Will Bankruptcy Kill A Zombie Deed?
A Zombie Deed is a piece of real estate that you thought was gone, foreclosed, lost forever and no longer yours, but to your dismay, you find that you still own the property long after you thought it was gone. For example, you know you have missed mortgage payments and you know that your mortgage […]
What Are Two Things I Should Not Do Before Filing For Bankruptcy?
I see people make many mistakes when filing for bankruptcy. It could be in their paperwork or it could be failing to plan appropriately. Here are the top two things that people do wrong when filing for bankruptcy protection. Using Your IRA, 401K or other Qualified Retirement Plan. Bankruptcy exemptions protect your IRA, Inherited IRA, […]
Can You Cancel or Annul Your Bankruptcy Filing?
The short answer to this question is “no,” you cannot cancel your bankruptcy filing and somehow undo the process. You may be able to dismiss your case, or your case may be dismissed by the court, but a dismissal is not the same thing as undoing the process. In other words, you cannot annul your […]
Does it Make a Difference if I File Bankruptcy Before the End of the Month?
If your income is above the median income for your household size, you must complete a “means test” when you file your bankruptcy petition. To determine whether you are above or below the median income, your gross income for the six month period prior to the month you file bankruptcy is considered. So if you […]
Should I Be Worried About Going To My Meeting of Creditors?
After you file a bankruptcy case, you are required to attend a meeting of creditors. This is scheduled for about a month after your petition is filed, and is usually the only appearance you will need to make during the bankruptcy process. Your attorney should prepare your bankruptcy petition and schedules with plenty of attention […]
Bankruptcy Won’t Stop the Calls?
This is NOT true. In fact, nothing could be further from the truth. The minute you file bankruptcy, the Bankruptcy Court issues an order telling all of your creditors to leave you alone. No more phone calls. No more collection letters. No more lawsuits. No garnishments. No repossessions. No foreclosures. Nothing. No actions whatsoever against […]
What is the Wild Card Exemption?
There exists something referred to as the “wild card” exemption. This is a very useful exemption and what allows most bankruptcy debtors to keep all their property. Section 522(d) of the Bankruptcy Code states, in relevant part: The following property may be exempted […] (1) The debtor’s aggregate interest, not to exceed $22,975 in value, […]
Are There Any Federal Bankruptcy Insurance Exemptions?
There are two main federal bankruptcy exemptions for “unmatured” insurance contracts; 11 U.S.C. § 522(d)(7) and (d)(8): (7) Any unmatured life insurance contract owned by the debtor, other than a credit life insurance contract. (8) The debtor’s aggregate interest, not to exceed in value $11,525 less any amount of property of the estate transferred in […]
Mortgage Foreclosures in Pennsylvania Are On the Rise
The current economic situation has put a strain on many people. This is resulting in an increase in mortgage foreclosures. The best way to stop mortgage foreclosures is to work proactively with your bank. So, what is going on with mortgage foreclosures? Mortgage Foreclosures in PA Are On the Rise Foreclosure filings are on the […]
Can I Sue Someone Who Has Filed For Bankruptcy?
Bankruptcy’s automatic stay stops most lawsuits once the bankruptcy is filed. Typically, you will not be able to file a lawsuit if it relates to certain debts which include: personal loans, credit card balances, medical bills, utility bills, unpaid rent, unpaid car payments, home foreclosures or accidental personal injury cases.