Louisville Kentucky How to stop a foreclosure

by Nick Thompson on May 16, 2010

Chapter 7 Bankruptcy
You can buy extra time to live in your home during a foreclosure, and any prevent any deficiency if the home is foreclosed without a tax problem with a Chapter 7. However, a Chapter 7 only temporarily stalls a foreclosure sale. If your real goal is to avoid foreclosure, you may want to consider Chapter 7 before you file a Chapter 13. A Chapter 7 will allow you to totally eliminate the unsecured debt first and you may be able to file a Chapter 13 later which only has to then pay the arrearage on the mortgage.

By filing a Chapter 7 first you can avoid repaying anything to unsecured debt in any Chapter 13 you file later and your Chapter 13 repayment may be much lower. To catch up an arrearage and permanently stop a foreclosure you must file a Chapter 13 and successfully catch up the mortgage during the Chapter 13. But it may be unaffordable if you must also repay the unsecured debt in the plan.

Chapter 13 Bankruptcy – The Answer to How to stop a Foreclosure Bankruptcy allows you to discharge (destroy your legal obligation to pay) almost any debt unless you have over hundreds of thousands in debt. People with very large debt loads over what is normally over 1.25 million must file either a Chapter 7 or a Chapter 11 instead of a Chapter 13.

Chapter 13 is the normal answer to stopping a foreclosure. Immediately after filing, the “automatic stay” temporarily stops the foreclosure until the permanent court order called a discharge is granted.
You have to make the current monthly mortgage payments plus some amount to catch up the payments within the 5 years that most Chapter 13 cases take. Your case may be less than 5 years if you can repay early. If the only debt in your Chapter 13 is your mortgage you will only have to repay the arrearage and the court costs and attorney fees to complete your Chapter 13 and stop the foreclosure.
You should always file Chapter 13 before you fall too far behind in payments or the amount you will have to repay in Chapter 13 may be unaffordable or it may be too late to stop the foreclosure sale.

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Student Loan Discharge Other than Bankruptcy

by Nick Thompson on March 27, 2010

In 2007 Sallie Mae settled with the New York attorney general’s office for paying colleges to promote it loans and was forced to donate $2 million to fund a program that educates students about loan options. In another settlement Citibank and six universities agreed to return the funds the schools received from revenue-sharing arrangements with private lenders and end sharing practices.

Further the Securities and Exchange Commission has questioned Student Loan Xpress and Columbia University, the University of Southern California, and the University of Texas–Austin, and a U.S. Department of Education official in violating securities law. In exchange for stock officials listed Student Loan Express as a “preferred lender.” Student Loan Xpress’s market share of Columbia student debt surged from 5.1 percent in 2002 to 12.17 percent in 2006, one Senate aide said.

There are a number of student loan defenses such as disability that may cause the debt to be discharged not by Bankruptcy but directly by the Department of Education itself.

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Income Tax IRS Student Loan Garnishments

March 27, 2010

Both the IRS and Government guaranteed student loans can be garnish your paycheck without going to court. But bankruptcy can stop the garnishment even if they are priority debts or even if they can’t be discharged. The IRS and Department of Education can issue garnishment orders even in states that dont allow garnishments. But a [...]

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How hard is a Hardship Discharge for Student loans

March 27, 2010

What is an undue hardship for a student loan. In order to hardship discharge a student loan, a debtor has to prove repayment would be an “undue hardship.” But hardship and what a judge thinks is an “undue hardship” will probably be two separate things. Kentucky and most state have the bruner test but even [...]

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Kentucky Small Business Bankruptcy Attorney

February 14, 2010

Filing a Kentucky small business bankruptcy can be done as a Chapter 7, 13 or 11. You should plan the bankruptcy with your attorney so that the owners of the business or corporate officers avoid becoming personally liable. Whether or not they remain liable will often depend on how the attorney files a Kentucky small [...]

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Forgiveness of Debt Bankruptcy v Debt Management Settlement 1099C

February 7, 2010

If you are considering whether to file bankruptcy or use debt management understand that paying your debt in part only leaves you with a 1099 and an IRS tax debt that is often worse than owing the debt. An income tax form called the 1099 C forgiveness of debt is reported as income to you [...]

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How to Bankrupt Student Loans Bankruptcy Hardship Discharges

February 1, 2010

You may think that bankrupting student loans is impossible but the law allows for a hardship discharge of student loans. Our main website discusses how to bankrupt student loans and get the hardship discharge. The old rule on how to discharge Student loans was that they could be bankrupted when they became 7 years old. [...]

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How to strip a second mortgage or Judgment Lien

January 24, 2010

Sometimes you can remove a second mortgage or a lien in Bankruptcy. There are two methods to do this one is stripping a second mortgage in a Chapter 13 Bankruptcy and the other is avoiding a lien in a Chapter 7 or 13. You may not even know that you have been sued and your [...]

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How to Discharge Income Taxes in Chapter 7 13 Bankruptcy

January 23, 2010

The general rule on how to discharge Income taxes in Bankruptcy is that the income taxes must be 3 years old,  the income tax return must have been filed at least 2 years before the bankruptcy is filed and there must not have been an assessment within the prior 240 days.  There is little difference in [...]

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Debt Settlement v Bankruptcy

January 20, 2010

We have all heard about settling taxes and debts on radio and TV instead of filing a Chapter 7 or 13 bankruptcy. But isn’t it too good to be true. Many Debtors find out a year or more later after paying debt settlement companies that they wasted time and money. So how does a Chapter [...]

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How to File for Chapter 7 13 Bankruptcy & keep Property

June 23, 2009

How to file for Chapter 7 13 Bankruptcy in Louisville Kentucky and keep property Most people that lose property filing for Chapter 7 or Chapter 13 Bankruptcy lose it because: 1 They didn’t make the monthly car or home payments or 2 The bank forgot to file the mortgage or car lien It is very [...]

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