaware of the second mortgage on their home. How does this happen? We recently […]

Filed Under: Chapter 13, Foreclosure of Home / House / Real Estate, Mortgage, Property & Asset Protection Tagged With: 2nd Mortgage, 80-20 Mortgage, Arrearage, Chronological Case Summary, Department of Housing and Urban Development, HUD, Lien Strip, Loan Modification, Second Mortgage, secured debt, Unsecured Debt, Wholly Unsecured Mortgage

Stripping Off Wholly Unsecured Mortgages: Chapter 13 and Why to File – Overview of Bankruptcy, Part 7

May 25, 2014 By TomScottLaw

Series: #12 0f 13 Our last post took a brief look at how to protect a co-debtor in a Chapter 13 bankruptcy. This article will discuss stripping off wholly unsecured mortgages. Stripping: A Tool to Modify Unsecured Mortgages One of the most valuable options to a debtor in a Chapter 13 case is the opportunity […]

Filed Under: Chapter 13, Mortgage Tagged With: discharge debt, Mortgage creditors

Curing a Mortgage: Overview of Bankruptcy – Chapter 13 and Why to File, Part 2

March 14, 2014 By TomScottLaw

Series: #7 0f 13 Previously, we took a look at reasons why a debtor might be disqualified from filing Chapter 7, and have to file for bankruptcy under Chapter 13. Now, we will begin to discuss reason why a debtor would want to file a Chapter 13 instead of Chapter 7, the first being curing […]

Filed Under: Chapter 13, Mortgage

Mortgages: Basics of Bankruptcy – Chapter 13 vs. Chapter 7 – Part 2

October 20, 2013 By TomScottLaw

In the previous installment of our “Basics of Bankruptcy” series, we discussed some of the reasons to file a Chapter 13 bankruptcy vs. Chapter 7 based on income and assets. This post looks at reasons, specifically in relationship to mortgages, why Chapter 13 might be the better personal bankruptcy choice for you (the debtor) than […]

Filed Under: Chapter 13, Creditors, Mortgage, Personal Bankruptcy in Indiana, Property & Asset Protection Tagged With: best efforts test, Mortgage creditors, residential mortgage conduit trusteeships, till rate

If my home has a second mortgage, can I file bankruptcy on just one of the mortgages and still keep the house?

September 14, 2013 By TomScottLaw

Thanks for submitting your question. You can accomplish different goals if you declare bankruptcy, so you need to consider all of the details of your lenders’ promissory notes and mortgages, along with your complete financial and credit position, to determine your best course of action. This answer to your question does not consider your specific […]

Filed Under: Chapter 13, Chapter 7, Foreclosure of Home / House / Real Estate, Mortgage, Personal Bankruptcy in Indiana, Property & Asset Protection, Questions About Bankruptcy

Does applying for a loan modification affect my ability to file?

July 5, 2013 By TomScottLaw

Filing for bankruptcy after you have applied for a loan modification may jeopardize your application. Applying for a loan modification after you have filed for bankruptcy can be a very complex process that includes notifying the court, so it should only be done after consultation with your bankruptcy attorney. For immediate assistance, please contact us.

Filed Under: Creditors, Foreclosure of Home / House / Real Estate, Mortgage, Property & Asset Protection, Questions About Bankruptcy

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