The main purposed of Chapter 7 bankruptcy is to discharge all your unsecured debts. Some people worry that they cannot keep their home or their vehicles. If you want to keep your secured property, you must be contractually current. If you are not current, then you risk a repossession or foreclosure. Further, i fyou are considering a loan modification, you should do so prior to a Chapter 7 bankruptcy. If you do not wish to keep the secured property, the deficiency will be discharged as well.
You are not elgible for a Chapter 7 bankruptcy if you are behind on your child support or you filed a Chapter 7 bankruptcy in the last 8 years.
Is there anything that is not dischargeable?
There are other exceptions such as fraud, charges on credit cards in the 90 days prior to filing your case, some debts ordered to tyou in a divorce, etc. All these issues should be discussed with your attorney.
When you are requestinga loan modification, the mortgage lender does not want you to make payments while the request is pending. The only problem is that this opens you up to a foreclosure. The loan modification department and the foreclosure department are two separate hands of the lender and they are not really in communication with each other. Loan Modification requires up to date information in the hand of the lender. The problem is that there are so many requests that by the time the lender gets to your request, the inforamtion you provided is outdated. If you are now 3 or 4 months delinquent, you may be turned over to the foreclosure department. Now the note is accelarated and you must pay the full amount to avoid foreclosure. This is not to say that all loan modifications are not granted. You need to know the process so you can evaluate whether it is a risk you want to take. Sometimes a lower payment is the only way you will be able to stay in the house. So you really have nothing to lose.
If you are going to file a Chapter 7 case, there is no point to pay unsecured creditors. You should pay your attorney fees with any funds you have available.
If a creditor sues you, you have to worry about a garnishment. What will you do if the creditor takes 25% of your income? How will you pay your house payment or your rent? How will you make your car payment? The credit card company must have a judgment prior to receiving a garnishment. If you have a family, you can go to the County Court Clerk and file for a head of household exemption which will lower a garnishment to 10%. However, if you file bankruptcy, it will
Law In KC
721 NE 76th
Kansas City, MO 64118
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Kansas City Chapter 7 Bankruptcy Lawyer
KC Chapter 7 Bankruptcy Lawyer
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