The Bankruptcy Courses: Credit Counseling and Debtor Education
In most bankruptcy cases, the main purpose of filing is to obtain a discharge. The bankruptcy discharge is essentially a legal injunction against the enforcement or collection of debts. To obtain your bankruptcy discharge, you must complete two separate courses: credit counseling and debtor education. Via different providers, you can take these courses either online […]
What Will Happen to My Timeshare in Bankruptcy?
I frequently have bankruptcy clients who own timeshares with Blue Green, Marriott, Starwood, Westgate, Wyndham, Hilton, Powhatan, Playa Linda, etc. These clients often want to know: What Will Happen to My Timeshare in Bankruptcy? Have you ever seen the movie The Queen of Versailles? If you own a timeshare, you should give it a look. The […]
Student Loan Discharge in Virginia
According to American Student Assistance, around 60 percent of all students attending college or pursuing higher education borrow money to pay for tuition. As of 2012, the average student loan balance among all age groups was $24,301, with around a quarter of borrowers owing more than $28,000. These high student loan balances are a major […]
What is a Chapter 13 Bankruptcy?
Chapter 13 bankruptcy solves a lot of problems that the other chapters of the Bankruptcy Code cannot. When you get into trouble with debt and are not able to pay your bills, consider seeking bankruptcy protection. As an individual consumer, there are several different kinds of bankruptcy that you can file. These types of bankruptcy […]
Bankruptcy Could Save Your Home
If you are coping with foreclosure, bankruptcy could save your home. While bankruptcy might not just make your mortgage go away, if you want to keep your home, bankruptcy gives you options. Whether or not you’re facing foreclosure, bankruptcy could make your home both more affordable and more valuable. You have other options besides bankruptcy, […]
What is the Difference Between Chapter 7 and Chapter 13?
The two most common types of bankruptcy filed by individuals are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Both of these chapters of bankruptcy can resolve your debts. As a bankruptcy lawyer, I get asked all the time: what is the difference between Chapter 7 and Chapter 13 bankruptcy? Chapter 7 Bankruptcy Chapter 7 bankruptcy […]
What are the Bankruptcy Chapters?
Most consumer debtors have two main bankruptcy chapters under the Bankruptcy Code: Chapter 13 and Chapter 7. There are, however, two other types of bankruptcy: Chapter 11 and Chapter 12. Here are the principal differences between the bankruptcy chapters. Chapter 7: Liquidation Chapter 7, also called straight bankruptcy, allows you to discharge most types of […]
Bankruptcy Will Not Kill Your Credit
Bankruptcy will not kill your credit for 10 years. Many of the clients who come into my office think that. This common misperception is the result of an intense and extended propaganda campaign by institutional lenders and credit card companies. Obviously, your creditors want you to repay your debts, no matter what the personal cost to […]
The Chapter 7 Liquidation Test in a Chapter 13 Bankruptcy
Most consumers must choose between between either Chapter 7 and Chapter 13 bankruptcy. If you have significant assets (like equity in your home) then you may want to file a Chapter 13 bankruptcy. In a Chapter 7 bankruptcy, those assets may be subject to to liquidation by the trustee. But even in a Chapter 13 […]