Many of the ads that you read talk about getting rid of debt, indicating straight bankruptcy. Let’s talk about the difference between bankruptcies. Chapter 7, straight bankruptcy, and Chapter 13, also referred to as bill consolidation. Did you know that many people do straight bankruptcy Chapter 7 and keep their home, car, furniture, and cash…

A confirmed Chapter 13 bankruptcy plan can be modified in the following instances: Decrease/increase in income; Interruption of income; Change in marital/dependent status; Unexpected medical expenses; Unexpected home or auto repair expenses; Refinance of a mortgage; Mortgage loan modification; Purchase or lease of a vehicle; Missed plan payment; Need to keep income tax refunds; Purchase…

NO! Under the Bankruptcy law you are entitled to keep certain assets for a “fresh start”. These assets or interests are called exemptions and here is a summary of the federal exemptions:  Homestead: 522(d)(1) Real property, including mobile homes and co-ops, or burial plots up to $20,200. Unused portion of homestead, up to $10,125, may…